- Citrix Systems Inc CTXS reported a first-quarter FY21 revenue decline of 10% year-on-year to $776 million (including Wrike), missing the consensus of $797.64 million.
- Product & License revenue declined 74% to $44 million following the discontinuation of the Workspace perpetual licensing offering.
- Subscription revenue rose 28% to $342 million, SaaS revenue rose 40% to $171 million.
- Wrike contributed $7 million to SaaS revenue, and Support & Services revenue declined 7% to $389 million.
- Workspace revenue fell 11% to $581 million due to the cessation of licensing offering. App Delivery and Security revenue declined 6% to $170 million.
- Professional Services revenue reduced 9% to $25 million.
- Revenue from Americas declined 12% to $427 million, representing 55% of revenue. Revenue from EMEA and APJ declined 5% and 14%.
- Total ARR grew 15% and 22%, including and excluding Wrike. Citrix Cloud Paid Subscribers rose 34% to over 10.3 million.
- Non-GAAP operating margin amounted to 27%.
- Non-GAAP EPS was $1.42, missing analyst estimate of $1.43.
- The company generated $213 million in operating cash flow. It held $510 million in cash and equivalents.
- The company paid a dividend totaling $46 million, representing a dividend per share of $0.37.
- Citrix acquired SaaS collaborative work management solutions provider Wrike last month for $2.25 billion.
- Guidance: Citrix expects Q2 revenue between $840 million and $850, above the consensus estimate of $828.73 million. Non-GAAP EPS estimate lies between $1.15 and $1.2, below the analyst estimate of $1.55.
- Price action: CTXS shares traded lower by 9.44% at $125.43 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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