Exhibit 99.1
Citrix Reports Fourth Quarter and Fiscal Year 2005 Results; Quarterly
Revenue Growth of 26% and Full Year Growth of 23%; Quarterly GAAP EPS
Growth of 9% and Full Year Growth of 24%
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 18, 2006--
Quarterly Non-GAAP EPS Growth of 24% and Full Year Growth of 26%
Citrix Systems, Inc. (Nasdaq:CTXS), the global leader in access
infrastructure solutions, today reported financial results for the fourth
quarter and fiscal year ended Dec. 31, 2005.
Financial Results
GAAP Results
In the fourth quarter of fiscal 2005, Citrix achieved record revenue of
$269 million, compared to $214 million in the fourth quarter of fiscal 2004,
representing 26 percent revenue growth. Annual revenues for 2005 were $909
million, compared to $741 million in the previous year, a 23 percent increase.
Net income for the fourth quarter of fiscal 2005 was $59 million, or $0.32
per diluted share, compared to $52 million, or $0.30 per diluted share, for the
fourth quarter of fiscal 2004. Annual net income for 2005 was $166 million, or
$0.93 per diluted share, compared to $132 million, or $0.75 per diluted share in
fiscal 2004.
Non-GAAP Results
Non-GAAP net income was $67 million for the fourth quarter of fiscal 2005,
or $0.36 per diluted share, compared to $52 million, or $0.29 per diluted share,
in the comparable period last year. Non-GAAP net income excludes the effects of
amortization of intangible assets primarily related to business combinations,
deferred stock-based compensation, the write-off of in-process research and
development and the related tax effects of these items.
Annual non-GAAP net income for 2005 was $209 million, or $1.17 per diluted
share, compared to $162 million, or $0.93 per diluted share, in 2004. Non-GAAP
net income excludes the effects of amortization of intangible assets primarily
related to business combinations, deferred stock-based compensation, the
write-off of in process research and development, the write-off of deferred debt
issuance costs, the related tax effects of these items and the tax provision
related to the repatriation of foreign earnings under the American Jobs Creation
Act (AJCA).
"We finished a strong 2005 with a record fourth quarter," said Mark
Templeton, president and chief executive officer for Citrix. "Solid performance
across our products and regions drove record revenue for the company, excellent
license growth and strong operating margin."
Q4 Financial Highlights
-- Revenue grew in the America's region by 30 percent; the EMEA region by
16 percent, and the Pacific region by 9 percent, compared to the
fourth quarter of 2004.
-- Product license revenue increased 23 percent, compared to the fourth
quarter of 2005.
-- Online services contributed $29 million of revenue, up 71 percent year
over year on a GAAP basis and 60 percent when considering purchase
accounting adjustments compared to the fourth quarter of 2004.
-- Revenue from license updates grew 18 percent, compared to the fourth
quarter of 2004.
-- Technical services revenue, which is comprised of consulting,
education and technical support, grew 33 percent, compared to the
fourth quarter of 2004.
-- Deferred revenue totaled $286 million, compared to $225 million at
Dec. 31, 2004.
-- Operating margin was 25 percent for the quarter; non-GAAP operating
margin was 29 percent for the quarter excluding the effects of
amortization of intangible assets primarily related to business
combinations, deferred stock-based compensation, and the related tax
effects of these items.
-- Cash flow from operations was $79 million, compared to $80 million in
the fourth quarter of 2004. This brings total twelve month cash flow
from operations to $293 million.
Annual Financial Highlights
-- Total annual revenue grew 23 percent compared to fiscal 2004.
-- Annual diluted earnings per share for fiscal 2005 increased 24 percent
compared to fiscal 2004. Annual non-GAAP diluted earnings per share
for fiscal 2005 increased 26 percent compared to fiscal 2004. Annual
non-GAAP diluted earnings per share excludes the effects of
amortization of intangible assets primarily related to business
combinations, deferred stock-based compensation, the write-off of in
process research and development, the write-off of deferred debt
issuance costs, the related tax effects of these items, and the tax
provision related to the repatriation of foreign earnings under the
AJCA.
-- Operating margin was 23 percent for fiscal 2005; non-GAAP operating
margin was 27 percent, excluding the items noted above.
-- Cash flow from operations was $293 million for fiscal 2005.
-- During fiscal 2005, the company repurchased 7.4 million shares at an
average net price per share of $23.51 equating to approximately $174
million in total expenditures.
Financial Outlook for First Quarter 2006
Citrix management offers the following guidance for the first fiscal
quarter 2006 ending March 31, 2006:
-- Net revenue is expected to be in the range of $240 million to $249
million for the first quarter of fiscal 2006.
-- GAAP diluted earnings per share is expected to be in the range of
$0.18 to $0.20, and non-GAAP diluted earnings per share is expected to
be in the range of $0.27 to $0.28, excluding $0.04 related to the
effects of amortization of intangible assets primarily related to
business combinations, and $0.04 to $0.05 related to the effects of
stock-based compensation expenses.
The above statements are based on current expectations including estimates.
These statements are forward looking, and actual results may differ materially.
Financial Outlook for Fiscal Year 2006
Citrix management offers the following guidance for the fiscal year 2006.
The company expects net revenue to be in the range of $1.030 billion to
$1.060 billion. The company expects GAAP diluted earnings per share to be in the
range of $0.88 to $0.97, and non-GAAP diluted earnings per share to be in the
range of $1.23 to $1.28. Non-GAAP diluted earnings per share excludes $0.15
related to the effects of amortization of intangible assets primarily related to
business combinations and $0.16 to $0.20 related to the impact stock-based
compensation expenses.
The above statements are based on current expectations. These statements
are forward-looking, and actual results may differ materially.
Product and Alliance Highlights
During the fourth quarter, Citrix:
-- Launched its first 64-bit solution for application virtualization:
Citrix Presentation Server(TM) 4.0 for Microsoft(R) Windows Server(TM)
2003 x64 Edition.
-- Introduced Citrix(R) NetScaler(R) Application Switch Standard Edition
(SE), a new edition of its popular application delivery product line
targeted specifically for the needs of small-to-medium enterprises.
-- Acquired Sunnyvale, CA.-based Teros, Inc., a privately-held provider
of application security solutions. The deal allows Citrix to further
extend the technological leadership of the company's NetScaler
application delivery product line.
-- Introduced Citrix Hospitality Voice Services, its new packaged IP
telephony services specially designed for the hospitality industry.
-- Announced it has been positioned by Gartner in the "visionary"
quadrant in the "Magic Quadrant for SSL/VPN, North America, 3Q05"
report; and has moved into the #1 market share position for SSL/VPN
according to Infonetics Research.
-- Announced it has been positioned in the Leaders Quadrant of the most
recent Gartner Application Delivery Products Magic Quadrant Report.
-- Introduced Citrix(R) GoToAssist(TM) 7, the next generation of the
industry-leading remote technical-support and professional-services
solution.
Conference Call Information
Citrix will host a conference call today at 4:45 p.m. ET to discuss its
financial results, quarterly highlights and business outlook. The call will
include a slide presentation, and participants are encouraged to listen to and
view the presentation via webcast at http://www.citrix.com/investors.
The conference call may also be accessed by dialing: (888) 799-0519 or
(706) 634-0155, using passcode: CITRIX. A replay of the webcast can be viewed by
visiting the Investor Relations section of the Citrix corporate Web site at
http://www.citrix.com/investors for approximately thirty days. In addition, an
audio replay of the conference call will be available through Jan. 20, 2006, by
dialing (800) 642-1687 or (706) 645-9291 (passcode required: 3745280).
About Citrix
Citrix Systems, Inc. (Nasdaq:CTXS) is the global leader and most trusted
name in on-demand access. More than 160,000 organizations around the world use
the Citrix Access Platform to provide the best possible access experience to any
application for any user. Citrix customers include 100% of the Fortune 100
companies and 98% of the Fortune Global 500, as well as hundreds of thousands of
small businesses and individuals. Citrix has approximately 6,200 channel and
alliance partners in more than 100 countries. Citrix annual revenues in 2004
were $741 million. Learn more at http://www.citrix.com.
For Citrix Investors
This release contains forward-looking statements which are made pursuant to
the safe harbor provisions of Section 21E of the Securities Exchange Act of
1934. The forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that statements in
this press release, which are not strictly historical statements, including,
without limitation, statements by management, the statements contained in the
Financial Outlook for First Quarter 2006, Financial Outlook for Fiscal Year
2006, and in the reconciliation of non-GAAP financial measures to comparable
U.S. GAAP measures concerning management's forecast of revenues and earnings per
share, statements regarding existing and new products and services, and
management's plans, objectives and strategies, constitute forward-looking
statements. Such forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated by the forward-looking statements, including, without limitation,
the success of the company's product lines; the company's product concentration
and its ability to develop and commercialize new products and services; the
success of investments in its product groups, foreign operations and vertical
and geographic markets; the company's ability to successfully integrate the
operations and employees of acquired companies, and the possible failure to
achieve or maintain anticipated revenues and profits from acquisitions; the
company's ability to maintain and expand its core business in large enterprise
accounts; the company's ability to attract and retain small sized customers; the
size, timing and recognition of revenue from significant orders; the effect of
new accounting pronouncements on revenue and expense recognition, including the
effects of FAS 123(R) on certain of the company's GAAP financial measures due to
the variability of the factors used to estimate the value of stock-based
compensation; the company's reliance on and the success of the company's
independent distributors and resellers for the marketing and distribution of the
company's products and the success of the company's marketing and licensing
programs; increased competition; changes in the company's pricing policies or
those of its competitors; management of operations and operating expenses;
charges in the event of the impairment of assets acquired through business
combinations and licenses; the management of anticipated future growth and the
recruitment and retention of qualified employees; competition and other risks
associated with the market for our Web-based access, training and customer
assistance products and appliance products; as well as risks of downturns in
economic conditions generally; political and social turmoil; and the uncertainty
in the IT spending environment; and other risks detailed in the company's
filings with the Securities and Exchange Commission. Citrix assumes no
obligation to update any forward-looking information contained in this press
release or with respect to the announcements described herein.
Use of Non-GAAP Financial Measures
In our earnings release, conference call, slide presentation or webcast, we
may use or discuss non-GAAP financial measures as defined by SEC Regulation G.
The GAAP financial measure most directly comparable to each non-GAAP financial
measure used or discussed and a reconciliation of the differences between each
non-GAAP financial measure and the comparable GAAP financial measure are
included in this press release after the condensed consolidated financial
statements and can be found on the Investor Relations page of the Citrix
corporate Web site at http://www.citrix.com/investors.
CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data - unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
---------------------------------------
Revenues:
Product licenses $130,131 $106,229 $409,435 $369,826
License updates 88,961 75,263 331,102 271,547
Online services 28,725 16,762 99,097 44,101
Technical services 20,839 15,713 69,088 55,683
---------------------------------------
Total net revenues 268,656 213,967 908,722 741,157
Cost of revenues:
Cost of product license
revenue 5,931 802 14,404 3,824
Cost of service revenue 10,273 4,937 26,794 16,472
Amortization of core and
product technology 5,278 (3,884) 16,766 6,127
---------------------------------------
Total cost of
revenue 21,482 1,855 57,964 26,423
---------------------------------------
Gross margin 247,174 212,112 850,758 714,734
Operating expenses:
Research and development 28,515 23,314 107,037 86,357
Sales, marketing and
support 108,988 100,022 391,509 337,566
General and administrative 35,719 27,786 124,838 106,516
Amortization of intangible
assets 4,084 1,711 11,622 6,204
Amortization of deferred
stock-based compensation 2,875 - 4,261 -
In-process research and
development - 400 7,000 19,100
---------------------------------------
Total operating
expenses 180,181 153,233 646,267 555,743
Income from operations 66,993 58,879 204,491 158,991
Write-off of deferred debt
issuance costs - - - (7,219)
Other income, net 5,376 4,279 21,017 12,661
---------------------------------------
Income before income taxes 72,369 63,158 225,508 164,433
Income taxes 13,428 10,860 59,168 32,887
---------------------------------------
Net income $58,941 $52,298 $166,340 $131,546
=======================================
Earnings per share - diluted $0.32 $0.30 $0.93 $0.75
=======================================
Weighted average shares
outstanding -
Diluted 182,769 176,576 178,036 174,734
=======================================
Non GAAP net income $66,704 $51,942 $208,763 $162,466
=======================================
Non GAAP earnings per share -
diluted $0.36 $0.29 $1.17 $0.93
=======================================
Note: See accompanying reconciliation of non-GAAP financial measures to
comparable US GAAP measures (unaudited).
Condensed Consolidated Balance Sheets
(In thousands - unaudited)
December 31, December 31,
2005 2004
-------------------------
ASSETS:
Cash and cash equivalents $484,035 $73,485
Short-term investments 18,900 159,656
Accounts receivable, net 142,015 108,399
Other current assets 81,507 85,040
-------------------------
Total current assets 726,457 426,580
Restricted cash equivalents and investments 63,728 149,051
Long-term investments 51,286 183,974
Property and equipment, net 73,727 69,281
Goodwill and other intangible assets, net 729,327 448,624
Other long-term assets 37,131 8,574
-------------------------
Total assets $1,681,656 $1,286,084
=========================
LIABILITIES AND
STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $159,853 $131,287
Current portion of deferred revenues 266,223 210,872
-------------------------
Total current liabilities 426,076 342,159
Long-term debt 31,000 -
Long-term portion of deferred revenues 19,803 14,271
Other liabilities 1,297 4,749
Stockholders' equity 1,203,480 924,905
-------------------------
Total liabilities and stockholders' equity $1,681,656 $1,286,084
=========================
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands - unaudited)
Twelve Months
Ended December
31, 2005
----------------
OPERATING ACTIVITIES
Net income $166,340
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization and depreciation 50,358
Amortization of deferred stock-based compensation 4,261
In-process research and development 7,000
Provision for accounts receivable allowances 6,100
Deferred income tax benefit (14,348)
Tax benefit related to the exercise of
non-statutory stock options and disqualifying
Dispositions of incentive stock options 38,336
Other non-cash items 541
----------------
Total adjustments to reconcile net
income to net cash provided by
operating activities 92,248
Changes in operating assets and liabilities, net of
effects of acquisitions:
Accounts receivable (28,424)
Prepaid expenses and other current
assets 775
Other assets 234
Deferred tax assets, net 2,111
Accounts payable and accrued expenses 7,978
Deferred revenues 54,864
Other liabilities (2,983)
----------------
Total changes in operating assets and
liabilities, net of effects of
acquisitions 34,555
----------------
Net cash provided by operating activities 293,143
INVESTING ACTIVITIES
Net proceeds from sales, maturities and purchases of
available-for-sale investments 354,987
Cash paid for acquisitions, net of cash acquired (168,347)
Purchases of property and equipment (26,377)
----------------
Net cash provided by investing activities 160,263
FINANCING ACTIVITIES
Proceeds from issuance of common stock 101,592
Net proceeds from term loan and revolving credit
facility 29,902
Cash paid under stock repurchase programs (174,350)
----------------
Net cash used in financing activities (42,856)
----------------
Change in cash and cash equivalents 410,550
Cash and cash equivalents at beginning of period 73,485
----------------
Cash and cash equivalents at end of period $484,035
================
Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP
Measures (Unaudited)
We utilize certain non-GAAP financial measures to evaluate our performance.
We consider these measures important indicators of our success. Citrix provides
these non-GAAP measures of the company's performance to investors to enable them
to, among other things, better compare Citrix's most recent results of
operations against financial models prepared by the company's investors and
securities analysts, and to provide additional information concerning the impact
of business acquisitions on Citrix's results of operations. In addition, we
believe that it is useful to investors to review information concerning Citrix's
results of operations on both a GAAP basis and a non-GAAP basis that excludes
stock-based compensation expense under FAS 123(R) amongst others as it relates
to 2006 forward-looking guidance. These measures should not be considered an
alternative to measurements required by accounting principles generally accepted
in the United States ("GAAP") such as net income and earnings per share and
should not be considered measures of our liquidity. In addition, our non-GAAP
financial measures may not be comparable to similar measures reported by other
companies.
The following tables reconcile non-GAAP financial measures used in this
release to the most comparable GAAP measure for the respective periods (in
thousands, except for per share information and percentages):
CITRIX SYSTEMS, INC.
RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF INCOME
TO THE NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data - unaudited)
Three Months Ended
December 31, 2005
-------------------------------
GAAP Adjustments Non-GAAP
-------------------------------
Revenues:
Product licenses $130,131 - $130,131
License updates 88,961 - 88,961
Online services 28,725 - 28,725
Technical services 20,839 - 20,839
-------------------------------
Total net revenues 268,656 - 268,656
Cost of revenues:
Cost of product license revenues 5,931 - 5,931
Cost of services revenues 10,273 - 10,273
Amortization of core and product
technology 5,278 (5,278) A -
-------------------------------
Total cost of revenues 21,482 (5,278) 16,204
Gross margin 247,174 5,278 252,452
Operating expenses:
Research and development 28,515 - 28,515
Sales, marketing and support 108,988 - 108,988
General and administrative 35,719 - 35,719
Amortization of other intangible
assets 4,084 (4,084) A -
Amortization of deferred stock-based -
Compensation 2,875 (2,875) B -
In-process research and development - - -
-------------------------------
Total operating expenses 180,181 (6,959) 173,222
-------------------------------
Income from operations 66,993 12,237 79,230
Other income, net 5,376 - 5,376
-------------------------------
Income before income taxes 72,369 12,237 84,606
Income taxes 13,428 4,474 D 17,902
-------------------------------
Net Income $58,941 $7,763 $66,704
===============================
Earnings per common share - diluted $0.32 $0.04 $0.36
===============================
Weighted average shares outstanding -
diluted 182,769 182,769
===============================
Three Months Ended
December 31, 2004
-------------------------------
GAAP Adjustments Non-GAAP
-------------------------------
Revenues:
Product licenses $106,229 - $106,229
License updates 75,263 - 75,263
Online services 16,762 - 16,762
Technical services 15,713 - 15,713
-------------------------------
Total net revenues 213,967 - 213,967
Cost of revenues:
Cost of product license revenues 802 - 802
Cost of services revenues 4,937 - 4,937
Amortization of core and product
technology (3,884) 3,884 A -
-------------------------------
Total cost of revenues 1,855 3,884 5,739
Gross margin 212,112 (3,884) 208,228
Operating expenses:
Research and development 23,314 - 23,314
Sales, marketing and support 100,022 - 100,022
General and administrative 27,786 - 27,786
Amortization of other intangible
assets 1,711 (1,711) A -
Amortization of deferred stock-based
Compensation - - -
In-process research and development 400 (400) C -
-------------------------------
Total operating expenses 153,233 (2,111) 151,122
-------------------------------
Income from operations 58,879 (1,773) 57,106
Other income, net 4,279 - 4,279
-------------------------------
Income before income taxes 63,158 (1,773) 61,385
Income taxes 10,860 (1,417) E 9,443
-------------------------------
Net Income $52,298 (356) $51,942
===============================
Earnings per common share - diluted $0.30 ($0.01) $0.29
===============================
Weighted average shares outstanding -
diluted 176,576 176,576
===============================
A - To exclude the effects of the amortization of core and product technology
and other intangible assets primarily related to business combinations.
B - To exclude the effect of amortization of deferred stock-based compensation.
C - To exclude the effect of the write off of in-process research and
development related to business combinations.
D - To exclude the tax effects of amortization of core and product technology
and other intangible assets and the amortization of deferred stock-based
compensation.
E - To exclude the tax effects of amortization of core and product technology
and other intangible assets and the write off of in-process research and
development related to business combinations.
CITRIX SYSTEMS, INC.
RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF INCOME
TO THE NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data - unaudited)
Twelve Months Ended
December 31, 2005
-------------------------------
GAAP Adjustments Non-GAAP
-------------------------------
Revenues:
Product licenses $409,435 - $409,435
License updates 331,102 - 331,102
Online services 99,097 - 99,097
Technical services 69,088 - 69,088
-------------------------------
Total net revenues 908,722 - 908,722
Cost of revenues:
Cost of product license revenues 14,404 - 14,404
Cost of services revenues 26,794 - 26,794
Amortization of core and product
technology 16,766 (16,766) A -
-------------------------------
Total cost of revenues 57,964 (16,766) 41,198
Gross margin 850,758 16,766 867,524
Operating expenses:
Research and development 107,037 - 107,037
Sales, marketing and support 391,509 - 391,509
General and administrative 124,838 - 124,838
Amortization of other intangible
assets 11,622 (11,622) A -
Amortization of deferred stock-based
Compensation 4,261 (4,261) B -
In-process research and development 7,000 (7,000) C -
-------------------------------
Total operating expenses 646,267 (22,883) 623,384
-------------------------------
Income from operations 204,491 39,649 244,140
Write-off of deferred debt issuance
costs - - -
Other income, net 21,017 - 21,017
-------------------------------
Income before income taxes 225,508 39,649 265,157
Income taxes 59,168 (2,774) E 56,394
-------------------------------
Net Income $166,340 $42,423 $208,763
===============================
Earnings per common share - diluted $0.93 $0.24 $1.17
===============================
Weighted average shares outstanding -
diluted 178,036 178,036
===============================
Twelve Months Ended
December 31, 2004
-------------------------------
GAAP Adjustments Non-GAAP
-------------------------------
Revenues:
Product licenses $369,826 - $369,826
License updates 271,547 - 271,547
Online services 44,101 - 44,101
Technical services 55,683 - 55,683
-------------------------------
Total net revenues 741,157 - 741,157
Cost of revenues:
Cost of product license revenues 3,824 - 3,824
Cost of services revenues 16,472 - 16,472
Amortization of core and product
technology 6,127 (6,127) A -
-------------------------------
Total cost of revenues 26,423 (6,127) 20,296
Gross margin 714,734 6,127 720,861
Operating expenses:
Research and development 86,357 - 86,357
Sales, marketing and support 337,566 - 337,566
General and administrative 106,516 - 106,516
Amortization of other intangible
assets 6,204 (6,204) A -
Amortization of deferred stock-based
Compensation - - -
In-process research and development 19,100 (19,100) C -
-------------------------------
Total operating expenses 555,743 (25,304) 530,439
-------------------------------
Income from operations 158,991 31,431 190,422
Write-off of deferred debt issuance
costs (7,219) 7,219 D -
Other income, net 12,661 - 12,661
-------------------------------
Income before income taxes 164,433 38,650 203,083
Income taxes 32,887 7,730 F 40,617
-------------------------------
Net Income $131,546 $30,920 $162,466
===============================
Earnings per common share - diluted $0.75 $0.18 $0.93
===============================
Weighted average shares outstanding -
diluted 174,734 174,734
===============================
A - To exclude the effects of the amortization of core and product technology
and other intangible assets primarily related to business combinations.
B - To exclude the effect of amortization of deferred stock-based compensation.
C - To exclude the effect of the write-off of in-process research and
development related to business combinations.
D - To exclude the effect of the write-off of deferred debt issuance costs due
to the redemption of the Company's convertible subordinated debentures.
E - To exclude the tax effect of amortization of core and product technology and
other intangible assets, the amortization of deferred stock-based compensation,
the write-off of in-process research and development related to business
combinations and the tax provision related to the repatriation of foreign
earnings under the AJCA.
F - To exclude the tax effect of amortization of core and product technology and
other intangible assets, the write-off of in-process research and development
related to business combinations and the write-off of deferred debt issuance
costs.
Forward-looking Guidance
for the Three Months Ended March 31, 2006
- ----------------------------------------------------------------------
Earnings Per Share
Range - Diluted
---------------------------
U.S. GAAP measure $0.18 to $0.20
Adjustments to exclude the effects of
amortization of intangible assets $0.04
---------------------------
Adjustments to exclude the effects of
expenses related to stock-based
compensation $0.04 to $0.05
===========================
Non GAAP figures $0.27 to $0.28
===========================
Forward-looking Guidance
for Fiscal Year Ended December 31, 2006
---------------------------------------------------------------------
Earnings Per Share
Range - Diluted
---------------------------
U.S. GAAP measure $0.88 to $0.97
Adjustments to exclude the effects of
amortization of intangible assets $0.15
---------------------------
Adjustments to exclude the effects of
expenses related to stock-based
compensation $0.16 to $0.20
===========================
Non GAAP figures $1.23 to $1.28
===========================
Citrix(R), NetScaler(R), Citrix Presentation Server(TM) and GoToAssist(TM)
are trademarks of Citrix Systems, Inc. and/or one or more of its subsidiaries,
and may be registered in the U.S. Patent and Trademark Office and in other
countries. Microsoft(R) and Windows Server(TM) are registered trademarks of
Microsoft Corporation in the U.S. and/or other countries. All other trademarks
and registered trademarks are property of their respective owners.
CONTACT: Citrix Systems, Inc., Fort Lauderdale
Media Inquiries:
Eric Armstrong, 954-267-2977
eric.armstrong@citrix.com
or
A&R Partners
Eric Jones, 212-905-6154
ejones@arpartners.com
or
Investor Inquiries:
Citrix Systems, Inc.
Jeff Lilly, 954-267-2886
jeff.lilly@citrix.com