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Annual Report 2014 Citrix Systems, Inc.
Since our founding twenty-six years ago, Citrix has been a visionary, and leader in the
software industry. At Citrix, value creation is built on the core belief that ‘work is not a
place.’ This idea has allowed us to grow through multiple industry cycles, deliver valuable
customer solutions and stay out front as one of the world’s largest software innovators.
Every Citrix invention, product, and acquisition has supported the relentless pursuit
of this purpose – and remains the conviction of our employees and business partners.
Today, our products and services are enabling a broad set of business agility, information
security, employee engagement, workplace transformation and business productivity
solutions to over 330,000 businesses and to over 100 million people around the world.
For Citrix, 2014 was a pivotal year of transformation as we launched our “software-
dened workplace” strategy – enabling us to make important choices, strengthening
our competitive advantage. Software-dened workplaces depend on anywhere
secure access to digital tools and information, and our delivery networking, workspace
services and mobility apps offerings all provide critical pieces of infrastructure that our
customers need to thrive in a world that is hyper-connected.
I’m condent in this direction for Citrix, and we expect our transformation to continue
in 2015 as the world pivots towards mobile. We’ll continue to invest to drive revenue
growth, customer value, and shareholder returns, while rationalizing product offerings,
consolidating infrastructure, and optimizing for increased protability.
2014 Business Performance
Even though our transformation is not yet complete, we have made measurable progress.
We grew revenue to $3.14 billion, an increase of 8%, including a record of 220 customer
transactions for more than $1 million each, representing an increasingly strategic
relationship with our customers. We saw solid increases in retention and renewal rates
across our subscription businesses, reecting the quality, value and reliability of our
on-demand collaboration services. And, growth of subscription revenue generated by
service provider channels is ramping nicely – growing over 55% in 2014 to $45 million.
Our non-GAAP gross margin declined to 85.0%, from 86.2% in the prior year, reecting
an acceleration of revenue mix from our Delivery Networking and SaaS–based Mobility
Apps businesses. We also delivered an increase in non-GAAP earnings per share of 9%.
Mark Templeton
President and CEO
Fellow
Shareholders
“A software-dened workplace is the way to a mobility-transformed
business. And it’s expressed in three large-scale trends: workforce
engagement, workow transformation and workplace reinvention.”