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Mon, Feb. 1, 5:40 PM
- Citrix Systems (NASDAQ:CTXS) has named Kevin Parker to be chairman of the board of the soon-to-be-spun company taking on the "GoTo" product line later this year.
- Parker is co-founder of Bridge Growth Partners, and serves on the boards of Cvent, Salient CRGT, Intermedia, Aptos Retail and Polycom. He had served as CEO of Deltek and held CFO and co-president roles at PeopleSoft.
- The company reported in that fall that it planned a tax-free spinoff of the product line, including collaboration tool GoToMeeting and IT servicing tools GoToMyPC and GoToAssist, in a separate unit that could be worth $4B.
- After hours: CTXS -0.6%.
Wed, Jan. 27, 6:14 PM
- In addition to beating Q4 estimates, Citrix (NASDAQ:CTXS) is guiding for Q1 revenue of $785M-$790M and EPS of $0.91-$0.93 vs. a consensus of $786.1M and $0.90, and 2016 revenue of $3.31B-$3.32B and EPS of $4.65-$4.75 vs. a consensus of $3.31B and $4.47.
- Product/license revenue rose 5% Y/Y in Q4; SaaS revenue rose 15%, license update/maintenance revenue rose 7%, and professional services revenue fell 24%. The deferred revenue balance rose 6% to $1.65B.
- GAAP operating expenses rose 5% Y/Y to $589.6M, and 4.3M shares were repurchased at an average price of $73.84. Citrix has added $400M to a buyback authorization that had just $33M remaining at the end of 2015.
- CTXS +2.4% after hours to $67.50.
- Citrix's Q4 results, earnings release
Wed, Jan. 27, 4:08 PM
Tue, Jan. 26, 5:35 PM| Tue, Jan. 26, 5:35 PM | 26 Comments
Wed, Jan. 20, 4:22 PM
- Kirill Tatarinov, formerly the EVP of Microsoft's Business Solutions unit (responsible for the company's Dynamics business apps), has been named Citrix's (NASDAQ:CTXS) CEO and a board member, effective Jan. 25.
- Citrix announced in October long-time CEO Mark Templeton has stepped down. Chairman Bob Calderoni has been serving as interim CEO since.
- Calderoni: "Following a thorough review of candidates, the Board determined that Kirill's strong product management background and extensive technology leadership experience make him the right person to oversee Citrix's innovation and growth strategy." The appointment comes ahead of Citrix's Jan. 27 Q4 report.
Mon, Jan. 11, 12:10 PM
- Citrix Systems (CTXS -1.7%) is selling two of its cloud products - CloudPlatform and CloudPortal Business Manager - to Indian cloud firm Persistent Systems.
- Terms were undisclosed, but the deal is expected to close before March 31st.
- Persistent Systems said the products will complement its Accelerite solution.
- Over three months ago, Reuters reported would attempt to sell assets if it could not sell itself as a whole while under pressure from activist hedge fund Elliott Management.
- Elliott Management specifically called on the company to sell or restructure CloudBridge, CloudPlatform, and ByteMobile.
- Citrix also recently announced it's spinning off its GoTo product line.
Dec. 29, 2015, 5:28 PM
- Peter Sacripanti, co-chair and partner at major corporate law firm McDermott Will & Emery, is joining Citrix's (NASDAQ:CTXS) board. As is Graham Smith, until recently the CFO of cloud CRM software leader Salesforce.com. (Press Release)
- The additions increase the size of Citrix's board to 10, and come five months after Elliott Management's Jesse Cohn was given a board seat as part of a deal with the activist firm. Chairman Bob Calderoni has been serving as interim CEO since October.
- Citrix's board bio page
Nov. 23, 2015, 3:33 PM
- Activist Elliott Management has disclosed it bought 178.5K Citrix (CTXS +1.3%) shares last Thursday through one entity, and 346.5K through another. Purchase prices ranged from $72.83-$73.41.
- The buys came after Citrix tumbled on Wednesday in response to the mixed 2016/2017 guidance provided with news it's spinning off its GoTo software unit (as sought by Elliott) and cutting more jobs.
Nov. 18, 2015, 2:03 PM
- Citrix (NASDAQ:CTXS) has tumbled towards $71 after providing mixed 2016 guidance (above-consensus EPS, below-consensus revenue growth), announcing (as rumored) it's spinning off its GoTo product line, and disclosing fresh job cuts.
- Larger PC/server virtualization software rival VMware (VMW -1.9%), clobbered last month in response to its light Q4/2016 guidance, is following Citrix lower. The Nasdaq is up 1%.
- Street reactions to Citrix's announcements are mixed: Mizuho has downgraded to Neutral, but Barclays, Credit Suisse, and MKM have hiked their targets. Pac Crest's Rob Owens (Sector Weight): "Overall, we view management's operational announcements as necessary for the future of the business, but see increased near-term execution risk and continued lackluster growth. We remain on the sidelines."
- Needham's Scott Zeller (Buy) thinks Citrix's guidance is conservative, and considers 15%+ EPS growth possible. Regarding the spinoff, he reports hearing there was low interest in GoTo from potential buyers.
Nov. 17, 2015, 5:38 PM
Nov. 17, 2015, 4:24 PM
- Confirming a recent Bloomberg report, Citrix (NASDAQ:CTXS) states it's spinning off its GoTo product line, headlined by its GoToMeeting online collaboration/conferencing software, through a tax-free spinoff to shareholders.
- The spinoff is expected to be finished in 2H16. Bloomberg (citing a source) previously suggested GoToMeeting could be worth $4B. As of Sep. 30, trailing 12 month revenue for the products/services being spun off, which also include GoToMyPC (remote PC access), GoToAssist (IT service management), and other offerings, was $600M.
- Citrix has also issued 2016 guidance (accounts for the GoTo spinoff) for 1%-2% net revenue growth and EPS of $4.40-$4.50 vs. a consensus of 4.7% growth and EPS of $4.21. Revenue growth is expected to rise to 4%-5% in 2017, and op. margin to "at least" 30% from a 2015 level of "at least" 28%.
- The company plans to cut another 1K full-time and contract roles as part of a restructuring; 700 job cuts were announced in January. It also plans to end investment in certain products outside of its XenApp, XenDesktop, XenMobile, ShareFile, and NetScaler lines. Elliott Management has been pushing Citrix to narrow its product focus.
- $200M/year in pre-tax cost savings are eventually expected. Severance costs are expected to total $65M-$85M.
- Shares are nearly unchanged after hours.
Oct. 22, 2015, 9:14 AM
Oct. 21, 2015, 4:20 PM
- Along with a Q3 beat and strong full-year guidance, Citrix (NASDAQ:CTXS) has announced Mark Templeton has stepped down as CEO.
- Chairman Bob Calderoni, from 2001-2014 the CEO of procurement software firm Ariba (acquired by SAP), has been named interim CEO while the board searches for a successor. Templeton will serve in an advisory role through year's end.
- Citrix announced in July it plans a CEO change, in tandem with a deal with activist Elliott Management. The move comes two weeks after Bloomberg reported Citrix plans to spin off its GoToMeeting collaboration/conferencing software unit.
- CTXS +7.1% after hours thanks to its results/guidance. The Q3 beat was fueled by a 7% Y/Y increase in product license revenue, a 15% increase in SaaS revenue, and a 6% increase in license update/maintenance revenue. The deferred revenue balance rose 7% Y/Y to $1.5B.
Oct. 21, 2015, 4:08 PM
- Citrix (NASDAQ:CTXS): Q3 EPS of $1.04 beats by $0.20.
- Revenue of $813.3M (+7.2% Y/Y) beats by $27.28M.
- Expects 2015 revenue of $3.24B-$3.25B and EPS of $3.85-$3.90, above a consensus of $3.23B and $3.71. 2016 guidance will be provided in mid-November.
- Shares +8.1% after hours. They fell 5.3% in regular trading in the wake of VMware's results/guidance.
Oct. 21, 2015, 2:30 PM
- Citrix (NASDAQ:CTXS) has sold off after PC/server virtualization rival VMware (VMW- down 21.4%) provided soft Q4/2016 sales guidance to go with a Q3 beat, guidance that triggered a long list of downgrades and widespread fears about cloud competition. Citrix's Q3 results arrive after the close.
- VMware's earnings call remarks (transcript) about cloud services adoption having a 3% or greater impact on 2016 revenue growth have drawn plenty of attention. VMware's core vSphere server virtualization platform faces indirect competition from public cloud platforms such as Amazon Web Services and Microsoft Azure (given workloads are often run on non-VMware virtual machines), and direct competition from Microsoft's Hyper-V and open-source platforms such as KVM and (Citrix-backed) Xen.
- On the bright side, VMware's end-user computing (EUC - PC virtualization and enterprise mobility software) license bookings rose over 20% Y/Y in constant currency. EUC customer count topped 60K.
Oct. 20, 2015, 5:35 PM| Oct. 20, 2015, 5:35 PM | 7 Comments
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