Citrix 2000 Annual Report Download

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FORM 10−K
CITRIX SYSTEMS INC − CTXS
Filed: March 22, 2001 (period: December 31, 2000)
Annual report which provides a comprehensive overview of the company for the past year

Table of contents

  • Page 1
    FORM 10âˆ'K CITRIX SYSTEMS INC âˆ' CTXS Filed: March 22, 2001 (period: December 31, 2000) Annual report which provides a comprehensive overview of the company for the past year

  • Page 2
    ... QUALITATIVE DISCLOSURES ABOUT MARKET RISK ITEM 8. FINANCIAL STATEMENTS AND SCHEDULES ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND ITEM 5. PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT ITEM 11. EXECUTIVE COMPENSATION ITEM 12. SECURITY OWNERSHIP OF...

  • Page 3
    ...PERIOD FROM TO . COMMISSION FILE NUMBER 0âˆ'27084 CITRIX SYSTEMS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) 6400 NW 6TH WAY FORT LAUDERDALE, FLORIDA (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) 75âˆ'2275152 (IRS...

  • Page 4
    ... for Microsoft Corporation ("Microsoft") Windows(R) operating systems and UNIX(R) operating systems. The Company's products permit organizations to deploy and manage applications without regard to location, network connection, or type of client hardware platform. These products utilize the Company...

  • Page 5
    ...regard to location or type of client hardware platforms. These products operate by executing the applications on a multiâˆ'user Windows NT(R), Windows 2000 or UNIX server and provide endâˆ'users access to the server from a variety of client platforms through the Company's ICA protocol. This approach...

  • Page 6
    ...Windows 2000 and future Microsoft platforms. MetaFrame XP is designed to support largeâˆ'scale application serving implementations with as many as 100,000 users on 1,000 or more servers. With this new platform release, the Company is offering MetaFrame XP using a "connectionâˆ'based" licensing model...

  • Page 7
    ... to develop strategic relationships and work with key strategic partners to deploy Windows applications on point of sale terminals and information kiosks. The Company believes that its line of application server products, when coupled with these new devices, will provide an effective alternative to...

  • Page 8
    ..., Windows NT, Windows 2000, Windows CE, OS/2, UNIX, Java and Macintosh systems. TARGET MARKETS Corporate Customers. The Company's primary market for its products and services is large and mediumâˆ'sized enterprises that require the ability to securely deploy, manage, and access business applications...

  • Page 9
    ... training, sales event support, sales collateral, advertising, direct mail and public relations coverage to its indirect channels to aid in market development and in attracting new customers. The Company's sales organization consists of fieldâˆ'based systems sales engineers and corporate sales...

  • Page 10
    ... Company's multiâˆ'user application server. In particular, GraphOn Corporation and Santa Cruz Operation market products that claim to have functions similar to those found in MetaFrame, and Microsoft includes as a component of Windows Server Operating Systems its Remote Desktop Protocol (RDP), which...

  • Page 11
    ..., alternative products exist for web applications in the internet software market that directly or indirectly compete with the Company's products. Existing or new products that extend internet software to provide database access or interactive computing can materially impact the Company's ability...

  • Page 12
    ... to June 9, 2000 ("class period"). These actions have been consolidated as In Re Citrix Systems, Inc. Securities Litigation. These lawsuits generally allege that, during the class period, the defendants made misstatements to the investing public about the Company's financial condition and prospects...

  • Page 13
    ... RELATED STOCKHOLDER MATTERS PRICE RANGE OF COMMON STOCK AND DIVIDEND POLICY The Company's Common Stock is currently traded on The Nasdaq National Market under the symbol "CTXS." The following table sets forth the high and low closing prices for the Company's Common Stock as reported on The Nasdaq...

  • Page 14
    ... 31 2000 1999 1998 1997 1996 IN THOUSANDS, EXCEPT PER SHARE DATA) CONSOLIDATED STATEMENT OF INCOME DATA: Net revenues...Cost of revenues (excluding amortization presented separately below)...Gross margin...Operating expenses: Research and development...Sales, marketing and support...General and...

  • Page 15
    ... the use of Windows Server Operating Systemsâˆ'based multiâˆ'user software and the Company's ICA protocol. Pursuant to the terms of the Development Agreement, in May 1997, the Company received $75 million as a nonâˆ'refundable royalty payment for engineering and support services to be rendered...

  • Page 16
    ...of the consolidated statements of income. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" (SAB 101). The Company adopted the provisions of SAB 101 in October 2000. SAB 101 does not supersede the software...

  • Page 17
    ... indicated: YEAR ENDED DECEMBER 31 2000 1999 1998 Net revenues...Cost of revenues (excluding amortization presented separately below)...Gross margin...Operating expenses: Research and development...Sales, marketing and support...General and administrative...Amortization of intangible assets...In...

  • Page 18
    ...Consolidated Financial Statements appearing in Item 8 of this Annual Report. The increase in international revenues as a percentage of net revenues was primarily due to the Company's increased sales and marketing efforts and continued demand for the Company's products in Europe and Asia. The Company...

  • Page 19
    ...to the acquisitions and licensed technology described herein. Increases in research and development expenses in 2000 and 1999 resulted primarily from additional staffing, associated salaries and related expenses required to expand and enhance the Company's product lines. Sales, Marketing and Support...

  • Page 20
    ...significant research and development project. The project is a Windows NTâˆ'based application server for Java applications. At the date of the acquisition, APM was shipping a Java application server solution that allowed an enterprise user to access Javaâˆ'applets from the Internet and execute these...

  • Page 21
    ...the date of the valuation, ViewSoft was in development with this product. The product was intended to operate in the multiâˆ'tier web application market and was not intended to operate in a MetaFrame environment. The Company is currently exploring the use of the product for the development of portal...

  • Page 22
    ...that would operate in a MetaFrame server environment. At the time of acquisition, it was anticipated that there was a growing need and momentum in the market to develop and run Java client applications. Since the acquisition, the market has not developed as anticipated. In the second quarter of 2000...

  • Page 23
    ... taxes and royalty fees and provisions for product returns of $20.9 million primarily due to stock rotation caused by the release of MetaFrame 1.8 and the overall increase in the Company's revenues. These cash inflows were partially offset by increases in accounts receivable of $44.0 million due...

  • Page 24
    ... Board of Directors approved a stock repurchase program authorizing the repurchase of up to $200 million of the Company's Common Stock. Purchases will be made from time to time in the open market and paid out of general corporate funds. As of December 31, 2000, the Company purchased 2,750,000 shares...

  • Page 25
    ... source and object code licenses and technical support. The Company also depends upon its strategic alliance agreement with Microsoft pursuant to which the Company and Microsoft have agreed to cooperate to develop advanced operating systems and promote Windows application program interfaces. The...

  • Page 26
    ... to market ICA, MetaFrame and other future product offerings may be affected by Microsoft's licensing and pricing scheme for client devices implementing the Company's product offerings, which attach to Windows Server Operating Systems. In addition, alternative products exist for web applications in...

  • Page 27
    ... product releases, price competition, new products or updates to existing products, lack of success of the Company's strategic partners, technological change or other factors. Dependence on Key Personnel The Company's success will depend, in large part, upon the services of a number of key employees...

  • Page 28
    ... consulting services. The Company's inability to attract large enterprise customers could have a material adverse effect on its business, operating results and financial condition. Additionally, large enterprise customers usually request special pricing and generally have longer sales cycles, which...

  • Page 29
    ... affect the Company's business and operating results. Revenue Recognition Process The Company continually reâˆ'evaluates its programs, including specific license terms and conditions, to market its current and future products and services. The Company may implement new programs, including offering...

  • Page 30
    ... and political conditions; âˆ' changing restrictions imposed by regulatory requirements, tariffs or other trade barriers or by United States export laws; âˆ' costs of localizing products and marketing such products in foreign countries; âˆ' longer accounts receivable payment cycles; âˆ' potentially...

  • Page 31
    ... commensurate with the increasing base of its installed product. The Company plans to increase its professional staff during 2001 as it expands sales, marketing and support and product development efforts, as well as associated administrative systems, to support planned growth. As a result of this...

  • Page 32
    ... performance, and actual results may differ materially. ITEM 8. FINANCIAL STATEMENTS AND SCHEDULES The Company's Financial Statements and related financial statement schedule, together with the report of independent certified public accountants, appear at pages Fâˆ'1 through Fâˆ'29, respectively...

  • Page 33
    ... close of the Company's fiscal year ended December 31, 2000. ITEM 11. EXECUTIVE COMPENSATION The information required under this item is incorporated herein by reference to the Company's definitive proxy statement pursuant to Regulation 14A, which proxy statement will be filed with the Securities...

  • Page 34
    ... Plan 1995 Nonâˆ'Employee Director Stock Option Plan Amended and Restated 1995 Employee Stock Purchase Plan Amended and Restated 2000 Director and Officer Stock Option and Incentive Plan Microsoft Corporation Source Code Agreement between the Company and Microsoft Corporation ("Microsoft") dated...

  • Page 35
    ... Chicago, IL 60661âˆ'2511 and Seven World Trade Center, Suite 1300, New York, NY 10048. Copies of such material can also be obtained from the Public Reference Section of the Commission, 450 Fifth Street, N.W., Washington, D.C. 29549, at prescribed rates. (d) FINANCIAL STATEMENT SCHEDULE. The Company...

  • Page 36
    ...this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Fort Lauderdale, Florida on the 22nd day of March, 2001. CITRIX SYSTEMS, INC. By: /s/ MARK B. TEMPLETON Mark B. Templeton President POWER OF ATTORNEY AND SIGNATURES We, the undersigned officers and directors of...

  • Page 37
    35 CITRIX SYSTEMS, INC. LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE The following consolidated financial statements of Citrix Systems, Inc. are included in Item 8: Report of Independent Certified Public Accountants...Consolidated Balance Sheets âˆ'âˆ' December 31, 2000 and 1999......

  • Page 38
    36 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Board of Directors and Stockholders Citrix Systems, Inc. We have audited the accompanying consolidated balance sheets of Citrix Systems, Inc. as of December 31, 2000 and 1999, and the related consolidated statements of income, stockholders' ...

  • Page 39
    37 CITRIX SYSTEMS, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31 2000 1999 IN THOUSANDS, EXCEPT PAR VALUE) ASSETS Current assets: Cash and cash equivalents...Shortâˆ'term investments...Accounts receivable, net of allowances of $10,601 and $8,242 at 2000 and 1999, respectively...Inventories......

  • Page 40
    ...: Cost of revenues (excluding amortization presented separately below)...Cost of other revenues...Total cost of revenues...Gross margin...Operating expenses: Research and development...Sales, marketing and support...General and administrative...Amortization of intangible assets...Inâˆ'process...

  • Page 41
    39 CITRIX SYSTEMS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY COMMON STOCK SHARES AMOUNT Balance at December 31, 1997...Exercise of stock options...Cash in lieu of fractional shares...Common stock issued under employee stock purchase plan...Tax benefit from employer stock plans...Net ...

  • Page 42
    ... of incentive stock options...Inâˆ'process research and development...Provision for doubtful accounts...Provision for product returns...Provision for inventory obsolescence...Accretion of original issue discount and amortization of financing cost...Changes in operating assets and liabilities, net of...

  • Page 43
    ... systems and UNIX(R) operating systems. The Company's MetaFrame(TM) products, developed under license and strategic alliance agreements with Microsoft Corporation ("Microsoft"), permit organizations to deploy and manage applications without regard to location, network connection, or type of client...

  • Page 44
    ...(CONTINUED) Accounts Receivable Substantially all of the Company's accounts receivable are due from distributors and valueâˆ'added resellers of microcomputer software. Collateral is not required. Credit losses and expected product returns are provided for in the consolidated financial statements and...

  • Page 45
    ... into a five year joint license, development and marketing agreement with Microsoft, as amended (the "Development Agreement,") pursuant to which the Company licensed its multiâˆ'user Windows NT extensions to Microsoft for inclusion in future versions of Windows NT server software. The initial fee of...

  • Page 46
    ... training and services are included in sales, marketing and support expenses. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" (SAB 101). The Company adopted the provisions of SAB 101 in October 2000...

  • Page 47
    ... cooperation in the development of technologies for advanced operating systems, and the promotion of advanced application program interfaces. Additionally, this party has significantly greater financial, technical, sales and marketing and other resources than the Company. Product Concentration. The...

  • Page 48
    ... for such transactions under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," (APB Opinion 25) but are required to disclose in a note to the consolidated financial statements pro forma net income and per share amounts as if the Company had applied the methods...

  • Page 49
    ...that would operate in a MetaFrame server environment. At the time of acquisition, it was anticipated that there was a growing need and momentum in the market to develop and run Java client applications. Since the acquisition, the market has not developed as anticipated. In the second quarter of 2000...

  • Page 50
    ... video applications and applications containing videos to be viewed on an ICA client. Subsequent development efforts resulted in the VideoFrame 1.0 product, which was shipped in the third quarter of 1999, but has resulted in few sales to end users. Since the acquisition, the Company has explored...

  • Page 51
    ... cooperative advertising and marketing programs...Accrued taxes...Other...$ 7,123 11,857 2,638 21,034 19,627 16,460 78,739 ======= $ 6,518 6,686 5,423 16,521 24,434 9,608 69,190 ======= 6. EMPLOYEE STOCK COMPENSATION AND BENEFIT PLANS Stock Compensation Plans As of December 31, 2000, the Company...

  • Page 52
    ... effects on reported net income or loss for future years. Fixed Stock Option Plans The Company's 1995 Stock Plan (the 1995 Plan) was adopted by the Board on September 28, 1995 and approved by the Company's stockholders in October 1995. Under the terms of the 1995 Plan the Company is authorized to...

  • Page 53
    ... 2000 Director and Officer Stock Option and Incentive Plan (the 2000 Plan) was originally adopted by the Board of Directors and approved by the Company's stockholders on May 18, 2000. Under the terms of the 2000 Plan, the Company is authorized to make stock awards, provide eligible individuals...

  • Page 54
    ...NOTES TO CONSOLIDATED FINANCIAL STATEMENTS âˆ'âˆ' (CONTINUED) Plan is terminated from employment with the Company, the Company has the right and option to purchase from the employee, at the price paid for the shares by the employee, the number of unvested shares at the date of termination. No shares...

  • Page 55
    ...the Board of Directors approved a stock repurchase program authorizing the repurchase of up to $200 million of the Company's Common Stock. Purchases will be made from time to time in the open market and paid out of general corporate funds. As of December 31, 2000, the Company had purchased 2,750,000...

  • Page 56
    ... consolidated financial statements have been retroactively restated to reflect these stock splits. Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, $0.01 par value per share. The Company has no present plans to issue such shares. 8. CONVERTIBLE SUBORDINATED...

  • Page 57
    ... items. The Company's investments classified as availableâˆ'forâˆ'sale securities are carried at fair value on the accompanying Consolidated Balance Sheets, based primarily on quoted market prices for such financial instruments. The Company's investments associated with the Bond Purchased Agreement...

  • Page 58
    ... additional paidâˆ'in capital. In 2000, the tax benefit relating to the exercise of employee stock options resulted in the Company generating a U.S. net operating loss for the year. The Company is able to carry back the net operating loss generated in 2000 and receive a refund of U.S. taxes paid in...

  • Page 59
    ..., marketing and support of application delivery and management software and services for enterprise applications. Design, development, marketing and support operations outside of the United States are conducted through subsidiaries located primarily in Europe and the Asia Pacific region. The Company...

  • Page 60
    ... Company operates, are as follows: 2000 Net revenues: Americas...EMEA...Asia Pacific...Other(1)...Consolidated...Segment profit: Americas...EMEA...Asia Pacific...Other(1)...Unallocated expenses(2): Cost of revenues...Overhead costs...Research and development...Inâˆ'process research and development...

  • Page 61
    ... CITRIX SYSTEMS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS âˆ'âˆ' (CONTINUED) European and Asia Pacific customers, respectively, from its warehouse location in Europe. Shipments from the United States were as follows: YEARS ENDED DECEMBER 31 2000 1999 1998 IN THOUSANDS) EMEA...Asia Pacific...

  • Page 62
    ... MATTERS In June 2000, the Company and certain of its officers and directors were named as defendants in several securities class action lawsuits filed in the United States District Court for the Southern District of Florida on behalf of purchasers of the Company's Common Stock during the period...

  • Page 63
    ... STATEMENTS âˆ'âˆ' (CONTINUED) ("class period"). These actions have been consolidated as In Re Citrix Systems, Inc. Securities Litigation. These lawsuits generally allege that, during the class period, the defendants made misstatements to the investing public about the Company's financial condition...

  • Page 64
    ... FINANCIAL INFORMATION QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) FIRST QUARTER 2000 Net revenues...Gross margin...Income from operations...Net income...Basic earnings per common share(a)...Diluted earnings per common share(a)...1999 Net revenues...Gross...

  • Page 65
    63 CITRIX SYSTEMS, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS BEGINNING OF PERIOD 2000 Deducted from asset accounts: Allowance for doubtful accounts...Allowance for returns...Provision for inventory obsolescence... CHARGED TO COSTS AND EXPENSES CHARGED TO OTHER ACCOUNTS DEDUCTIONS IN ...

  • Page 66
    ... Plan 1995 Nonâˆ'Employee Director Stock Option Plan Amended and Restated 1995 Employee Stock Purchase Plan Amended and Restated 2000 Director and Officer Stock Option and Incentive Plan Microsoft Corporation Source Code Agreement between the Company and Microsoft Corporation ("Microsoft") dated...

  • Page 67
    ... Agreement and General Release dated June 5, 2000 between the Company and Douglas Wheeler. List of Subsidiaries Consent of Ernst &Young LLP Power of Attorney (Included in signature page) 1) Incorporated herein by reference to the exhibits of the Company's Current Report on Form 8âˆ'K dated...

  • Page 68
    ... of the grant or authorization of each Stock Right by the Board (if so required by applicable state law), and subject to the terms of the Plan, the Committee shall have the authority to (i) determine to whom (from among the class of employees eligible under paragraph 3 to receive ISOs) ISOs shall be...

  • Page 69
    ...be made in accordance with the provisions of this Plan applicable to other eligible persons. Consistent with the provisions of the first sentence of Paragraph 2(A) above, members of the Board who either (i) are eligible to receive grants of Stock Rights pursuant to the Plan or (ii) have been granted...

  • Page 70
    ... of Sections 421, 422 and 424 of the Code and the regulations thereunder). No employee of the Company or any Related Corporation may be granted Options to acquire, in the aggregate, more than 2,000,000 shares of Common Stock (as adjusted for stock splits which occurred prior to the amendment and...

  • Page 71
    ...; or (iii) the closing bid price (or average of bid prices) last quoted (on that date) by an established quotation service for overâˆ'theâˆ'counter securities, if the Common Stock is not reported on the Nasdaq Stock Market. If the Common Stock is not publicly traded at the time an Option is granted...

  • Page 72
    ... grant in the case of Options generally and (ii) five years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Related Corporation, as determined under...

  • Page 73
    ... continues to be an employee of the Company or any Related Corporation. Nothing in the Plan shall be deemed to give any grantee of any Stock Right the right to be retained in employment or other service by the Company or any Related Corporation for any period of time. 10. DEATH; DISABILITY. A. DEATH...

  • Page 74
    ...restrictions set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Committee may determine. The Committee may from time to time confer authority and responsibility on one or more of its own members and/or one or more officers of the Company to execute...

  • Page 75
    ... such proposed action or at such other time and subject to such other conditions as shall be determined by the Committee. F. ISSUANCES OF SECURITIES. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any...

  • Page 76
    ...date of stockholder approval of the Plan. The Board may terminate or amend the Plan in any respect at any time, except that, without the approval of the stockholders obtained within 12 months before or after the Board adopts a resolution authorizing any of the following actions: (a) the total number...

  • Page 77
    ... to the Plan. For example, the Company may be required to send tax information statements to employees and former employees that exercise ISOs under the Plan, and the Company may be required to file tax information returns reporting the income received by grantees of Options in connection with the...

  • Page 78
    ...by the Board of Directors of the Company: March 10, 2000 Date Amendment and Restatement Approved by the Stockholders of the Company: May 18, 2000 Date (Second) Amendment and Restatement Approved by the Board of Directors of the Company: July 27, 2000 No Stockholder approval required âˆ'11âˆ'

  • Page 79
    ... the following compensation and benefits: (a) Wheeler shall continue to receive his base semiâˆ'monthly salary in effect on the date Wheeler executes this Agreement, payable in accordance with Citrix's regular payroll practices, as may be modified from time to time. (b) Wheeler shall be eligible to...

  • Page 80
    ... months compensation remaining from the Early Termination Date to the Separation Date and that Citrix shall have no further obligation to make any payments or provide any benefits to Wheeler except as required by law or as otherwise provided for in this Agreement. As used herein, "full time services...

  • Page 81
    ... PROPERTY: Immediately upon execution of this Agreement, Wheeler will return to Citrix all confidential, proprietary and/or trade secret materials, including, without limitation, written or recorded information received under confidential conditions as well as other information the use or disclosure...

  • Page 82
    ... is determined by a court of competent jurisdiction to be invalid or unenforceable in any respect, the validity or enforceability of the remaining provisions or portions of this Agreement will not be affected by such determination. Signed: CITRIX SYSTEMS, INC. By: /s/ Mark B. Templeton s/ Douglas...

  • Page 83
    ... Citrix Systems VI, Inc. 3. Citrix Systems Canada, Inc. 4. Citrix Systems Ges. mbH* 5. Citrix Systems GmbH* 6. Citrix Systems UK Limited* 7. Citrix Systems Japan Kabushiki Kaisha* 8. Citrix Systems Asia Pacific Pty Ltd.* 9. Citrix Systems Singapore Pte Ltd.* 10. Citrix Systems (Research &Development...

  • Page 84
    ... 17, as to which the date is March 21, 2001), with respect to the consolidated financial statements and schedule of Citrix Systems, Inc. included in the Annual Report (Form 10âˆ'K) for the year ended December 31, 2000. /s/ Ernst & Young LLP West Palm Beach, Florida March 22, 2001