Citrix Revises Outlook Due to Accelerated Share Repurchase Program

“We were very pleased with the results of the convertible offering and the ongoing accelerated share repurchase,” said David Henshall, chief operating officer and chief financial officer for Citrix.

"Over the past few years, we have consistently re-purchased shares to drive shareholder value.  With the current market financing environment, the timing was right to go even further with a significant accelerated share repurchase program, funded by this convertible note offering.”

Financial Outlook for Second Quarter 2014

For the second quarter of fiscal year 2014 ending June 30, 2014, GAAP diluted earnings per share is targeted to be in the range of $0.18 to $0.20. Non-GAAP diluted earnings per share is targeted to be in the range of $0.59 to $0.61, excluding $0.20 related to the effects of amortization of acquired intangible assets, $0.30 related to the effects of stock-based compensation expenses, $0.03 related to the effects of amortization of debt discount, $0.03 related to the effects of restructuring charges, and $(0.13) to $(0.17) for the tax effects related to these items.

Financial Outlook for Fiscal Year 2014

For the fiscal year ending December 31, 2014, GAAP diluted earnings per share is targeted to be in the range of $1.60 to $1.65. Non-GAAP diluted earnings per share is targeted to be in the range of $3.07 to $3.12, excluding $0.81 related to the effects of amortization of acquired intangible assets, $1.10 related to the effects of stock-based compensation expenses, $0.12 related to the effects of amortization of debt discount, $0.09 related to the effects of restructuring charges, and $(0.60) to $(0.70) for the tax effects related to these items.

The above statements are based on current targets. These statements are forward-looking, and actual results may differ materially.

On April 23, 2014, Citrix announced a proposed private offering of $1.4 billion principal amount of convertible senior notes due 2019, inclusive of the over-allotment option, and on April 25, 2014, announced the pricing of the offering.  After deducting fees, expenses and the net cost of the associated convertible note hedge transactions, Citrix used the remainder of the net proceeds from the offering and a portion of its existing cash and investments to enter into transactions for the repurchase of $1.5 billion of its common stock as authorized under its share repurchase program.