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Citrix Systems - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Citrix Systems (ISIN: US1773761002, WKN: 898407) Kursdatum: 27.07.2017 Kurs: 79,740 USD
Beschreibung Daten
Symbol CTXS
Marktkapitalisierung 12.525.878.272,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ 100NASDAQ Comp.S&P 500
Sektor Software
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2017-02-01 - 12558:10000 | 2000-02-17 - 2:1 | 1999-03-26 - 2:1 | 1998-02-23 - 3:2 | 1996-06-05 - 2:1 |
Internet
Letztes Bilanz Update 16.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
13,11 11,23 0,00% 8,38 40,82 23,38 3,66 4,80

Firmenbeschreibung

CITRIX SYSTEMS, INC.SUPPLEMENTAL FINANCIAL INFORMATIONQUARTERLY FINANCIAL INFORMATION (UNAUDITED)   FirstQuarter SecondQuarter ThirdQuarter FourthQuarter Total Year  (In thousands, except per share amounts)2016          Net revenues $825,678 $842,980 $841,251 $908,356 $3,418,265Gross margin 686,586 698,658 703,276 770,204 2,858,724Income from operations 110,954 153,087 153,827 231,290 649,158Net income 83,463 120,898 131,901 199,850 536,112Earnings per share - basic 0.54 0.78 0.85 1.28 3.46Earnings per share - diluted 0.54 0.77 0.84 1.26 3.41  FirstQuarter SecondQuarter ThirdQuarter FourthQuarter Total Year  (In thousands, except per share amounts)2015          Net revenues $760,802 $796,759 $813,270 $904,763 $3,275,594Gross margin 628,196 664,008 667,016 702,010 2,661,230Income from operations 51,732 122,149 63,798 112,406 350,085Net income 28,887 103,275 55,925 131,274 319,361Earnings per share - basic 0.18 0.64 0.35 0.85 2.01Earnings per share - diluted 0.18 0.64 0.35 0.84 1.99The sum of the quarterly net income per share amounts do not add to the annual earnings per share amount due to the weighting of common and common equivalent shares outstanding during each of the respective periods.

Firmenstrategie

Consolidation PolicyThe consolidated financial statements of the Company include the accounts of its wholly-owned subsidiaries in the Americas, Europe, the Middle East and Africa (“EMEA”) and Asia-Pacific. All significant transactions and balances between the Company and its subsidiaries have been eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

Net revenues include the following categories: Product and licenses, SaaS, License updates and maintenance and Professional services. Product and licenses revenues primarily represent fees related to the licensing of the Company’s software and hardware appliances. These revenues are reflected net of sales allowances, cooperative advertising agreements, partner incentive programs and provisions for returns. SaaS revenues consist primarily of fees related to online service agreements, which are recognized ratably over the contract term, which is typically 12 months. In addition, SaaS revenues may also include set-up fees, which are recognized ratably over the contract term or the expected customer life, whichever is longer. License updates and maintenance revenues consist of fees related to the Subscription Advantage program and maintenance fees, which include technical support and hardware and software maintenance. Subscription Advantage and maintenance fees are recognized ratably over the term of the contract, which is typically 12 to 24 months. The Company capitalizes certain third-party commissions related to Subscription Advantage, maintenance and support renewals. The capitalized commissions are amortized to Sales, marketing and services expense at the time the related deferred revenue is recognized as revenue. Hardware and software maintenance and support contracts are typically sold separately. Hardware maintenance includes technical support, the latest software upgrades when and if they become available, and replacement of malfunctioning appliances. Dedicated account management is available as an add-on to the program for a higher level of service. Software maintenance, including the new Customer Success Services, includes unlimited technical support, immediate access to software upgrades, enhancements and maintenance releases when and if they become available during the term of the contract and configuration and installation support along with acceleration and automation tools. Professional services revenues are comprised of fees from consulting services related to the implementation of the Company’s products and fees from product training and certification, which are recognized as the services are provided.

The Company recognizes revenue when it is earned and when all of the following criteria are met: (1) persuasive evidence of the arrangement exists; (2) delivery has occurred or the service has been provided and the Company has no remaining obligations; (3) the fee is fixed or determinable; and (4) collectability is probable.

The majority of the Company’s product and license revenue consists of revenue from the sale of software products. Software sales generally include a perpetual license to the Company’s software and is subject to the industry specific software revenue recognition guidance. In accordance with this guidance, the Company allocates revenue to license updates related to its stand-alone software and any other undelivered elements of the arrangement based on vendor specific objective evidence (“VSOE”) of fair value of each element and such amounts are deferred until the applicable delivery criteria and other revenue recognition criteria described above have been met. The balance of the revenues, net of any discounts inherent in the arrangement, is recognized at the outset of the arrangement using the residual method as the product licenses are delivered. If management cannot objectively determine the fair value of each undelivered element based on VSOE of fair value, revenue recognition is deferred until all elements are delivered, all services have been performed, or until fair value can be objectively determined.

For hardware appliance and software transactions, the arrangement consideration is allocated to stand-alone software deliverables as a group and the non-software deliverables based on the relative selling prices using the selling price hierarchy in the revenue recognition guidance. The selling price hierarchy for a deliverable is based on its VSOE if available, third-party evidence of selling price ("TPE") if VSOE is not available, or estimated selling price ("ESP") if neither VSOE nor TPE is available. The Company then recognizes revenue on each deliverable in accordance with its policies for product and service revenue recognition. VSOE of selling price is based on the price charged when the element is sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices fall within a reasonable range based on historical discounting trends for specific products and services. TPE of selling price is established by evaluating competitor products or services in stand-alone sales to similarly situated customers. However, as the Company’s products contain a significant element of proprietary technology and its solutions offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. Additionally, as the Company is unable to reliably determine what competitors products’ selling prices are on a stand-alone basis, the Company is not typically able to determine TPE. The estimate of selling price is established considering multiple factors including, but not limited to, pricing practices in different geographies and through different sales channels and competitor pricing strategies.

The Citrix Service Provider ("CSP") program provides subscription-based services in which the CSP partners host software services to their end users. The fees from the CSP program are recognized based on usage and as the CSP services are provided to their end users.

For the Company’s non-software transactions, it allocates the arrangement consideration based on the relative selling price of the deliverables. For the Company’s hardware appliances, it uses ESP as its selling price. For the Company’s support and services, it generally uses VSOE as its selling price. When the Company is unable to establish selling price using VSOE for its support and services, the Company uses ESP in its allocation of arrangement consideration.

The Company’s GoTo Business products and a majority of the Company's Cloud Services offerings are considered hosted service arrangements per the authoritative guidance, or SaaS. Generally, the Company’s GoTo Business products are sold separately and not bundled with the Enterprise and Service Provider segment’s products and services.

In the normal course of business, the Company is not obligated to accept product returns from its distributors under any conditions, unless the product item is defective in manufacture. The Company establishes provisions for estimated returns, as well as other sales allowances, concurrently with the recognition of revenue. The provisions are established based upon consideration of a variety of factors, including, among other things, recent and historical return rates for both specific products and distributors and the impact of any new product releases and projected economic conditions. Product returns are provided for in the consolidated financial statements and have historically been within management’s expectations.

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SEGMENT INFORMATION

The Enterprise and Service Provider and the GoTo Business segment constitute the Company’s two reportable segments. The Company does not engage in intercompany revenue transfers between segments. The Company’s chief operating decision maker (“CODM”) evaluates the Company’s performance based primarily on profitability from its Enterprise and Service Provider and GoTo Business segment products. The Company's CEO is the CODM. Segment profit for each segment includes certain research and development, sales, marketing, and services and general and administrative expenses directly attributable to the segment as well as other corporate costs allocated to the segment and excludes certain expenses that are managed outside of the reportable segments. Costs excluded from segment profit primarily consist of certain restructuring charges, stock-based compensation costs, charges or benefits related to significant litigation that are not anticipated to be ongoing costs, amortization and impairment of product related and other intangible assets, net interest and other expense, and separation costs. Accounting policies of the Company’s segments are the same as its consolidated accounting policies.

As part of its continued transformation, effective January 1, 2016, the Company reorganized a part of its business by creating a new Cloud Services product grouping that primarily includes the ShareFile product line. Prior to 2016, the ShareFile product line was included within the Company's Workflow Cloud products under the GoTo Business segment. The Company's CODM has changed how it views the business primarily due to operational initiatives announced in 2015, which include increased emphasis and investments in core enterprise products for secure and reliable application and data delivery. As a result, the Company realigned its Cloud Services products and services to the Enterprise and Service Provider segment effective January 1, 2016 in contemplation of the strategic shift and the separation of the GoTo Business. See Note 18 for more information on the Company's separation of its GoTo Business. In addition, previously reported segment results have been recasted to conform to current year presentation.

On January 31, 2017, Citrix completed the separation of the GoTo Business. As a result, the Company will reevaluate its operating segments in the first quarter of 2017.

International revenues (sales outside of the United States) accounted for approximately 40.7%, 43.1% and 45.2% of the Company’s net revenues for the year ended December 31, 2016, 2015, and 2014, respectively.

Net revenues and segment profit, classified by the Company’s two reportable segments were as follows:

 
2016
 
2015
 
2014
 
(In thousands)
Net revenues:
 
 
 
 
 
Enterprise and Service Provider
$
2,736,080

 
$
2,646,154

 
$
2,563,064

GoTo Business
682,185

 
629,440

 
579,792

Consolidated
$
3,418,265

 
$
3,275,594

 
$
3,142,856

Segment profit:
 
 
 
 
 
Enterprise and Services Provider
$
891,187

 
$
702,229

 
$
558,069

GoTo Business
160,098

 
140,920

 
147,005

Unallocated expenses (1):
 
 
 
 
 
Amortization and impairment of intangible assets
(89,592
)
 
(239,915
)
 
(192,325
)
Stock-based compensation
(184,788
)
 
(147,368
)
 
(169,287
)
Restructuring
(71,122
)
 
(100,411
)
 
(20,424
)
Separation costs
(56,624
)
 
(6,352
)
 

Patent litigation charge

 

 
(20,727
)
Other

 
982

 

Net interest and other expense
(32,395
)
 
(38,208
)
 
(26,605
)
Consolidated income before income taxes
$
616,764

 
$
311,877

 
$
275,706


(1) 
Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments.

Identifiable assets classified by the Company’s reportable segments are shown below. Long-lived assets consist of property and equipment, net, and are shown below. 

 
December 31,
 
2016
 
2015
 
(In thousands)
Identifiable assets:
 
 
 
Enterprise and Service Provider
$
5,690,343

 
$
4,805,902

GoTo Business
699,884

 
661,615

Total identifiable assets
$
6,390,227

 
$
5,467,517


EarningsPerSharePolicyTextBlock

Earnings per Share

Basic earnings per share is calculated by dividing income available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon the vesting or exercise of stock awards (calculated using the treasury stock method) during the period they were outstanding. Certain shares under the Company’s stock-based compensation programs were excluded from the computation of diluted earnings per share due to their anti-dilutive effect for the respective periods in which they were outstanding. Additionally, the computation of diluted earnings per share does not include the effect of the potential outstanding common stock from the Company's convertible senior notes and warrants because the effect would have been anti-dilutive.

 
December 31,
 
2016
 
2015
 
(In thousands)
Property and equipment, net:
 
 
 
United States
$
267,305

 
$
294,982

United Kingdom
25,321

 
28,851

Other countries
51,194

 
49,984

Total property and equipment, net
$
343,820