CFO Jonathan Cartu Reports - CITRIX : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL... - Jonathan Cartu Computer Repair Consultant Services
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Palo Alto : Announces Strategic Partnership with Deutsche...


From time to time, information provided by us or statements made by our
employees contain "forward-looking" information that involves risks and
uncertainties. In particular, statements contained in this Quarterly Report on
Form 10-Q that are not historical facts, including, but not limited to,
statements concerning our strategy and operational and growth initiatives, our
transition to a subscription-based business model, our expansion of
cloud-delivered services, changes in our product and service offerings and
features, financial information and results of operations for future periods,
revenue trends, the impacts of the COVID-19 pandemic and related market and
economic conditions on our business, results of operations and financial
condition, customer demand, business continuity, risk mitigation and
expectations regarding remote work, the resiliency of our solutions and business
model, expectations regarding our customers' spending during a weak economic
environment, seasonal factors or ordering patterns, stock-based compensation,
international operations, investment transactions and valuations of investments
and derivative instruments, restructuring charges, reinvestment or repatriation
of foreign earnings, fluctuations in foreign exchange rates, tax estimates and
other tax matters, liquidity, stock repurchases and dividends, our debt, changes
in accounting rules or guidance, acquisitions, litigation matters, and the
security of our network, products and services, constitute forward-looking
statements and are made under the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements are neither promises nor guarantees.
Readers are directed to the risks and uncertainties identified in Part I, Item
1A, "Risk Factors", in our Annual Report on Form 10-K for the year ended
December 31, 2019, as updated by Part II, Item 1A in this Quarterly Report on
Form 10-Q for additional detail regarding factors that may cause actual results
to be different than those expressed in our forward-looking statements. Such
factors, among others, could cause actual results to differ materially from
those contained in forward-looking statements made in this Quarterly Report on
Form 10-Q or presented elsewhere by our management from time to time. Such
factors, among others, could have a material adverse effect upon our business,
results of operations and financial condition. We caution readers not to place
undue reliance on any forward-looking statements, which only speak as of the
date made. We undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such statement is made.
Management's discussion and analysis of financial condition and results of
operations is intended to help the reader understand our financial condition and
results of operations. This section is provided as a supplement to, and should
be read in conjunction with, our financial statements and the accompanying notes
to our condensed consolidated financial statements included in this Quarterly
Report on Form 10-Q for the three and nine months ended September 30, 2020. The
results of operations for the periods presented in this report are not
necessarily indicative of the results expected for the full year or for any
future period, due in part to the seasonality of our business. Historically, our
revenue for the fourth quarter of any year is typically higher than our revenue
for the first quarter of the subsequent year. During the first quarter of 2020,
this historical trend was impacted by the COVID-19 pandemic.
Citrix is an enterprise software company focused on helping customers improve
the productivity and user experience of their most valuable assets, their
employees. We do this by creating a digital workspace that provides unified,
secure, and reliable access to all applications and content employees need to be
productive - anytime, anywhere, on any device. Our Networking solutions, which
can be consumed via hardware or software, complement our Workspace solutions by
delivering applications and data employees need across any network with
security, reliability and speed.
We market and license our solutions through multiple channels worldwide,
including selling through resellers and direct over the Web. Our partner
community comprises thousands of value-added resellers, or VARs, known as Citrix
Solution Advisors, value-added distributors, or VADs, systems integrators, or
SIs, independent software vendors, or ISVs, original equipment manufacturers, or
OEMs, and Citrix Service Providers, or CSPs.
We are a Delaware corporation incorporated on April 17, 1989.
Executive Summary
During the three months ended September 30, 2020, the momentum in our
subscription model transition continued, driven primarily by strong demand for
our Workspace solutions. We believe that our third quarter performance reflects
the confidence of our customers in Citrix's vision and the critical role
Citrix's solutions have in helping customers adapt to the secular shifts towards
hybrid and flexible work, security and employee experience.
As we previously announced, we discontinued broad availability of perpetual
licenses for Citrix Workspace beginning on October 1, 2020. Going forward,
customers will have the option of acquiring new Citrix Workspace seats in the
form of on-

premises subscription or SaaS offerings. However, we will continue to support
and renew existing maintenance contracts for the foreseeable future.
Longer term, our subscription transition is expected to result in more
sustainable, recurring revenue growth over time as less revenue comes from
one-time product and licensing streams and more revenue comes from predictable,
recurring streams that will be recognized in future periods. We believe that
this dynamic is best captured in our Subscription and SaaS Annualized Recurring
Revenue, or ARR.
Through the first three quarters of 2020, many customers focused on near-term
business critical needs as their workforces adapted to remote work precipitated
by the pandemic. As such, these customers have often chosen on-premises


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