Citrix 2006 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 of the 2006 Citrix annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124


Citrix Systems, Inc.  Annual Report
The following table presents the effects of the stock-based compensation and related tax adjustments made to the
Company’s previously reported consolidated statements of income (in thousands, except share and per share amounts):
Year Ended December 31, 2005 Year Ended December 31, 2004
As
Reported Adjustments
As
Restated
As
Reported Adjustments
As
Restated

Product licenses $ 409,435 $ — $ 409,435 $ 369,826 $ — $ 369,826
License updates 331,102 — 331,102 271,547 — 271,547
Online services 99,097 — 99,097 44,101 — 44,101
Technical services 69,088 — 69,088 55,683 — 55,683
Total net revenues 908,722 — 908,722 741,157 — 741,157

Cost of product license revenues 14,404 — 14,404 3,824 — 3,824
Cost of services revenues 26,794 135 26,929 16,472 233 16,705
Amortization of product related
intangibles 16,766 — 16,766 6,127 — 6,127
Total cost of revenues 57,964 135 58,099 26,423 233 26,656
Gross margin 850,758 (135) 850,623 714,734 (233) 714,501

Research and development 108,687 64 108,751 86,357 297 86,654
Sales, marketing and support 393,420 733 394,153 337,566 211 337,777
General and administrative 125,538 (113) 125,425 106,516 (717) 105,799
Amortization of other intangible
assets 11,622 — 11,622 6,204 — 6,204
In-process research and
development 7,000 — 7,000 19,100 — 19,100
Total operating expenses 646,267 684 646,951 555,743 (209) 555,534
Income from operations 204,491 (819) 203,672 158,991 (24) 158,967
Interest income 23,614 — 23,614 14,274 — 14,274
Interest expense (2,229) (197) (2,426) (4,367) (170) (4,537)
Write-off of deferred debt issuance
costs —— — (7,219) — (7,219)
Other (expense) income, net (368) (138) (506) 2,754 97 2,851
Income before income taxes 225,508 (1,154) 224,354 164,433 (97) 164,336
Income taxes 59,168 (423) 58,745 32,887 162 33,049
Net income $ 166,340 $ (731) $ 165,609 $ 131,546 $ (259) $ 131,287

Basic $ 0.97 $ (0.01) $ 0.96 $ 0.78 $ — $ 0.78
Diluted $ 0.93 $ — $ 0.93 $ 0.75 $ — $ 0.75
Weighted average shares
outstanding:
Basic 172,221 — 172,221 168,868 — 168,868
Diluted 178,036 (265) 177,771 174,734 (360) 174,374