Q: Hi. You recently had Citrix as an aggressive hold in your Spinoffs & Takeovers newsletter. Citrix just announced its CEO was stepping down, and the stock has been selling down since the announcement. Do you have any details as to the circumstances surrounding the CEO’s departure? Does it have anything to do with the activist investor hedge fund Elliott Management? Has your opinion on the company changed since this development? Regards.
A: Citrix Systems, $99.77, symbol CTXS on Nasdaq (Shares outstanding: 124.2 million; Market cap: $12.5 billion; www.citrix.com), sells products and services to corporations to let their employees remotely access all the software, apps and data they rely on to do their jobs.
Instead of installing individual pieces of software on their employees’ computers, Citrix’s corporate clients use its remote servers to give their employees secure access to all their software and apps. Employees can then access those programs from home or other remote locations.
In the fiscal second quarter ended June 30, 2021, Citrix’s revenue was up 1.7%, to $812.1 million from $798.9 million. The company is transitioning from a licence model to a subscription-based, cloud-based one. As a result, subscription revenue increased by 53.7% in the second quarter. However, product and licensing revenue correspondingly decreased by 54.8%.
Excluding one-time items, the company made $156.3 million, or $1.24 a share, in the quarter. That was down 18.5% from $191.8 million, or $1.53.
The company…
Privacy Policy and Terms of Use
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Changes to this Policy
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