Citrix lowered its outlook for 2021 due to a negative impact from these organizational changes.įor 2021, Citrix expects revenues between $3.22 billion and $3.25 billion compared with the earlier guidance of $3.38-$3.42 billion. In the last reported quarter, the company announced that it was incorporating various changes to its sales organization as well as processes and go-to-market strategies in the second half of 2021 to boost its SaaS operations. It also issued $750 million worth of senior notes (slated to mature in 2026). In first-quarter 2021, Citrix entered into a $1-billion unsecured term loan agreement to finance the buyout of Wrike. Long-term debt at the end of the quarter was $3.474 billion. As of Jun 30, 2021, the company’s cash and cash equivalents and investments stood at $532 million.
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The transition is exerting pressure on Product and License revenues as well as Support and Services revenues.Ĭitrix’s highly-leveraged balance sheet is a concern. However, Citrix’s shares have fared terribly on the trading front this year as its transition to subscription-based model has become a tedious affair.
These enterprises leverage the company’s wide-ranging portfolio of digital workspace and security solutions, including Citrix SD-WAN, Citrix Secure Workplace Access solutions, Citrix Virtual Apps and Desktops, Citrix Endpoint Management and Citrix Secure Browser. The company boasts a strong customer base of more than 400,000 global business enterprises. In March 2021, Citrix purchased Wrike for $2.25 billion to strengthen its unified digital workspace solutions’ portfolio. The buyout of Wrike is expected to consolidate the company’s presence in the SaaS-based collaborative work management solutions’ space. Companies across the globe have started to adopt a hybrid/flexible work model, which is expected to drive demand for digital workspace solutions in the post-pandemic world. Quote Increasing Demand for Workspace SolutionsĬontinuation of work from home and online learning is driving demand for Citrix’s workspace and security access solutions. price-consensus-chart | Citrix Systems, Inc.
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Headquartered in Mountain View, CA, Synopsys is a vendor of electronic design automation (“EDA”) software to the semiconductor and electronics industries.Ĭitrix Systems, Inc.
Citrix workspace solutions are designed to aid clients in safeguarding classified data and personal information across all devices and locations and augment employee productivity. There have been increasing instances of cybersecurity attacks amid a sudden shift to remote work setup. The security solutions will also help Synopsys to keep a constant tab on application and network and user performance and will help in dynamic application of secure access policies, added Citrix.
Security solutions will enable the company to authenticate user access based on location and device posture. The company is implementing security solutions like Citrix Secure Workspace Access and Citrix Analytics for Security as well as Citrix ADC solution. Synopsys is utilizing Citrix Workspace offerings to provide safe access to the virtual desktops, web, mobile apps, software as a service (“SaaS”), and other content that employees require to carry on with their work seamlessly, noted Citrix.
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Citrix Systems ( CTXS Quick Quote CTXS - Free Report) digital workspace and security access solutions were adopted by Synopsys ( SNPS Quick Quote SNPS - Free Report) to set up an agile digital work platform and zero trust-based security framework.