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Citrix Systems Inc (CTXS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

CTXS Quarterly Reports

Citrix Systems Inc

CIK: 877890 Ticker: CTXS

Exhibit 99.1

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2020 | Q1 Financials

April 23, 2020

To Our Stakeholders

The enablement of secure, remote work that Citrix provides has long been a core value proposition to our customers. Our first quarter performance reflects the critical role Citrix’s solutions have in helping customers respond to the COVID-19 pandemic. Near-term strength was also amplified by our decision to make limited use Workspace licenses of Citrix Workspace available in the form of shorter-duration, discounted on-premises term offerings to quickly help our customers with their immediate business needs.

Our first quarter highlights include:

 

    A $17 million commitment to help employees and the communities in which we operate during this time of global crisis

 

    First quarter subscription ARR1 was $837 million, up 50% year-over-year, and SaaS ARR was $555 million, up 48% year-over-year

 

    Subscription bookings as a percentage of total product bookings was 55%, up from 50% in the first quarter of 2019

 

    Reported revenue was $861 million in the first quarter, up 20% year-over-year. For the first quarter, GAAP diluted EPS was $1.42 and non-GAAP diluted EPS2 was $1.73

 

    Future committed revenue increased 19%, or approximately $397 million year-over-year reflecting an increasing mix of subscription product bookings

 

    On January 31, 2020, we entered into Accelerated Share Repurchase (ASR) transactions to repurchase an aggregate $1 billion in stock. In Q1 2020, we received an initial share delivery of approximately 6.5 million shares with any remainder to be delivered by the end of the third quarter of 2020. In addition to the ASR, we repurchased approximately $200 million of shares in the first quarter. After taking into consideration the remaining delivery of our ASR, we currently have approximately $714 million of remaining share repurchase authorization available.

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 contract’s recurring total contract value and dividing by the length of the contract. ARR includes only active contractually committed, fixed subscription fees. Our definition of ARR includes contracts expected to recur and therefore excludes contracts with durations of 12 months or less where licenses were issued to address extraordinary business continuity events for our customers. 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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  2020 | Q1 Financials    1


The following information was filed by Citrix Systems Inc (CTXS) on Thursday, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Citrix Systems Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unuaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Details)
Commitments And Contingencies
Comprehensive Income
Comprehensive Income (Changes In Accumulated Other Comprehensive Loss By Component) (Details)
Comprehensive Income (Reclassifications Out Of Accumulated Other Comprehensive Loss) (Details)
Comprehensive Income (Tables)
Credit Losses
Credit Losses (Tables)
Credit Losses - Accounts Receivable, Net (Details)
Credit Losses - Afs Investments (Details)
Credit Losses - Allowance For Credit Losses (Details)
Credit Losses - Concentration Risk (Details)
Debt
Debt (Narrative) (Details)
Debt (Tables)
Debt - Schedule Of Interest Expense (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Schedule Of Effect Of Derivative Instruments On Financial Performance) (Details)
Derivative Financial Instruments (Schedule Of Net Notional Foreign Currency Forward Contracts Outstanding) (Details)
Derivative Financial Instruments (Schedule Of The Fair Values Of Derivative Instruments) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Additional Information Regarding Fair Value Measurements) (Details)
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Assets And Liabilities On A Nonrecurring Basis) (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Schedule Of Change In Goodwill) (Details)
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Details)
Investments
Investments (Narrative) (Details)
Investments (Schedule Of Available-For-Sale Securities) (Details)
Investments (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Maturity Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Restructuring
Restructuring (Activity In Restructuring Accruals) (Details)
Restructuring (Narrative) (Details)
Restructuring (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Remaining Performance Obligation Revenue (Details)
Revenue - Remaining Performance Obligations (Details)
Segment Information
Segment Information (Additional Information) (Details)
Segment Information (Revenue By Customer Type) (Details)
Segment Information (Revenues By Geographic Location) (Details)
Segment Information (Revenues By Product Grouping) (Details)
Segment Information (Subscription Revenues) (Details)
Segment Information (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policy)
Statement Of Changes In Equity
Statement Of Changes In Equity (Details)
Statement Of Changes In Equity (Tables)
Statement Of Changes In Equity - Subsequent Event (Details)
Stock-Based Compensation
Stock-Based Compensation (Assumptions Used To Value Option Grants, Stock Awards And Espp Shares) (Details)
Stock-Based Compensation (Detail Of The Total Stock-Based Compensation Recognized By Income Statement Classification) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Subsequent Event) (Details)
Stock-Based Compensation (Tables)
Treasury Stock
Treasury Stock (Details)
Ticker: CTXS
CIK: 877890
Form Type: 10-Q Quarterly Report
Accession Number: 0000877890-20-000155
Submitted to the SEC: Tue May 05 2020 10:53:54 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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