Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the first quarter of fiscal 2013 ended March 31, 2013.

FINANCIAL RESULTS

For the first quarter of fiscal year 2013, Citrix achieved revenue of $673 million, compared to $589 million in the first quarter of fiscal year 2012, representing 14 percent revenue growth.

GAAP Results

Net income for the first quarter of fiscal year 2013 was $60 million, or $0.32 per diluted share, compared to $68 million, or $0.36 per diluted share, for the first quarter of fiscal year 2012. Net income for the first quarter of fiscal year 2013 includes net tax benefits of approximately $9 million, or $0.05 per diluted share.

Non-GAAP Results

Non-GAAP net income for the first quarter of fiscal year 2013 was $117 million, or $0.62 per diluted share, compared to $111 million, or $0.59 per diluted share, for the first quarter of fiscal year 2012. Non-GAAP net income includes net tax benefits of approximately $9 million recognized in the first quarter of fiscal year 2013, or $0.05 per diluted share. Non-GAAP net income excludes the effects of amortization of acquired intangible assets, stock-based compensation expenses and the tax effects related to these items.

“In spite of the macro factors negatively impacting IT spending, we executed well in Q1,” said Mark Templeton, president and chief executive officer for Citrix. “Consistently, CIOs everywhere tell me they are challenged by the transformation, consumerization and fragmentation taking place in computing. These forces are creating even more interest in mobility and cloud services.

“We remain focused on our long-term strategy to help our customers as they invest in these areas.”

Q1 Financial Summary

In reviewing the results for the first quarter of fiscal year 2013, compared to the first quarter of fiscal year 2012:

• Product and license revenue increased 8 percent;
• Software as a service revenue increased 14 percent;
• Revenue from license updates and maintenance increased 19 percent;
• Professional services revenue, which is comprised of consulting, product training and certification, increased 2 percent;
• Revenue increased in the Americas region by 17 percent, increased in the Pacific region by 15 percent and increased in the EMEA region by 9 percent;
• Deferred revenue totaled $1.2 billion, compared to $983 million as of March 31, 2012, an increase of 25%;
• GAAP operating margin was 8 percent and non-GAAP operating margin was 20 percent, excluding the effects of amortization of acquired intangible assets and stock-based compensation expenses;
• Cash flow from operations was $249 million for the first quarter of fiscal year 2013, compared with $243 million for the first quarter of fiscal year 2012; and
• The company repurchased 1.2 million shares at an average price of $71.51.

Financial Outlook for Second Quarter 2013

Citrix management expects to achieve the following results for the second quarter of fiscal year 2013 ending June 30, 2013:

• Net revenue is targeted to be in the range of $705 million to $715 million;
• Other income is targeted to be approximately $1 million;
• GAAP diluted earnings per share is targeted to be in the range of $0.31 to $0.32. Non-GAAP diluted earnings per share is targeted to be in the range of $0.62 to $0.63, excluding $0.18 related to the effects of amortization of acquired intangible assets, $0.26 related to the effects of stock-based compensation expenses, and $(0.12) to $(0.14) for the tax effects related to these items;
• Non-GAAP tax rate, which excludes the effects of amortization of acquired intangible assets and stock-based compensation, is targeted to be in the range of 22 percent to 23 percent.

The above statements are based on current targets. These statements are forward-looking, and actual results may differ materially.

Financial Outlook for Fiscal Year 2013

Citrix management expects to achieve the following results for the fiscal year ending December 31, 2013:

• Net revenue is targeted to be in the range of $2.95 billion to $2.98 billion;
• Other income is targeted to be approximately $4 million;
• GAAP diluted earnings per share is targeted to be in the range of $1.91 to $1.95. Non-GAAP diluted earnings per share is targeted to be in the range of $3.08 to $3.11, excluding $0.74 related to the effects of amortization of acquired intangible assets, $1.01 related to the effects of stock-based compensation expenses, and $(0.55) to $(0.62) for the tax effects related to these items.

The above statements are based on current targets. These statements are forward-looking, and actual results may differ materially.