Company Quick10K Filing
Citrix Systems
Price95.84 EPS2
Shares318 P/E48
MCap30,434 P/FCF53
Net Debt-494 EBIT536
TEV29,940 TEV/EBIT56
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-07-23 Earnings, Other Events, Exhibits
8-K 2020-06-03
8-K 2020-04-23
8-K 2020-03-04
8-K 2020-02-20
8-K 2020-01-30
8-K 2020-01-21
8-K 2019-11-26
8-K 2019-10-24
8-K 2019-08-19
8-K 2019-07-23
8-K 2019-06-04
8-K 2019-04-19
8-K 2019-01-23
8-K 2018-12-10
8-K 2018-10-24
8-K 2018-07-25
8-K 2018-06-06
8-K 2018-05-08
8-K 2018-04-25
8-K 2018-04-18
8-K 2018-03-07
8-K 2018-02-02
8-K 2018-02-02
8-K 2018-01-31

CTXS 10Q Quarterly Report

Part I: Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-10.2 ex102formofglobalrestr.htm
EX-10.3 ex103formofglobalrestr.htm
EX-10.4 ex104formofglobalrestr.htm
EX-10.5 ex105contractofemploym.htm
EX-31.1 a06-30x2020ex311.htm
EX-31.2 a06-30x2020ex312.htm
EX-32.1 a06-30x2020ex321.htm

Citrix Systems Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.70.50.2-0.0-0.32012201420172020
Rev, G Profit, Net Income
0.90.4-0.1-0.5-1.0-1.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number 0-27084
CITRIX SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
    
Delaware  75-2275152
(State or other jurisdiction of
incorporation or organization)
  (IRS Employer
Identification No.)
851 West Cypress Creek Road  
Fort Lauderdale
Florida
33309
(Address of principal executive offices)  (Zip Code)
Registrant’s Telephone Number, Including Area Code:
(954) 267-3000
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $.001 per shareCTXSThe NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 ☒
Large accelerated filer Accelerated filer
 Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
1


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 24, 2020, there were 123,531,988 shares of the registrant’s Common Stock, $.001 par value per share, outstanding.
2


CITRIX SYSTEMS, INC.
Form 10-Q
For the Quarterly Period Ended June 30, 2020
CONTENTS

  Page
Number
PART I:
Item 1.
Item 2.
Item 3.
Item 4.
PART II:
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

3


PART I: FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CITRIX SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2020December 31, 2019
(Unaudited)(Derived from audited financial statements)
 (In thousands, except par value)
Assets
Current assets:
Cash and cash equivalents$555,072  $545,761  
Short-term investments, available-for-sale 312,598  43,055  
Accounts receivable, net of allowances of $20,135 and $9,557 at June 30, 2020 and December 31, 2019, respectively
614,150  720,359  
Inventories, net17,767  15,898  
Prepaid expenses and other current assets186,390  187,659  
Total current assets1,685,977  1,512,732  
Long-term investments, available-for-sale 12,648  16,640  
Property and equipment, net218,790  231,894  
Operating lease right-of-use assets, net193,650  206,154  
Goodwill1,798,408  1,798,408  
Other intangible assets, net93,768  108,478  
Deferred tax assets, net382,406  361,814  
Other assets162,467  152,806  
Total assets$4,548,114  $4,388,926  
Liabilities and Stockholders' (Deficit) Equity
Current liabilities:
Accounts payable$122,154  $84,538  
Accrued expenses and other current liabilities380,152  331,680  
Income taxes payable112,205  60,036  
Current portion of deferred revenues1,378,022  1,352,333  
Total current liabilities1,992,533  1,828,587  
Long-term portion of deferred revenues409,608  443,458  
Long-term debt1,731,514  742,926  
Long-term income taxes payable232,087  259,391  
Operating lease liabilities198,712  209,382  
Other liabilities77,256  67,526  
Commitments and contingencies
Stockholders' (deficit) equity:
Preferred stock at $.01 par value: 5,000 shares authorized, none issued and outstanding
    
Common stock at $.001 par value: 1,000,000 shares authorized; 321,210 and 318,760 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
321  319  
Additional paid-in capital6,216,838  6,249,065  
Retained earnings4,863,515  4,660,145  
Accumulated other comprehensive loss(6,465) (5,127) 
11,074,209  10,904,402  
Less - common stock in treasury, at cost (197,693 and 188,693 shares at June 30, 2020 and December 31, 2019, respectively)
(11,167,805) (10,066,746) 
Total stockholders' (deficit) equity(93,596) 837,656  
Total liabilities and stockholders' (deficit) equity$4,548,114  $4,388,926  
See accompanying notes.
4


CITRIX SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (In thousands, except per share information)
Revenues:
Subscription$243,450  $155,833  $511,686  $297,439  
Product and license129,933  140,654  302,791  275,676  
Support and services425,546  452,210  845,397  894,725  
Total net revenues798,929  748,697  1,659,874  1,467,840  
Cost of net revenues:
Cost of subscription, support and services93,877  78,817  179,917  150,245  
Cost of product and license revenues20,060  21,878  41,316  47,622  
Amortization of product related intangible assets8,303  9,784  16,584  20,085  
Total cost of net revenues122,240  110,479  237,817  217,952  
Gross margin676,689  638,218  1,422,057  1,249,888  
Operating expenses:
Research and development140,477  134,029  274,935  264,292  
Sales, marketing and services291,511  298,429  617,620  573,084  
General and administrative90,808  81,162  170,907  158,709  
Amortization of other intangible assets694  3,205  1,396  6,734  
Restructuring9,528  4,311  11,981  7,143  
Total operating expenses533,018  521,136  1,076,839  1,009,962  
Income from operations143,671  117,082  345,218  239,926  
Interest income589  3,870  2,194  13,544  
Interest expense(17,076) (10,289) (31,687) (28,322) 
Other income (expense), net1,911  (3,420) 4,009  279  
Income before income taxes129,095  107,243  319,734  225,427  
Income tax expense 16,189  13,748  25,606  21,584  
Net income$112,906  $93,495  $294,128  $203,843  
Earnings per share:
Basic $0.91  $0.71  $2.37  $1.55  
Diluted$0.90  $0.70  $2.32  $1.48  
Weighted average shares outstanding:
Basic123,522  131,309  124,128  131,396  
Diluted125,735  134,277  126,659  137,635  

See accompanying notes.
5


        
CITRIX SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (In thousands)
Net income$112,906  $93,495  $294,128  $203,843  
Other comprehensive income:
Available for sale securities:
Change in net unrealized (losses) gains (24) 614  131  2,802  
Less: reclassification adjustment for net gains included in net income(8) (26) (21) (584) 
Net change (net of tax effect)(32) 588  110  2,218  
Gain on pension liability    8    
Cash flow hedges:
Change in unrealized gains (losses) 458  188  (2,127) 335  
Less: reclassification adjustment for net losses included in net income919  97  671  991  
Net change (net of tax effect)1,377  285  (1,456) 1,326  
Other comprehensive income (loss)1,345  873  (1,338) 3,544  
Comprehensive income$114,251  $94,368  $292,790  $207,387  

See accompanying notes.



6


CITRIX SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended June 30,
 20202019
 (In thousands)
Operating Activities
Net income$294,128  $203,843  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other106,593  118,689  
Stock-based compensation expense143,685  133,554  
Deferred income tax (benefit) expense (20,952) 18,870  
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies(166) 1,326  
Other non-cash items19,920  3,921  
Total adjustments to reconcile net income to net cash provided by operating activities249,080  276,360  
Changes in operating assets and liabilities:
Accounts receivable95,329  155,170  
Inventories(1,894) (2,594) 
Prepaid expenses and other current assets2,478  22,733  
Other assets(39,485) (31,126) 
Income taxes, net25,621  (67,283) 
Accounts payable37,864  21,256  
Accrued expenses and other current liabilities37,995  (62,812) 
Deferred revenues(8,161) (89,858) 
Other liabilities10,461  4,224  
Total changes in operating assets and liabilities160,208  (50,290) 
Net cash provided by operating activities703,416  429,913  
Investing Activities
Purchases of available-for-sale investments(305,224) (19,984) 
Proceeds from sales of available-for-sale investments  938,031  
Proceeds from maturities of available-for-sale investments39,154  153,708  
Purchases of property and equipment(21,078) (38,061) 
Cash paid for licensing agreements, patents and technology(3,210) (2,158) 
Other707  1,165  
Net cash (used in) provided by investing activities(289,651) 1,032,701  
Financing Activities
Proceeds from term loan credit agreement, net of issuance costs998,846    
Repayment of term loan credit agreement(750,000)   
Proceeds from 2030 Notes, net of issuance costs738,107    
Repayment on convertible notes  (1,164,497) 
Stock repurchases, net(999,903) (250,000) 
Accelerated stock repurchase program(200,000)   
Cash paid for tax withholding on vested stock awards(101,156) (70,552) 
Cash paid for dividends(86,062) (91,851) 
Net cash used in financing activities(400,168) (1,576,900) 
Effect of exchange rate changes on cash and cash equivalents(4,286) 240  
Change in cash and cash equivalents9,311  (114,046) 
Cash and cash equivalents at beginning of period545,761  618,766  
Cash and cash equivalents at end of period$555,072  $504,720  
See accompanying notes.
7


CITRIX SYSTEMS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of Citrix Systems, Inc. (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments, which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown, are of a normal recurring nature and have been reflected in the condensed consolidated financial statements and accompanying notes. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year or for any future period partially because of the seasonality of the Company’s business. Historically, the Company’s revenue for the fourth quarter of any year is typically higher than the revenue for the first quarter of the subsequent year. However, during the three months ended March 31, 2020, this trend was impacted by the novel coronavirus ("COVID-19") pandemic, and the Company's first quarter revenues were higher than the fourth quarter of 2019 due to the Company's decision to make limited use Workspace licenses of Citrix Workspace available in the form of shorter-duration, discounted on-premises term offerings to quickly help the Company's customers with their immediate business needs. The information included in these condensed consolidated financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
The condensed consolidated financial statements of the Company include the accounts of its wholly-owned subsidiaries in the Americas; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific and Japan (“APJ”). All significant transactions and balances between the Company and its subsidiaries have been eliminated in consolidation.
The Company's revenues are derived from sales of its Workspace and Networking solutions, and related Support and services. The Company operates under one reportable segment. See Note 10 for more information on the Company's segment.
2. SIGNIFICANT ACCOUNTING POLICIES
During the first quarter of 2020, the Company adopted new accounting guidance related to current expected credit losses and fair value measurements, which are described below. There have been no other significant changes in the Company’s accounting policies during the six months ended June 30, 2020 as compared to the significant accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2019.
Recent Accounting Pronouncements
Current Expected Credit Losses
In June 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update on the measurement of credit losses on financial instruments. Previously, credit losses were measured using an incurred loss approach when it was probable that a credit loss had been incurred. The new guidance changes the credit loss model from an incurred loss to an expected loss approach. It requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost (including trade accounts receivable) and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. The standard also changes the impairment model for available-for-sale debt securities, eliminating the concept of other than temporary impairment and requiring credit losses to be recorded through an allowance for credit losses. The amount of the allowance for credit losses for available-for-sale debt securities is limited to the amount by which fair value is below amortized cost. The Company adopted this standard as of January 1, 2020 using the required modified retrospective adoption method. Results for periods beginning after January 1, 2020 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported under the previous accounting guidance. Adoption of the new standard did not have a material impact on the Company's condensed consolidated financial position, results of operations and cash flows. See Note 5 for additional information regarding the Company’s allowance for credit losses.
8


Fair Value Measurements
In August 2018, the FASB issued an accounting standard update on fair value measurements. The new guidance modifies the disclosure requirements on fair value measurements by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty, and adding new disclosure requirements. The Company adopted this standard as of January 1, 2020, and it did not have a material impact on the Company's condensed consolidated financial position, results of operations and cash flows.
Income Taxes
In December 2019, the FASB issued an accounting standard update on income taxes. The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The new standard will be effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial position, results of operations and cash flows.
Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued an accounting standard update to guidance applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This update provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic of the codification as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial position, results of operations and cash flows.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates made by management include estimation for reserves for legal contingencies, the standalone selling price related to revenue recognition, the provision for credit losses related to accounts receivable, contract assets, and available-for-sale debt securities, the provision to reduce obsolete or excess inventory to market, the provision for estimated returns, as well as sales allowances, the assumptions used in the valuation of stock-based awards, the assumptions used in the discounted cash flows to mark certain of its investments to market, the valuation of the Company’s goodwill, net realizable value of product related and other intangible assets, the provision for income taxes, valuation allowance for deferred tax assets, uncertain tax positions, and the amortization and depreciation periods for contract acquisition costs, intangible and long-lived assets. While the Company believes that such estimates are fair when considered in conjunction with the condensed consolidated financial position and results of operations taken as a whole, the actual amounts of such items, when known, will vary from these estimates.
Available-for-sale Investments
Short-term and long-term available-for-sale investments in debt securities as of June 30, 2020 and December 31, 2019 primarily consist of agency securities, corporate securities and government securities. Investments classified as available-for-sale debt securities are stated at fair value, with unrealized gains and losses, net of taxes, reported in Accumulated other comprehensive loss. The Company classifies its available-for-sale investments as current and non-current based on their actual remaining time to maturity. The Company does not recognize unrealized changes in the fair value of its available-for-sale debt securities in income unless a security is deemed to be impaired.
The Company’s investment policy is designed to limit exposure to any one issuer depending on credit quality. The Company uses information provided by third parties to adjust the carrying value of certain of its investments to fair value at the end of each period. Fair values are based on a variety of inputs and may include interest rates, known historical trades, yield curve information, benchmark data, prepayment speeds, credit quality and broker/dealer quotes. See Note 6 for additional information regarding the Company’s investments.
9


Foreign Currency
The functional currency for all of the Company’s wholly-owned foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries are remeasured into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at average rates prevailing during the year. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency, including U.S. dollars. The remeasurement of those foreign currency transactions is included in determining net income or loss for the period of exchange.
Accounting for Stock-Based Compensation Plans
The Company has various stock-based compensation plans for its employees and outside directors and accounts for stock-based compensation arrangements in accordance with the authoritative guidance, which requires the Company to measure and record compensation expense in its condensed consolidated financial statements using a fair value method. See Note 8 for further information regarding the Company’s stock-based compensation plans.
3. REVENUE
The following is a description of the principal activities from which the Company generates revenue.
Subscription
Subscription revenues primarily consist of cloud-hosted offerings, which provide customers a right to access one or more of the Company’s cloud-hosted subscription offerings, with routine customer support, as well as revenues from the Citrix Service Provider ("CSP") program and on-premise subscription software licenses. For the Company’s cloud-hosted performance obligations, revenue is generally recognized on a ratable basis over the contract term beginning on the date that the Company's service is made available to the customer, as the Company continuously provides online access to the web-based software that the customer can use at any time. The CSP program provides subscription-based services in which the CSP partners host software services to their end users.
Product and license
Product and license revenues are primarily derived from perpetual offerings related to the Company’s Workspace solutions and Networking products. For performance obligations related to perpetual software license agreements, the Company determined that its licenses are functional intellectual property that are distinct as the user can benefit from the software on its own.
Support and services
Support and services revenues include license updates, maintenance and professional services which are primarily related to the Company's perpetual offerings. License updates and maintenance revenues are primarily comprised of software and hardware maintenance, when and if-available updates and technical support. For performance obligations related to license updates and maintenance, revenue is generally recognized on a straight-line basis over the period of service because the Company transfers control evenly by providing a stand-ready service. The Company is continuously working on improving its products and pushing those updates through to the customer, and stands ready to provide software updates on a when and if-available basis. Services revenues are comprised of fees from consulting services primarily related to the implementation of the Company’s products and fees from product training and certification.
10


The Company’s typical performance obligations include the following:
Performance Obligation
When Performance Obligation
is Typically Satisfied
Subscription
Cloud-hosted offeringsOver the contract term, beginning on the date that service is made available to the customer (over time)
CSPAs the usage occurs (over time)
On-premise subscription software licensesWhen software activation keys have been made available for download (point in time)
Product and license
Software licensesWhen software activation keys have been made available for download (point in time)
HardwareWhen control of the product passes to the customer; typically upon shipment (point in time)
Support and services
License updates and maintenanceRatably over the course of the service term (over time)
Professional servicesAs the services are provided (over time)
Significant Judgments
The Company generates all of its revenues from contracts with customers. At contract inception, the Company assesses the solutions or services, or bundles of solutions and services, obligated in the contract with a customer to identify each performance obligation within the contract, and then evaluates whether the performance obligations are capable of being distinct and distinct within the context of the contract. Solutions and services that are not both capable of being distinct and distinct within the context of the contract are combined and treated as a single performance obligation in determining the allocation and recognition of revenue.
The standalone selling price is the price at which the Company would sell a promised product or service separately to the customer. For the majority of the Company's software licenses and hardware, CSP and on-premise subscription software licenses, the Company uses the observable price in transactions with multiple performance obligations. For the majority of the Company’s support and services, and cloud-hosted subscription offerings, the Company uses the observable price when the Company sells that support and service or cloud-hosted subscription separately to similar customers. If the standalone selling price for a performance obligation is not directly observable, the Company estimates it. The Company estimates a standalone selling price by taking into consideration market conditions, economics of the offering and customers’ behavior. The Company maximizes the use of observable inputs and applies estimation methods consistently in similar circumstances. The Company allocates the transaction price to each distinct performance obligation on a relative standalone selling price basis.
Revenues are recognized when control of the promised products or services are transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services.
Sales tax
The Company records revenue net of sales tax.
Timing of revenue recognition
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In thousands)
Products and services transferred at a point in time$195,695  $178,160  $475,106  $341,124  
Products and services transferred over time603,234  570,537  1,184,768  1,126,716  
Total net revenues$798,929  $748,697  $1,659,874  $1,467,840  
11


Contract balances
The Company's short-term and long-term contract assets, net of allowance for credit losses, were $17.1 million and $21.6 million, respectively, as of June 30, 2020. The Company's short-term and long-term contract assets were $12.2 million and $20.5 million, respectively, as of December 31, 2019. The Current portion of deferred revenues and the Long-term portion of deferred revenues were $1.38 billion and $409.6 million, respectively, as of June 30, 2020 and $1.35 billion and $443.5 million, respectively, as of December 31, 2019. The difference in the opening and closing balances of the Company’s contract assets and liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. During the three and six months ended June 30, 2020, the Company recognized $489.7 million and $841.0 million, respectively, of revenue that was included in the deferred revenue balance as of March 31, 2020 and December 31, 2019, respectively.
The Company performs its obligations under a contract with a customer by transferring solutions and services in exchange for consideration from the customer. Accounts receivable are recorded when the right to consideration becomes unconditional. The timing of the Company’s performance often differs from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. The Company recognizes a contract asset when the Company transfers products or services to a customer and the right to consideration is conditional on something other than the passage of time. The Company recognizes a contract liability when it has received consideration or an amount of consideration is due from the customer and the Company has a future obligation to transfer products or services. The Company had no material asset impairment charges related to contract assets for either the three and six months ended June 30, 2020 or June 30, 2019. 
For the Company’s software and hardware products, the timing of payment is typically upfront for its perpetual offerings and the Company’s on-premise subscriptions. Therefore, deferred revenue is created when a contract includes performance obligations such as license updates and maintenance or certain professional services that are satisfied over time. For subscription contracts, the timing of payment is typically in advance of services, and deferred revenue is created as these services are provided over time.
A significant portion of the Company’s contracts have an original duration of one year or less; therefore, the Company applies a practical expedient to determine whether a significant financing component exists and does not consider the effects of the time value of money. For multi-year contracts, the Company bills annually.
Transaction price allocated to the remaining performance obligations
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period (in thousands):
<1-3 years3-5 years5 years or moreTotal
Subscription$1,082,835  $83,904  $1,166  $