Citrix Systems has reported financial results for the fourth quarter and fiscal year ended 31 December 2013.
For the fourth quarter of fiscal year 2013, Citrix achieved revenue of $802-million, compared to $740-million in the fourth quarter of fiscal year 2012, representing 8% revenue growth. For fiscal year 2013, Citrix reported annual revenues of $2,92-billion, compared to $2,59-billion for fiscal year 2012, a 13% increase.
GAAP results show net income for the fourth quarter of fiscal year 2013 of $139-million, or $0.74 per diluted share, compared to $114-million, or $0.60 per diluted share, for the fourth quarter of fiscal year 2012. Annual net income for fiscal year 2013 was $340-million, or $1.80 per diluted share, compared to $353-million, or $1.86 per diluted share for fiscal year 2012.
In non-GAAP terms, net income for the fourth quarter of fiscal year 2013 was $195-million, or $1.04 per diluted share, compared to $169-million, or $0.90 per diluted share for the fourth quarter of fiscal year 2012. Non-GAAP net income excludes the effects of amortisation of acquired intangible assets, stock-based compensation expenses and the tax effects related to these items.
Annual non-GAAP net income for fiscal year 2013 was $568-million, or $3.02 per diluted share, compared to $543-million, or $2.87 per diluted share for fiscal year 2012. Non-GAAP net income excludes the effects of amortisation of acquired intangible assets, stock-based compensation expenses and the tax effects related to these items.
“We continued to see strong growth in our networking business for both the quarter and for the full year,” says David Henshall, acting CEO and chief financial officer. “In the mobility space, XenMobile, while still early stage, also showed strong momentum. We are well positioned to help our customers embrace enterprise mobility by providing infrastructure and cloud services to build and manage secure, mobile workspaces.”
In addition, Citrix announced that the company’s chief executive officer, Mark Templeton, will be returning from his previously announced leave of absence to resume his role as CEO. Templeton intends to retire within the next year, subject to the naming of his successor. The board of directors has formed a committee of independent directors to lead a search process to identify the next CEO.
David Henshall, who has been serving as acting CEO, has been promoted to chief operating officer and will retain a portion of the executive responsibilities that he assumed during Templeton’s absence. Henshall will continue in his roles as executive vice-president and chief financial officer, with responsibility for the company’s finance and accounting organizations.
In reviewing the results for the fourth quarter of fiscal year 2013, compared to the fourth quarter of fiscal year 2012:
* Product and license revenue increased a half of a percent;
* Software as a service revenue increased 13%;
* Revenue from license updates and maintenance increased 11%;
* Professional services revenue, which is comprised of consulting, product training and certification, increased 28%;
* Net revenue increased in the EMEA region by 14%, increased in the Americas region by 8% and decreased in the Pacific region by 12%;
* Deferred revenue totaled $1,4-billion as of 31 December 2013, compared to $1,2-billion as of 31 December 2012, an increase of 18%; and
* Cash flow from operations was $230-million for the fourth quarter of fiscal year 2013, compared with $227-million for the fourth quarter of fiscal year 2012.
During the fourth quarter of fiscal year 2013:
* GAAP gross margin was 83% and non-GAAP gross margin was 86 percent, excluding the effects of amortization of acquired product related intangible assets and stock-based compensation expense;
* GAAP operating margin was 20% and non-GAAP operating margin was 30 percent, excluding the effects of amortisation of acquired intangible assets and stock-based compensation expense; and
* The company repurchased 4,4-million shares at an average price of $57.84.
In reviewing the results for fiscal year 2013 compared to fiscal year 2012:
* Product and license revenue increased 7 percent;
* Software as a service revenue increased 14 percent;
* Revenue from license updates and maintenance increased 16 percent;
* Professional services revenue, which is comprised of consulting, product training and certification, increased 17 percent;
* Net revenue increased in the Americas region by 14 percent, increased in the EMEA region by 14 percent and increased in the Pacific region by 3 percent; and
* Cash flow from operations was $928 million for fiscal year 2013 compared with $819 million for fiscal year 2012.
During the year ended December 31, 2013:
* GAAP gross margin was 83 percent and non-GAAP gross margin was 86 percent, excluding the effects of amortization of acquired product related intangible assets and stock-based compensation expense;
* GAAP operating margin was 13 percent and non-GAAP operating margin was 24 percent, excluding the effects of amortization of acquired intangible assets and stock-based compensation expense; and
* The company repurchased 7.0 million shares at an average price of $62.40.
