Citrix Systems reported financial results for the fourth quarter and fiscal year ended December 31, 2015.
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For Q4 2015 Citrix achieved revenue of $905 million, compared to $851 million in Q4 2014, representing 6 percent revenue growth.
For fiscal year 2015, Citrix reported annual revenue of $3.28 billion, compared to $3.14 billion for fiscal year 2014, a 4 percent increase.
GAAP results
Net income for the fourth quarter of fiscal year 2015 was $131 million, or $0.84 per diluted share, compared to $95 million, or $0.58 per diluted share, for the fourth quarter of fiscal year 2014.
Net income for the fourth quarter of fiscal year 2015 includes impairment charges of $58 million related to certain intangible assets, which are included in amortization of product related and other intangible assets.
In addition, net income for the fourth quarter of fiscal year 2015 includes restructuring charges of $38 million for severance and facility closing costs related to the 2015 restructuring programs and $6 million in separation costs associated with the previously announced spin-off of the GoTo business.
Net income for the fourth quarter of fiscal year 2015 also includes net tax benefits of $25 million, or $0.16 per diluted share, primarily related to the extension of the 2015 federal research and development tax credit and a change in the mix of income between U.S. and foreign operations driven by the impairment of certain intangible assets.
Annual net income for fiscal year 2015 was $319 million, or $1.99 per diluted share, compared to $252 million, or $1.47 per diluted share for fiscal year 2014.
Annual net income for fiscal year 2015 includes impairment charges of $123 million related to certain intangible assets, which are included in amortization of product related and other intangible assets.
In addition, annual net income for the fiscal year 2015 includes a restructuring charge of $100 million for severance and facility closing costs related to the 2015 restructuring programs.
Net income for fiscal year 2015 also includes net tax benefits of $21 million, or $0.12 per diluted share, primarily related to the closing of audits with the IRS for certain tax years during the second quarter of fiscal year 2015.
Results for fiscal year 2014 included impairment charges of $60 million related to certain intangible assets, which are included in amortization of product related and other intangible assets, a charge of $21 million related to a patent lawsuit, as well as a restructuring charge of $20 million for severance costs related to a restructuring program implemented in the first quarter of 2014.
In addition, net income for fiscal year 2014 included net tax benefits of $9 million, or $0.05 per diluted share, primarily related to the closing of audits with the IRS for certain tax years.
Non-GAAP results
Non-GAAP net income for the fourth quarter of fiscal year 2015 was $259 million, or $1.66 per diluted share, compared to $180 million, or $1.10 per diluted share for the fourth quarter of fiscal year 2014.
Non-GAAP net income for the fourth quarter of fiscal year 2015 includes net tax benefits of $25 million, or $0.16 per diluted share.
Non-GAAP net income for the fourth quarter of fiscal year 2015 and 2014 excludes the effects of amortization of acquired intangible assets, stock-based compensation expense, amortization of debt discount, restructuring charges, and the tax effects related to these items.
Non-GAAP net income for the fourth quarter of fiscal year 2015 also excludes separation costs associated with the previously announced spin-off of the GoTo business and the tax effect related to this item.
Annual non-GAAP net income for fiscal year 2015 was $695 million, or $4.34 per diluted share, compared to $565 million, or $3.30 per diluted share for fiscal year 2014.
Annual non-GAAP net income for fiscal year 2015 includes net tax benefits of $21 million, or $0.12 per diluted share. Annual non-GAAP net income for fiscal year 2014 included net tax benefits of $9 million, or $0.05 per diluted share.
Annual non-GAAP net income for fiscal year 2015 and 2014 excludes the effects of amortization of acquired intangible assets, stock-based compensation expenses, amortization of debt discount, the effect of a patent lawsuit, restructuring charges, and the tax effects related to these items.
Annual non-GAAP net income for the fiscal year 2015 also excludes separation costs associated with the previously announced spin-off of the GoTo business and the tax effect related to this item.
Citrix board has authorized the company to repurchase up to an additional $400 million of its common stock. As of December 31, 2015, approximately $33 million remained for repurchases from previous authorizations. ■