Citrix Systems Q3 Net Profit Declines

(RTTNews) - Citrix Systems, Inc. (CTXS) said the company made significant progress on its transition to the cloud. Third quarter total Annualized Recurring Revenue or ARR grew organically 13% year-over-year, excluding Wrike. Organic SaaS ARR grew 48%. The company reaffirmed its prior guidance of nearly 10% organic total ARR growth, excluding Wrike, for 2021.

Third-quarter non-GAAP net income was $152 million, or $1.20 per share. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.89, for the quarter. Analysts' estimates typically exclude special items.

Net profit was $51.8 million or $0.41 per share compared to $98.2 million or $0.78 per share, prior year. Revenue increased to $778.45 million from $767.17 million, a year ago. Analysts on average had estimated $772.83 million in revenue.

Total ARR was $3.08 billion, up 20% year-over-year. Excluding the contribution of Wrike, total ARR increased 13%. SaaS ARR was $1.1 billion, up 75% year-over-year. Excluding Wrike, SaaS ARR was $934 million, up 48%. For the full year, the company now expects non GAAP EPS in a range of $4.90 to $4.95, and revenue in a range of $3.19 billion to $3.20 billion. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.86 on revenue of $3.23 billion.

For the fourth-quarter, the company expects non-GAAP EPS in a range of $1.04 to $1.09, and revenue in a range of $825 million to $835 million. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.33 on revenue of $866.53 million.