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Citrix 2020 I Q3 Financials October 22, 2020 To Our Stakeholders Our third quarter results reflect strong on-going demand for the Citrix Workspacethe intelligent digital experience that empowers all employees with unified, secure, and reliable access to all the apps, content, and services they need to be productive and do their best work anytime, anywhere. The third quarter marks the final period in which the perpetual license model for the Workspace was broadly available. Going forward, Workspace will primarily be sold as a SaaS or on-premises subscription. This changing mix is evident in our third quarter results and expectations going forward. Our third quarter highlights include: Third quarter subscription ARR was $1.03 billion, up 53% year-over-year, and SaaS ARR was $630 million, up 36% year-over-year Subscription bookings as a percentage of total product bookings was 77%, up from 59% in the third quarter of 2019 Citrix Cloud paid subscriber growth reaccelerated to 8.3 million, up from 7.5 million in the second quarter and 6.1 million in the third quarter of 2019 Reported revenue was $767 million in the third quarter, up 5% year-over-year. For the third quarter, GAAP diluted EPS was $0.78, and non-GAAP diluted EPS2 was $1.38 Future committed revenue increased 20%, or approximately $433 million year-over-year reflecting an increasing mix of subscription product bookings Annualized 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. A 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. Citrix 2020 1 Q3 Financials 1
The following information was filed by Citrix Systems Inc (CTXS) on Thursday, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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