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the
company
2005฀annual฀report฀

Table of contents

  • Page 1
    the company 2005฀annual฀report฀

  • Page 2
    $908,722 $741,157 $591,629 $588,625 $527,448 $470,446 $403,285 $248,636 $123,933 10฀Years฀of฀Revenue (dollars฀in฀thousands) $44,527 $14,568 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

  • Page 3
    ...฀inï¬,ection฀ point-a฀conï¬,uence฀of฀vision,฀innovation,฀and฀execution. We've฀spent฀the฀last฀three฀years฀driving฀Citrix฀toward฀such฀an฀฀ inï¬,ection฀point. Our฀focus?฀To฀profoundly฀enhance฀our฀customers'฀access฀฀ experience฀while฀making...

  • Page 4
    ...cation฀of฀internal฀processes,฀teamwork฀across...2005฀was฀another฀record฀year฀for฀Citrix.฀We฀delivered฀$909฀million฀in฀revenues,฀up฀฀ 23฀percent฀over฀2004,฀and฀non...of฀non-GAAP฀to฀GAAP฀measures,฀see฀page฀68฀of฀the฀annual฀report. Page...

  • Page 5
    ...we'll฀offer฀tomorrow.฀For฀example,฀Citrix฀Presentation฀Server's฀#1฀market฀share฀฀ in฀client-server฀application฀virtualization฀is฀allowing฀us฀to฀efficiently฀introduce฀Citrix฀NetScaler฀฀ web฀application฀optimization฀systems,฀giving฀customers...

  • Page 6
    ...processes...Citrix฀SmoothRoamingTM,฀built฀on฀innovative฀Citrix฀technologies.฀In฀2005...Citrix฀as฀"The฀Presentation฀Server฀Company."฀Fact฀is,฀ we฀are฀now฀much฀more฀than฀that.฀Our฀job฀is฀to฀turn฀this฀perception฀around฀and฀prove฀that฀Citrix...

  • Page 7
    ...฀Office฀and฀Application฀Gateway฀combo,฀which฀delivers฀voice฀and฀data฀applications฀to฀ IP฀screen฀phones,฀is฀gaining฀tremendous฀traction฀with฀go-to-market฀partners฀Cisco,฀Avaya฀and฀ Nortel.฀It's฀a฀leading฀product฀in฀its฀category฀and...

  • Page 8
    ...฀developed฀...Citrix฀Presentation฀Server฀enhancements. Revenue฀Mix฀Reï¬,ects฀Product฀Diversity 8%฀ 11%฀ 20%฀ 8%฀ 38%฀ 7%฀ 72%฀ 36%฀ FY฀2002 Presentation฀Server฀&฀Other License฀Updates Technical฀Services FY฀2005 Presentation฀Server License฀Updates...

  • Page 9
    ...in฀its฀market.฀ " We're฀innovating฀at฀a฀rapid฀rate฀to฀extend฀our฀lead฀in฀the฀access฀infrastructure฀market฀long...revenue฀12,฀26,฀and฀23฀percent฀in฀2003,฀2004฀and฀2005,฀respectively.฀Getting฀results฀ remains฀at฀the฀very฀core฀of...

  • Page 10
    ...longer-needed฀servers.฀ The฀Las฀Vegas฀resort฀that฀offers฀concierge฀services฀through฀hotel฀phones฀so฀guests฀can฀sample฀ shows,฀order฀tickets,฀make฀dinner฀reservations,฀and฀so฀on,฀just฀by฀touching฀options฀on฀the฀telephone฀screens.฀The...

  • Page 11
    ...more฀ revenues฀than฀in฀1995.฀I've฀never฀been฀more฀excited฀about฀Citrix's฀future฀than฀right฀now.฀The฀power฀ of฀on-demand฀access฀is฀.... The฀Citrix฀board,฀management฀team,฀employees฀and฀I฀thank฀you฀for฀your฀continuing฀support. Mark฀...

  • Page 12
    ...฀Presentation฀Server™฀฀ ฀ ฀ Citrix®฀NetScaler ®฀System฀ ฀ ฀ Access฀Security฀&฀Control฀ ฀ ฀ ฀ ฀ ฀ ฀ Citrix฀Access฀Gateway™฀฀ ฀ Citrix฀Password฀Manager™฀฀ ฀ Citrix®฀Application฀Firewall฀ ฀ ฀ Collaboration฀&฀Support...

  • Page 13
    ...฀doubling฀web฀server฀capacity฀฀ at฀half฀the฀cost....฀support฀solution฀that฀enables฀support฀staff...Voice฀office฀is฀delivered฀from฀the฀Citrix฀Application฀Gateway™฀appliance฀and฀is฀compatible฀with฀฀ IP฀Communications฀Systems฀from฀Avaya...

  • Page 14
    ...key฀elements฀in฀the฀information-supply฀chain,฀pictured฀and฀described฀below: ฀ Real-time Collaboration Application Delivery Operations Support...฀backend฀servers. •฀฀ Stream฀desktop฀apps.฀Deliver฀apps฀on฀demand฀to฀end-user฀PCs,฀combining฀the฀power...

  • Page 15
    ...฀and฀support ฀ General฀and฀administrative ฀ Amortization฀of฀other฀intangible฀assets (b) ฀ In-process฀research฀and฀development ฀ ฀ Total฀operating฀expenses Income฀from฀operations Interest฀income Interest฀expense Other฀(expense)฀income,฀net Income...

  • Page 16
    ...the฀completion฀of฀each฀2005฀ Acquisition.฀The฀allocation฀of฀the฀total฀purchase฀price฀is฀summarized฀below฀(in฀thousands): Purchase฀Price฀Allocation Current฀assets Property฀and฀equipment In-process฀research฀and฀development Intangible฀assets Goodwill...

  • Page 17
    ...consideration฀related฀to฀these฀acquisitions. In-Process฀Research฀and฀Development We฀expensed฀purchased฀in-process฀research฀and฀development,฀or฀IPR&D,฀of฀approximately฀$7.0฀million฀related฀to฀the฀2005฀Acquisitions฀ and฀$19.1฀million฀related฀to...

  • Page 18
    ...฀the฀price฀charged฀for฀each฀product฀or฀applicable฀renewal฀rates฀for฀license฀updates. In...events,฀including฀the฀amount฀of฀stock฀balancing฀activity฀by฀our฀distributors฀and฀the฀ level฀of฀distributor฀inventories฀at฀the฀time฀of฀any฀price...

  • Page 19
    ...฀ in฀ our฀ strategy,฀product฀portfolio฀or฀reportable฀segments,฀it฀is฀possible฀that฀the฀forecasts฀we฀use฀to฀support฀our฀goodwill฀could฀change฀in฀ the฀future,฀which฀could฀result฀in฀non-cash฀charges฀that฀would฀adversely฀affect฀our...

  • Page 20
    ...price฀below฀market฀ value฀on฀the฀date฀of฀grant฀and฀non-vested฀stock-based฀awards฀granted฀as฀part฀of฀an฀overall฀retention฀program฀related฀to฀our฀2005...granted,฀modified,฀ cancelled฀or฀repurchased฀...฀cost฀be฀reported฀as฀a฀financing฀...

  • Page 21
    ...฀total฀annual฀salary฀and฀bonus฀in฀excess฀of฀$100,000฀in฀2004.฀Named฀Executive฀Officers฀for฀both฀years฀presented฀were฀ employees฀as฀of฀the฀respective฀year฀end. Year฀Ended฀ December฀31, 2005 Net฀grants฀to฀all฀employees,฀non-employee...

  • Page 22
    ... hese฀stock-based฀awards฀vest฀over฀3฀years฀at฀a฀rate฀of฀33.3%฀of฀the฀shares฀underlying฀the฀option...the฀option฀exercise฀price฀and฀the฀fair฀market฀value฀at฀December฀31,฀2005฀($28.73฀...the฀factors฀and฀events฀described฀in฀"Management...

  • Page 23
    ...฀ increases฀in฀sales฀of฀our฀Citrix฀NetScaler฀products,฀our฀Access฀Suite฀and฀our฀Citrix฀Access฀Gateway฀products.฀License฀Updates฀ consist฀of฀fees฀related฀to฀our฀Subscription฀Advantage฀program฀that฀are฀recognized฀ratably฀over฀the...

  • Page 24
    ...of฀fees฀from฀technical฀support฀services฀which฀are฀...License฀Updates฀revenue฀increased฀$102.8฀million฀during฀2004฀primarily฀due฀to฀a฀larger฀base฀of฀subscribers฀and฀increasing฀renewal฀ rates฀related฀to฀our฀Subscription฀Advantage฀program...

  • Page 25
    ...฀and฀technical฀support฀services฀related฀to฀ our฀Access฀Suite฀products฀and฀sales฀of฀services฀related฀to฀our฀new฀Citrix฀NetScaler฀products.฀Amortization฀of฀core฀and฀product฀ technology฀increased฀$10.6฀million฀in฀2005฀as฀compared...

  • Page 26
    ...฀currency฀exchange฀rates฀beyond฀the฀one...advertising,฀trade฀shows,฀public฀relations฀and฀other฀market฀development฀ programs.฀Sales,฀marketing฀and฀support฀expenses฀increased฀approximately฀$55.9฀million฀for฀the฀year฀ended฀December฀31,฀2005...

  • Page 27
    ...฀marketing฀program฀costs฀resulting฀from฀our฀worldwide฀brand฀awareness฀ and฀advertising฀campaign฀and฀...19,100 In-process฀research฀and฀development In฀2005,฀$7.0฀million฀of฀the฀purchase฀price฀paid฀for฀our฀2005฀Acquisitions฀was฀allocated฀...

  • Page 28
    ...and฀development฀that฀may฀be฀required฀to฀support฀ the฀release฀of฀the฀technologies฀into฀updated฀versions฀of฀existing฀service฀offerings฀and฀potentially฀new฀product฀and฀service฀offerings฀ related฀to฀our฀Citrix฀NetScaler฀products,฀Citrix...

  • Page 29
    ...฀stock฀options฀of฀$38.3฀million,฀non-cash฀charges,฀including฀depreciation฀and฀amortization฀of฀$50.4฀million,฀ the฀write-off฀of฀in-process฀research฀and฀development฀associated฀with฀the฀2005฀Acquisitions฀of฀$7.0฀million,฀provision฀for...

  • Page 30
    ...฀of฀incentive฀stock฀options฀of฀$20.9฀million,฀non-cash฀charges,฀including฀depreciation฀and฀amortization฀of฀$33.6฀million,฀ the฀ write-off฀ of฀ in-process฀ research฀ and฀ development฀ associated฀ with฀ our฀ 2004฀ Acquisitions฀ of฀ $19...

  • Page 31
    ...฀London฀Interbank฀Offered฀Rate฀or฀LIBOR฀plus...price฀of฀our฀2005฀Acquisitions.฀ For฀ more฀ information฀ related฀ to฀ the฀ 2005...our฀foreign฀earnings฀in฀connection฀with฀the฀AJCA.฀For...events฀of฀default,฀which฀include,฀among฀other฀events...

  • Page 32
    Citrix฀Systems,฀Inc. Management's฀Discussion฀and฀Analysis฀of฀Financial฀Condition฀and฀Results฀of฀Operations฀ (Continued) or฀insolvency฀event฀with฀respect฀to฀us,฀the฀rendering฀of฀a฀material฀judgment฀against฀us,฀material฀adverse฀developments...

  • Page 33
    ...฀composition฀of฀restricted฀ investments฀ within฀ certain฀ limits฀ and฀ to฀ withdraw฀ and฀ use฀ excess...2005,฀we฀had฀ approximately฀$422.9฀million฀in฀cash฀and฀investments฀in฀excess฀of฀this฀required฀level.฀The฀synthetic฀lease฀includes฀non...

  • Page 34
    ...2005,฀capital฀ expenditures฀were฀primarily฀related฀to฀computer฀equipment฀purchases฀associated฀with฀our฀research฀and฀development฀activities,฀ software฀purchases฀related฀to฀improving฀our฀internal...management฀reporting฀capabilities...sublease฀rates฀and...

  • Page 35
    ...฀events...program฀significantly฀reduces,฀but฀does฀not฀entirely฀eliminate,฀the฀impact฀of฀currency฀exchange฀rate฀movements. At฀December฀31,฀2005...income.฀If฀market฀interest฀rates฀were฀to฀increase฀by฀100฀basis฀ points฀from฀December฀31,฀2005...

  • Page 36
    ...headquarters.฀Payments฀under฀this฀synthetic฀lease฀are฀indexed฀to฀a฀variable฀interest฀rate฀(LIBOR฀plus฀a฀ margin).฀Based฀upon฀our฀interest฀rate฀exposure฀under฀this฀synthetic฀lease฀at฀December฀31,฀2005,฀a฀100฀basis฀point฀change฀in...

  • Page 37
    ...and฀conclusion฀on฀the฀effectiveness฀of฀internal฀control฀over฀ financial฀reporting฀as฀of฀December฀31,฀2005฀because฀it฀was฀acquired฀by฀us฀in฀a฀purchase฀business฀combination฀on฀August฀15,฀ 2005.฀Total฀assets฀and฀net฀assets฀acquired...

  • Page 38
    ..., included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting, that Citrix Systems, Inc. maintained effective internal control over financial reporting as of December 31, 2005, based on criteria established in Internal Control-Integrated Framework issued by...

  • Page 39
    ...evidence supporting ...2005, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Citrix Systems, Inc.'s internal control over financial reporting...

  • Page 40
    Citrix฀Systems,฀Inc. Consolidated฀Balance฀Sheets December฀31, (In฀thousands,฀except฀par฀value) ฀2005...and฀$4,916฀in฀2005 and฀2004,฀respectively ฀ Inventories,฀net ฀ Prepaid...฀payable ฀ Accrued฀expenses ฀ Income฀taxes฀payable ฀ Current฀portion฀of...

  • Page 41
    ... ฀ Product฀licenses ฀ License฀updates ฀ Online฀services ฀ ...support ฀ General฀and฀administrative ฀ Amortization฀of฀other฀intangible฀assets ฀ In-process฀research฀and฀development ฀ ฀ Total฀operating฀expenses Income฀from฀operations Interest฀income...

  • Page 42
    ...gain฀on฀forward฀contracts฀and฀interest฀rate฀swap,฀net฀of฀฀ ฀ reclassification฀...non-employee฀stock฀options Unrealized฀loss฀on฀available-for-sale฀securities,฀net฀of฀tax Net฀income Total฀comprehensive฀income Balance฀at฀December฀31,฀2005...

  • Page 43
    ... Stockholders' Equity $฀ 614,590 54,989 3,434 10,289 655 4,823 (107,159) 9,135 (14,878) 3,672 305 126,943 Total Comprehensive Income $฀ 3,672 305 126,943 $฀130,920 646,740 131,546 7,810 164) (156) - - - - - - (1,063) - - - - - (38,150 4,458) - - - - (648,066 84,613) - - - - 706...

  • Page 44
    ... In-process฀research฀and฀development ฀ Provision฀for฀doubtful฀accounts ฀ Provision฀for฀product฀returns ฀ Provision฀for฀(reduction฀of)฀inventory฀reserves ฀ Deferred฀income฀tax฀provision฀(benefit) ฀ Tax฀benefit฀related฀to฀the฀exercise฀of฀non...

  • Page 45
    Year฀Ended฀December฀31, (In฀thousands) 2005 $฀101,592 - (174,350) - 175,000...paid฀under฀stock฀repurchase฀programs Proceeds฀from฀sale฀of...Non-cash฀financing฀activity-Fair฀value฀of฀stock฀issued฀in฀connection฀฀ ฀ with฀acquisitions Cash฀paid฀for฀income...

  • Page 46
    ...Citrix฀Systems,฀Inc.฀("Citrix"฀or฀the฀"Company"),฀is฀a฀Delaware฀corporation฀founded฀on฀April฀17,฀1989.฀The฀Company฀designs,฀ develops...฀("EMEA")฀and฀Asia-Pacific.฀All฀significant฀...,฀reported฀in฀accumulated฀other฀comprehensive฀income฀(...

  • Page 47
    ...inventories...lease...December฀31, (In฀thousands) 2005 $฀ 17,781 66,594 53,479 19,401 39,075 9,062 205,392...events...development฀of฀the฀software.฀The฀amount฀of฀costs฀capitalized฀ in฀2005฀and฀2004฀relating฀to฀internal...annual฀impairment฀test.฀At฀December฀31,฀2005...

  • Page 48
    ...฀are฀generally฀perpetual.฀The฀Company฀also฀separately฀sells฀license฀updates฀and฀services,฀which฀may฀include฀product฀training,฀ technical฀support฀and฀consulting฀services,฀as฀well฀as฀online฀services. The฀ Company's฀ packaged฀ products฀ are...

  • Page 49
    ...value฀by฀the฀price฀charged฀for฀each฀product฀when฀sold฀separately฀or฀applicable฀ renewal฀rates. •฀ C ...stock฀balancing฀return฀rights.฀License฀Updates฀consist฀of฀fees฀related฀to฀the฀Subscription฀Advantage฀ program฀that฀are฀recognized฀...

  • Page 50
    ...฀ subscription฀ for฀ license฀ updates฀ that฀ provide฀ the฀ end-user฀ with฀ free฀ enhancements฀and฀upgrades฀to฀the฀licensed฀product฀on฀a฀when฀and฀if฀available฀basis.฀Customers฀may฀also฀elect฀to฀purchase฀technical฀ support,฀ product...

  • Page 51
    ...฀recognized฀advertising฀ expenses฀of฀approximately฀$38.8฀million,฀$35.2฀million฀and฀$13.5฀million,฀during฀the฀years฀ended฀December฀31,฀2005,฀2004฀and฀ 2003,฀respectively. Income฀Taxes The฀Company฀estimates฀income฀taxes฀based฀on฀rates฀in...

  • Page 52
    ...฀of฀the฀grant฀using฀the฀Black-Scholes฀ option-pricing฀model,฀assuming฀no฀expected฀dividends฀and฀the฀following฀assumptions: 2005฀Grants Expected฀volatility฀factors Approximate฀risk฀free฀interest฀rates Expected฀lives 0.31-0.35 3.7%-4.4% 3.32฀years 2004...

  • Page 53
    ...all฀ awards฀granted,฀modified,฀cancelled฀or฀repurchased฀as฀well฀as...2005฀will฀approximate฀the฀amount฀ of฀SFAS฀No.฀ 123฀expense฀that฀it฀reported฀in฀2005...pro฀forma฀net฀income฀and฀earnings฀...stock-based฀compensation฀programs฀were฀excluded฀...

  • Page 54
    ...price฀is฀summarized฀below฀(in฀thousands): Purchase฀฀ Price฀Allocation Current฀assets Property฀and฀equipment In-process฀research฀and฀development...฀connection฀with฀the฀2005฀Acquisitions฀consisted฀mainly฀of฀cash,฀accounts฀receivable,฀ inventory,฀...

  • Page 55
    ...future฀cash฀flows,฀royalty฀rates฀and฀historical฀data,฀among฀other฀information.฀Purchased฀in-process฀research฀ and฀development฀("IPR&D")฀of฀$7.0฀million฀was฀expensed฀immediately฀upon฀the฀closing฀of฀the฀2005฀Acquisitions฀and฀a฀total฀$19...

  • Page 56
    ...Commercial฀paper ฀ Money฀market฀funds ฀ Cash ฀ Corporate฀securities ฀ Government฀securities ฀ Municipal฀securities ฀ ฀ Total Reported... fair฀ value.฀ During฀ 2005,฀ the฀ Company฀ sold฀ $193.9฀ million฀ of฀ fixed฀ rate฀ available-for-sale฀ investments...

  • Page 57
    ...-time฀employees฀of฀the฀Company฀and฀its฀subsidiaries฀or฀affiliates,฀where฀legally฀eligible฀to฀participate,฀as฀well฀ as฀consultants฀and฀non-employee฀directors฀of฀the฀Company.฀The฀2005฀Plan฀provides฀for฀the฀issuance฀of฀a฀maximum฀of...

  • Page 58
    ...฀ Exercise฀Price $฀฀ 6.60 $฀13.59 $฀16.19 $฀19.28 $฀22.24 $฀23.97 $฀25.40 $฀30.49 $฀39.47 $฀77.03 $฀28.67 As฀part฀of฀the฀Company's฀2005฀Acquisitions,฀the฀Company฀assumed฀25,179฀shares฀of฀non-vested฀stock฀held฀by฀certain฀NetScaler...

  • Page 59
    ...price... 2005฀ ESPP.฀ The฀ 2005฀ ESPP...401(k)฀benefit฀plan฀(the฀"Plan")฀allowing฀eligible฀U.S.-based฀employees฀to฀contribute฀up฀to฀60%฀of฀their฀ annual฀compensation,฀limited฀to฀an฀annual฀maximum฀amount฀as฀set฀periodically฀by฀the฀Internal...

  • Page 60
    ...฀interest฀rate฀on฀the฀Term฀Loan฀was฀4.5%฀as฀of฀December฀31,฀2005.฀As฀of฀December฀31,฀2005,฀ $31...฀ consolidated฀ leverage฀ ratio.฀ The฀ primary฀ non-financial฀ covenants฀limit฀the฀Company's฀ability฀to฀pay฀dividends฀(other฀than...

  • Page 61
    ...฀ prices฀for...its฀market฀rate฀of฀ ...income฀for฀the฀years฀ended฀December฀31,฀2005,฀2004฀and฀2003฀was฀approximately฀$0.8฀million,฀ $1.6฀ million฀ and฀ $2.0฀ million,฀ respectively.฀ Lease฀ commitments฀ under฀ non-cancelable฀ operating฀ leases...

  • Page 62
    ...limits...2005,฀the฀Company฀had฀approximately฀$422.9฀million฀in฀cash฀and฀investments฀in฀excess฀of฀this฀required฀level.฀ The฀synthetic฀lease฀includes฀non...rates...of฀the฀provision฀for฀income฀taxes฀are฀as฀follows: (In฀thousands) 2005 $฀ 52,181 16...

  • Page 63
    ...฀net฀operating฀loss฀carryforwards฀are฀limited฀in฀any฀one฀year฀pursuant฀to฀Internal฀Revenue฀Code฀Section฀382฀and฀ begin฀to฀expire฀in฀2020. At฀December฀31,฀2005,฀the฀Company฀had฀research฀and฀development฀tax฀credit฀carryforwards฀of...

  • Page 64
    ...segment฀and฀excludes฀certain฀expenses฀that฀are฀managed฀outside฀the฀reportable฀segments.฀ Costs฀excluded฀from฀segment฀profit฀primarily฀consist฀of฀research฀and฀development฀costs฀associated฀with฀the฀Access฀Suite฀products,฀ amortization฀ of...

  • Page 65
    ...฀profit฀(loss): ฀ Americas ฀ EMEA ฀ Asia-Pacific ฀ Online฀Services฀division ฀ Unallocated฀expenses (3): ฀ ฀ Amortization฀of฀intangibles ฀ ฀ In-process฀research฀and฀development ฀ ฀ Research฀and฀development ฀ ฀ Net฀interest฀and฀other฀income...

  • Page 66
    ...by฀changes฀in฀currency฀exchange฀rates,฀the฀Company฀has฀established฀a฀program฀that฀uses฀forward฀foreign฀...฀(expense)฀ income,฀net.฀The฀Company฀held฀no฀remaining฀interest฀rate฀swap฀instruments฀as฀of฀December฀31,฀2005.฀At฀December...

  • Page 67
    ...in฀the฀third฀quarter฀of฀2005.฀The฀purpose฀of฀the฀credit฀...฀interest฀income.฀In฀the฀event฀of฀...฀interest฀rate฀swaps...฀within฀certain฀limits฀and฀to฀...stock-based฀compensation฀programs,฀and฀common฀...for฀and฀the฀reporting฀of฀a฀change฀...

  • Page 68
    Citrix฀...,546 0.78 0.75 2005 ฀ Net฀revenues ฀ Gross฀margin ฀ Income฀from฀operations ฀ Net฀income ฀ Basic฀earnings฀per฀...18.86 $฀18.50 On฀March฀6,฀2006,฀the฀last฀reported฀sale฀price฀of฀the฀Company's฀common฀stock฀on฀The฀Nasdaq฀National฀...

  • Page 69
    ...price)฀provides฀information฀as฀of฀December฀31,฀2005฀about฀the฀securities฀authorized฀ for฀issuance฀to฀our฀employees฀and฀non...฀Shares฀That฀May฀Yet฀Be฀ Purchased฀Under฀the฀Plans฀ or฀Programs฀(In฀thousands) $฀ 102,766 $฀ 71,335 $฀ 67,605...

  • Page 70
    ... inflows, contractual obligations, in-process research and development, advertising campaigns, tax rates, SFAS 123R, leasing and subleasing activities, stock repurchases, investment transactions, liquidity, litigation matters, distribution channels, stock price, payment of dividends and potential...

  • Page 71
    ...7700 Pacific฀Headquarters฀ Citrix฀Systems฀Hong฀Kong฀Limited฀ Suite฀3201,฀32nd฀Floor฀ One฀International฀Finance฀Centre฀ ...฀ www.citrix.com/investors The฀Citrix฀Annual฀Report฀and฀Form฀10-K฀are฀available฀ electronically฀at฀www.citrix.com/annualreport...

  • Page 72
    Citrix฀Systems,฀Inc.฀ 851฀West฀Cypress฀Creek฀Road Fort฀Lauderdale,฀FL฀33309 United฀States www.citrix.com