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Exhibit 99.1
For media inquiries, contact:
Karen Master, Citrix Systems, Inc.
(216) 396-4683 or karen.master@citrix.com
For investor inquiries, contact:
Traci Tsuchiguchi, Citrix Systems, Inc.
(408) 790-8467 or traci.tsuchiguchi@citrix.com
Citrix Reports Fourth Quarter and Fiscal Year 2021 Financial Results
FORT LAUDERDALE, Fla.January 31, 2022Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the fourth quarter and fiscal year ended December 31, 2021.
Financial Results
For the fourth quarter of fiscal year 2021, Citrix achieved revenue of $851 million, compared to $810 million in the fourth quarter of fiscal year 2020, representing 5 percent revenue growth. For fiscal year 2021, Citrix reported annual revenue of $3.22 billion, compared to $3.24 billion for fiscal year 2020, a 1 percent decrease.
GAAP Results
Net income for the fourth quarter of fiscal year 2021 was $103 million, or $0.81 per diluted share, compared to $112 million, or $0.89 per diluted share, for the fourth quarter of fiscal year 2020. Net income for the fourth quarter of fiscal year 2021 includes restructuring charges of $103 million for severance and facility closing costs and a $120 million income tax benefit related to the finalization of transitional tax relief in accordance with the enactment of federal tax reform in Switzerland.
Annual net income for fiscal year 2021 was $307 million, or $2.44 per diluted share, compared to $504 million, or $4.00 per diluted share for fiscal year 2020. Net income for fiscal years 2021 and 2020 includes restructuring charges of $103 million and $12 million, respectively, for severance and facility closing costs. Net income for fiscal 2021 also includes an income tax benefit of $120M for transitional tax relief in Switzerland.
Non-GAAP Results (1)
Non-GAAP net income for the fourth quarter of fiscal year 2021 was $186 million, or $1.47 per diluted share, compared to $183 million, or $1.46 per diluted share for the fourth quarter of fiscal year 2020. Non-GAAP net income for the fourth quarter of fiscal years 2021 and 2020 excludes the effects of stock-based compensation expense, amortization and impairment of acquired intangible assets, restructuring charges and the tax effects related to these items. Non-GAAP net income for the fourth quarter of fiscal year 2021 also excludes the impacts from transitional tax relief in Switzerland.
Annual non-GAAP net income for fiscal year 2021 was $673 million, or $5.33 per diluted share, compared to $769 million, or $6.10 per diluted share for fiscal year 2020. Annual non-GAAP net income for fiscal years 2021 and 2020 excludes the effects of stock-based compensation expense, amortization and impairment of acquired intangible assets, restructuring charges, and the tax effects related to these items. Annual non-GAAP net income for fiscal year 2021 also excludes acquisition-related costs and the impacts from transitional tax relief in Switzerland.
(1) | A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures. |
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Citrix Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact our consolidated financial statements.
Summary of Results For the year ended December 31, 2021 compared to the year ended December 31, 2020, we delivered the following financial performance: Total net revenue decreased 0.6% to $3.22 billion; Subscription revenue increased 39.4% to $1.55 billion; SaaS revenue increased 58.5% to $857.3 million; Product and license revenue decreased 61.5% to $171.2 million; Support and services revenue decreased 11.0% to $1.49 billion; Gross margin as a percentage of revenue decreased from 84.6% to 80.6%; Operating income decreased 61.1% to $236.6 million; Diluted net income per share decreased from $4.00 to $2.44; and Deferred and unbilled revenue increased $399.0 million to $3.34 billion.
Generally, when the dollar is weak, foreign currency denominated expenses will be higher, and these higher expenses will be partially offset by the gains realized from our hedging contracts.
The change in gross margin as a percent of revenue was primarily driven by the end of sale of Workspace perpetual licenses as of October 1, 2020 that have historically had a higher gross margin than our Subscription and Application Delivery and Security offerings, as well as the Wrike acquisition.
Sales, Marketing and Services Expenses Sales, marketing and services expenses consist primarily of personnel related costs, including sales commissions, pre-sales support, the costs of marketing programs aimed at increasing revenue, such as brand development, advertising, trade shows, public relations and other market development programs and costs related to our facilities, equipment, information systems and pre-sale demonstration related cloud capacity costs that are directly related to our sales, marketing and services activities.
Cash from operations, accounts receivable...Read more
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Restructuring Expenses Restructuring expenses increased...Read more
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Financial Statements, Disclosures and Schedules
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Citrix Systems Inc provided additional information to their SEC Filing as exhibits
Ticker: CTXS
CIK: 877890
Form Type: 10-K Annual Report
Accession Number: 0000877890-22-000019
Submitted to the SEC: Wed Feb 16 2022 3:28:34 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Prepackaged Software