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F-4
CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2014 2013 2012
(In thousands, except per share information)
Revenues:
Product and licenses $ 899,736 $ 891,630 $ 830,645
Software as a service 651,562 582,872 511,323
License updates and maintenance 1,416,017 1,305,053 1,125,094
Professional services 175,541 138,879 119,061
Total net revenues 3,142,856 2,918,434 2,586,123
Cost of net revenues:
Cost of product and license revenues 124,110 114,932 96,962
Cost of services and maintenance revenues 349,683 289,990 227,150
Amortization of product related intangible assets 146,426 97,873 80,025
Total cost of net revenues 620,219 502,795 404,137
Gross margin 2,522,637 2,415,639 2,181,986
Operating expenses:
Research and development 553,817 516,338 450,571
Sales, marketing and services 1,280,265 1,216,680 1,060,829
General and administrative 319,922 260,236 245,259
Amortization of other intangible assets 45,898 41,668 34,549
Restructuring 20,424 ——
Total operating expenses 2,220,326 2,034,922 1,791,208
Income from operations 302,311 380,717 390,778
Interest income 9,421 8,194 10,152
Interest expense 28,332 128 312
Other (expense) income, net (7,694)(893) 9,611
Income before income taxes 275,706 387,890 410,229
Income taxes 23,983 48,367 57,682
Net income $ 251,723 $ 339,523 $ 352,547
Earnings per share:
Basic $ 1.48 $ 1.82 $ 1.89
Diluted $ 1.47 $ 1.80 $ 1.86
Weighted average shares outstanding:
Basic 169,879 186,672 186,722
Diluted 171,270 188,245 189,129
See accompanying notes.