CTXS - Earnings call transcript Q1 2021

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Operator

Good morning, and welcome to the Citrix Q1 2021 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference to Ms. of President Vice Tsuchiguchi, Investor Relations. Traci ahead. go Please

Traci Tsuchiguchi

and you Thank made our quarter will under like I'd Safe to you for contain site. us on forward-looking the Web Vice call differ Henshall, conversation statements on President to current of thank These Relations Investor Shenkman, Financial provision that expectations earnings and our earnings that Laws. and and risks you, materially Good results morning, statements the the uncertainties. we President David to be Please Ryan. based that Harbor and for could will remind Executive today's those Executive first Securities Participating from assumptions Officer; Arlen joining today's U.S. subject Actual call. are are anticipated. and Chief Officer. first note Chief XXXX quarter posted have letter

and Additional or today's earnings various measures can site. letter company's the call, Investor discuss in as non-GAAP Regulation G. on between the GAAP our found A be SEC's Relations earnings letter our Web and information found non-GAAP is of defined available on end we measures On concerning financial the today's the page are discussed of these highlighted Relations in of will the Web and at financial our reconciliation by differences call the site. Copies Investor from with other filings this factors SEC. on SEC

the call David? to to turn Officer. and I'd Now, Executive our like over David, President Chief

David Henshall

around installed adoption the Traci. us business, the for in today. cloud joining morning, I'm and welcome, especially with and our momentum based. thanks of Thanks, please the migration Good everybody our

the impact and is progressing we the to quarter our income business model, of on the Our statement. terms results in expect transition to trough first the well, cloud mark

then transition SaaS. business and acquisition, with model, income we've tailwind. and the strength. which beginning become year, these we've To In Wrike model provide been see we're today, line to top metrics the reporting excluding quarter, we includes second and the turn transitioning statement disclosing on continuing that been acceleration, the continuing dealing these QX, our insights throughout ARR, maintenance the into expect the as of beginning ARR So, headwinds also for from contribution license showed any contracts. perpetual And then, subscription organic performance metrics, metrics a total

growth, In up ARR year-on-year XX% fact, ARR last XX% and year. SaaS was to accelerated from total

like to revenue, really detail unique overall, involved So, fundamentals call actually cover to Q&A. want in open quarter three the quite up I'd and briefly that I included here those QX for recognized the impacted that -- this we were in strong. note items before

first closed is the Wrike end the at which acquisition, February. of The

hardware item we our is experienced over product. impacting supply in business, chain of worth million Second $XX constraints

so And several persist really by our accordingly. COVID expectations third So, quarters, we're duration the full-year the issues issue for licenses we pandemic. use the these sold of the at may beginning to term-based was influenced we limited customers subscriptions, the expect adjusting on-premise

to it So as license benefited in $XX by million a type. related reminder, XXXX, QX this

subscriptions value or licenses $XX total cloud group. of issued million against converted for far, So bookings new to we're either term-based this about

We have more about with migration. Citrix ongoing conversations Cloud many

into continuity limited fell business So, really three generally categories. use the licenses

the planned licenses would project-specific U.S. those on like no term. one, agency to Obviously, have patients. a government project treat First cases, that beyond field uses COVID building hospitals use

QX. overall and pandemic. adopting Citrix group customers style migrate term already The Second real they're for contracts hybrid of to a Cloud. that their And Citrix or long-term cohort the duration post either in and licenses in Many shorter home tended work are and their supporting opt work employers estate beginning these plans. are are that subscriptions then to third they're infrastructure are temporary customers companies on-prem group skill-assessing third their would be to from this these versus work evaluating multiyear really

they estimate really wasn't expand in for. over not installed these the duration. different subsequent here. than hindsight, just on-prem a opportunity context surprising, of little this recognized for dynamics what that had term these higher you revenue it for move and to base, cloud but are business if course, aggregate, let the In give shorter migration. through about guidance time continuity the are our of our In quarter licenses to So, called license our me course We $XX would million be

of the forward, to we annualized underlying investors recognized of we accurate business continue measure the performance. focus on Moving most provides to revenue, which believe encourage course,

questions that, up and let's So, operator, go now. open ahead for with the call

Operator

Thank you.

We Raimo Lenschow begin from of ahead. session. go question-and-answer line [Operator the will The from is Instructions] the question now Please Barclays. first

Raimo Lenschow

play realty? -- the you follow-on year? just about like -- the Thank kind talked about Hey, or like like way you of and the thanks the limited go how, And for convincing the question. -- to and my how David, rest for little that terms clients can of what then think do like then bit the a did through and the on terms -- renewals let's one here, in talk out is the if let's you. [Ph] of a say, on the little component to bit were you [publicize] in taking able in you side shortage, is other, networking licenses more of

David Henshall

Sure, Raimo.

be networking I over million work worth ship to with our anyone. and backwards. impacted to supply revenue shouldn't Let constraints It of think start There's definitely quarter. in some $XX ability me a shortages, chain surprise the and component

two there's there. So, things going on

earnings that weighted you when you is towards business heavily very see read you'll subscription. letter If our networking the actually looked through --

bookings subscription. support run appliances increasing these QX of of capacity were is fact, rate an Underlying hardware to in XX% that In licenses. pooled

over it of business last So, while don't several quarters. accelerating disclose we the externally, ARR that has been the

QX, out QX, to QX assuming be quarter. this sliding QX that you pressure component et we're in some a boxes there of into is in And could out ship COGS cetera. item on problem, cetera, the going The increasing in also a prices, with et little unique that given moving so, see so but be will a this issue but of

So, we that. the is a the then for just the more just strength thing don't our And it overall We our reflection broad full-year of issue and is think security is underlying to fortunate than that account that. business. app-delivering adjusted

highlighted cases, in customers two that impact everybody first last And mostly customers Second The need. use question, about million regarding programs a licenses, for year of like the all actually a over the just as had or there. $XX been focus limited said on your And think my to place question minute through we put about I remarks, we help in had continuity of I ago. ago in a getting so really Citrix to was kinds has quarter time subscriptions, different business use longer-term Cloud. those reminding

work, around or So go-forward have estate plans around the hybrid those those right conversation are successfully an around and real ongoing part been already adopted ones are Citrix whatnot, have towards of Cloud now. that that companies migrated

group of were the ones that really business third the this The are context about still continuity. thinking in

in able assumption subscriptions. what convert back to we'd one with because general, And year one-year in much continuity. But be been those business has came term, their reality, so, longer-term was our underlying to

plans, opportunities those going to customer to and Citrix so migrate Cloud. the we're help those just forward their going ultimately think as And approach long-term to through

Raimo Lenschow

perfect. Okay,

David Henshall

minute I a a aggregate booked last said commitments I as that in ago, minute against said about million Raimo is we've ago, -- worth point this overall the $XX pool. the of And

Raimo Lenschow

Okay, Thank makes sense. you.

Operator

go the Thill Thank from ahead. Please you. from Jefferies. Brent The of next line question is

Brent Thill

David. morning, Good

what are there lot think Can back and think just counterintuitive companies explain to around little expected a what during it's I going and duration helping versus the you a of did actually more shorter that the would pandemic, you shrinking, in kind on be they there? you is of questions longer. come

David Henshall

question. things, similar Well, answer Raimo's to it's three and Brent,

longer-term adopting hybrid use have And in work like contracts nature. model, so, cases, customers those that those that longer are a already are those adopted

customers and are those that group If yet. this people a related continuity, is typical at you duration are a through It's look Those for Actual the that. continuity three-year business In our unchanged. worked way shorter they're contract. business looking SaaS pandemic. truly haven't at our bit targeting licenses in still little still to duration the of as than just duration business, their

would plans our are. long-term them for to opt for shorter-term base; to for what us natural forward, just pool conversions. this out increases and so a for be them has their natural figure Net-net, allowed it And license opportunity, going our it our as installed increase they to

Brent Thill

you number number? in does change view or $XX gave that And to that you still in committed flow, are cash the your

David Henshall

related is phenomenon. to point Yes, to ongoing at that. The in in we impact we duration haven't created unchanged help is the takeaway that unique customers model are That's year I the time. 'XX ago transitioning most licenses numbers a limited an one-off not mean item need. a business this And that nicely. I is the these think changed important

the that to of and pull evolution reaccelerating And well the see QX, which business all that'll We're of model cash the QX in to through terms of believe our across P&L metrics in start rest You accelerate. have we metrics, as continued the ARR was success beyond. trough headwind. flow. going that here, as And

Brent Thill

Great, thank you.

Operator

is ahead. Markets. next the Matt question go line from Hedberg Thank you. from Please Capital RBC The of

Matt Hedberg

you delivery sort and mix of But sits future. go you that in noted just today in us think disclosed expect wondering on software Good to terms on where I might letter the David. thanks. give the software maybe Hey, mix don't morning, increase. of you've that could your you actually app if and where I'm general Security. that the in hardware

David Henshall

to Yes, a be of and migrating towards Matt, now. software over longer we migrating it And more I it'll right SaaS. time mean period really haven't. subscription isn't then

software a ago back underlies And context were appliances, across those different that a of we provide was service. if we So couple overall number able business. step and it coming to bit as and of that in have business, technologies as heritage a years soon virtual container, factors, I bit a And deliver just a largely our form little a hardware-based.

much to our incredible pooled as of start reasons is one infrastructure call it for resonated. up the that's flexibility And afforded all as delivering of and across gives a That's what that what has volume the so, is their types models. just why really us transitioning hardware some capacity, is. cloud And opportunity subscriptions we of network deployment the to hybrid customers

definitely quarter their a mark. on that But up bit adopt to high a to being modernize based Going XX% being continue bookings friction-free give of right. going own trending and this it's think to much of delivery subscription network IT. and forward, Overall, way into help a cloud-delivered more I migrate, where bundles customers been it's app to platform was for it's technology architecture, security, probably different the able more

going still focused We're So, always hardware hybrid I bit. as to think it's a of multi-cloud customers bounced around long on are so have kind a a little component, model.

then it but So, I several part for continue gradually complete of and SaaS. towards that would more moving years, subscription, next ultimately a to expect the

Matt Hedberg

it, revenue from on see. geos geos necessarily was great look assume then performance, geographic granularity maybe I Got terms okay. better? at, you're a bit just a perspective. can maybe relative say, based on organically, give believe, obviously the And basis, I if XX% mid trends from which seeing did down are wonder what XX%, revenue of I sort that ARR perspective, based -- and up, us which geographic was of to on not when that's a you in revenue, the you total all geographic ARR. to ARR, I down on more Total so

David Henshall

Yes, a measured couple America leading I become mean evolution. we see has kind been that over But on into didn't as ACV EMEA basis. so. been exceeded And transition geo geos all the year business of our -- go a largest The way particularly as or headwinds whole problem their sales the the for times, business really have that think all In the whatsoever. to reaccelerate have bookings. executing has said beyond. early of tailwinds. one that, change their teams was aggregate, And the been well model lot The geos, and our the I've QX of from last QX, well. on they're the not course you're a plans these business has done of throughout going necessarily model geos I transition in the any three we

Matt Hedberg

Got it. David. a Thanks lot,

Operator

is from ahead. next from Mark of Research. Bernstein The Please question you. Moerdler the go Thank line

Mark Moerdler

SaaS converted color. to much give of additional side how any Thank the licenses you stay term very business, to of much, the term appreciate on the and starting the of I'm us color on, first sense on can going more covert those after Workspace -- you licenses, how some it that of could I And apologize. and term remaining more much is could million that $XX versus that QX? then as got that; in sort a as still But follow-up, I Is presented. of meaningful covert? one

David Henshall

Mark, in I mean remember vast, limited vast majority for QX. last use business that's it, mean the continuity I of was of year. program most unique you if the where contained

And what just don't migrating, that of they of where a in up we've of license been it aggregate given terms there's trying also permutations we type And dollars. bookings they're in so, lot way to bought and into just that confuse people. terms

in way of at that discuss figure migration. a $XX term. those about licenses to about We pool And, generated on commitment had probably of short-term we a we special we continuing booked large look that. cloud I million revenue eight We've -- circumstances is an $XX then, And are that are year on-prem it so, the million against And set ago. revenue. already of have pool

of cloud the with out into great trade-up a which Good obviously this out, the times. continue mean of I last will are year you course, of progress continue quarter migrations our customers coming of of term those motion. and roll be investor with those into couple would Citrix plans. momentum year. And continued today, ongoing have goal their we we long I work letter. work first to existing transition that those just We Lots just to those we've customers see do. about in seen conversations of we as second-half the mentioned And so as

We year. expect that to throughout the continue

we cloud. migrations nine months doing base that and about things the really are and to receiving all the talked So, of over last clicking well installed Citrix acceleration

Mark Moerdler

SaaS? a to numbers? term, did follow-up numbers? that, your how as on the put your hit Did Then aside? beat Did deliver Perfect. otherwise Putting team aside you use when you licenses, special limited terms you quick the the

David Henshall

when and our Well, it's about the the because talk in gold hard business, we overall teams aside to put are -- so aggregate.

teams when on our they what So, look exceeded at I their on, plans. it measured are

Mark Moerdler

you. I Thank appreciate it.

Operator

from Please ahead. Thank from UBS. you. line is Karl question of go The next Keirstead the

Karl Keirstead

normal up David, shorter a on then, quarter? question deals? for on-prem this to also really issue curious clarify contracts you. just Thank Two customer me, limited from duration Or just duration term pool phenomenon whether you signing renewals of my one, in of second was more broadly shorter-term for and first commitments ask that's phenomenon as see that your right just away my And I'll the it's came maybe So, question. Arlen. did

comfort in free you've cash most the on XX analysts I But a this the Just flow, and year. bucks know around for eight bucks share XXXX. reaffirmed are I think with investors

your pretty in And still bucks to year. So, in I XX that's to ask it whether reasonable wanted improvement decent if to a is, it per to just for get this requires a assumption conversion flow share. operating then cash income XXXX

do. us sort comfort number? of analyst to But so call it bit little at you day with out is this on of you us you the give this next $XX tease maybe bridge So, in offer that you'll probably kind much. Thank the could

David Henshall

Karl. Sure,

me Let first your question. take

In This in So, would year strategic see use is that's little Again, either of this did just to simply they item. reflection a on messy another we contract. where broader versus a they in SaaS long not issue. was from it's from business whatsoever. is duration a in isolated. business contracts. continuity thing duration We that very a isolated hindsight, The or issue term be it's was limited ago. bad clear not rolled duration their a of our originally continuity business scope the our these In And, renewal thought changes reality, QX not anticipation. into short our short-term It's are related. But, term broader duration to because planning assumption a part. these extend a it

Arlen Shenkman

an the will flow And, letter, as in mean we absolutely the cash third day quarter. we be right. Karl, on you holding in are noted I analyst

details. We additional will providing some be

be when you comment, walk Wrike in will from had In your from terms together. that to impact will Obviously, additional yearend we be acquisition. through the letter, 'XX commented There 'XX. of up cash an our get we we modestly will

into we transition, unchanged. and go but expect to So, our 'XX a 'XX remains be to guidance strongly

Karl Keirstead

you, both. Thank Okay.

David Henshall

Thanks, Karl.

Operator

you. Thank

is Singh from ahead. question of Morgan from Stanley. line the Next go Sanjit Please

Sanjit Singh

taking billion. thank thank sort maintenance the the back And it's sort for that, questions. of $X.X into you ARR Hi, the Arlen David you about piece, related for disclosure just and to I of and ARR if

that So the rough side. two the the of would of to mix think the SaaS ARR on like And subscription between into up bookings of piece the XX% what is workspace targeting give were us are of those there, XX% networking year. sense $X.X maintenance there, second I a seeing and move right, split million we to be, questions looks of the continue you a the

seeing As you XX% that you. customers type a Thank that or of so outlined to the initially are seeing uplift? of in migrate XX% over, uplift ago year terms you

David Henshall

Sanjit. is Sure, David. This

it's been So, the we yes, are actually very, very seeing uplift, consistent. a

very base. we're they the accelerating been on progress few continue to talked plans Like are the year. just all I that with I programs quarters. an the expected. so the we the delivering as we're making last of mean, installed And the about that And that's had through last said and I earlier the over I happy in balance question, mean on nine the expect months,

long-term the to an progress, increase So worth. we're in trying everybody saw platform. licenses, on we and goal more noise creates get like around obviously, yes, of there's SaaS our And accounting SaaS, impact, than QX, the happy just with is that to that mix with directionally, obviously, course term it's that, on-prem

Arlen Shenkman

of first part you your question? the Could repeat

Sanjit Singh

networking? mix just ARR the between workspace Yes, and

Arlen Shenkman

recognized if at majority it's look in workspace, I large direction. probably is an mean, of maintenance and Sure, the was generally you XX:XX split revenue, it that large,

Sanjit Singh

users, if but level then pandemic since terms in could sort base XX are concurrent, much grow; million just And I has what started? more the higher about of of I We clouds. just XXX of we've mean talked one, one I the broadly in, think overall I any to view the you're them a some base grown how your up million user mean, think I sneak on since has pandemic, seen

Arlen Shenkman

strategically Citrix us at, over thing mentioned are definitely subscribers the XX looking million, in was just I to you And, year-on-year. Cloud. we XX% think many Interestingly, absolute additions on most so that grown. the over Yes, it there. aggregate we're rate paid of the I of mean, be for important twice what those QX, is was how up pandemic, in entered numbers in a year-ago, is, progress the seeing great it the when well

So true with And the be to the supposed base and to year installed happy I'm this accelerate overall absolutely that in That very migration. continue start case. we expect to that we migration. was was QX, to be where

we're aspect. So, ahead far track in on as as of that I'm concerned, to plan

Sanjit Singh

you it. Thank very much. Appreciate

Operator

question Radke ahead. The from Please next you. from of go line Thank Citi. is the Tyler

Tyler Radke

in back good could look kind could on sell and and seem again, the David. potentially with the breakthrough of start around that, the it year, the you and of not Maybe if at morning, year? but cause maybe half guidance, thanks I the of throughout trajectory if takes that Hey, of slight disclosure the assumptions help puts just maybe ARR there's decelerate just from us to to the understand a suggest what QX appreciate kind ARR your ARR, would total in and

David Henshall

for accelerate and subscription the a speak clearly of know, overall I quarter fifth that, fourth mean three or from me about reflection row I for, ARR a of continued ARRs making. been minute just it let don't to year-on-year. Yes, that's contribution transition in model exclusive the mean business the I'll a And I XX% now we've any here. talk that of

ARR happy that that to now. continue ARR, mean, And we're that with at Total one. again very $X.X that interesting is right scale, billion, with I performance, around metric is now, SaaS just accelerate, releasing number so good. which an we're

good that, business. and we provide think that we now, was Right that through the we point more reason two, two the the probably our only go in total visibility the continue good is of to to for a any want a ARR, earnings one-off historicals. said If the if or we added a be bit a we'll for to of careful there. letter rate the point year, somewhere reflection And plan there little in of is a think downtick that use overall limited into subsequent just, low teens As disclose balance this, in range We've pretty just quarters or uplift year. underlying that related growth license.

of range. still work and So digit that's a the business growth at to double top think it then we'll keep the end

Tyler Radke

on Thanks. And maybe to That's helpful. just networking the business. follow-up

that see ship, understand you of shortages, once the do the you that kind on resolved gets and think weren't kind expectations able your kind of quarter like in what's issues. I for dealing snap a So component deferred ones not is just you're to supply resolved of that, the only with of the products you've gets kind future but that you chain revenue the simply this back and when

us that Just longer-term you impact are about gets thinking resolved? and Thanks. how help how that understand

David Henshall

you're now. in a component people that lot pressures the is there's We industry. definitely the And supply across of in right chain right. Yes, see

but a revenue was that just a QX, number. us huge it We sliding ship For it assuming it's wanted unique we're because will but it's $XX out in item, a to not problem. million call that

into slides into revenue QX So amount QX there's QX, some that cetera. et QX, of out of

debt, the we'll our the changes that that. so mean, year. going overall about and openly, not number balance it's through continue back, we'll the we'll does it's it again snap is it that a expectation I And disclose talk but to but in again, talk huge If about when it of

Tyler Radke

Thanks.

Operator

of you. the is line Please Robert question Thank go The from Majek from next ahead. Raymond James.

Robert Majek

thanks. Great

fact I whether expect mentioned you you might was the based understand the duration And comment in us you term impact don't pandemic believe quarters. the in one to term new XXXX? can you reference average licenses of around in to from subsequent -- help million recover lower-term just just that Can duration your XX clarify in the was see from just XXXX. year? On duration recover duration whether we convergence,

David Henshall

talked to clear, in Yes. be licenses the these duration a QX And relation I about have a phenomenon, is term we to think, just XXXX that phenomenon. not

we our As year of and show pipeline look forecast into more a balance and that much, the deal normalized. based the duration much others is

is a Those very, So did very licenses isolated item. this convert to Citrus Cloud.

For are example, issue to unchanged. a contracts. much longer broader strategic be face of more that. is Citrus an They're durations much This business issue in tend Cloud people just employing pandemic. to a related It's are because not than those continuity isolated the that

Robert Majek

more Can question negatively of your DaaS In shortfalls I've DaaS you a can. why VDI won't business? just of as check, if growth the impact offering. a desktop momentum up the picking and for One my help explain lot I service been competing of solutions

David Henshall

way the see every in managed fully is seen And think DaaS that DaaS a solution handful of mean, that well. service a just be I why turn can a as -- have adopt a I that on the easy we clouds simple, of it's accelerated and about that's reason Well, just board, across is desktops pandemic we've you kind adoption customers outsourced trends a as industry. of to aspect the broader in just of desktop manner. an throughout the

agility, why ability more is one cetera. cloud customers to reasons more gives to the And just been that, accelerating our has so, manage business of et

course give overall on it their Citrus that's DaaS public either And certainly see customers move more running think I I idea of So, cloud, hybrid the it. to premises continue. to that of broad platforms, you approach. on And going ability our licenses, It's lot the are hybrid a DaaS just multi-cloud to think you'll more We Citrus manage and is still them Cloud the maintain over one infrastructure name run the strategy cloud time. with cloud of or and and between. workloads our somewhere in of want focus in to where

Robert Majek

Excellent.

Operator

from Thank of you. Evercore The is next line the go Please Materne ahead. question from Kirk ISI.

Kirk Materne

Yes, Okay. David. Thanks. thanks.

are sort cloud that of guess And cloud curious quick any get technology going from updated even releases still apparent most as if to companies benefits And be of in one that there's the of version Obviously be potentially the sort inflection conversion. of the I I of anticipating kind to be broader of the I to question of with that you base strategy a Just customers the would of on was this conversion relates to the for just to technology. on because around the year the it in benefits kind the of make you're, upcoming faster any guess, potential, perpetual. being or that, more any existing rate might your a terms upside if of cloud.

terms guess more a you're of -- Just trying thinking the bit little faster of being I of for clients to releases in move of caret a to sort potentially. technology a pace, how a sense get about at a

David Henshall

P&L with. it's have actual talked SaaS, the It's the half easier to of that have of Kirk, same to just cloud. current, we've about days before. that's about just continuing the here triple bookings year, seen into Overall in on manage, last in inflections a way well you all the and things of of old the because in easier the about Yes, up happening stay reason that year-over-year figures beginning basis. we the really inflection to the talk And it's We are the talked percentage back see But don't -- licenses. would terms I can back customers underlying an you migrating in subscription bookings, inflection typical and and the stay perpetual amount updated.

we're that, three Citrix customer and been. Cloud them for with infrastructure. plus for partners go stronger the their able and manage In of like major example, WVD. it's example to Microsoft cheapest fact, a alternative ever in together The and the demonstrate doing flexibility and our to We Microsoft, the is be some to than business Azure, run most can for that is of them

message. solid a And that's just it's reason accelerating. it's been think why I so And the

Kirk Materne

are won't point some a is are of kind just pace. that at in the customers ultimately. strategy to the time at on to anything -- that things terms But the that into because just I'm accelerating technology if put Okay, curious there's on-prem works meaning, point technologies, to in between there's a their of faster the innovate I mean, it. going available just cloud point, final sort be explicit more of some the to at cloud gap a that around benefit going

David Henshall

is workflows, why really is I majority customers that's use reasons other accelerating, has into point. value instrumentation that aggregate of innovation citrus of up, a access, on-prem. get mean, I wrap that more the of vast profile. secure we're in more our already of the is analytics whether and our through have this We one and that allows the been you internet and It networking cloud about secure context mean, it's visibility And the have think you the all including management Kirk. the give a about is of into and And is migration cloud the comment, just we're automation the I performance year. micro add, that can't now is web cases across that delivered it. talking security it the talking over do and effectively most important gateway capabilities. things all there mean, really cloud last properties a to is to see all of prior ability we cloud, about and talking whether DaaS we're as which related. Whether is coming

Kirk Materne

Okay, that's David. Thanks, helpful.

Operator

Mr. over question-and-answer last turn Thank conference for the David any session. I question. you Henshall to our This like remarks. back the much. very That closing was now would concludes to

David Henshall

All Thanks, Operator. right.

So to like joining I'd closing again thank for this you I everybody a thoughts. morning. just few us want to leave with

First is, accelerating transition installed this our we discussing are to the cloud, we've and been morning. the forecasting base as to

to We expect continue. this

businesses tailwind organic while our substantially. our flow, future. acquisition or work trends, be accelerating in for distributed non-GAAP Our the and Wrike cloud pretty expensive a hybrid secular combined healthy it's cash earnings whether XXXX to neutral obviously to it's finally, And And extends really should models strategy. and provide revenue these

look you quarter. you So, to much. very with throughout speaking that, the Thank many forward with of

Operator

for conference has Thank Thank you presentation. attending much. now concluded. today's The very you

may disconnect lines. your You now

Citrix Systems (CTXS) 29 Apr 212021 Q1 Earnings call transcript