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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