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2020 | Q2 Financials 1
July 23, 2020
To Our Stakeholders
As the world settles into a new normal, business continuity remains top of mind for customers around the globe. Our second quarter results reflect strong on-going demand for secure, remote work environments and the high-performance delivery that Citrix solutions enable. We are continuing to accommodate customer needs and preferences as they work through this period of global disruption and uncertainty.
Our second quarter highlights include:
ï,· Second quarter subscription ARR1 was $949 million, up 54% year-over-year, and SaaS ARR was $590 million, up 41% year-over-year
ï,· Subscription bookings as a percentage of total product bookings was 76%, up from 62% in the second quarter of 2019
ï,· Reported revenue was $799 million in the second quarter, up 7% year-over-year. For the second quarter, GAAP diluted EPS was $0.90, and non-GAAP diluted EPS2 was $1.53
ï,· Future committed revenue increased 19%, or approximately $425 million year-over-year reflecting an increasing mix of subscription product bookings
ï,· Cash flow from operations was a record $419 million
ï,· Formalized an extensive go-to-market agreement and expanded strategic partnership with Microsoft
Organizations around the world are discovering the value that technology combined with culture and policies which support flexible work models have on their businesses. Even as companies start to formulate return-to-office plans and some geographies begin to re-open, more employers view remote work as a viable alternative to returning to the office with social distancing measures.
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. 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.
The following information was filed by Citrix Systems Inc (CTXS) on Thursday, July 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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