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Citrix Reports 2012 Fourth Quarter And Fiscal Year Financial Results

These non-GAAP financial measures are not prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and may differ from the non-GAAP information used by other companies. There are significant limitations associated with the use of non-GAAP financial measures. The additional non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP (such as net income and earnings per share) and should not be considered measures of the Company's liquidity. Furthermore, the Company in the future may exclude amortization primarily related to newly acquired intangible assets , additional charges related to its restructuring program and the related tax effects from financial measures that it releases, and the Company expects to continue to incur stock-based compensation expenses.

CITRIX SYSTEMS, INC.

Non-GAAP Financial Measures Reconciliation

(In thousands, except per share and operating margin data - unaudited)

The following tables show the non-GAAP financial measures used in this press release reconciled to the most directly comparable GAAP financial measures.
 

Three Months Ended

December 31,
2012
GAAP operating margin 19.7%
Add: stock-based compensation 5.5%
Add: amortization of product related intangible assets 3.2%
Add: amortization of other intangible assets 1.2%
Non-GAAP operating margin 29.6%

 
Three Months Ended December 31,
2012   2011
GAAP net income $114,029   $108,699
Add: stock-based compensation 41,018 29,318
Add: amortization of product related intangible assets 23,460 14,821
Add: amortization of other intangible assets 9,050 4,514
Less: tax effects related to above items (18,211)   (10,138)
Non-GAAP net income $169,346   $147,214
 

 

Three Months Ended December 31,
2012   2011
GAAP earnings per share – diluted $0.60 $0.58
Add: stock-based compensation 0.22 0.16
Add: amortization of product related intangible assets 0.13 0.08
Add: amortization of other intangible assets 0.05 0.02
Less: tax effects related to above items (0.10)   (0.06)
Non-GAAP earnings per share – diluted $0.90   $0.78

 
  Twelve Months Ended December 31,
2012
GAAP operating margin 15.1%
Add: stock-based compensation 5.8%
Add: amortization of product related intangible assets 3.1%
Add: amortization of other intangible assets 1.3%
Non-GAAP operating margin 25.3%

 
Twelve Months Ended December 31,
2012   2011
GAAP net income $352,547   $356,322
Add: stock-based compensation 149,940 92,909
Add: amortization of product related intangible assets 80,025 54,741
Add: amortization of other intangible assets 34,549 16,390
Add: restructuring charges - 24
Less: tax effects related to above items (73,817)   (47,599)
Non-GAAP net income $543,244   $472,787
 

 

Twelve Months Ended December 31,
2012   2011
GAAP earnings per share – diluted $1.86 $1.87
Add: stock-based compensation 0.79 0.49
Add: amortization of product related intangible assets 0.43 0.29
Add: amortization of other intangible assets 0.18 0.08
Add: restructuring charges - -
Less: tax effects related to above items (0.39)   (0.25)
Non-GAAP earnings per share – diluted $2.87   $2.48

 
  For the Three Months Ended

March 31,
  For the Twelve Months Ended

December 31,
2013   2013
GAAP earnings per share - diluted $0.31 to $0.33 $1.91 to $1.95
Add: adjustments to exclude the effects of
amortization of intangible assets 0.19 0.73
Add: adjustments to exclude the effects of
expenses related to stock-based

 

 
compensation

0.23

0.97
Less: tax effects related to above items

(0.10) to (0.13)
 

(0.46) to (0.53)
Non-GAAP earnings per share - diluted $0.62 to $0.63   $3.12 to $3.15
  For the Twelve Months Ended

December 31,
2013
GAAP tax rate 14.0% - 16.0%

Add: tax effects of stock-based compensation

and amortization of intangible assets

6.0
Non-GAAP tax rate 20.0% - 22.0%

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