CITRIX SYSTEMS, INC. CTXS Cash Flow

Citrix systems, inc. (CTXS)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Operating Activities
Net income
181,222	207,113	270,857	93,495	110,348	165,718	158,857	106,833	144,259	-283,889	126,720	108,829	27,621	199,850	131,901	120,898	83,463	131,274	55,925	103,275	28,887	95,228	47,532	53,024	55,939	138,644	76,730	64,461	59,688	114,029	78,245	92,006	68,267	108,699	92,176	81,408	73,347	93,756	87,779	47,557	47,349	88,148	53,423	42,519	6,927
Loss from discontinued operations
-	-	-	-	-	-	-	-	-	0	0	0	-42,704	21,275	20,164	14,609	10,209	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and impairment of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36,760	34,838	34,716	34,860	35,127	32,510	32,768	22,294	27,002	19,335	19,109	16,479	16,208	16,202	15,873	16,193	16,515	18,557	16,653	16,586	17,093
Depreciation and amortization of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	33,271	34,020	33,440	31,090	29,409	28,308	25,942	23,504	22,545	24,326	23,780	20,377	19,641	19,330	18,598	17,967	17,480	17,697	17,433	17,557	17,001
Amortization of debt discount and transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation, amortization and other
53,701	-	69,754	56,217	62,472	-	55,316	54,390	51,876	-	52,410	48,103	49,300	-	53,916	58,835	53,630	-	144,850	76,879	74,081	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense
58,323	76,369	68,969	68,320	65,234	59,313	52,739	55,844	35,723	37,901	51,732	40,679	34,808	37,468	40,843	38,367	36,061	24,588	38,671	30,792	34,211	25,502	42,449	45,290	40,701	46,635	45,893	47,857	43,556	41,018	40,103	38,262	30,557	29,318	24,954	20,753	17,884	19,852	30,833	28,146	24,927	26,939	27,892	28,440	28,148
Excess tax benefit from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14,597	-	-2,599	-21,767	-15,502	-17,066	-24,984	-4,533	-13,581	1,761	-4,045	-2,393	-505
Deferred income tax (benefit) expense
-5,575	-60,360	-203,443	-5,123	23,993	-15,664	-3,248	-2,404	8,160	61,791	-24,217	-10,913	67,497	2,258	-14,404	-14,338	4,830	-53,362	-26,319	-24,567	19,013	-13,942	-12,715	-30,445	18,046	-8,645	-17,954	-7,060	-18,189	-38,768	-140	-34,089	2,206	-	-	-	-	-	-	-	-	-	-	-	-
Loss on investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,133	-	1,266	947	85	1,099	6,493	3,519	3,366	-322	-366	-165	-490	-347	-597	-944	-126	49	-67	57	28
Provision for doubtful accounts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	610	-	201	659	407	955	443	-160	546	-173	1,108	232	-901	96	364	783	792	261	166	870	437
Provision for product returns
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	584	-	415	1,437	1,619	2,040	2,266	3,492	2,945	1,714	1,605	692	1,530	1,401	357	297	662	626	944	1,081	641
Provision for inventory
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	453	-	891	307	331	99	20	492	411	174	225	654	517	632	691	968	585	257	187	-10	1,527
Tax effect of stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	266	14,846	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	3,675	2,066	4,419	5,889	3,637	312	773	1,151	1,010	2,118	672	2,332	-3,733	4,341	2,468	9,476	3,398	7,997	37,835	-13,856	91,430	-2,524	-21,755	-15,492	-14,730	-24,000	-3,365	-9,449	3,521	-1,088	3,594	1,886
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies
-2,794	81	-1,386	-3,265	1,939	-724	-1,205	-7,927	1,906	-418	2,014	659	5,390	-8,678	1,247	788	1,454	-433	-4,064	689	-10,007	-4,408	-2,932	1,257	850	-2,707	-245	-3,845	909	-2,588	1,068	-1,388	1,202	-2,683	3,135	1,003	-3,350	-681	-3,628	885	1,440	-582	3,290	-2,328	1,639
Other non-cash items
-7,871	-2,742	-3,967	-3,076	-845	-6,314	-392	-1,864	-3,302	-2,316	-1,796	-5,608	-2,204	-2,233	-3,584	-167	-2,634	4,388	-2,820	-4,845	-3,490	-2,344	-2,645	-7,038	-39	-5,043	-154	-45	-175	-197	-433	243	-791	-70	-3,470	-229	-964	63	-138	-803	97	-7,444	994	1,458	4
Total adjustments to reconcile net income to net cash provided by operating activities
117,114	74,747	-59,367	125,755	150,605	108,244	106,404	117,621	97,155	160,926	79,707	82,818	148,419	96,114	80,626	77,824	89,812	30,794	163,774	86,487	139,651	65,555	109,938	117,718	132,415	114,362	77,282	109,891	96,811	34,070	93,579	51,261	81,694	58,405	77,677	60,572	52,973	8,104	62,839	65,624	58,492	13,628	64,669	63,003	64,071
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable
-11,314	295,622	-101,458	49,236	-204,406	277,583	-113,817	102,635	-285,104	250,043	-75,668	56,937	-197,408	252,347	-27,727	55,863	-218,821	206,941	-29,224	62,183	-231,034	210,684	-36,338	-3,230	-142,974	204,990	-44,045	45,898	-183,892	178,113	414	17,215	-88,114	136,675	3,211	41,217	-85,622	104,860	-46,109	80,419	-60,112	67,366	12,784	25,928	-31,474
Inventories
1,944	-2,603	-3,037	718	1,876	690	904	6,679	-34	-805	1,952	-1,413	2,811	-1,221	3,891	-609	2,072	381	-1,855	1,090	-319	-3,175	3,255	2,204	-1,117	2,503	-826	2,774	1,140	-139	3,108	-2,279	1,334	1,657	-82	472	1,050	264	666	1,005	-743	128	-883	-184	338
Prepaid expenses and other current assets
7,029	-6,410	36,272	-5,199	-17,534	-43,871	13,646	24,586	13,494	2,491	9,879	-16,779	22,736	25,728	-27,323	-9,271	22,943	2,882	3,994	-3,932	7,313	-1,142	-2,951	1,190	7,524	418	1,487	-29,135	35,158	-10,508	-4,644	13,076	18,682	-8,110	-11,766	12,460	6,009	-35,887	30,423	3,363	39,420	-23,761	-2,809	10,954	18,671
Other assets
23,277	24,084	18,942	15,235	15,891	16,098	19,335	7,276	-9,071	-4,509	-7,204	752	8,845	-4,975	10,319	-1,347	-1,250	27	-4,563	-3,162	9,185	1	2,818	-2,368	-2,101	-235	1,766	-5,796	-811	3,889	-3,206	3,350	-2,536	5,901	-4,842	-1,790	1,293	-153	36	-101	-3,567	-4,701	1,084	2,658	1,446
Income taxes, net
7,011	19,972	25,164	-17,904	-49,379	26,285	-10,868	-36,409	-35,996	377,073	15,289	-43,344	-30,223	-28,322	25,361	39,237	6,155	27,587	12,708	27,334	-18,954	2,551	-23,107	-18,043	-46,030	22,314	28,396	-25,548	-32,536	75,648	-6,472	-1,861	3,940	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax assets, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,249	-1,160	14,196	-	344	2,328	-10,246	-10,605	1,259	-5,473	4,349
Accounts payable
20,529	11,639	-23,901	15,122	6,134	3,859	-16,906	18,023	1,828	9,801	-7,767	-1,050	-8,222	2,923	5,244	-15,611	-8,921	-250	6,620	-1,845	1,883	-6,188	4,783	4,055	-1,312	8,041	-4,527	10,890	-11,312	6,625	-10,206	7,668	-4,513	509	-3,329	12,518	-21,456	6,070	6,654	216	-3,328	8,306	1,530	1,145	-6,368
Accrued expenses and other current liabilities
17,149	22,763	14,327	19,167	-81,979	-3,536	30,068	63,170	-52,735	52,258	3,164	7,423	-27,959	28,886	-19,604	19,938	-6,570	50,336	19,408	14,323	-34,405	12,828	18,839	24,409	10,598	12,245	4,275	27,846	-21,338	23,084	17,043	4,382	626	63	7,023	13,677	-41,759	11,535	24,156	25,266	-11,019	35,697	8,103	10,329	8,771
Deferred revenues
-40,989	180,220	-129,142	-12,003	-77,855	154,571	-43,972	38,790	-79,890	185,172	-36,830	52,148	-26,064	193,459	-23,026	15,046	-43,098	150,312	-29,663	23,521	-41,840	152,827	-26,434	19,189	-938	141,564	-1,187	39,630	21,448	143,982	4,336	45,479	23,001	122,337	3,369	41,048	2,240	98,797	-6,190	50,076	17,438	62,914	17,885	2,847	1,727
Other liabilities
3,147	290	-113	-1,295	5,519	1,768	-2,617	3,331	2,519	-363	3,435	-3,031	2,241	7,795	17,189	-4,292	1,767	3,500	-625	4,231	1,794	6,940	-633	984	-1,464	200	362	-4,527	5,632	638	139	171	-579	1,062	-873	-20,820	30,809	222	303	1,494	-615	1,647	-303	483	-52
Total changes in operating assets and liabilities, net of the effects of acquisitions
14,089	75,809	64,384	56,903	-6,613	67,553	-35,637	54,271	-116,441	-376,721	-48,332	27,351	-72,789	67,138	-46,004	-9,682	-144,389	-21,254	-40,096	-11,385	-123,333	37,410	-6,664	-32,798	-99,522	23,312	-68,937	-34,550	-110,299	-78,622	-9,168	-24,477	-93,109	-2,459	-18,181	-20,317	-32,908	-77,467	-39,563	9,962	-37,724	-80,137	-15,780	19,079	-10,748
Net cash provided by operating activities of continuing operations
-	-	-	-	-	-	-	-	-	253,758	254,759	164,296	291,533	207,551	238,367	193,795	307,455	79,094	259,795	201,147	291,871	38,869	164,134	203,540	287,876	229,694	222,949	208,902	266,798	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in operating activities of discontinued operations
-	-	-	-	-	-	-	-	-	0	0	-13,821	-42,249	51,496	50,089	34,567	32,510	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
284,247	206,051	147,106	162,347	267,566	206,409	300,898	170,183	357,855	253,758	254,759	150,475	249,284	259,047	288,456	228,362	339,965	-	-	-	-	-	-	-	-	-	-	-	-	-	-	167,744	243,070	-	188,034	162,297	159,228	179,327	190,181	103,219	143,565	181,913	133,872	86,443	81,746
Investing Activities
Purchases of available-for-sale investments
4,420	4	15	12,890	7,094	30,811	103,740	206,449	125,687	189,592	376,063	317,944	272,060	827,707	503,579	440,780	466,718	375,900	757,972	492,325	556,484	498,905	604,628	678,525	607,892	276,278	434,456	356,450	636,792	245,499	639,866	235,615	314,387	392,493	283,852	501,413	182,919	277,557	373,123	181,080	455,678	323,956	266,309	355,338	188,977
Proceeds from sales of available-for-sale investments
0	4,954	0	165,077	772,954	13,057	7,459	76,436	358,465	96,602	116,435	104,078	458,020	138,468	709,236	212,690	234,242	192,307	718,405	401,670	432,908	352,386	469,576	606,503	266,421	279,370	111,473	143,567	231,782	365,287	188,297	598,526	104,185	310,560	149,913	215,275	180,434	89,505	140,748	127,671	116,206	84,004	105,108	223,699	23,412
Proceeds from maturities of available-for-sale investments
25,755	12,126	12,236	19,383	134,325	147,886	123,468	101,450	95,341	89,181	198,389	115,814	63,516	121,494	188,923	182,856	139,244	118,297	185,122	172,204	161,429	123,623	72,685	88,269	121,757	94,758	171,676	106,779	131,101	81,098	111,760	106,645	138,488	165,533	175,399	142,999	169,008	88,823	106,627	62,439	175,903	83,624	72,722	75,941	52,629
Proceeds from cost method investments, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-659	-273	554	803	2,432	1,311	1,500	0	2,839	14,938	916	5,559	-	0	0	0	-	-	-	-	-	-	-	-
Proceeds from repayments of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	41,534	3,026	-	-	-	-
Purchases of property and equipment
10,503	13,001	12,392	20,784	17,277	15,065	21,360	16,932	15,997	19,231	23,020	18,904	19,746	18,768	17,580	22,352	26,335	-22,025	39,586	35,914	44,091	9,168	48,301	36,672	30,469	36,279	59,829	38,484	28,297	35,668	36,043	28,100	23,147	23,077	29,399	32,611	26,845	22,275	23,029	18,811	11,261	19,446	16,634	17,269	22,897
Purchases of cost method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	766	-	2,628	1,365	1,102	1,473	2,602	835	1,712	1,061	7,596	6,370	1,852	-	-	-	-	-	-	-	-
Cash paid for acquisitions, net of cash acquired
-	-	-	-	-	182,946	0	-347	66,330	0	0	0	60,449	1,786	11,456	0	0	-155,655	-198	161,717	89,467	57,717	2,000	17,188	24,154	5,538	5,294	0	324,049	-1,126	405,969	58,345	24,033	145,905	191,032	0	118,440	-162	10,445	761	9,466	1,218	700	220	1,200
Cash paid for licensing agreements, patents and technology
1,682	1,095	247	1,568	590	1,070	923	682	535	1,514	710	3,221	1,934	185	1,178	429	24,148	129	1,332	7,252	2,082	707	2,985	9,016	711	4,951	2,708	2,258	2,236	13,483	2,277	11,939	61	2,273	5,677	5,965	1,522	3,833	2,647	2,942	7,293	0	1,440	1,625	225
Other
-884	-732	246	-590	-575	4,601	1,603	255	-3,257	-1,833	497	298	-1,285	-717	80	464	-1,008	-8,609	2,342	321	737	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by investing activities of continuing operations
-	-	-	-	-	-	-	-	-	-22,721	-85,466	-120,475	168,632	-587,767	364,286	-68,479	-142,707	120,864	102,493	-123,655	-98,524	-91,147	-115,926	-45,309	-275,011	58,609	-220,455	-146,711	-629,593	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities of discontinued operations
-	-	-	-	-	-	-	-	-	0	0	0	-3,891	-10,142	-11,146	-12,901	-15,348	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by investing activities
10,034	3,712	-664	149,808	882,893	-73,550	3,301	-46,085	248,514	-22,721	-85,466	-120,475	164,741	-597,909	353,140	-81,380	-158,055	-	-	-	-	-	-	-	-	-	-	-	-	-	-	371,253	-115,108	-	-192,244	-188,085	17,864	-131,160	-164,369	27,050	-188,563	-180,542	-107,253	-77,812	-137,258
Financing Activities
Proceeds from issuance of common stock under stock-based compensation plans
-	-	-	-	-	0	51	43	70	20	604	588	902	1,809	8,879	24,535	6,024	32,947	35,919	35,006	8,413	7,944	20,579	10,137	7,958	5,085	33,611	9,708	25,251	12,610	34,307	31,229	30,260	30,779	9,701	42,789	42,337	42,727	126,638	29,262	154,930	36,863	51,934	53,101	24,100
Proceeds from term loan credit agreement, net of issuance costs
998,846	-	-	-	0	-	-	-	-	0	40,000	25,000	100,000	0	0	0	0	0	0	0	95,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of term loan credit agreement
750,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from 2030 Notes, net of issuance costs
738,107	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of acquired debt
-	-	-	-	-	0	0	0	-5,674	0	0	0	-4,000	0	0	0	0	4,394	0	-4,394	-3,175	-299	0	0	-3,766	-2,061	0	0	0	0	-16,609	-5,281	-2,456	0	-635	0	-10,926	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	3,675	2,066	4,419	5,889	3,637	312	773	1,151	1,010	2,118	672	2,332	-3,733	4,341	2,468	9,476	3,398	7,997	9,382	14,597	11,791	2,599	21,767	15,502	17,066	24,984	4,533	13,581	-1,761	4,045	2,393	505
Stock repurchases, net
999,903	99,949	103,904	156,195	93,805	380,000	116,175	164,978	600,000	600,000	74,957	0	500,000	0	0	0	28,689	357,634	225,938	47,204	124,928	39,899	99,988	1,500,998	0	249,992	55,298	39,672	61,364	76,057	74,955	0	99,996	99,952	124,982	99,961	99,954	108,833	124,962	99,951	99,993	74,954	74,996	39,996	24,998
Accelerated stock repurchase program
200,000	-	-	-	0	-	-	-	150,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for tax withholding on vested stock awards
54,247	14,419	4,242	52,890	17,662	18,004	3,653	36,334	13,602	8,861	10,632	25,679	34,868	11,236	11,560	21,414	22,428	13,985	4,030	8,927	19,394	5,895	4,937	20,524	2,316	3,305	2,904	22,550	2,254	2,646	2,462	960	14,102	1,080	130	3,255	8,797	2,061	99	1,462	2,676	-	-	-	-
Cash paid for dividends
42,839	-	45,373	45,827	46,024	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer of cash to GoTo Business resulting from the separation
-	-	-	-	-	-	-	-	-	-23	0	0	28,523	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-466,489	-	-615	7,540	-39,204	-330,641	-193,737	-119,746	-42,933	-37,139	-82,228	-177,509	4,208	-254,006	-20,250	-49,134	-28,891	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-310,036	-160,091	-153,519	-1,419,409	-157,491	-717,789	-119,777	-51,269	-769,206	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35,420	-71,697	-	-113,447	-58,867	-61,838	-51,101	26,561	-67,618	65,842	-41,530	-19,112	15,498	-393
Effect of exchange rate changes on cash and cash equivalents
-5,125	2,255	-3,809	-705	945	-1,486	-948	-5,818	2,404	1,026	1,790	1,885	3,485	-7,113	1,470	-1,596	2,082	-1,047	-3,270	1,634	-7,630	-2,719	-2,595	161	706	-30	1,076	-1,369	-458	317	1,329	-3,458	1,320	-1,219	-1,029	131	3,924	108	1,911	206	-440	1,234	-1,349	258	-393
Change in cash and cash equivalents
-20,880	51,927	-10,886	-1,107,959	993,913	-586,416	183,474	67,011	-160,433	174,261	96,098	-63,206	-48,979	-351,727	642,451	152,926	144,788	-159,076	165,281	-40,620	142,784	17,362	-36,615	-19,117	17,779	34,267	-16,680	11,688	-392,144	319,482	-637,713	570,959	57,585	21,166	-118,686	-84,524	119,178	-2,826	54,284	62,857	20,404	-38,925	6,158	24,387	-56,298