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2019 | Q4 and Full Year Financials
To Our Stakeholders
Our fourth quarter and full year 2019 performance reflects an accelerated subscription model transition and strong demand across both our Workspace and Networking solutions.
Our fourth quarter and full year highlights include:
· Fourth quarter subscription ARR1 was $743 million, up 41% year-over-year, and SaaS ARR was $520 million, up 49% year-over-year
· Subscription bookings as a percentage of total product bookings was 69%, up from 51% in the fourth quarter of 2018. For the full year, subscription bookings as a percentage of total product bookings was 62%, up from 42% in 2018
· Reported revenue was $810 million in the fourth quarter and $3.0 billion for the full year, up 1% year-over-year in the fourth quarter and for the full year. For the fourth quarter, GAAP diluted EPS was $1.56 and non-GAAP diluted EPS2 was $1.71. For the full year, GAAP diluted EPS was $5.03 and non-GAAP diluted EPS2 was $5.69, at the high end of our non-GAAP diluted EPS2 guidance of $5.60 to $5.70
· Future committed revenue increased 15%, or approximately $328 million year-over-year reflecting an increasing mix of subscription product bookings
· On January 21, 2020 our Board of Directors increased our share repurchase authorization by $1 billion, bringing the total remaining authorization to approximately $1.75 billion. We also announced today that we entered into a $1 billion term loan credit facility, which we plan to use to return capital through open market transactions, accelerated share repurchases, or other means
1Annualized Recurring Revenue, or ARR, is an operating metric that represents the contracted recurring value of all termed subscriptions normalized to a one-year period. It is calculated at the end of a reporting period by taking each contracts recurring total contract value and dividing by the length of the contract. ARR includes only active contractually committed, fixed subscription fees. All contracts are annualized, including 30 day offerings where we take monthly recurring revenue multiplied by 12 to annualize. ARR should be viewed independently of U.S. GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. ARR is not a forecast of future revenue.
2A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this letter. 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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The following information was filed by Citrix Systems Inc (CTXS) on Wednesday, January 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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