Citrix 2014 Annual Report Download - page 38

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32
offering discussed above, and an additional $1.4 billion to purchase additional shares of our common stock through our ASR
Agreement with Citibank. Under the ASR Agreement, we paid approximately $1.4 billion to Citibank upon consummation of
the ASR and received, in the aggregate, approximately 21.8 million shares of our common stock, including approximately 2.6
million shares delivered in October 2014 in final settlement in connection with Citibank's election to accelerate the ASR. The
total number of shares that we repurchased under the ASR Agreement was based on the average of the daily volume-weighted
average prices of our common stock during the term of the ASR Agreement, less a discount. See Note 8 to our consolidated
financial statements for detailed information on our Convertible Notes offering and the transactions related thereto, including
the ASR.
ITEM 6. SELECTED FINANCIAL DATA
The following selected consolidated financial data is derived from our consolidated financial statements. This data should
be read in conjunction with the consolidated financial statements and notes thereto, and with Item 7, Management’s Discussion
and Analysis of Financial Condition and Results of Operations.
Year Ended December 31,
2014 2013 2012 2011 2010
(In thousands, except per share data)
Consolidated Statements of Income Data:
Net revenues $ 3,142,856 $ 2,918,434 $ 2,586,123 $ 2,206,392 $ 1,874,662
Cost of net revenues(a) 620,219 502,795 404,137 293,599 232,266
Gross margin 2,522,637 2,415,639 2,181,986 1,912,793 1,642,396
Operating expenses 2,220,326 2,034,922 1,791,208 1,495,827 1,321,680
Income from operations 302,311 380,717 390,778 416,966 320,716
Interest income 9,421 8,194 10,152 13,819 14,577
Interest expense 28,332 128 312 62 458
Other (expense) income, net (7,694)(893) 9,611 (226)(1,015)
Income before income taxes 275,706 387,890 410,229 430,497 333,820
Income taxes 23,983 48,367 57,682 74,867 57,379
Consolidated net income 251,723 339,523 352,547 355,630 276,441
Less: Net loss attributable to non-controlling
interest — — — 692 624
Net income attributable to Citrix Systems, Inc. $ 251,723 $ 339,523 $ 352,547 $ 356,322 $ 277,065
Net income per share attributable to Citrix
Systems, Inc. stockholders - diluted $ 1.47 $ 1.80 $ 1.86 $ 1.87 $ 1.46
Weighted average shares outstanding - diluted 171,270 188,245 189,129 190,641 190,335
December 31,
2014 2013 2012 2011 2010
(In thousands)
Consolidated Balance Sheet Data:
Total assets $ 5,512,007 $ 5,212,249 $ 4,796,402 $ 4,099,541 $ 3,703,600
Total equity 2,173,645 3,319,807 3,121,777 2,730,490 2,560,588
(a) Cost of net revenues includes amortization of product related intangible assets of $146.4 million, $97.9 million, $80.0 million,
$54.7 million, and $50.5 million in 2014, 2013, 2012, 2011 and 2010, respectively.