Citrix Systems Inc. (CTXS, Financial) filed Quarterly Report for the period ended 2012-03-31.
Citrix Sys Inc has a market cap of $16.1 billion; its shares were traded at around $83.34 with a P/E ratio of 41.5 and P/S ratio of 7.3. Citrix Sys Inc had an annual average earning growth of 7.9% over the past 10 years. GuruFocus rated Citrix Sys Inc the business predictability rank of 4-star.
Amortization of product related intangible assets, which consists primarily of product related technologies and patents, was $16.5 million and $12.7 million for the three months ended March 31, 2012 and 2011, respectively, and is classified as a component of Cost of net revenues on the accompanying condensed consolidated statements of income. Amortization of other intangible assets, which consist primarily of customer relationships, trade names and covenants not to compete was $10.5 million and $3.5 million for the three months ended March 31, 2012 and 2011, respectively, and is classified as a component of Operating expenses on the accompanying condensed consolidated statements of income. The Company monitors its intangible assets for indicators of impairment. If the Company determines that an impairment has occurred, it will write-down the intangible asset to its fair value. For the three months ended March 31, 2012, Amortization of other intangible assets includes a $5.2 million impairment related to the Company's decision to contribute its CloudStack tradename acquired in conjunction with its acquisition of Cloud.com to the Apache Software Foundation. As a result, the carrying value of the CloudStack tradename was written down to zero. See Note 4 for more information regarding the Company's acquisitions.
Deferred revenues are primarily comprised of License updates and maintenance revenue from our Subscription Advantage product as well as maintenance contracts for our software and hardware products. SaaS revenues from annual service agreements for our online services and Professional services revenues primarily related to our consulting contracts. Deferred revenues increased approximately $23.0 million as of March 31, 2012 compared to December 31, 2011 primarily due to an increase in new sales of our Subscription Advantage product, led by XenDesktop, of $11.6 million and increased sales of our SaaS products of $7.3 million. We currently anticipate that deferred revenues will continue to increase throughout 2012.
We maintain certain strategic management and operational activities in overseas subsidiaries and our foreign earnings are taxed at rates that are generally lower than in the United States. We do not expect to remit earnings from our foreign subsidiaries. Our effective tax rate was approximately 19.3% for the three months ended March 31, 2012 and 17.1% for the
The decrease in Accounts receivable, net, when comparing March 31, 2012 to December 31, 2011 was primarily due to increased collections in the first quarter of 2012 on higher sales in the fourth quarter of 2011. The activity in our Allowance for returns was comprised primarily of $2.9 million of provisions for returns recorded in the three month period ended March 31, 2012, partially offset by $2.7 million in credits issued for returns during the three month period ended March 31, 2012. The activity in our Allowance for doubtful accounts was comprised primarily of $0.5 million in additional provisions for doubtful accounts during the three month period ended March 31, 2012, partially offset by $0.3 million of uncollectible accounts written off, net of recoveries during the three month period ended March 31, 2012. From time to time, we could maintain individually significant accounts receivable balances from our distributors or customers, which are comprised of large business enterprises, governments and small and medium-sized businesses. If the financial condition of our distributors or customers deteriorates, our operating results could be adversely affected.
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Citrix Sys Inc has a market cap of $16.1 billion; its shares were traded at around $83.34 with a P/E ratio of 41.5 and P/S ratio of 7.3. Citrix Sys Inc had an annual average earning growth of 7.9% over the past 10 years. GuruFocus rated Citrix Sys Inc the business predictability rank of 4-star.
Highlight of Business Operations:
For the three months ended March 31, 2012 and 2011, the Company received proceeds from sales of available-for-sale investments of $104.2 million and $180.4 million, respectively. For the three months ended March 31, 2012, the Company had no realized gains on the sales of available-for-sale investments. For the three months ended March 31, 2011, the Company had realized gains on the sales of available-for-sale investments of $0.2 million. For the three months ended March 31, 2012 and 2011, the Company had realized losses on available-for-sale investments of $0.2 million and $0.6 million, respectively, primarily related to prepayments at par of securities purchased at a premium. All realized gains and losses related to the sales of available-for-sale investments are included in other income, net, in the accompanying condensed consolidated statements of income.Amortization of product related intangible assets, which consists primarily of product related technologies and patents, was $16.5 million and $12.7 million for the three months ended March 31, 2012 and 2011, respectively, and is classified as a component of Cost of net revenues on the accompanying condensed consolidated statements of income. Amortization of other intangible assets, which consist primarily of customer relationships, trade names and covenants not to compete was $10.5 million and $3.5 million for the three months ended March 31, 2012 and 2011, respectively, and is classified as a component of Operating expenses on the accompanying condensed consolidated statements of income. The Company monitors its intangible assets for indicators of impairment. If the Company determines that an impairment has occurred, it will write-down the intangible asset to its fair value. For the three months ended March 31, 2012, Amortization of other intangible assets includes a $5.2 million impairment related to the Company's decision to contribute its CloudStack tradename acquired in conjunction with its acquisition of Cloud.com to the Apache Software Foundation. As a result, the carrying value of the CloudStack tradename was written down to zero. See Note 4 for more information regarding the Company's acquisitions.
Deferred revenues are primarily comprised of License updates and maintenance revenue from our Subscription Advantage product as well as maintenance contracts for our software and hardware products. SaaS revenues from annual service agreements for our online services and Professional services revenues primarily related to our consulting contracts. Deferred revenues increased approximately $23.0 million as of March 31, 2012 compared to December 31, 2011 primarily due to an increase in new sales of our Subscription Advantage product, led by XenDesktop, of $11.6 million and increased sales of our SaaS products of $7.3 million. We currently anticipate that deferred revenues will continue to increase throughout 2012.
We maintain certain strategic management and operational activities in overseas subsidiaries and our foreign earnings are taxed at rates that are generally lower than in the United States. We do not expect to remit earnings from our foreign subsidiaries. Our effective tax rate was approximately 19.3% for the three months ended March 31, 2012 and 17.1% for the
The decrease in Accounts receivable, net, when comparing March 31, 2012 to December 31, 2011 was primarily due to increased collections in the first quarter of 2012 on higher sales in the fourth quarter of 2011. The activity in our Allowance for returns was comprised primarily of $2.9 million of provisions for returns recorded in the three month period ended March 31, 2012, partially offset by $2.7 million in credits issued for returns during the three month period ended March 31, 2012. The activity in our Allowance for doubtful accounts was comprised primarily of $0.5 million in additional provisions for doubtful accounts during the three month period ended March 31, 2012, partially offset by $0.3 million of uncollectible accounts written off, net of recoveries during the three month period ended March 31, 2012. From time to time, we could maintain individually significant accounts receivable balances from our distributors or customers, which are comprised of large business enterprises, governments and small and medium-sized businesses. If the financial condition of our distributors or customers deteriorates, our operating results could be adversely affected.
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