Citrix 2000 Annual Report Download - page 14

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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996
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(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONSOLIDATED STATEMENT OF INCOME DATA:
Net revenues....................................... $ 470,446 $ 403,285 $248,636 $123,933 $ 44,527
Cost of revenues (excluding amortization presented
separately below)................................ 29,054 14,579 16,682 12,304 5,099
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Gross margin....................................... 441,392 388,706 231,954 111,629 39,428
Operating expenses:
Research and development......................... 50,622 37,363 22,858 6,948 3,843
Sales, marketing and support..................... 180,384 121,302 74,855 35,352 13,741
General and administrative....................... 58,685 37,757 20,131 10,651 4,126
Amortization of intangible assets................ 30,395 18,480 10,190 −− −−
In−process research and development.............. −− 2,300 18,416 3,950 −−
Write−down of technology(a)...................... 9,081 −− −− −− −−
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Total operating expenses....................... 329,167 217,202 146,450 56,901 21,710
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Income from operations............................. 112,225 171,504 85,504 54,728 17,718
Interest and other income.......................... 39,781 23,843 10,043 9,903 4,545
Interest expense................................... (16,989) (12,622) (75) (9) −−
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Income before income taxes......................... 135,017 182,725 95,472 64,622 22,263
Income taxes....................................... 40,505 65,781 34,370 23,264 3,562
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Net income......................................... $ 94,512 $ 116,944 $ 61,102 $ 41,358 $ 18,701
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Diluted earnings per share(b)...................... $ 0.47 $ 0.61 $ 0.33 $ 0.24 $ 0.11
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Diluted weighted−average shares outstanding(b)..... 199,731 192,566 182,594 174,524 163,620
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DECEMBER 31,
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2000 1999 1998 1997 1996
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(IN THOUSANDS)
CONSOLIDATED BALANCE SHEET DATA:
Working capital.......................... $ 427,344 $ 433,249 $158,900 $222,916 $139,778
Total assets............................. 1,112,573 1,037,857 431,380 282,668 149,580
Long term debt, capital lease obligations
and put warrants....................... 346,229 313,940 48 8 8
Stockholders' equity..................... 592,875 533,070 297,454 196,848 141,851
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(a) In the fourth quarter of 2000, the Company recorded impairment write−downs
of previously acquired core technology of $9.1 million, as further discussed
in "Management's Discussion and Analysis of Financial Condition and Results
of Operations −− Results of Operations."
(b) Diluted earnings per share and diluted weighted−average shares outstanding
have been adjusted to reflect the two−for−one stock split in the form of a
stock dividend declared on May 17, 1996 and paid on June 4, 1996 to holders
of record of the Company's Common Stock on May 28, 1996; the three−for−two
stock split in the form of a stock dividend declared on January 25, 1998 and
paid on February 20, 1998 to holders of record of the Company's Common Stock
on February 12, 1998; the two−for−one stock split in the form of a stock
dividend declared on March 1, 1999 and paid on March 25, 1999 to holders of
record of the Company's Common Stock on March 17, 1999; and the two−for−one
stock split in the form of a stock dividend declared on January 19, 2000 and
paid on February 16, 2000 to holders of record of the Company's Common Stock
on January 31, 2000.
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