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CITRIX SYSTEMS INC

citrix.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Jul 26, 2022. Its latest SEC filing is a 15-12G from Oct 12, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Builds digital workspace, application delivery and security, and collaboration software for businesses and government agencies.

How Did They Make Money?

Customers pay for cloud-hosted subscriptions over the contract term, service-provider fees as use occurs, and perpetual software when activation keys are available. Support and maintenance fees are paid over the service term, while consulting fees are paid as the work is provided.

FY2021 revenue by product or service revenue
SegmentShareRevenue
Subscription
Recurring

48%
FY2018: 15%
Product and license
Sold outright
5.3%
FY2018: 25%
Support and services
Recurring

46%
FY2018: 60%

Who Were Their Customers?

Businesses of all sizes, including large enterprises, institutions and government agencies, buy Citrix solutions. Sales run through resellers and online, as well as direct sales teams working with the largest customers; partners also provide consulting and hosted offerings.

Customers above 10% of revenue, FY2021
of revenue from one customer
FY2019: 15% from one customer

Did Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2021 and turned 18 cents into free cash flow.

Operating income, FY2021
7% of revenue
▼ −61% vs FY2020 ($608.8M, 19%)
Net income, FY2021
10% of revenue
▼ −39% vs FY2020 ($504.4M, 16%)
Free cash flow, FY2021
18% of revenue
▼ −34% vs FY2020 ($894.4M, 28%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +6%
vs $812.1M in Q2 FY2021
Net income
▲ +84%
vs $62.8M in Q2 FY2021
Subscription share of revenue vs 46.1% in Q2 FY2021
  • Oct 3, 2022 Citrix's merger was completed.
  • Jul 11, 2022 Tom Krause was set to lead the combined company. He was expected to assume the CEO role after the transaction closed.

Grew. Revenue grew 14% in 4 years, from $2.8B in FY2017 to $3.2B in FY2021, about 3% a year.

Subscription model The older report described plans to accelerate subscriptions while still offering perpetual licenses; the latest says the model shifted away from perpetual sales toward recurring contracts.

Collaborative work management The latest report includes Wrike in its Workspace grouping and describes collaborative work management; the older report described digital workspace, networking and analytics solutions.

Revenue over time
Subscription Product and license Support and services
$5B$2.5B$0

Who Did They Compete With?

Competes with VMware, Okta, Box, Dropbox, Amazon Web Services, Nutanix, Ivanti, Asana, Atlassian, Monday.com, Adobe, Smartsheet, Google Cloud, Microsoft, F5 Networks, Radware, A10 Networks, and Cisco

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