Citrix Systems
Annual Report 2003

(cid:72)(cid:69)(cid:65)(cid:76)(cid:73)(cid:78)(cid:71)

(cid:69)(cid:68)(cid:85)(cid:67)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)

(cid:73)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:73)(cid:78)(cid:71)

(cid:67)(cid:79)(cid:77)(cid:77)(cid:85)(cid:78)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)

(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)

(cid:66)(cid:85)(cid:89)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:83)(cid:69)(cid:76)(cid:76)(cid:73)(cid:78)(cid:71)

(cid:77)(cid:65)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:71)(cid:79)(cid:79)(cid:68)(cid:83)

(cid:77)(cid:79)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:71)(cid:79)(cid:79)(cid:68)(cid:83)

(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:77)(cid:85)(cid:78)(cid:73)(cid:84)(cid:89)

(cid:41)(cid:77)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:72)(cid:69)(cid:65)(cid:76)(cid:84)(cid:72)(cid:67)(cid:65)(cid:82)(cid:69)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:67)(cid:85)(cid:84)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:66)(cid:85)(cid:68)(cid:71)(cid:69)(cid:84)(cid:83)(cid:0)(cid:66)(cid:89)(cid:0)(cid:77)(cid:65)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)
(cid:77)(cid:79)(cid:66)(cid:73)(cid:76)(cid:69)(cid:14)(cid:0)(cid:41)(cid:78)(cid:68)(cid:82)(cid:65)(cid:80)(cid:82)(cid:65)(cid:83)(cid:84)(cid:72)(cid:65)(cid:0)(cid:33)(cid:80)(cid:79)(cid:76)(cid:76)(cid:79)(cid:12)(cid:0)(cid:76)(cid:79)(cid:67)(cid:65)(cid:84)(cid:69)(cid:68)(cid:0)(cid:73)(cid:78)(cid:0)(cid:46)(cid:69)(cid:87)(cid:0)(cid:36)(cid:69)(cid:76)(cid:72)(cid:73)(cid:12)(cid:0)(cid:41)(cid:78)(cid:68)(cid:73)(cid:65)(cid:12)(cid:0)(cid:73)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:83)(cid:84)(cid:0)(cid:67)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)
(cid:0)(cid:72)(cid:79)(cid:83)(cid:80)(cid:73)(cid:84)(cid:65)(cid:76)(cid:0)(cid:79)(cid:85)(cid:84)(cid:83)(cid:73)(cid:68)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:53)(cid:14)(cid:51)(cid:14)(cid:0)(cid:55)(cid:73)(cid:84)(cid:72)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:12)(cid:0)(cid:68)(cid:79)(cid:67)(cid:84)(cid:79)(cid:82)(cid:83)(cid:12)(cid:0)(cid:78)(cid:85)(cid:82)(cid:83)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:68)(cid:77)(cid:73)(cid:78)(cid:73)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:79)(cid:82)(cid:83)(cid:0)(cid:67)(cid:65)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)
(cid:80)(cid:65)(cid:84)(cid:73)(cid:69)(cid:78)(cid:84)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:78)(cid:89)(cid:84)(cid:73)(cid:77)(cid:69)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:65)(cid:78)(cid:89)(cid:87)(cid:72)(cid:69)(cid:82)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:77)(cid:69)(cid:68)(cid:73)(cid:67)(cid:65)(cid:76)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:69)(cid:88)(cid:14)(cid:0)(cid:36)(cid:69)(cid:76)(cid:73)(cid:86)(cid:69)(cid:82)(cid:73)(cid:78)(cid:71)(cid:0)(cid:90)(cid:69)(cid:82)(cid:79)(cid:0)
(cid:68)(cid:79)(cid:87)(cid:78)(cid:84)(cid:73)(cid:77)(cid:69)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:68)(cid:69)(cid:80)(cid:76)(cid:79)(cid:89)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:73)(cid:78)(cid:85)(cid:84)(cid:69)(cid:83)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:85)(cid:83)(cid:69)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:65)(cid:75)(cid:69)(cid:0)(cid:87)(cid:69)(cid:69)(cid:75)(cid:83)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:0)
(cid:72)(cid:65)(cid:83)(cid:0)(cid:65)(cid:76)(cid:83)(cid:79)(cid:0)(cid:67)(cid:85)(cid:84)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:83)(cid:0)(cid:66)(cid:89)(cid:0)(cid:69)(cid:88)(cid:84)(cid:69)(cid:78)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:73)(cid:70)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:69)(cid:88)(cid:73)(cid:83)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:72)(cid:65)(cid:82)(cid:68)(cid:87)(cid:65)(cid:82)(cid:69)(cid:14)

(cid:41)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:69)(cid:68)(cid:85)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:69)(cid:81)(cid:85)(cid:73)(cid:84)(cid:89)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:69)(cid:65)(cid:83)(cid:89)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:65)(cid:76)(cid:76)(cid:14)(cid:0)(cid:40)(cid:37)(cid:51)(cid:0)(cid:33)(cid:77)(cid:83)(cid:84)(cid:69)(cid:82)(cid:68)(cid:65)(cid:77)(cid:0)
(cid:73)(cid:83)(cid:0)(cid:79)(cid:78)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:83)(cid:84)(cid:0)(cid:73)(cid:78)(cid:83)(cid:84)(cid:73)(cid:84)(cid:85)(cid:84)(cid:69)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:80)(cid:82)(cid:79)(cid:70)(cid:69)(cid:83)(cid:83)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:69)(cid:68)(cid:85)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:46)(cid:69)(cid:84)(cid:72)(cid:69)(cid:82)(cid:76)(cid:65)(cid:78)(cid:68)(cid:83)(cid:14)(cid:0)
(cid:53)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:84)(cid:79)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)(cid:22)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)(cid:83)(cid:84)(cid:85)(cid:68)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:83)(cid:84)(cid:65)(cid:70)(cid:70)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)
(cid:19)(cid:21)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:73)(cid:78)(cid:83)(cid:84)(cid:73)(cid:84)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:72)(cid:65)(cid:83)(cid:0)(cid:83)(cid:65)(cid:86)(cid:69)(cid:68)(cid:0)(cid:189)(cid:20)(cid:21)(cid:16)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)(cid:79)(cid:86)(cid:69)(cid:82)(cid:0)(cid:84)(cid:87)(cid:79)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:83)(cid:14)

(cid:47)(cid:80)(cid:69)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:66)(cid:82)(cid:65)(cid:78)(cid:67)(cid:72)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:68)(cid:69)(cid:65)(cid:76)(cid:69)(cid:82)(cid:83)(cid:72)(cid:73)(cid:80)(cid:83)(cid:0)(cid:70)(cid:65)(cid:83)(cid:84)(cid:69)(cid:82)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:70)(cid:65)(cid:82)(cid:0)(cid:76)(cid:69)(cid:83)(cid:83)(cid:14)(cid:0)
(cid:50)(cid:85)(cid:83)(cid:83)(cid:69)(cid:76)(cid:76)(cid:0)(cid:41)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:39)(cid:82)(cid:79)(cid:85)(cid:80)(cid:12)(cid:0)(cid:65)(cid:0)(cid:71)(cid:76)(cid:79)(cid:66)(cid:65)(cid:76)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:85)(cid:76)(cid:84)(cid:73)(cid:13)(cid:77)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)(cid:12)(cid:0)(cid:68)(cid:69)(cid:76)(cid:73)(cid:86)(cid:69)(cid:82)(cid:83)(cid:0)
(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:69)(cid:69)(cid:83)(cid:0)(cid:86)(cid:73)(cid:65)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:55)(cid:69)(cid:66)(cid:0)(cid:110)(cid:0)(cid:67)(cid:85)(cid:84)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:79)(cid:80)(cid:69)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:69)(cid:65)(cid:67)(cid:72)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)
(cid:0)
(cid:108)(cid:0)(cid:69)(cid:76)(cid:68)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:0)(cid:66)(cid:89)(cid:0)(cid:4)(cid:25)(cid:16)(cid:12)(cid:16)(cid:16)(cid:16)(cid:14)(cid:0)(cid:104)(cid:47)(cid:86)(cid:69)(cid:82)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:78)(cid:69)(cid:88)(cid:84)(cid:0)(cid:108)(cid:0)(cid:86)(cid:69)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:83)(cid:12)(cid:0)(cid:50)(cid:85)(cid:83)(cid:83)(cid:69)(cid:76)(cid:76)(cid:0)(cid:76)(cid:73)(cid:75)(cid:69)(cid:76)(cid:89)(cid:0)(cid:87)(cid:73)(cid:76)(cid:76)(cid:0)(cid:82)(cid:69)(cid:65)(cid:76)(cid:73)(cid:90)(cid:69)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)
(cid:4)(cid:21)
(cid:40)(cid:65)(cid:78)(cid:76)(cid:89)(cid:12)(cid:0)(cid:104)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:78)(cid:0)(cid:65)(cid:68)(cid:68)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:4)(cid:20)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:78)(cid:0)(cid:70)(cid:85)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:0)(cid:65)(cid:86)(cid:79)(cid:73)(cid:68)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:79)(cid:85)(cid:84)(cid:83)(cid:79)(cid:85)(cid:82)(cid:67)(cid:73)(cid:78)(cid:71)(cid:0)(cid:41)(cid:52)(cid:0)(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:14)(cid:118)

(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:78)(cid:0)(cid:83)(cid:65)(cid:86)(cid:73)(cid:78)(cid:71)(cid:83)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:73)(cid:77)(cid:80)(cid:76)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:12)(cid:118)(cid:0)(cid:83)(cid:65)(cid:89)(cid:83)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:41)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:47)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:82)(cid:0)(cid:52)(cid:79)(cid:77)(cid:0)

(cid:37)(cid:76)(cid:69)(cid:86)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:78)(cid:0)(cid:68)(cid:69)(cid:77)(cid:65)(cid:78)(cid:68)(cid:14)(cid:0)(cid:45)(cid:65)(cid:82)(cid:73)(cid:84)(cid:90)(cid:0)(cid:52)(cid:82)(cid:65)(cid:86)(cid:69)(cid:76)(cid:12)(cid:0)
(cid:69)(cid:86)(cid:69)(cid:78)(cid:84)
(cid:0)
(cid:65)(cid:0)(cid:4)(cid:17)(cid:14)(cid:21)(cid:13)(cid:66)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:78)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)
(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:84)(cid:79)(cid:0)(cid:68)(cid:69)(cid:76)(cid:73)(cid:86)(cid:69)(cid:82)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:73)(cid:84)(cid:83)(cid:0)(cid:70)(cid:65)(cid:82)(cid:13)(cid:109)(cid:0)(cid:85)(cid:78)(cid:71)(cid:0)(cid:84)(cid:82)(cid:65)(cid:86)(cid:69)(cid:76)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:83)(cid:0)(cid:110)(cid:0)(cid:82)(cid:65)(cid:73)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:81)(cid:85)(cid:65)(cid:76)(cid:73)(cid:84)(cid:89)(cid:0)(cid:79)(cid:70)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:0)
(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:12)(cid:0)(cid:73)(cid:77)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:80)(cid:69)(cid:82)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:66)(cid:89)(cid:0)(cid:19)(cid:16)(cid:16)(cid:5)(cid:12)(cid:0)(cid:82)(cid:69)(cid:68)(cid:85)(cid:67)(cid:73)(cid:78)(cid:71)(cid:0)(cid:41)(cid:52)(cid:0)(cid:83)(cid:85)(cid:80)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:83)(cid:0)(cid:66)(cid:89)(cid:0)
(cid:23)(cid:21)(cid:5)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:67)(cid:85)(cid:84)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:72)(cid:69)(cid:76)(cid:80)(cid:68)(cid:69)(cid:83)(cid:75)(cid:0)(cid:67)(cid:65)(cid:76)(cid:76)(cid:83)(cid:0)(cid:66)(cid:89)(cid:0)(cid:85)(cid:80)(cid:0)(cid:84)(cid:79)(cid:0)(cid:25)(cid:23)(cid:5)(cid:14)

(cid:0) (cid:84)(cid:82)(cid:65)(cid:86)(cid:69)(cid:76)(cid:12)(cid:0) (cid:85)(cid:83)(cid:69)(cid:83)(cid:0)

(cid:67)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)

(cid:73)(cid:78)(cid:67)(cid:69)(cid:78)(cid:84)(cid:73)(cid:86)(cid:69)

(cid:77)(cid:69)(cid:69)(cid:84)(cid:73)(cid:78)(cid:71)(cid:12)

(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)

(cid:12)

(cid:0)

(cid:50)(cid:65)(cid:73)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:68)(cid:69)(cid:65)(cid:76)(cid:69)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:89)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:73)(cid:78)(cid:83)(cid:84)(cid:65)(cid:78)(cid:84)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:83)(cid:65)(cid:76)(cid:69)(cid:83)(cid:0)(cid:84)(cid:79)(cid:79)(cid:76)(cid:83)(cid:14)(cid:0)(cid:45)(cid:85)(cid:84)(cid:85)(cid:65)(cid:76)(cid:0)
(cid:51)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:83)(cid:0)(cid:65)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:73)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:108)(cid:0)(cid:82)(cid:77)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:83)(cid:0)(cid:19)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)(cid:73)(cid:78)(cid:68)(cid:69)(cid:80)(cid:69)(cid:78)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:108)(cid:0)(cid:78)(cid:65)(cid:78)(cid:67)(cid:73)(cid:65)(cid:76)(cid:0)
(cid:80)(cid:76)(cid:65)(cid:78)(cid:78)(cid:69)(cid:82)(cid:83)(cid:14)(cid:0)(cid:104)(cid:55)(cid:69)(cid:0)(cid:78)(cid:69)(cid:69)(cid:68)(cid:69)(cid:68)(cid:0)(cid:65)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:82)(cid:69)(cid:72)(cid:69)(cid:78)(cid:83)(cid:73)(cid:86)(cid:69)(cid:0)(cid:83)(cid:79)(cid:76)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:84)(cid:79)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:66)(cid:82)(cid:79)(cid:75)(cid:69)(cid:82)(cid:83)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:80)(cid:69)(cid:82)(cid:83)(cid:79)(cid:78)(cid:65)(cid:76)(cid:13)
(cid:73)(cid:90)(cid:69)(cid:68)(cid:12)(cid:0)(cid:82)(cid:69)(cid:65)(cid:76)(cid:13)(cid:84)(cid:73)(cid:77)(cid:69)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:83)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)(cid:65)(cid:67)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:0)(cid:83)(cid:69)(cid:84)(cid:85)(cid:80)(cid:0)(cid:84)(cid:69)(cid:77)(cid:80)(cid:76)(cid:65)(cid:84)(cid:69)(cid:83)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:73)(cid:82)(cid:68)(cid:13)(cid:80)(cid:65)(cid:82)(cid:84)(cid:89)(cid:0)
(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:12)(cid:118)(cid:0)(cid:83)(cid:65)(cid:89)(cid:83)(cid:0)(cid:35)(cid:41)(cid:47)(cid:0)(cid:35)(cid:72)(cid:82)(cid:73)(cid:83)(cid:84)(cid:79)(cid:80)(cid:72)(cid:69)(cid:82)(cid:0)(cid:39)(cid:82)(cid:65)(cid:78)(cid:84)(cid:0)(cid:45)(cid:67)(cid:36)(cid:65)(cid:78)(cid:73)(cid:69)(cid:76)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:79)(cid:76)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:104)(cid:72)(cid:65)(cid:83)(cid:0)(cid:71)(cid:82)(cid:69)(cid:65)(cid:84)(cid:76)(cid:89)(cid:0)
(cid:73)(cid:77)(cid:80)(cid:82)(cid:79)(cid:86)(cid:69)(cid:68)(cid:0)(cid:66)(cid:82)(cid:79)(cid:75)(cid:69)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:89)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:67)(cid:76)(cid:73)(cid:69)(cid:78)(cid:84)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:12)(cid:0)(cid:65)(cid:76)(cid:76)(cid:79)(cid:87)(cid:73)(cid:78)(cid:71)(cid:0)(cid:85)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:66)(cid:69)(cid:0)(cid:65)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:65)(cid:71)(cid:73)(cid:76)(cid:69)(cid:0)(cid:79)(cid:82)(cid:71)(cid:65)(cid:78)(cid:73)(cid:90)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:14)(cid:118)

(cid:34)(cid:79)(cid:79)(cid:83)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:77)(cid:65)(cid:82)(cid:71)(cid:73)(cid:78)(cid:83)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:76)(cid:79)(cid:87)(cid:69)(cid:82)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:72)(cid:73)(cid:71)(cid:72)(cid:69)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:89)(cid:14)(cid:0)(cid:45)(cid:65)(cid:82)(cid:85)(cid:84)(cid:73)(cid:0)
(cid:53)(cid:68)(cid:89)(cid:79)(cid:71)(cid:0)(cid:44)(cid:73)(cid:77)(cid:73)(cid:84)(cid:69)(cid:68)(cid:0)(cid:8)(cid:45)(cid:53)(cid:44)(cid:9)(cid:0)(cid:73)(cid:83)(cid:0)(cid:41)(cid:78)(cid:68)(cid:73)(cid:65)(cid:7)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:69)(cid:77)(cid:79)(cid:83)(cid:84)(cid:0)(cid:65)(cid:85)(cid:84)(cid:79)(cid:77)(cid:79)(cid:66)(cid:73)(cid:76)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:14)(cid:0)(cid:45)(cid:53)(cid:44)(cid:0)(cid:85)(cid:83)(cid:69)(cid:83)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:84)(cid:79)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:0)
(cid:17)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)(cid:78)(cid:69)(cid:84)(cid:87)(cid:79)(cid:82)(cid:75)(cid:69)(cid:68)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:69)(cid:69)(cid:83)(cid:12)(cid:0)(cid:65)(cid:83)(cid:0)(cid:87)(cid:69)(cid:76)(cid:76)(cid:0)(cid:65)(cid:83)(cid:0)(cid:18)(cid:21)(cid:16)(cid:0)(cid:68)(cid:69)(cid:65)(cid:76)(cid:69)(cid:82)(cid:83)(cid:72)(cid:73)(cid:80)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:19)(cid:21)(cid:16)(cid:0)(cid:83)(cid:85)(cid:80)(cid:80)(cid:76)(cid:73)(cid:69)(cid:82)(cid:83)(cid:12)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)
(cid:84)(cid:79)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:0)(cid:37)(cid:50)(cid:48)(cid:0)(cid:83)(cid:85)(cid:73)(cid:84)(cid:69)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:0)(cid:72)(cid:65)(cid:83)(cid:0)(cid:82)(cid:69)(cid:68)(cid:85)(cid:67)(cid:69)(cid:68)(cid:0)(cid:73)(cid:84)(cid:83)(cid:0)(cid:84)(cid:79)(cid:84)(cid:65)(cid:76)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:0)
(cid:79)(cid:70)(cid:0)(cid:41)(cid:52)(cid:0)(cid:79)(cid:87)(cid:78)(cid:69)(cid:82)(cid:83)(cid:72)(cid:73)(cid:80)(cid:0)(cid:66)(cid:89)(cid:0)(cid:18)(cid:16)(cid:5)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:14)

(cid:48)(cid:85)(cid:84)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:65)(cid:88)(cid:69)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:66)(cid:69)(cid:84)(cid:84)(cid:69)(cid:82)(cid:0)(cid:85)(cid:83)(cid:69)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:73)(cid:77)(cid:80)(cid:82)(cid:79)(cid:86)(cid:69)(cid:68)(cid:0)(cid:80)(cid:85)(cid:66)(cid:76)(cid:73)(cid:67)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:14)(cid:0)(cid:45)(cid:69)(cid:82)(cid:83)(cid:69)(cid:89)(cid:83)(cid:73)(cid:68)(cid:69)(cid:0)
(cid:48)(cid:79)(cid:76)(cid:73)(cid:67)(cid:69)(cid:0)(cid:73)(cid:83)(cid:0)(cid:82)(cid:69)(cid:83)(cid:80)(cid:79)(cid:78)(cid:83)(cid:73)(cid:66)(cid:76)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:67)(cid:82)(cid:73)(cid:77)(cid:69)(cid:0)(cid:80)(cid:82)(cid:69)(cid:86)(cid:69)(cid:78)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:78)(cid:0)(cid:20)(cid:22)(cid:0)(cid:78)(cid:69)(cid:73)(cid:71)(cid:72)(cid:66)(cid:79)(cid:82)(cid:72)(cid:79)(cid:79)(cid:68)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:78)(cid:79)(cid:82)(cid:84)(cid:72)(cid:0)(cid:79)(cid:70)(cid:0)(cid:37)(cid:78)(cid:71)(cid:76)(cid:65)(cid:78)(cid:68)(cid:14)(cid:0)
(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:68)(cid:69)(cid:76)(cid:73)(cid:86)(cid:69)(cid:82)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:87)(cid:73)(cid:82)(cid:69)(cid:76)(cid:69)(cid:83)(cid:83)(cid:76)(cid:89)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:80)(cid:79)(cid:82)(cid:84)(cid:65)(cid:66)(cid:76)(cid:69)(cid:0)(cid:80)(cid:79)(cid:76)(cid:73)(cid:67)(cid:69)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:72)(cid:73)(cid:71)(cid:72)(cid:13)(cid:67)(cid:82)(cid:73)(cid:77)(cid:69)(cid:0)
(cid:65)(cid:82)(cid:69)(cid:65)(cid:83)(cid:14)(cid:0)(cid:104)(cid:52)(cid:72)(cid:69)(cid:83)(cid:69)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)(cid:80)(cid:79)(cid:76)(cid:73)(cid:67)(cid:69)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:69)(cid:78)(cid:65)(cid:66)(cid:76)(cid:69)(cid:0)(cid:85)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:87)(cid:79)(cid:82)(cid:75)(cid:0)(cid:68)(cid:73)(cid:82)(cid:69)(cid:67)(cid:84)(cid:76)(cid:89)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:72)(cid:69)(cid:65)(cid:82)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:77)(cid:85)(cid:13)
(cid:78)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)(cid:0)(cid:87)(cid:69)(cid:0)(cid:80)(cid:79)(cid:76)(cid:73)(cid:67)(cid:69)(cid:12)(cid:118)(cid:0)(cid:83)(cid:65)(cid:89)(cid:83)(cid:0)(cid:51)(cid:69)(cid:82)(cid:71)(cid:69)(cid:65)(cid:78)(cid:84)(cid:0)(cid:39)(cid:65)(cid:82)(cid:89)(cid:0)(cid:38)(cid:65)(cid:73)(cid:82)(cid:66)(cid:82)(cid:79)(cid:84)(cid:72)(cid:69)(cid:82)(cid:14)(cid:0)(cid:104)(cid:53)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:77)(cid:79)(cid:66)(cid:73)(cid:76)(cid:69)(cid:0)(cid:84)(cid:69)(cid:67)(cid:72)(cid:78)(cid:79)(cid:76)(cid:79)(cid:71)(cid:89)(cid:0)(cid:84)(cid:79)(cid:0)(cid:71)(cid:73)(cid:86)(cid:69)(cid:0)
(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:82)(cid:83)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:67)(cid:69)(cid:78)(cid:84)(cid:82)(cid:65)(cid:76)(cid:0)(cid:68)(cid:65)(cid:84)(cid:65)(cid:66)(cid:65)(cid:83)(cid:69)(cid:0)(cid:83)(cid:85)(cid:80)(cid:80)(cid:79)(cid:82)(cid:84)(cid:83)(cid:0)(cid:84)(cid:72)(cid:73)(cid:83)(cid:0)(cid:71)(cid:79)(cid:65)(cid:76)(cid:14)(cid:118)

(cid:84)
(cid:82)
(cid:79)
(cid:80)
(cid:69)
(cid:50)

(cid:0)
(cid:76)

(cid:65)
(cid:85)
(cid:78)
(cid:78)
(cid:33)

(cid:0)
(cid:19)
(cid:16)
(cid:16)
(cid:18)
(cid:0)

(cid:88)

(cid:73)
(cid:82)
(cid:84)
(cid:73)

(cid:35)

(cid:17)(cid:14)

(cid:45)(cid:65)(cid:82)(cid:75)(cid:0)(cid:34)(cid:14)(cid:0)(cid:52)(cid:69)(cid:77)(cid:80)(cid:76)(cid:69)(cid:84)(cid:79)(cid:78)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:37)(cid:47)

(cid:36)(cid:69)(cid:65)(cid:82)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:72)(cid:65)(cid:82)(cid:69)(cid:72)(cid:79)(cid:76)(cid:68)(cid:69)(cid:82)(cid:83)(cid:26)(cid:0)(cid:33)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:83)(cid:0)(cid:67)(cid:69)(cid:78)(cid:84)(cid:82)(cid:65)(cid:76)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:76)(cid:76)(cid:0)(cid:87)(cid:69)(cid:0)(cid:68)(cid:79)(cid:0)(cid:110)(cid:0)(cid:65)(cid:83)(cid:0)(cid:73)(cid:78)(cid:68)(cid:73)(cid:86)(cid:73)(cid:68)(cid:85)(cid:65)(cid:76)(cid:83)(cid:12)(cid:0)(cid:65)(cid:83)(cid:0)

(cid:79)(cid:82)(cid:71)(cid:65)(cid:78)(cid:73)(cid:90)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:12)(cid:0)(cid:65)(cid:83)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:69)(cid:83)(cid:14)(cid:0)(cid:33)(cid:0)(cid:68)(cid:79)(cid:67)(cid:84)(cid:79)(cid:82)(cid:0)(cid:87)(cid:72)(cid:79)(cid:0)(cid:67)(cid:65)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:65)(cid:67)(cid:67)(cid:85)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)(cid:80)(cid:65)(cid:84)(cid:73)(cid:69)(cid:78)(cid:84)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:65)(cid:78)(cid:89)(cid:87)(cid:72)(cid:69)(cid:82)(cid:69)(cid:0)

(cid:65)(cid:84)(cid:0)(cid:65)(cid:78)(cid:89)(cid:84)(cid:73)(cid:77)(cid:69)(cid:0)(cid:67)(cid:65)(cid:78)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:0)(cid:66)(cid:69)(cid:84)(cid:84)(cid:69)(cid:82)(cid:0)(cid:72)(cid:69)(cid:65)(cid:76)(cid:84)(cid:72)(cid:0)(cid:67)(cid:65)(cid:82)(cid:69)(cid:14)(cid:0)(cid:33)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:82)(cid:65)(cid:80)(cid:73)(cid:68)(cid:76)(cid:89)(cid:0)(cid:80)(cid:76)(cid:85)(cid:71)(cid:83)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)(cid:66)(cid:82)(cid:65)(cid:78)(cid:67)(cid:72)(cid:0)(cid:79)(cid:70)(cid:108)(cid:67)(cid:69)(cid:83)(cid:0)(cid:73)(cid:78)(cid:84)(cid:79)(cid:0)(cid:73)(cid:84)(cid:83)(cid:0)

(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:76)(cid:73)(cid:70)(cid:69)(cid:76)(cid:73)(cid:78)(cid:69)(cid:0)(cid:67)(cid:65)(cid:78)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:81)(cid:85)(cid:73)(cid:67)(cid:75)(cid:76)(cid:89)(cid:0)(cid:84)(cid:82)(cid:65)(cid:78)(cid:83)(cid:70)(cid:79)(cid:82)(cid:77)(cid:0)(cid:84)(cid:72)(cid:69)(cid:77)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:67)(cid:79)(cid:83)(cid:84)(cid:0)(cid:67)(cid:69)(cid:78)(cid:84)(cid:69)(cid:82)(cid:83)(cid:0)(cid:73)(cid:78)(cid:84)(cid:79)(cid:0)(cid:82)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:0)(cid:69)(cid:78)(cid:71)(cid:73)(cid:78)(cid:69)(cid:83)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)

(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:89)(cid:79)(cid:85)(cid:0)(cid:76)(cid:79)(cid:79)(cid:75)(cid:0)(cid:65)(cid:84)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:66)(cid:65)(cid:83)(cid:73)(cid:67)(cid:0)(cid:65)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:76)(cid:73)(cid:70)(cid:69)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:73)(cid:78)(cid:68)(cid:85)(cid:83)(cid:84)(cid:82)(cid:73)(cid:69)(cid:83)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:66)(cid:85)(cid:73)(cid:76)(cid:84)(cid:0)(cid:65)(cid:82)(cid:79)(cid:85)(cid:78)(cid:68)(cid:0)

(cid:84)(cid:72)(cid:69)(cid:77)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:67)(cid:76)(cid:69)(cid:65)(cid:82)(cid:0)(cid:73)(cid:84)(cid:0)(cid:66)(cid:69)(cid:67)(cid:79)(cid:77)(cid:69)(cid:83)(cid:26)(cid:0)(cid:48)(cid:69)(cid:79)(cid:80)(cid:76)(cid:69)(cid:0)(cid:68)(cid:69)(cid:80)(cid:69)(cid:78)(cid:68)(cid:0)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:69)(cid:86)(cid:69)(cid:82)(cid:89)(cid:84)(cid:72)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:89)(cid:0)(cid:68)(cid:79)(cid:14)(cid:0)

(cid:33)(cid:78)(cid:68)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:79)(cid:78)(cid:76)(cid:89)(cid:0)(cid:69)(cid:78)(cid:84)(cid:69)(cid:82)(cid:80)(cid:82)(cid:73)(cid:83)(cid:69)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:73)(cid:83)(cid:0)(cid:17)(cid:16)(cid:16)(cid:5)(cid:0)(cid:70)(cid:79)(cid:67)(cid:85)(cid:83)(cid:69)(cid:68)(cid:0)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:12)(cid:0)(cid:73)(cid:83)(cid:0)(cid:87)(cid:69)(cid:76)(cid:76)(cid:0)(cid:80)(cid:79)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:69)(cid:68)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:77)(cid:69)(cid:69)(cid:84)(cid:0)(cid:84)(cid:72)(cid:73)(cid:83)(cid:0)(cid:85)(cid:78)(cid:73)(cid:86)(cid:69)(cid:82)(cid:83)(cid:65)(cid:76)(cid:0)(cid:78)(cid:69)(cid:69)(cid:68)(cid:14)

(cid:41)(cid:78)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:18)(cid:16)(cid:16)(cid:18)(cid:0)(cid:65)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:82)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)(cid:12)(cid:0)(cid:41)(cid:0)(cid:68)(cid:73)(cid:83)(cid:67)(cid:85)(cid:83)(cid:83)(cid:69)(cid:68)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:71)(cid:79)(cid:65)(cid:76)(cid:0)(cid:79)(cid:70)(cid:0)

(cid:41)(cid:78)(cid:0)(cid:45)(cid:65)(cid:82)(cid:67)(cid:72)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:65)(cid:78)(cid:78)(cid:79)(cid:85)(cid:78)(cid:67)(cid:69)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:0)(cid:33)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:65)(cid:67)(cid:72)(cid:73)(cid:69)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:83)(cid:85)(cid:83)(cid:84)(cid:65)(cid:73)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:0)(cid:66)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:68)(cid:79)(cid:76)(cid:76)(cid:65)(cid:82)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:65)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)

(cid:51)(cid:85)(cid:73)(cid:84)(cid:69)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:77)(cid:79)(cid:83)(cid:84)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:82)(cid:69)(cid:72)(cid:69)(cid:78)(cid:83)(cid:73)(cid:86)(cid:69)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)

(cid:82)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:0)(cid:66)(cid:89)(cid:0)(cid:70)(cid:79)(cid:67)(cid:85)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:68)(cid:82)(cid:73)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)

(cid:83)(cid:79)(cid:76)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:78)(cid:89)(cid:0)(cid:69)(cid:78)(cid:84)(cid:69)(cid:82)(cid:80)(cid:82)(cid:73)(cid:83)(cid:69)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)

(cid:83)(cid:84)(cid:65)(cid:78)(cid:68)(cid:65)(cid:82)(cid:68)(cid:73)(cid:90)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)

(cid:82)(cid:69)(cid:83)(cid:79)(cid:85)(cid:82)(cid:67)(cid:69)(cid:14)(cid:0)(cid:34)(cid:89)(cid:0)(cid:51)(cid:69)(cid:80)(cid:84)(cid:69)(cid:77)(cid:66)(cid:69)(cid:82)(cid:12)(cid:0)(cid:87)(cid:69)(cid:7)(cid:68)(cid:0)(cid:83)(cid:72)(cid:73)(cid:80)(cid:80)(cid:69)(cid:68)(cid:0)(cid:85)(cid:80)(cid:71)(cid:82)(cid:65)(cid:68)(cid:69)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)

(cid:65)(cid:83)(cid:0)(cid:65)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:0)(cid:65)(cid:68)(cid:86)(cid:65)(cid:78)(cid:84)(cid:65)(cid:71)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:14)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:69)(cid:78)(cid:84)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:51)(cid:69)(cid:82)(cid:86)(cid:69)(cid:82)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:55)(cid:73)(cid:78)(cid:68)(cid:79)(cid:87)(cid:83)(cid:0)

(cid:55)(cid:69)(cid:0)(cid:77)(cid:65)(cid:68)(cid:69)(cid:0)(cid:69)(cid:88)(cid:67)(cid:69)(cid:76)(cid:76)(cid:69)(cid:78)(cid:84)(cid:0)(cid:80)(cid:82)(cid:79)(cid:71)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:110)(cid:0)(cid:65)(cid:0)(cid:71)(cid:82)(cid:69)(cid:65)(cid:84)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)

(cid:70)(cid:79)(cid:82)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:12)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:65)(cid:76)(cid:76)(cid:89)(cid:12)(cid:0)(cid:108)(cid:0)(cid:78)(cid:65)(cid:78)(cid:67)(cid:73)(cid:65)(cid:76)(cid:76)(cid:89)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:76)(cid:89)(cid:14)

(cid:65)(cid:78)(cid:68)(cid:0)(cid:53)(cid:46)(cid:41)(cid:56)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:82)(cid:69)(cid:69)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:12)(cid:0)(cid:51)(cid:69)(cid:67)(cid:85)(cid:82)(cid:69)(cid:0)(cid:33)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:45)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:82)(cid:12)(cid:0)(cid:35)(cid:79)(cid:78)(cid:70)(cid:69)(cid:82)(cid:69)(cid:78)(cid:67)(cid:73)(cid:78)(cid:71)(cid:0)(cid:45)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:82)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:48)(cid:65)(cid:83)(cid:83)(cid:87)(cid:79)(cid:82)(cid:68)(cid:0)

(cid:0)(cid:45)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:82)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:0)(cid:33)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:51)(cid:85)(cid:73)(cid:84)(cid:69)(cid:0)(cid:72)(cid:65)(cid:68)(cid:0)

(cid:50)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:83)(cid:0)(cid:87)(cid:69)(cid:82)(cid:69)(cid:0)(cid:4)(cid:21)(cid:24)(cid:25)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:85)(cid:80)(cid:0)(cid:17)(cid:18)(cid:5)(cid:0)(cid:79)(cid:86)(cid:69)(cid:82)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:18)(cid:16)(cid:16)(cid:18)(cid:0)

(cid:71)(cid:79)(cid:78)(cid:69)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:89)(cid:0)(cid:84)(cid:79)(cid:0)(cid:82)(cid:69)(cid:65)(cid:76)(cid:73)(cid:84)(cid:89)(cid:14)

(cid:80)(cid:69)(cid:82)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:4)(cid:21)(cid:18)(cid:23)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:14)(cid:0)(cid:41)(cid:78)(cid:0)(cid:70)(cid:65)(cid:67)(cid:84)(cid:12)(cid:0)(cid:69)(cid:88)(cid:67)(cid:76)(cid:85)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:82)(cid:79)(cid:89)(cid:65)(cid:76)(cid:84)(cid:73)(cid:69)(cid:83)(cid:12)(cid:0)

(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:87)(cid:65)(cid:83)(cid:0)(cid:65)(cid:0)(cid:82)(cid:69)(cid:67)(cid:79)(cid:82)(cid:68)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:82)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:14)(cid:0)(cid:41)(cid:84)(cid:0)(cid:87)(cid:65)(cid:83)(cid:0)(cid:65)(cid:76)(cid:83)(cid:79)(cid:0)

(cid:65)(cid:0)(cid:82)(cid:69)(cid:67)(cid:79)(cid:82)(cid:68)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:66)(cid:79)(cid:79)(cid:75)(cid:73)(cid:78)(cid:71)(cid:83)(cid:12)(cid:0)(cid:68)(cid:82)(cid:73)(cid:86)(cid:69)(cid:78)(cid:0)(cid:66)(cid:89)(cid:0)(cid:83)(cid:79)(cid:76)(cid:73)(cid:68)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)

(cid:76)(cid:73)(cid:67)(cid:69)(cid:78)(cid:83)(cid:69)(cid:0)(cid:83)(cid:65)(cid:76)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:82)(cid:69)(cid:78)(cid:69)(cid:87)(cid:65)(cid:76)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:51)(cid:85)(cid:66)(cid:83)(cid:67)(cid:82)(cid:73)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:33)(cid:68)(cid:86)(cid:65)(cid:78)(cid:84)(cid:65)(cid:71)(cid:69)(cid:12)(cid:0)

(cid:79)(cid:85)(cid:82)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)(cid:76)(cid:73)(cid:67)(cid:69)(cid:78)(cid:83)(cid:69)(cid:0)(cid:85)(cid:80)(cid:68)(cid:65)(cid:84)(cid:69)(cid:0)(cid:80)(cid:82)(cid:79)(cid:71)(cid:82)(cid:65)(cid:77)(cid:14)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:78)(cid:69)(cid:84)(cid:0)

(cid:73)(cid:78)(cid:67)(cid:79)(cid:77)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:87)(cid:65)(cid:83)(cid:0)(cid:4)(cid:17)(cid:18)(cid:22)(cid:14)(cid:25)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:79)(cid:82)(cid:0)(cid:4)(cid:16)(cid:14)(cid:23)(cid:20)(cid:0)(cid:80)(cid:69)(cid:82)(cid:0)

(cid:33)(cid:84)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:47)(cid:67)(cid:84)(cid:79)(cid:66)(cid:69)(cid:82)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:0)(cid:67)(cid:79)(cid:78)(cid:70)(cid:69)(cid:82)(cid:69)(cid:78)(cid:67)(cid:69)(cid:12)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:73)(cid:38)(cid:79)(cid:82)(cid:85)(cid:77)(cid:0)

(cid:18)(cid:16)(cid:16)(cid:19)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:77)(cid:65)(cid:68)(cid:69)(cid:0)(cid:73)(cid:84)(cid:0)(cid:69)(cid:65)(cid:83)(cid:89)(cid:0)(cid:84)(cid:79)(cid:0)(cid:66)(cid:85)(cid:89)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:85)(cid:73)(cid:84)(cid:69)(cid:12)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:84)(cid:72)(cid:82)(cid:69)(cid:69)(cid:0)

(cid:66)(cid:85)(cid:78)(cid:68)(cid:76)(cid:69)(cid:68)(cid:0)(cid:80)(cid:82)(cid:73)(cid:67)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:110)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:51)(cid:85)(cid:73)(cid:84)(cid:69)(cid:0)(cid:37)(cid:68)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)

(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:51)(cid:84)(cid:69)(cid:80)(cid:13)(cid:53)(cid:80)(cid:0)(cid:37)(cid:68)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:69)(cid:88)(cid:73)(cid:83)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:12)(cid:0)

(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:45)(cid:73)(cid:71)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:37)(cid:68)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:0)(cid:17)(cid:14)(cid:24)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:14)

(cid:68)(cid:73)(cid:76)(cid:85)(cid:84)(cid:69)(cid:68)(cid:0)(cid:83)(cid:72)(cid:65)(cid:82)(cid:69)(cid:12)(cid:0)(cid:65)(cid:83)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:82)(cid:69)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:78)(cid:69)(cid:84)(cid:0)(cid:73)(cid:78)(cid:67)(cid:79)(cid:77)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:18)(cid:16)(cid:16)(cid:18)(cid:0)

(cid:44)(cid:65)(cid:84)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:49)(cid:19)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:76)(cid:65)(cid:85)(cid:78)(cid:67)(cid:72)(cid:69)(cid:68)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:108)(cid:0)(cid:82)(cid:83)(cid:84)(cid:13)(cid:69)(cid:86)(cid:69)(cid:82)(cid:12)(cid:0)(cid:77)(cid:85)(cid:76)(cid:84)(cid:73)(cid:13)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:13)

(cid:79)(cid:70)(cid:0)(cid:4)(cid:25)(cid:19)(cid:14)(cid:25)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:79)(cid:82)(cid:0)(cid:4)(cid:16)(cid:14)(cid:21)(cid:18)(cid:0)(cid:80)(cid:69)(cid:82)(cid:0)(cid:68)(cid:73)(cid:76)(cid:85)(cid:84)(cid:69)(cid:68)(cid:0)(cid:83)(cid:72)(cid:65)(cid:82)(cid:69)(cid:14)(cid:0)(cid:33)(cid:78)(cid:68)(cid:0)

(cid:68)(cid:79)(cid:76)(cid:76)(cid:65)(cid:82)(cid:12)(cid:0)(cid:87)(cid:79)(cid:82)(cid:76)(cid:68)(cid:87)(cid:73)(cid:68)(cid:69)(cid:0)(cid:65)(cid:68)(cid:86)(cid:69)(cid:82)(cid:84)(cid:73)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:67)(cid:65)(cid:77)(cid:80)(cid:65)(cid:73)(cid:71)(cid:78)(cid:0)(cid:70)(cid:69)(cid:65)(cid:84)(cid:85)(cid:82)(cid:73)(cid:78)(cid:71)(cid:0)

(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:77)(cid:65)(cid:82)(cid:71)(cid:73)(cid:78)(cid:83)(cid:0)(cid:87)(cid:69)(cid:82)(cid:69)(cid:0)(cid:83)(cid:79)(cid:76)(cid:73)(cid:68)(cid:0)(cid:65)(cid:84)(cid:0)(cid:18)(cid:22)(cid:5)(cid:12)(cid:0)(cid:85)(cid:80)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)

(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:0)(cid:68)(cid:69)(cid:83)(cid:67)(cid:82)(cid:73)(cid:66)(cid:73)(cid:78)(cid:71)(cid:0)(cid:72)(cid:79)(cid:87)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)(cid:73)(cid:83)(cid:0)(cid:72)(cid:69)(cid:76)(cid:80)(cid:73)(cid:78)(cid:71)(cid:0)

(cid:18)(cid:16)(cid:5)(cid:0)(cid:73)(cid:78)(cid:0)(cid:18)(cid:16)(cid:16)(cid:18)(cid:14)

(cid:47)(cid:85)(cid:82)(cid:0)(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:80)(cid:69)(cid:82)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:73)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:82)(cid:69)(cid:83)(cid:85)(cid:76)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:76)(cid:79)(cid:78)(cid:71)(cid:13)(cid:84)(cid:69)(cid:82)(cid:77)(cid:0)

(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:82)(cid:69)(cid:109)(cid:0)(cid:69)(cid:67)(cid:84)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:82)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)

(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:78)(cid:69)(cid:87)(cid:0)(cid:83)(cid:85)(cid:73)(cid:84)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:0)

(cid:65)(cid:68)(cid:68)(cid:82)(cid:69)(cid:83)(cid:83)(cid:69)(cid:83)(cid:14)(cid:0)(cid:41)(cid:84)(cid:0)(cid:87)(cid:65)(cid:83)(cid:0)(cid:65)(cid:76)(cid:83)(cid:79)(cid:0)(cid:65)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:79)(cid:70)(cid:0)(cid:69)(cid:88)(cid:67)(cid:69)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:69)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)

(cid:110)(cid:0)(cid:69)(cid:83)(cid:80)(cid:69)(cid:67)(cid:73)(cid:65)(cid:76)(cid:76)(cid:89)(cid:0)(cid:73)(cid:78)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:12)(cid:0)(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:71)(cid:79)(cid:13)(cid:84)(cid:79)(cid:13)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)

(cid:84)(cid:72)(cid:69)(cid:77)(cid:0)(cid:71)(cid:82)(cid:79)(cid:87)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:73)(cid:77)(cid:80)(cid:82)(cid:79)(cid:86)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:73)(cid:82)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)(cid:77)(cid:85)(cid:76)(cid:84)(cid:73)(cid:13)

(cid:70)(cid:65)(cid:67)(cid:69)(cid:84)(cid:69)(cid:68)(cid:0)(cid:67)(cid:65)(cid:77)(cid:80)(cid:65)(cid:73)(cid:71)(cid:78)(cid:12)(cid:0)(cid:87)(cid:72)(cid:73)(cid:67)(cid:72)(cid:0)(cid:87)(cid:73)(cid:76)(cid:76)(cid:0)(cid:67)(cid:79)(cid:78)(cid:84)(cid:73)(cid:78)(cid:85)(cid:69)(cid:0)(cid:84)(cid:72)(cid:82)(cid:79)(cid:85)(cid:71)(cid:72)(cid:0)(cid:18)(cid:16)(cid:16)(cid:20)(cid:12)(cid:0)

(cid:70)(cid:69)(cid:65)(cid:84)(cid:85)(cid:82)(cid:69)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:41)(cid:47)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:83)(cid:85)(cid:67)(cid:72)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:73)(cid:69)(cid:83)(cid:0)(cid:65)(cid:83)(cid:0)(cid:36)(cid:69)(cid:76)(cid:84)(cid:65)(cid:0)(cid:33)(cid:73)(cid:82)(cid:0)(cid:44)(cid:73)(cid:78)(cid:69)(cid:83)(cid:12)(cid:0)

(cid:33)(cid:85)(cid:84)(cid:79)(cid:46)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:51)(cid:85)(cid:77)(cid:73)(cid:84)(cid:79)(cid:77)(cid:79)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:71)(cid:79)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:78)(cid:0)(cid:82)(cid:69)(cid:67)(cid:79)(cid:82)(cid:68)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:69)(cid:88)(cid:80)(cid:76)(cid:65)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:86)(cid:65)(cid:76)(cid:85)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:73)(cid:82)(cid:0)(cid:73)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:73)(cid:78)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)

(cid:66)(cid:69)(cid:78)(cid:69)(cid:108)(cid:0)(cid:84)(cid:83)(cid:0)(cid:73)(cid:84)(cid:0)(cid:73)(cid:83)(cid:0)(cid:89)(cid:73)(cid:69)(cid:76)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:84)(cid:72)(cid:69)(cid:73)(cid:82)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:14)(cid:0)

(cid:68)(cid:69)(cid:86)(cid:69)(cid:76)(cid:79)(cid:80)(cid:77)(cid:69)(cid:78)(cid:84)(cid:14)(cid:0)(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:87)(cid:65)(cid:83)(cid:12)(cid:0)(cid:73)(cid:78)(cid:0)(cid:70)(cid:65)(cid:67)(cid:84)(cid:12)(cid:0)(cid:65)(cid:0)(cid:84)(cid:82)(cid:65)(cid:78)(cid:83)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)

(cid:39)(cid:79)(cid:73)(cid:78)(cid:71)(cid:0)(cid:70)(cid:79)(cid:82)(cid:87)(cid:65)(cid:82)(cid:68)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:69)(cid:76)(cid:69)(cid:86)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:69)(cid:86)(cid:69)(cid:82)(cid:89)(cid:84)(cid:72)(cid:73)(cid:78)(cid:71)(cid:0)(cid:110)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:70)(cid:79)(cid:67)(cid:85)(cid:83)(cid:0)

(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)(cid:80)(cid:79)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:67)(cid:72)(cid:73)(cid:69)(cid:86)(cid:69)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:71)(cid:79)(cid:65)(cid:76)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:71)(cid:82)(cid:79)(cid:87)(cid:84)(cid:72)(cid:14)

(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:0)

(cid:41)(cid:78)(cid:0)(cid:38)(cid:69)(cid:66)(cid:82)(cid:85)(cid:65)(cid:82)(cid:89)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:66)(cid:69)(cid:71)(cid:65)(cid:78)(cid:0)(cid:82)(cid:69)(cid:80)(cid:79)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)

(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:82)(cid:13)(cid:66)(cid:65)(cid:83)(cid:69)(cid:68)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:85)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)(cid:73)(cid:78)(cid:84)(cid:79)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:77)(cid:85)(cid:67)(cid:72)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:82)(cid:0)

(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)(cid:110)(cid:0)(cid:87)(cid:72)(cid:73)(cid:67)(cid:72)(cid:0)(cid:87)(cid:69)(cid:0)(cid:69)(cid:83)(cid:84)(cid:73)(cid:77)(cid:65)(cid:84)(cid:69)(cid:0)(cid:87)(cid:73)(cid:76)(cid:76)(cid:0)

(cid:71)(cid:82)(cid:79)(cid:87)(cid:0)(cid:84)(cid:79)(cid:0)(cid:4)(cid:24)(cid:110)(cid:17)(cid:16)(cid:0)(cid:66)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:86)(cid:69)(cid:82)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:78)(cid:69)(cid:88)(cid:84)(cid:0)(cid:84)(cid:72)(cid:82)(cid:69)(cid:69)(cid:0)(cid:84)(cid:79)(cid:0)(cid:70)(cid:79)(cid:85)(cid:82)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:83)(cid:14)(cid:0)

(cid:82)(cid:69)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:72)(cid:73)(cid:80)(cid:83)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:66)(cid:82)(cid:65)(cid:78)(cid:68)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:83)(cid:12)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:69)(cid:69)(cid:83)(cid:0)

(cid:65)(cid:78)(cid:68)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:83)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:14)(cid:0)(cid:33)(cid:78)(cid:68)(cid:12)(cid:0)(cid:84)(cid:79)(cid:0)(cid:68)(cid:82)(cid:73)(cid:86)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:84)(cid:65)(cid:78)(cid:68)(cid:65)(cid:82)(cid:68)(cid:13)

(cid:73)(cid:90)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:12)(cid:0)(cid:87)(cid:69)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:65)(cid:76)(cid:83)(cid:79)(cid:0)

(cid:69)(cid:76)(cid:69)(cid:86)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:65)(cid:0)(cid:84)(cid:65)(cid:67)(cid:84)(cid:73)(cid:67)(cid:65)(cid:76)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:79)(cid:78)(cid:69)(cid:78)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:41)(cid:52)(cid:0)(cid:84)(cid:79)(cid:0)

(cid:65)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:0)(cid:69)(cid:76)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:69)(cid:86)(cid:69)(cid:82)(cid:89)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:14)

(cid:16)(cid:19)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:18)(cid:22)(cid:14)(cid:25)(cid:0)

(cid:16)(cid:18)(cid:0)(cid:92)(cid:0)(cid:4)(cid:25)(cid:19)(cid:14)(cid:25)

(cid:16)(cid:17)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:16)(cid:21)(cid:14)(cid:19)

(cid:16)(cid:16)(cid:0)(cid:92)(cid:0)(cid:4)(cid:25)(cid:20)(cid:14)(cid:21)

(cid:25)(cid:25)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:17)(cid:22)(cid:14)(cid:25)

(cid:16)(cid:19)(cid:0)(cid:92)(cid:0)(cid:4)(cid:16)(cid:14)(cid:23)(cid:20)(cid:0)

(cid:16)(cid:18)(cid:0)(cid:92)(cid:0)(cid:4)(cid:16)(cid:14)(cid:21)(cid:18)

(cid:16)(cid:17)(cid:0)(cid:92)(cid:0)(cid:4)(cid:16)(cid:14)(cid:21)(cid:20)

(cid:16)(cid:16)(cid:0)(cid:92)(cid:0)(cid:4)(cid:16)(cid:14)(cid:20)(cid:23)

(cid:25)(cid:25)(cid:0)(cid:92)(cid:0)(cid:4)(cid:16)(cid:14)(cid:22)(cid:17)

(cid:18)(cid:14)

(cid:46)(cid:69)(cid:84)(cid:0)(cid:41)(cid:78)(cid:67)(cid:79)(cid:77)(cid:69)(cid:0)(cid:92)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:83)

(cid:36)(cid:73)(cid:76)(cid:85)(cid:84)(cid:69)(cid:68)(cid:0)(cid:37)(cid:65)(cid:82)(cid:78)(cid:73)(cid:78)(cid:71)(cid:83)(cid:0)(cid:48)(cid:69)(cid:82)(cid:0)(cid:51)(cid:72)(cid:65)(cid:82)(cid:69)(cid:0)(cid:92)(cid:0)(cid:73)(cid:78)(cid:0)(cid:68)(cid:79)(cid:76)(cid:76)(cid:65)(cid:82)(cid:83)

(cid:37)(cid:86)(cid:69)(cid:82)(cid:89)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:73)(cid:84)(cid:73)(cid:65)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:110)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:45)(cid:6)(cid:33)(cid:0)(cid:84)(cid:79)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:84)(cid:72)(cid:69)(cid:0)(cid:65)(cid:67)(cid:81)(cid:85)(cid:73)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:84)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:69)(cid:78)(cid:68)(cid:0)(cid:79)(cid:70)(cid:0)(cid:38)(cid:69)(cid:66)(cid:82)(cid:85)(cid:65)(cid:82)(cid:89)(cid:0)(cid:18)(cid:16)(cid:16)(cid:20)(cid:12)(cid:0)(cid:37)(cid:88)(cid:80)(cid:69)(cid:82)(cid:84)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)

(cid:67)(cid:79)(cid:78)(cid:84)(cid:73)(cid:78)(cid:85)(cid:73)(cid:84)(cid:89)(cid:12)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:0)(cid:67)(cid:79)(cid:77)(cid:77)(cid:69)(cid:82)(cid:67)(cid:69)(cid:0)(cid:84)(cid:79)(cid:0)(cid:66)(cid:82)(cid:65)(cid:78)(cid:67)(cid:72)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:0)

(cid:73)(cid:83)(cid:0)(cid:78)(cid:79)(cid:87)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:47)(cid:78)(cid:76)(cid:73)(cid:78)(cid:69)(cid:0)(cid:36)(cid:73)(cid:86)(cid:73)(cid:83)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:39)(cid:79)(cid:52)(cid:79)(cid:45)(cid:89)(cid:48)(cid:35)(cid:154)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)

(cid:69)(cid:88)(cid:80)(cid:65)(cid:78)(cid:83)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:67)(cid:69)(cid:78)(cid:84)(cid:82)(cid:65)(cid:76)(cid:73)(cid:90)(cid:73)(cid:78)(cid:71)(cid:0)(cid:41)(cid:52)(cid:0)(cid:84)(cid:79)(cid:0)(cid:82)(cid:69)(cid:71)(cid:85)(cid:76)(cid:65)(cid:84)(cid:79)(cid:82)(cid:89)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:73)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)

(cid:39)(cid:79)(cid:52)(cid:79)(cid:33)(cid:83)(cid:83)(cid:73)(cid:83)(cid:84)(cid:169)(cid:0)(cid:69)(cid:88)(cid:84)(cid:69)(cid:78)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)

(cid:110)(cid:0)(cid:72)(cid:65)(cid:83)(cid:0)(cid:65)(cid:78)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:79)(cid:78)(cid:69)(cid:78)(cid:84)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:73)(cid:83)(cid:0)(cid:67)(cid:82)(cid:73)(cid:84)(cid:73)(cid:67)(cid:65)(cid:76)(cid:0)

(cid:65)(cid:78)(cid:68)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:76)(cid:73)(cid:86)(cid:69)(cid:0)(cid:79)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:68)(cid:69)(cid:83)(cid:75)(cid:84)(cid:79)(cid:80)(cid:0)(cid:48)(cid:35)(cid:14)(cid:0)(cid:46)(cid:79)(cid:87)(cid:12)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:73)(cid:84)(cid:83)(cid:0)(cid:83)(cid:85)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:14)(cid:0)(cid:41)(cid:84)(cid:0)(cid:73)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:74)(cid:79)(cid:66)(cid:0)(cid:79)(cid:70)(cid:0)(cid:35)(cid:41)(cid:47)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:83)(cid:85)(cid:80)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:84)(cid:72)(cid:69)(cid:83)(cid:69)(cid:0)

(cid:87)(cid:72)(cid:69)(cid:84)(cid:72)(cid:69)(cid:82)(cid:0)(cid:89)(cid:79)(cid:85)(cid:82)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:72)(cid:79)(cid:83)(cid:84)(cid:69)(cid:68)(cid:0)(cid:79)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:82)(cid:12)(cid:0)

(cid:73)(cid:78)(cid:73)(cid:84)(cid:73)(cid:65)(cid:84)(cid:73)(cid:86)(cid:69)(cid:83)(cid:0)(cid:66)(cid:89)(cid:0)(cid:69)(cid:78)(cid:83)(cid:85)(cid:82)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:69)(cid:69)(cid:83)(cid:12)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)

(cid:84)(cid:72)(cid:69)(cid:0)(cid:68)(cid:69)(cid:83)(cid:75)(cid:84)(cid:79)(cid:80)(cid:12)(cid:0)(cid:79)(cid:82)(cid:0)(cid:66)(cid:79)(cid:84)(cid:72)(cid:12)(cid:0)(cid:89)(cid:79)(cid:85)(cid:0)(cid:67)(cid:65)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:77)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)

(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:83)(cid:0)(cid:72)(cid:65)(cid:86)(cid:69)(cid:0)(cid:79)(cid:78)(cid:13)(cid:68)(cid:69)(cid:77)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:14)

(cid:84)(cid:72)(cid:69)(cid:89)(cid:0)(cid:78)(cid:69)(cid:69)(cid:68)(cid:14)(cid:0)

(cid:55)(cid:69)(cid:0)(cid:69)(cid:78)(cid:84)(cid:69)(cid:82)(cid:69)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:65)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:82)(cid:13)(cid:66)(cid:65)(cid:83)(cid:69)(cid:68)(cid:0)

(cid:57)(cid:69)(cid:84)(cid:12)(cid:0)(cid:77)(cid:79)(cid:83)(cid:84)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:69)(cid:83)(cid:0)(cid:83)(cid:84)(cid:73)(cid:76)(cid:76)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:0)(cid:104)(cid:73)(cid:70)(cid:13)(cid:84)(cid:72)(cid:69)(cid:78)(cid:118)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:67)(cid:79)(cid:77)(cid:80)(cid:85)(cid:84)(cid:73)(cid:78)(cid:71)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:69)(cid:88)(cid:73)(cid:84)(cid:69)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:89)(cid:69)(cid:65)(cid:82)(cid:0)(cid:65)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)(cid:65)(cid:0)

(cid:84)(cid:65)(cid:67)(cid:84)(cid:73)(cid:67)(cid:83)(cid:0)(cid:87)(cid:72)(cid:69)(cid:78)(cid:0)(cid:67)(cid:79)(cid:78)(cid:78)(cid:69)(cid:67)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:69)(cid:77)(cid:80)(cid:76)(cid:79)(cid:89)(cid:69)(cid:69)(cid:83)(cid:0)(cid:68)(cid:69)(cid:77)(cid:65)(cid:78)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)

(cid:77)(cid:85)(cid:67)(cid:72)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:82)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:12)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:77)(cid:85)(cid:76)(cid:84)(cid:73)(cid:80)(cid:76)(cid:69)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:65)(cid:78)(cid:0)

(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:83)(cid:85)(cid:80)(cid:80)(cid:76)(cid:89)(cid:73)(cid:78)(cid:71)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:14)(cid:0)

(cid:73)(cid:78)(cid:84)(cid:69)(cid:71)(cid:82)(cid:65)(cid:84)(cid:69)(cid:68)(cid:0)(cid:83)(cid:85)(cid:73)(cid:84)(cid:69)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:0)(cid:79)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:87)(cid:65)(cid:89)(cid:0)

(cid:41)(cid:70)(cid:0)(cid:89)(cid:79)(cid:85)(cid:7)(cid:82)(cid:69)(cid:0)(cid:65)(cid:84)(cid:0)(cid:72)(cid:69)(cid:65)(cid:68)(cid:81)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:83)(cid:12)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:69)(cid:88)(cid:65)(cid:77)(cid:80)(cid:76)(cid:69)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:65)(cid:68)(cid:68)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:73)(cid:78)(cid:71)(cid:76)(cid:69)(cid:12)(cid:0)(cid:67)(cid:82)(cid:73)(cid:84)(cid:73)(cid:67)(cid:65)(cid:76)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:0)(cid:86)(cid:65)(cid:76)(cid:85)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:65)(cid:78)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:87)(cid:79)(cid:82)(cid:75)(cid:83)(cid:0)(cid:79)(cid:78)(cid:69)(cid:0)(cid:87)(cid:65)(cid:89)(cid:14)(cid:0)(cid:41)(cid:70)(cid:0)(cid:89)(cid:79)(cid:85)(cid:7)(cid:82)(cid:69)(cid:0)(cid:65)(cid:84)(cid:0)(cid:65)(cid:0)(cid:66)(cid:82)(cid:65)(cid:78)(cid:67)(cid:72)(cid:0)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:83)(cid:84)(cid:65)(cid:78)(cid:68)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:26)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:14)(cid:0)

(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:65)(cid:77)(cid:69)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:83)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:69)(cid:68)(cid:0)(cid:65)(cid:78)(cid:79)(cid:84)(cid:72)(cid:69)(cid:82)(cid:0)(cid:87)(cid:65)(cid:89)(cid:14)(cid:0)

(cid:41)(cid:70)(cid:0)(cid:89)(cid:79)(cid:85)(cid:7)(cid:82)(cid:69)(cid:0)(cid:65)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:7)(cid:83)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:12)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)

(cid:73)(cid:83)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:69)(cid:68)(cid:0)(cid:89)(cid:69)(cid:84)(cid:0)(cid:65)(cid:0)(cid:68)(cid:73)(cid:70)(cid:70)(cid:69)(cid:82)(cid:69)(cid:78)(cid:84)(cid:0)(cid:87)(cid:65)(cid:89)(cid:14)(cid:0)(cid:33)(cid:78)(cid:68)(cid:0)(cid:83)(cid:79)(cid:0)(cid:79)(cid:78)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:83)(cid:69)(cid:0)

(cid:77)(cid:85)(cid:76)(cid:84)(cid:73)(cid:80)(cid:76)(cid:89)(cid:73)(cid:78)(cid:71)(cid:0)

(cid:104)(cid:73)(cid:70)(cid:13)(cid:84)(cid:72)(cid:69)(cid:78)(cid:118)

(cid:0)(cid:84)(cid:65)(cid:67)(cid:84)(cid:73)(cid:67)(cid:83)(cid:0)(cid:65)(cid:68)(cid:68)(cid:0)(cid:71)(cid:82)(cid:69)(cid:65)(cid:84)(cid:69)(cid:82)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:69)(cid:88)(cid:73)(cid:84)(cid:89)(cid:12)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)

(cid:67)(cid:79)(cid:83)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:68)(cid:68)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:82)(cid:73)(cid:71)(cid:73)(cid:68)(cid:73)(cid:84)(cid:89)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:78)(cid:0)(cid:65)(cid:76)(cid:82)(cid:69)(cid:65)(cid:68)(cid:89)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:69)(cid:88)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)

(cid:55)(cid:72)(cid:69)(cid:78)(cid:0)(cid:41)(cid:0)(cid:76)(cid:79)(cid:79)(cid:75)(cid:0)(cid:65)(cid:72)(cid:69)(cid:65)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:82)(cid:69)(cid:83)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:18)(cid:16)(cid:16)(cid:20)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:66)(cid:69)(cid:89)(cid:79)(cid:78)(cid:68)(cid:12)(cid:0)(cid:41)(cid:0)

(cid:71)(cid:69)(cid:84)(cid:0)(cid:86)(cid:69)(cid:82)(cid:89)(cid:0)(cid:69)(cid:88)(cid:67)(cid:73)(cid:84)(cid:69)(cid:68)(cid:0)(cid:65)(cid:84)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:83)(cid:80)(cid:69)(cid:67)(cid:84)(cid:83)(cid:14)(cid:0)(cid:41)(cid:0)(cid:66)(cid:69)(cid:76)(cid:73)(cid:69)(cid:86)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:87)(cid:69)(cid:7)(cid:86)(cid:69)(cid:0)

(cid:76)(cid:65)(cid:73)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:71)(cid:82)(cid:79)(cid:85)(cid:78)(cid:68)(cid:87)(cid:79)(cid:82)(cid:75)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:71)(cid:82)(cid:79)(cid:87)(cid:84)(cid:72)(cid:0)(cid:73)(cid:78)(cid:0)(cid:65)(cid:0)(cid:76)(cid:65)(cid:82)(cid:71)(cid:69)(cid:13)(cid:83)(cid:67)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:76)(cid:79)(cid:78)(cid:71)(cid:13)

(cid:84)(cid:69)(cid:82)(cid:77)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:14)(cid:0)

(cid:67)(cid:79)(cid:83)(cid:84)(cid:76)(cid:89)(cid:0)(cid:41)(cid:52)(cid:0)(cid:69)(cid:78)(cid:86)(cid:73)(cid:82)(cid:79)(cid:78)(cid:77)(cid:69)(cid:78)(cid:84)(cid:14)(cid:0)

(cid:52)(cid:72)(cid:65)(cid:78)(cid:75)(cid:0)(cid:89)(cid:79)(cid:85)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:89)(cid:79)(cid:85)(cid:82)(cid:0)(cid:67)(cid:79)(cid:78)(cid:108)(cid:0)(cid:68)(cid:69)(cid:78)(cid:67)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:85)(cid:83)(cid:0)(cid:65)(cid:83)(cid:0)(cid:87)(cid:69)(cid:0)(cid:68)(cid:82)(cid:73)(cid:86)(cid:69)(cid:0)(cid:84)(cid:79)(cid:87)(cid:65)(cid:82)(cid:68)(cid:0)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:73)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:65)(cid:0)(cid:85)(cid:78)(cid:73)(cid:81)(cid:85)(cid:69)(cid:0)(cid:80)(cid:79)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:84)(cid:79)(cid:0)(cid:83)(cid:79)(cid:76)(cid:86)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:83)(cid:69)(cid:0)(cid:80)(cid:82)(cid:79)(cid:66)(cid:76)(cid:69)(cid:77)(cid:83)(cid:0)

(cid:66)(cid:89)(cid:0)(cid:69)(cid:78)(cid:65)(cid:66)(cid:76)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:67)(cid:82)(cid:69)(cid:65)(cid:84)(cid:69)(cid:0)(cid:65)(cid:0)(cid:83)(cid:73)(cid:78)(cid:71)(cid:76)(cid:69)(cid:12)(cid:0)(cid:87)(cid:69)(cid:76)(cid:76)(cid:13)

(cid:67)(cid:79)(cid:78)(cid:67)(cid:69)(cid:73)(cid:86)(cid:69)(cid:68)(cid:12)(cid:0)(cid:72)(cid:79)(cid:76)(cid:73)(cid:83)(cid:84)(cid:73)(cid:67)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:89)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:83)(cid:69)(cid:67)(cid:85)(cid:82)(cid:69)(cid:12)(cid:0)(cid:69)(cid:65)(cid:83)(cid:89)(cid:0)

(cid:65)(cid:78)(cid:68)(cid:0)(cid:73)(cid:78)(cid:83)(cid:84)(cid:65)(cid:78)(cid:84)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:110)(cid:0)(cid:69)(cid:76)(cid:73)(cid:77)(cid:73)(cid:78)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:104)(cid:73)(cid:70)(cid:13)(cid:84)(cid:72)(cid:69)(cid:78)(cid:118)(cid:0)(cid:65)(cid:80)(cid:80)(cid:82)(cid:79)(cid:65)(cid:67)(cid:72)(cid:14)(cid:0)

(cid:47)(cid:85)(cid:82)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:65)(cid:66)(cid:76)(cid:69)(cid:0)(cid:84)(cid:79)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:0)(cid:79)(cid:78)(cid:13)(cid:68)(cid:69)(cid:77)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)

(cid:84)(cid:79)(cid:0)(cid:65)(cid:78)(cid:89)(cid:0)(cid:65)(cid:80)(cid:80)(cid:76)(cid:73)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:82)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:78)(cid:79)(cid:0)(cid:77)(cid:65)(cid:84)(cid:84)(cid:69)(cid:82)(cid:0)(cid:87)(cid:72)(cid:69)(cid:82)(cid:69)(cid:0)(cid:73)(cid:84)(cid:0)

(cid:76)(cid:73)(cid:86)(cid:69)(cid:83)(cid:12)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:65)(cid:78)(cid:89)(cid:79)(cid:78)(cid:69)(cid:12)(cid:0)(cid:70)(cid:82)(cid:79)(cid:77)(cid:0)(cid:86)(cid:73)(cid:82)(cid:84)(cid:85)(cid:65)(cid:76)(cid:76)(cid:89)(cid:0)(cid:65)(cid:78)(cid:89)(cid:87)(cid:72)(cid:69)(cid:82)(cid:69)(cid:12)(cid:0)(cid:65)(cid:78)(cid:89)(cid:84)(cid:73)(cid:77)(cid:69)(cid:12)(cid:0)

(cid:85)(cid:83)(cid:73)(cid:78)(cid:71)(cid:0)(cid:65)(cid:78)(cid:89)(cid:0)(cid:68)(cid:69)(cid:86)(cid:73)(cid:67)(cid:69)(cid:12)(cid:0)(cid:79)(cid:86)(cid:69)(cid:82)(cid:0)(cid:65)(cid:78)(cid:89)(cid:0)(cid:67)(cid:79)(cid:78)(cid:78)(cid:69)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:14)

(cid:47)(cid:85)(cid:82)(cid:0)(cid:70)(cid:79)(cid:67)(cid:85)(cid:83)(cid:0)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:87)(cid:65)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:79)(cid:85)(cid:82)(cid:0)(cid:36)(cid:69)(cid:67)(cid:69)(cid:77)(cid:66)(cid:69)(cid:82)(cid:0)

(cid:65)(cid:71)(cid:82)(cid:69)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:67)(cid:81)(cid:85)(cid:73)(cid:82)(cid:69)(cid:0)(cid:37)(cid:88)(cid:80)(cid:69)(cid:82)(cid:84)(cid:67)(cid:73)(cid:84)(cid:89)(cid:12)(cid:0)(cid:65)(cid:0)(cid:77)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)(cid:73)(cid:78)(cid:0)(cid:55)(cid:69)(cid:66)(cid:13)

(cid:66)(cid:65)(cid:83)(cid:69)(cid:68)(cid:0)(cid:68)(cid:69)(cid:83)(cid:75)(cid:84)(cid:79)(cid:80)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:83)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)(cid:14)(cid:0)(cid:55)(cid:73)(cid:84)(cid:72)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:69)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)

(cid:79)(cid:85)(cid:82)(cid:0)(cid:71)(cid:79)(cid:65)(cid:76)(cid:83)(cid:14)

(cid:45)(cid:65)(cid:82)(cid:75)(cid:0)(cid:52)(cid:69)(cid:77)(cid:80)(cid:76)(cid:69)(cid:84)(cid:79)(cid:78)

(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:37)(cid:47)

(cid:49)(cid:20)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:21)(cid:23)(cid:14)(cid:23)(cid:0)

(cid:49)(cid:19)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:20)(cid:20)(cid:14)(cid:19)

(cid:49)(cid:18)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:20)(cid:19)(cid:14)(cid:17)

(cid:49)(cid:17)(cid:0)(cid:92)(cid:0)(cid:4)(cid:17)(cid:20)(cid:19)(cid:14)(cid:21)

(cid:16)(cid:19)(cid:0)(cid:92)(cid:0)(cid:4)(cid:21)(cid:24)(cid:24)(cid:14)(cid:22)(cid:0)

(cid:16)(cid:18)(cid:0)(cid:92)(cid:0)(cid:4)(cid:21)(cid:18)(cid:23)(cid:14)(cid:20)

(cid:16)(cid:17)(cid:0)(cid:92)(cid:0)(cid:4)(cid:21)(cid:25)(cid:17)(cid:14)(cid:22)

(cid:16)(cid:16)(cid:0)(cid:92)(cid:0)(cid:4)(cid:20)(cid:23)(cid:16)(cid:14)(cid:20)

(cid:25)(cid:25)(cid:0)(cid:92)(cid:0)(cid:4)(cid:20)(cid:16)(cid:19)(cid:14)(cid:19)

(cid:84)
(cid:82)
(cid:79)
(cid:80)
(cid:69)
(cid:50)

(cid:0)
(cid:76)

(cid:65)
(cid:85)
(cid:78)
(cid:78)
(cid:33)

(cid:0)
(cid:19)
(cid:16)
(cid:16)
(cid:18)
(cid:0)

(cid:88)

(cid:73)
(cid:82)
(cid:84)
(cid:73)

(cid:35)

(cid:19)(cid:14)

(cid:18)(cid:16)(cid:16)(cid:19)(cid:0)(cid:49)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:76)(cid:89)(cid:0)(cid:50)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:83)(cid:0)(cid:92)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:83)

(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)(cid:83)(cid:0)(cid:92)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)

(cid:37)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:47)(cid:70)(cid:70)(cid:73)(cid:67)(cid:69)(cid:82)(cid:83)

(cid:45)(cid:65)(cid:82)(cid:75)(cid:0)(cid:34)(cid:14)(cid:0)(cid:52)(cid:69)(cid:77)(cid:80)(cid:76)(cid:69)(cid:84)(cid:79)(cid:78)(cid:0)
(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:37)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)

(cid:42)(cid:79)(cid:72)(cid:78)(cid:0)(cid:35)(cid:14)(cid:0)(cid:34)(cid:85)(cid:82)(cid:82)(cid:73)(cid:83)(cid:0)
(cid:51)(cid:69)(cid:78)(cid:73)(cid:79)(cid:82)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:55)(cid:79)(cid:82)(cid:76)(cid:68)(cid:87)(cid:73)(cid:68)(cid:69)(cid:0)(cid:51)(cid:65)(cid:76)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:51)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)

(cid:36)(cid:65)(cid:86)(cid:73)(cid:68)(cid:0)(cid:50)(cid:14)(cid:0)(cid:38)(cid:82)(cid:73)(cid:69)(cid:68)(cid:77)(cid:65)(cid:78)(cid:0)
(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:39)(cid:69)(cid:78)(cid:69)(cid:82)(cid:65)(cid:76)(cid:0)(cid:35)(cid:79)(cid:85)(cid:78)(cid:83)(cid:69)(cid:76)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:51)(cid:69)(cid:67)(cid:82)(cid:69)(cid:84)(cid:65)(cid:82)(cid:89)

(cid:36)(cid:65)(cid:86)(cid:73)(cid:68)(cid:0)(cid:42)(cid:14)(cid:0)(cid:40)(cid:69)(cid:78)(cid:83)(cid:72)(cid:65)(cid:76)(cid:76)(cid:0)
(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:38)(cid:73)(cid:78)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:38)(cid:73)(cid:78)(cid:65)(cid:78)(cid:67)(cid:73)(cid:65)(cid:76)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)

(cid:50)(cid:79)(cid:66)(cid:69)(cid:82)(cid:84)(cid:0)(cid:39)(cid:14)(cid:0)(cid:43)(cid:82)(cid:85)(cid:71)(cid:69)(cid:82)(cid:0)
(cid:51)(cid:69)(cid:78)(cid:73)(cid:79)(cid:82)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:48)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:0)(cid:36)(cid:69)(cid:86)(cid:69)(cid:76)(cid:79)(cid:80)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:52)(cid:69)(cid:67)(cid:72)(cid:78)(cid:79)(cid:76)(cid:79)(cid:71)(cid:89)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)

(cid:33)(cid:78)(cid:84)(cid:72)(cid:79)(cid:78)(cid:89)(cid:0)(cid:38)(cid:14)(cid:0)(cid:45)(cid:65)(cid:82)(cid:90)(cid:85)(cid:76)(cid:76)(cid:73)(cid:0)
(cid:51)(cid:69)(cid:78)(cid:73)(cid:79)(cid:82)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:45)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:73)(cid:78)(cid:71)

(cid:42)(cid:69)(cid:65)(cid:78)(cid:78)(cid:69)(cid:0)(cid:45)(cid:14)(cid:0)(cid:45)(cid:79)(cid:82)(cid:69)(cid:78)(cid:79)(cid:0)
(cid:51)(cid:69)(cid:78)(cid:73)(cid:79)(cid:82)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)(cid:51)(cid:69)(cid:82)(cid:86)(cid:73)(cid:67)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:41)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)

(cid:33)(cid:78)(cid:68)(cid:82)(cid:69)(cid:65)(cid:83)(cid:0)(cid:86)(cid:79)(cid:78)(cid:0)(cid:34)(cid:76)(cid:79)(cid:84)(cid:84)(cid:78)(cid:73)(cid:84)(cid:90)(cid:0)
(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:12)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:47)(cid:78)(cid:76)(cid:73)(cid:78)(cid:69)(cid:0)(cid:36)(cid:73)(cid:86)(cid:73)(cid:83)(cid:73)(cid:79)(cid:78)

(cid:34)(cid:79)(cid:65)(cid:82)(cid:68)(cid:0)(cid:79)(cid:70)(cid:0)(cid:36)(cid:73)(cid:82)(cid:69)(cid:67)(cid:84)(cid:79)(cid:82)(cid:83)

(cid:52)(cid:72)(cid:79)(cid:77)(cid:65)(cid:83)(cid:0)(cid:38)(cid:14)(cid:0)(cid:34)(cid:79)(cid:71)(cid:65)(cid:78)(cid:0)
(cid:38)(cid:79)(cid:82)(cid:77)(cid:69)(cid:82)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:47)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)(cid:12)(cid:0)(cid:50)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:51)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)

(cid:20)(cid:14)

(cid:43)(cid:69)(cid:86)(cid:73)(cid:78)(cid:0)(cid:50)(cid:14)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:84)(cid:79)(cid:78)(cid:0)
(cid:39)(cid:69)(cid:78)(cid:69)(cid:82)(cid:65)(cid:76)(cid:0)(cid:48)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:12)(cid:0)(cid:43)(cid:76)(cid:69)(cid:73)(cid:78)(cid:69)(cid:82)(cid:0)(cid:48)(cid:69)(cid:82)(cid:75)(cid:73)(cid:78)(cid:83)(cid:0)(cid:35)(cid:65)(cid:85)(cid:108)(cid:69)(cid:76)(cid:68)(cid:0)(cid:6)(cid:0)(cid:34)(cid:89)(cid:69)(cid:82)(cid:83)

(cid:51)(cid:84)(cid:69)(cid:80)(cid:72)(cid:69)(cid:78)(cid:0)(cid:45)(cid:14)(cid:0)(cid:36)(cid:79)(cid:87)(cid:0)
(cid:35)(cid:72)(cid:65)(cid:73)(cid:82)(cid:77)(cid:65)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:34)(cid:79)(cid:65)(cid:82)(cid:68)(cid:12)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)
(cid:39)(cid:69)(cid:78)(cid:69)(cid:82)(cid:65)(cid:76)(cid:0)(cid:48)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:12)(cid:0)(cid:51)(cid:69)(cid:86)(cid:73)(cid:78)(cid:0)(cid:50)(cid:79)(cid:83)(cid:69)(cid:78)(cid:0)(cid:38)(cid:85)(cid:78)(cid:68)(cid:83)

(cid:39)(cid:65)(cid:82)(cid:89)(cid:0)(cid:37)(cid:14)(cid:0)(cid:45)(cid:79)(cid:82)(cid:73)(cid:78)(cid:0)
(cid:37)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:38)(cid:73)(cid:78)(cid:65)(cid:78)(cid:67)(cid:73)(cid:65)(cid:76)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)(cid:12)(cid:0)(cid:44)(cid:69)(cid:88)(cid:77)(cid:65)(cid:82)(cid:75)(cid:0)(cid:41)(cid:78)(cid:84)(cid:69)(cid:82)(cid:78)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)

(cid:52)(cid:89)(cid:82)(cid:79)(cid:78)(cid:69)(cid:0)(cid:38)(cid:14)(cid:0)(cid:48)(cid:73)(cid:75)(cid:69)(cid:0)
(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:37)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)(cid:12)(cid:0)(cid:35)(cid:69)(cid:77)(cid:65)(cid:80)(cid:72)(cid:79)(cid:82)(cid:69)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)

(cid:45)(cid:65)(cid:82)(cid:75)(cid:0)(cid:34)(cid:14)(cid:0)(cid:52)(cid:69)(cid:77)(cid:80)(cid:76)(cid:69)(cid:84)(cid:79)(cid:78)(cid:0)
(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:37)(cid:88)(cid:69)(cid:67)(cid:85)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)(cid:12)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)

(cid:42)(cid:79)(cid:72)(cid:78)(cid:0)(cid:55)(cid:14)(cid:0)(cid:55)(cid:72)(cid:73)(cid:84)(cid:69)(cid:0)
(cid:38)(cid:79)(cid:82)(cid:77)(cid:69)(cid:82)(cid:0)(cid:54)(cid:73)(cid:67)(cid:69)(cid:0)(cid:48)(cid:82)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:72)(cid:73)(cid:69)(cid:70)(cid:0)(cid:41)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:47)(cid:70)(cid:108)(cid:67)(cid:69)(cid:82)(cid:12)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:81)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:85)(cid:84)(cid:69)(cid:82)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)

(cid:46)(cid:79)(cid:84)(cid:69)(cid:0)(cid:50)(cid:69)(cid:71)(cid:65)(cid:82)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:38)(cid:79)(cid:82)(cid:87)(cid:65)(cid:82)(cid:68)(cid:13)(cid:44)(cid:79)(cid:79)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:51)(cid:84)(cid:65)(cid:84)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)

(cid:52)(cid:72)(cid:73)(cid:83)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:67)(cid:79)(cid:78)(cid:84)(cid:65)(cid:73)(cid:78)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:87)(cid:65)(cid:82)(cid:68)(cid:13)(cid:76)(cid:79)(cid:79)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)(cid:87)(cid:72)(cid:73)(cid:67)(cid:72)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:77)(cid:65)(cid:68)(cid:69)(cid:0)(cid:80)(cid:85)(cid:82)(cid:83)(cid:85)(cid:65)(cid:78)(cid:84)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:65)(cid:70)(cid:69)(cid:0)(cid:72)(cid:65)(cid:82)(cid:66)(cid:79)(cid:82)(cid:0)(cid:80)(cid:82)(cid:79)(cid:86)(cid:73)(cid:83)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:51)(cid:69)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:18)(cid:17)(cid:37)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:51)(cid:69)(cid:67)(cid:85)(cid:82)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)(cid:0)

(cid:37)(cid:88)(cid:67)(cid:72)(cid:65)(cid:78)(cid:71)(cid:69)(cid:0)(cid:33)(cid:67)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:17)(cid:25)(cid:19)(cid:20)(cid:14)(cid:0)(cid:52)(cid:72)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:87)(cid:65)(cid:82)(cid:68)(cid:13)(cid:76)(cid:79)(cid:79)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:68)(cid:79)(cid:0)(cid:78)(cid:79)(cid:84)(cid:0)(cid:67)(cid:79)(cid:78)(cid:83)(cid:84)(cid:73)(cid:84)(cid:85)(cid:84)(cid:69)(cid:0)(cid:71)(cid:85)(cid:65)(cid:82)(cid:65)(cid:78)(cid:84)(cid:69)(cid:69)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:70)(cid:85)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:80)(cid:69)(cid:82)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:78)(cid:67)(cid:69)(cid:14)(cid:0)(cid:52)(cid:72)(cid:79)(cid:83)(cid:69)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)

(cid:73)(cid:78)(cid:86)(cid:79)(cid:76)(cid:86)(cid:69)(cid:0)(cid:65)(cid:0)(cid:78)(cid:85)(cid:77)(cid:66)(cid:69)(cid:82)(cid:0)(cid:79)(cid:70)(cid:0)(cid:70)(cid:65)(cid:67)(cid:84)(cid:79)(cid:82)(cid:83)(cid:0)(cid:84)(cid:72)(cid:65)(cid:84)(cid:0)(cid:67)(cid:79)(cid:85)(cid:76)(cid:68)(cid:0)(cid:67)(cid:65)(cid:85)(cid:83)(cid:69)(cid:0)(cid:65)(cid:67)(cid:84)(cid:85)(cid:65)(cid:76)(cid:0)(cid:82)(cid:69)(cid:83)(cid:85)(cid:76)(cid:84)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:68)(cid:73)(cid:70)(cid:70)(cid:69)(cid:82)(cid:0)(cid:77)(cid:65)(cid:84)(cid:69)(cid:82)(cid:73)(cid:65)(cid:76)(cid:76)(cid:89)(cid:12)(cid:0)(cid:73)(cid:78)(cid:67)(cid:76)(cid:85)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:82)(cid:73)(cid:83)(cid:75)(cid:83)(cid:0)(cid:65)(cid:83)(cid:83)(cid:79)(cid:67)(cid:73)(cid:65)(cid:84)(cid:69)(cid:68)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:7)(cid:83)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:86)(cid:79)(cid:76)(cid:86)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)

(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:7)(cid:83)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:83)(cid:12)(cid:0)(cid:84)(cid:72)(cid:69)(cid:73)(cid:82)(cid:0)(cid:68)(cid:69)(cid:86)(cid:69)(cid:76)(cid:79)(cid:80)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:68)(cid:73)(cid:83)(cid:84)(cid:82)(cid:73)(cid:66)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)(cid:69)(cid:67)(cid:79)(cid:78)(cid:79)(cid:77)(cid:73)(cid:67)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:69)(cid:84)(cid:73)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:70)(cid:65)(cid:67)(cid:84)(cid:79)(cid:82)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:7)(cid:83)(cid:0)(cid:75)(cid:69)(cid:89)(cid:0)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:0)(cid:82)(cid:69)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:72)(cid:73)(cid:80)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:79)(cid:84)(cid:72)(cid:69)(cid:82)(cid:0)

(cid:82)(cid:73)(cid:83)(cid:75)(cid:83)(cid:0)(cid:68)(cid:69)(cid:84)(cid:65)(cid:73)(cid:76)(cid:69)(cid:68)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)(cid:7)(cid:83)(cid:0)(cid:108)(cid:76)(cid:73)(cid:78)(cid:71)(cid:83)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)

(cid:84)(cid:72)(cid:69)

(cid:51)(cid:69)(cid:67)(cid:85)(cid:82)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:37)(cid:88)(cid:67)(cid:72)(cid:65)(cid:78)(cid:71)(cid:69)(cid:0)(cid:35)(cid:79)(cid:77)(cid:77)(cid:73)(cid:83)(cid:83)(cid:73)(cid:79)(cid:78)(cid:14)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:65)(cid:83)(cid:83)(cid:85)(cid:77)(cid:69)(cid:83)(cid:0)(cid:78)(cid:79)(cid:0)(cid:79)(cid:66)(cid:76)(cid:73)(cid:71)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:84)(cid:79)(cid:0)(cid:85)(cid:80)(cid:68)(cid:65)(cid:84)(cid:69)(cid:0)(cid:65)(cid:78)(cid:89)(cid:0)(cid:70)(cid:79)(cid:82)(cid:87)(cid:65)(cid:82)(cid:68)(cid:13)(cid:76)(cid:79)(cid:79)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)

(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:67)(cid:79)(cid:78)(cid:84)(cid:65)(cid:73)(cid:78)(cid:69)(cid:68)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:0)(cid:82)(cid:69)(cid:83)(cid:80)(cid:69)(cid:67)(cid:84)(cid:0)(cid:84)(cid:79)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:83)(cid:84)(cid:65)(cid:84)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)(cid:77)(cid:65)(cid:68)(cid:69)(cid:0)(cid:87)(cid:73)(cid:84)(cid:72)(cid:73)(cid:78)(cid:14)

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

(Mark One)
¥

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 ®FEE REQUIRED©
For the Ñscal year ended December 31, 2003

n

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 ®NO FEE
REQUIRED©

For the transition period from

to

Commission File Number 0-27084

CITRIX SYSTEMS, INC.

(Exact name of registrant as speciÑed in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

851 West Cypress Creek Road
Fort Lauderdale, Florida
(Address of principal executive oÇces)

75-2275152
(I.R.S. Employer
IdentiÑcation No.)

33309
(Zip Code)

Registrant's telephone number, including area code:
(954) 267-3000

Securities registered pursuant to Section 12(b) of the Act:
None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $.001 Par Value
(Title of class)

Indicate by check mark whether the registrant (1) has Ñled all reports required to be Ñled 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 Ñle such reports), and (2) has been subject to such Ñling requirements for
the past 90 days. Yes ≤ No n

Indicate by check mark if disclosure of delinquent Ñlers pursuant to Item 405 of Regulation S-K is not
contained  herein,  and  will  not  be  contained,  to  the  best  of  registrant's  knowledge,  in  deÑnitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. n

Indicate  by  check  mark  whether  the  registrant  is  an  accelerated  Ñler  (as  deÑned  in  Exchange  Act

Rule 12b-2). Yes ≤ No n

The aggregate market value of Common Stock held by non-aÇliates of the registrant as of the last
business day of the registrant's most recently completed second Ñscal quarter (based on the last reported sale
price on The Nasdaq National Market as of such date) was $2,982,782,390. As of March 5, 2004 there were
166,963,741  shares of the registrant's Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The  information  required  pursuant  to  Part  III  of  this  report  is  incorporated  by  reference  from  the
Company's deÑnitive proxy statement, relating to the annual meeting of stockholders to be held in May 2004,
pursuant to Regulation 14A to be Ñled with the Securities and Exchange Commission.

CITRIX SYSTEMS, INC.

TABLE OF CONTENTS

Part I:

Item 1.

BusinessÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 2.

Properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 3.

Legal Proceedings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 4.

Submission of Matters to a Vote of Security Holders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Part II:

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters ÏÏÏÏÏÏÏÏÏÏ

Item 6.

Selected Consolidated Financial Data ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 7. Management's Discussion and Analysis of Financial Condition and Results of

OperationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 7a. Quantitative and Qualitative Disclosures About Market Risk ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 8.

Financial Statements and Schedules ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 9.

Changes and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9a. Controls and Procedures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Part III:

Item 10. Directors and Executive OÇcers of the Registrant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 11. Executive Compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 12. Security Ownership of Certain BeneÑcial Owners and Management and Related

Stockholder Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 13. Certain Relationships and Related Transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 14. Principal Accountant Fees and Services ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

3

11

11

11

12

13

15

45

46

46

46

47

47

47

47

47

Part IV:

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

48

2

ITEM 1. BUSINESS

General

Citrix Systems, Inc. (""Citrix'' or the ""Company''), a Delaware corporation founded on April 17, 1989, is
a  leading  supplier  of  access  infrastructure  software  and  services  that  enable  the  eÅective  and  eÇcient
enterprise-wide  deployment,  management  and  access  of  applications  and  information,  including  those
designed for Microsoft» Windows» operating systems, for UNIX» operating systems, such as Sun SolarisTM,
HP-UX or IBM»AIX» and for Web-based information systems, as well as Web-based desktop access. The
Company's MetaFrame» products permit organizations to provide secure access to Windows based, Web-
based and UNIX applications regardless of the user's location, network connection, or type of client hardware
platforms. The Company markets and licenses its products primarily through multiple channels such as value-
added resellers, channel distributors, system integrators and independent software vendors, managed by the
Company's worldwide sales force. The Company also promotes its products through relationships with a wide
variety of industry participants, including Microsoft Corporation (""Microsoft'').

The Business Need for SimpliÑed Access to Information

Historically, information technology (""IT'') has not been created, sold or implemented with the total IT
environment,  from  the  enterprise  perspective,  in  mind.  The  IT  environment  in  most  organizations  has
expanded incrementally over time. Each wave of computing over the past three or four decades Ó mainframe,
minicomputer, PC, client-server, the Web, JavaTM, Web services Ó has not superseded previous waves but, to
some  degree,  has  been  added  to  the  systems  that  were  already  there.  This  is  because  many  of  these
technologies,  which  represent  signiÑcant  investments,  continue  to  provide  ""best-of-breed''  capabilities,
economic return and strategic value.

Meanwhile, the user end of IT has grown ever more dynamic and unpredictable. People often change
roles and locations, they typically use multiple access devices, and they unpredictably switch from one network
connection to the next. Organizations need a consistent and coherent way to connect these two zones of
increasing complexity Ó the application infrastructure side on the one hand, which is the source of information
supply,and the user side on the other, which is the source of information demand. It is vital for organizations
to supply users, whether internal or external, with fast, simple, secure, easy and instant access to information
and applications so that they can work eÅectively and productively from virtually anywhere, on any type of
device  or  network  connection.  Organizations  face  signiÑcant  roadblocks  to  enterprise  information  access,
which include:

‚ Mixed Application Environments. Many businesses today use a mix of application platforms, making
it diÇcult to deploy applications and information to all users. For example, deploying both UNIX and
Windows applications to a user may require separate access devices or emulation software.

‚ Mixed Device Environments. The growing popularity of wireless and diverse information appliances is
adding to the wide array of client devices used in many enterprises. Such a mix of devices can cause
accessibility and support problems.

‚ Mobile Workers. The diversity of network connection types, protocols and transmission speeds limits
the  ability  of  organizations  to  deploy  Windows,  UNIX,  Java  and  Web-based  applications  cost-
eÅectively to mobile workers, telecommuters and branch oÇce personnel.

‚ Extended  Enterprise. The  extension  of  enterprise  information  systems  to  external  users,  such  as
suppliers, distributors and customers, creates application deployment issues that are outside the control
of information systems managers. These include the quality, performance and security of the network
connection, the client platform involved and the technical expertise of the external user.

‚ Internet Business Initiatives. With the global adoption of the Internet and e-business, organizations
need solutions for Web-enabling existing business applications without the time and cost required for
re-engineering.

3

‚ Security. Delivering sensitive business information to mobile workers, whether over the Internet or

from within the enterprise, raises concerns about protecting data and ensuring privacy.

Access Infrastructure for the ""On-Demand Enterprise''

Citrix aims to address these challenges by making it easy for people to access information on demand.
The Company's mission is to make every organization an on-demand enterprise where information is securely,
easily and instantly accessible from virtually anywhere using any device. Citrix access infrastructure software
enables  organizations  to  reduce  the  costs  of  corporate  computing,  increase  employee  productivity,  gain
Öexibility to technological change within their data centers, improve resilience to business interruption and
gain greater control over the quality of enterprise IT services. To become an on-demand enterprise requires
that an organization develop an access strategy, which is a well-conceived approach to connecting information
supply  with  information  demand  that  supports  the  inevitably  increasing  complexity  on  both  ends  of  the
equation.

Access infrastructure, a common interface between information supply and demand, is the embodiment
of an access strategy and the foundation of an on-demand enterprise. Access infrastructure is a category of
enterprise software that works with application infrastructure Ó software used to create, operate, integrate and
manage application systems Ó and includes a wide array of capabilities including:

‚ Device and network services. Allows easy access over virtually any trusted or non-trusted network and

device.

‚ Information aggregation and personalization. Provides central control over the user access experi-

ence and ensures that accessed information is organized, productive and relevant.

‚ Access  security  and  identity  management. Ensures  users  are  accurately  identiÑed  and  get  access

appropriate to their business role.

‚ Application  presentation  and  conferencing  services. Enables  shared  and  virtual  access  to  any

application infrastructure, from host-to-PC-to-Web-to-Web services-based.

‚ User provisioning and usage measurement. Allows the eÇcient provisioning of access to new users

and measurement of system utilization.

‚ Service level management. Provides the observation capabilities to see how systems are performing to

promised service levels.

In short, a single, integrated and consistent access infrastructure for the enterprise:

‚ Gives  users  secure,  easy  and  instant  access  to  enterprise  applications,  information,  processes  and

people, from virtually anywhere, at anytime, using any device, over any connection.

‚ Enables IT staÅs to manage heterogeneity by centrally consolidating applications, simplifying their

deployment, management, monitoring and measurement.

‚ Ensures that only the right people have access to the right resources to protect the security of enterprise

information assets.

The Citrix» MetaFrame» Access Suite Products

Citrix access infrastructure is packaged and sold as the Citrix MetaFrame Access Suite, which enables
organizations to provide a secure, single point of access to enterprise applications and information on demand.
The MetaFrame Access Suite centralizes access to applications and information and enables IT staÅs to
deliver, manage, monitor and measure enterprise resources on demand. Citrix customers are able to run IT as
a corporate computing utility, providing software as a service. This simpliÑes the complexity and reduces the
costs of deploying and administering hundreds of heterogeneous applications and delivering them to users on
demand virtually anywhere, anytime, to any device, over any connection.

4

In the MetaFrame Access Suite, each component product solves a particular access challenge for an

organization, while all of the products work together seamlessly to enable the on-demand enterprise.

‚ Citrix» MetaFrame» Presentation Server for Windows. The foundation of the MetaFrame Access
Suite, Citrix MetaFrame Presentation Server is one of the world's most widely deployed presentation
servers for centrally managing heterogeneous applications and delivering their functionality as a service
to workers, wherever they may be. MetaFrame Presentation Server is certiÑed to run on Microsoft»
Windows» 2000 Server and Windows ServerTM 2003, and supports virtually any custom or commer-
cially packaged Windows or Web application. MetaFrame Presentation Server provides an exceptional
foundation to build highly scalable, Öexible, secure, manageable access solutions that reduce comput-
ing costs and increase the utility of any information system.

‚ Citrix» MetaFrame» Presentation Server for UNIX». With Citrix MetaFrame Presentation Server
for  UNIX,  remote,  mobile,  and  local  users  in  heterogeneous  environments  can  access  UNIX  and
JavaTM applications from any device, over any connection, and no longer need multiple desktops or
software  emulation  packages.  Citrix  MetaFrame  Presentation  Server  for  UNIX  supports  Sun
Microsystems' SolarisTM SPARC 9, Sun Solaris Intel, Hewlett-Packard's HP-UX», and IBM's AIX»,
and now includes new features to extend performance, usability and security.

‚ Citrix» MetaFrame» Secure Access Manager. Citrix MetaFrame Secure Access Manager provides
secure, single-point access over the Web to any enterprise resource, including client/server, legacy, and
Web applications, Internet and intranet sites, streaming media, documents, network Ñle services, and
XML-based Web services. With a powerful set of easy-to-use, wizard-driven conÑguration tools, IT
administrators can enable organized, browser-based access to the IT infrastructure Ó conÑgured for
each user's business needs, with secure connectivity over the Web.

‚ Citrix» MetaFrame» Password  Manager. Designed  to  work  seamlessly  with  all  products  in  the
MetaFrame Access Suite, Citrix MetaFrame Password Manager provides password security and single
sign-on access to Windows, Web, proprietary and host-based applications running in the MetaFrame
Access Suite environment. Users authenticate once with a single password, and MetaFrame Password
Manager does the rest, automatically logging into password-protected information systems, enforcing
password policies, monitoring password-related events, and even automating end-user tasks, including
password changes. MetaFrame Password Manager makes connecting to secure applications faster and
more secure, and lowers the costs of support for IT organizations.

‚ Citrix» MetaFrame» Conferencing Manager. Citrix MetaFrame Conferencing Manager adds intui-
tive  application  conferencing  to  MetaFrame  Presentation  Server  and  eliminates  the  geographical
distance between team members, increases the productivity of meetings, and allows easy collaboration.
Teams can now share application sessions, work together on document editing, and conduct online
training  regardless  of  the  location  of  individual  team  members  or  the  access  devices  or  network
connections they're using.

Collectively,  these  products  accounted  for  approximately  63%,  69%  and  76%  of  the  Company's  net

revenues in 2003, 2002 and 2001, respectively.

‚ Citrix Subscription AdvantageTM. To provide customers with the easiest and most convenient way to
keep  their  Citrix  software  current,  the  Company  markets  software  under  the  Citrix  Subscription
Advantage brand for an additional fee. Citrix Subscription Advantage is the Company's terminology
for post-contract support (""PCS''). Citrix Subscription Advantage is an annual, renewable program
that provides subscribers with automatic delivery of software upgrades, enhancements and mainte-
nance releases when and if they become available during the term of their subscription. This product
accounted for approximately 29%, 20% and 10% of the Company's net revenues in 2003, 2002 and
2001, respectively.

During February 2004, the Company acquired Expertcity.com, Inc. (""Expertcity''), a market leader in
Web-based desktop access as well as a leader in Web-based training and customer assistance products. As a
result of this acquisition, during 2004, Expercity will be integrated into the Company as the Citrix Online

5

Division,  and  the  Company's  portfolio  of  access  products  will  include  the  GoToMyPC»  line  of  software
services that provide secure, browser-based access to desktop PCs from virtually anywhere over the Web. In
addition, the acquisition will add the GoToAssistTM software service, that will enable remote technical support
for helpdesks and call centers, corporate training, product demonstrations and customer collaboration over the
Web.

Citrix Services

Citrix provides a portfolio of services designed to allow the Company's end-customers and entities with
which it has a technology relationship to maximize the value of Citrix access infrastructure software. These
services are available as a feature of the Company's business-development program and are available for
additional fees to end-customers.

‚ Citrix Consulting. The objective of Citrix Consulting is to help ensure the successful implementation
of  Citrix  access  infrastructure  solutions.  Tested  methodologies,  certiÑed  professionals  and  best
practices developed from real-world experience allow Citrix Consulting to provide expert guidance and
support to our partners and customers to maximize the eÅectiveness of their total application access
strategy and access infrastructure environment.

‚ Citrix Technical Support Services. To accommodate the unique ongoing support needs of customers,
Citrix Technical Support Services are speciÑcally designed to address the variety of challenges facing
application server software environments. Citrix oÅers Ñve support-level options, global coverage and
personalized relationship management.

‚ Product Training & CertiÑcation. A series of courses are designed to allow customers and channel
members to learn new skills and eÅective strategies to help plan, implement and administer Citrix
products.  Students  may  attend  courses  at  one  of  over  300  Citrix  Authorized  Learning  CentersTM
(""CALC""s) worldwide.

Services revenue accounted for approximately 8% of the Company's net revenues in 2003 and 2002 and

7% in 2001.

Citrix Technology

Citrix products are based on a full range of industry-standard technologies. In addition, some Citrix
products  also  include  the  Company's  proprietary  technologies  known  as  the  Independent  Computing
Architecture (""ICA'') protocol, which allows an application's graphical user interface to be displayed on
virtually any client device while the application logic is executed on a central server. Because the ICA»
protocol moves client-based application processing to the server, this approach enables centralized manage-
ment of applications, users, servers, licenses and other system components for greater eÇciency and lower
cost.

The Company's ICA» technology also minimizes the amount of data traveling across a user's network as
only encrypted screen refreshes, keystrokes and mouse clicks are transported to and from the client device.
This increases remote access security, improves application performance and allows even wireless access to the
latest, most powerful applications and information.

Citrix  products  are  also  based  on  the  industry-standard  Extensible  Markup  Language  (""XML'').
Leveraging XML assures open systems interaction for customers regardless of data source or platform. And by
supporting XML, which is the standard for future Web services-based applications, Citrix helps customers get
from the client/server world of today to the Web services environments of tomorrow.

Citrix Customers

Citrix's  primary  target  markets  for  its  current  products  and  services  are  large  and  medium-sized
organizations in the commercial, government and education sectors. Currently, Citrix has more than 120,000
customers worldwide, including 100% of the Fortune 100, 99% of the Fortune 500 and 95% of the Financial

6

Times FT Europe 100. During 2003, Citrix's enterprise customers included the U.S. Department of Health
and Human Services, DaimlerChrysler AG, Target Corporation, Beverly Enterprises, Inc., IKEA Interna-
tional A/S and Cargill, among others.

The Company's software licenses are generally perpetual and are oÅered in both ""shrink wrapped'' and
electronic-based  forms.  The  Company  distributes  its  software  using  various  formats  including  traditional
""boxed''  packages  for  small  projects  and  customers,  and  electronically  downloaded  formats  for  its  large
projects and customers.

For medium to large-sized projects, which typically consist of large ""multi-server'' environments, the
Company oÅers electronic volume-based licensing programs. These programs provide for enterprise customer
license arrangements that allow usage of the Company's products both on a department or enterprise-wide
basis.  These  licenses  include  electronically  delivered  ""software  activation  keys''  that  enable  the  feature
conÑguration ordered by the customer. Depending on the license type and customer preference, the software
media is delivered by a channel distributor or directly by the Company. The Company has invested, and
continues to invest, in large-account relationship professionals, license fulÑllment channels and entities with
which we have service-oriented system integration relationships to assist larger customers with broader usage
of the Company's software infrastructure.

Technology Relationships

The Company has entered into a number of technology relationships to develop customer markets for its
products, broaden the use of the ICA protocol as an emerging industry standard technology for distributed
Windows and non Windows applications and to accelerate the development of its existing and future product
lines.

Microsoft. Since its inception, the Company has had a number of license agreements with Microsoft,
including  licenses  relating  to  Microsoft  OS/2,  Windows  3.x,  Windows  for  Workgroups,  Windows  NT»,
Windows CE and Internet Explorer. These agreements have provided the Company with access to certain
Microsoft source and object code, technical support and other materials.

In May 1997, the Company entered into a Ñve-year joint license, development and marketing agreement
with Microsoft, (as amended, the ""Microsoft Development Agreement''), pursuant to which the Company
licensed its multi-user Windows NT extensions to Microsoft for inclusion in future versions of Windows NT
server software. Pursuant to the Microsoft Development Agreement, the Company's multi-user Windows NT
extensions technology was incorporated into Microsoft's NT Terminal Server, which was released in July
1998, and Windows 2000 Server, which was released in February 2000.

In May 2002, the Company signed an agreement with Microsoft to provide the Company with access to
Microsoft Windows Server source code for current and future Microsoft Server operating systems, including
access  to  Windows  Server  2003  and  terminal  services  source  code,  during  the  three  year  term  of  the
agreement. This agreement does not provide for payments to or from Microsoft.

There can be no assurances that the Company's agreements with Microsoft will be extended or renewed
by Microsoft upon their respective expirations or that, if renewed or extended, such agreements will be on
terms favorable to the Company. See ""Management's Discussion and Analysis of Financial Condition and
Results of Operations Ó Certain Factors Which May AÅect Future Results.''

Additional Relationships. As of December 31, 2003, the Company had entered into approximately 40
ICA license agreements. Currently, numerous devices incorporate Citrix ICA, ranging from Linux terminals
to  information  appliances,  such  as  wireless  phones  and  handheld  devices.  ICA  licensees  include  Wyse
Technologies, Hewlett-Packard, Neoware, Fujitsu, and SAP AG, among others.

In  addition,  the  Citrix  accessPARTNER  network  includes  Citrix  Alliance  PartnersTM  ,  which  are  a
coalition of industry-leading companies from across the IT spectrum who work with the Company to design
and market complementary solutions for the Company and the customers of Citrix Alliance Partners. The
Company's existing alliance and channel programs, including the Citrix Business Alliance, are now included

7

as part of the Citrix accessPARTNER network. For further information on the Citrix accessPARTNER
network see ""ÌSales, Marketing and Support.'' By the end of 2003, the number of Citrix Alliance Partners
had grown to approximately 1,400 members, including hardware, software, global and regional consulting
alliances. Citrix Alliance Partners include Microsoft, Dell, IBM, EMC2, Hewlett-Packard, Siebel Systems,
PeopleSoft, SAP AG, Mercury Interactive, Fujitsu, Verizon Wireless, Sprint PCS, Sun Microsystems and
Advanced Micro Devices.

Research and Development

The  Company  focuses  its  research  and  development  eÅorts  on  developing  new  products  and  core
technologies for its markets and further enhancing the functionality, reliability, performance and Öexibility of
existing products. The Company solicits extensive input concerning product development from users, both
directly from end-customers and indirectly through its channel distributors.

The Company believes that its software development team and core technologies represent a signiÑcant
competitive advantage for the Company. Included in the software development team is a group focused on
research activities that include prototyping ways to integrate emerging technologies and standards into the
Company's product oÅerings, such as emerging Web services technologies and Microsoft's newest Windows
Server  technologies.  Other  groups  within  the  software  development  team  have  expertise  in  XML-based
software development, integration of acquired technology, multi-tier Web-based application development and
deployment and secure sockets layers-based (""SSL'') secure access. The software development team also
includes a number of key employees who were instrumental in the release of Microsoft's Window's NT 4.0
Terminal  Server  Edition,  have  expertise  in  current  Microsoft  and  UNIX  operating  system  environments
(Solaris, AIX, HP-UX, and Linux), and were key members from the engineering team that developed the
original  version  of  OS/2  at  IBM.  During  2003,  2002  and  2001,  the  Company  incurred  research  and
development expenses of approximately $64.4 million, $68.9 million and, $67.7 million, respectively.

Sales, Marketing and Support

The  Company  markets  and  licenses  its  products  primarily  through  multiple  channels  worldwide,
including value added resellers, channel distributors, system integrators (""SI""s) and independent software
vendors (""ISV""s), managed by the Company's worldwide sales force. The Company provides training and
certiÑcation  to  integrators,  value-added  resellers  and  consultants  for  a  full-range  of  MetaFrame-based
application deployment and management solutions and services through its accessPARTNER network.

As  of  December  31,  2003,  the  Company  had  relationships  with  approximately  100  distributors  and
approximately 5,100 Citrix Solution Advisors worldwide. A number of entities with which the Company has
channel relationships provide additional end-customer sales channels for the Company's products under either
a Citrix brand or embedded in the licensee's own software product. For information regarding entities with
which  the  Company  has  technology  relationships,  including  Citrix  Alliance  Partners,  see  ""ÌTechnology
Relationships.''

The  Company  regularly  takes  actions  to  improve  the  eÅectiveness  of  and  strengthen  its  channel
relationships, including eliminating non-performing partners, adding new partners with expertise in selling into
new  markets,  and  forming  additional  relationships  with  global  and  regional  SIs  and  ISVs.  In  2003,  the
Company particularly focused on streamlining and simplifying sales processes, improving channel incentive
programs to reward solution-selling, and training. The Company combined its existing channel programs,
including the Citrix Solutions NetworkTM, into the Citrix accessPARTNER network, a single, global network
that  spans  the  solution  advisors,  SIs,  value-added  distributors,  resellers,  alliance  partners,  and  certiÑed
education professionals who advise on, sell, implement and provide training for the Citrix MetaFrame Access
Suite and related products and services. At the core of this community are Solution Advisors Ó value-added
resellers who deliver strategic and successful access infrastructure solutions for customers. SIs and ISVs are
becoming a more central part of Citrix's strategy in the business and government markets. The SI program
includes members such as IBM, HP, Computer Sciences Corporation, Electronic Data Systems Corporation,
Schlumberger, Siemens and Northrop Grumman. The ISV program has a strong representation from targeted

8

industry verticals such as healthcare, Ñnancial services and telecommunications. Members in the ISV program
include Amdocs, Cerner, Dell, McKesson, Siemens Medical Health Solutions, Reynolds & Reynolds, ESRI
and Ericsson.

The Company's sales and marketing organization actively  supports  its distributors and  resellers. The
Company's sales organization consists of Ñeld-based systems sales engineers and corporate sales professionals.
Additional sales personnel, based in North America, Europe, Africa, Asia, Australia and South America,
support these Ñeld personnel. See ""Management's Discussion and Analysis of Financial Condition and Results
of Operations Ì Results of Operations'' and Note 12 to the Company's Notes to Consolidated Financial
Statements for information regarding the Company's geographic segments. These additional sales personnel
recruit prospective customers, provide technical advice with respect to the Company's products and work
closely with key distributors and resellers of the Company's products. During 2003 and 2002, the Company
grew its end-customer sales force of sales professionals that work closely with medium and large enterprise
customers to achieve the appropriate combination of relationships for licensing, integration and consulting to
meet customers' needs. These and other account penetration eÅorts are part of the Company's strategy to
increase the usage of Citrix software within the customer's IT organization.

The Company's marketing department provides training, sales event support, sales collateral, advertising,
direct  mail  and  public  relations  coverage  to  its  indirect  channels  to  aid  in  market  development  and  in
attracting  new  customers.  In  2003,  the  Company  launched  its  Ñrst-ever,  multi-million-dollar,  worldwide
advertising campaign. Beginning September 2003, and extending throughout 2004, this multi-media campaign
combines CIO-targeted and customer-focused print, Web, billboard and radio advertisements to raise Citrix's
brand awareness using the CIOs of household-name customers to describe the beneÑts of becoming an on-
demand enterprise with Citrix access infrastructure.

The Company provides most of its distributors with stock balancing and price protection rights. These
transactions are estimated and provided for at the time of sale as a reduction of revenue. Stock balancing
rights permit distributors to return products to the Company, subject to ordering an equal dollar amount of
other Citrix products. The Company is not obligated to accept product returns from its distributors under any
other conditions, unless the product item is defective in manufacture. Product items returned to the Company
under the stock-balancing program must be in new, unused and unopened condition. Price protection rights
require  that  the  Company  grant  retroactive  price  adjustments  for  inventories  of  Citrix  products  held  by
distributors or resellers if the Company lowers its prices for such products. In the event that the Company
decides to reduce its prices, it will establish a reserve to cover exposure to distributor inventory. The Company
has not reduced and has no current plans to reduce the prices of its products for inventory currently held by
distributors or resellers. See ""Management's Discussion and Analysis of Financial Condition and Results of
Operations Ì Critical Accounting Policies'' and Note 2 to the Company's Notes to Consolidated Financial
Statements for information regarding the Company's revenue recognition policy.

The majority of the Company's service activities are related to post-sale technical support, pre- and post-
sale consulting and product training services. Post-sale technical support is oÅered through Citrix-operated
support centers located in the United States, Ireland, Tokyo and Australia. In most cases, the Company
provides  technical  advice  to  channel  distributors  and  entities  with  which  the  Company  has  a  technology
relationship, who act as the Ñrst line of technical assistance for end-customers. In some cases, end-customers
can also choose from a Citrix-delivered fee-based support program ranging from one-time incident charges to
an  enterprise-level  support  agreement  covering  multiple  sites  and  servers.  In  addition,  the  Company  also
provides free technical advice through on-line support systems, including its Web-based ""Knowledge Center.''
For  pre-  and  post-sale  consulting,  Citrix  Consulting,  a  consulting  services  organization,  provides  both
exploratory and fee-based consulting services. These services include on-site systems design and implementa-
tion services targeted primarily at enterprise-level clients with complex IT environments. Citrix Consulting is
also responsible for the development of best practice knowledge that is disseminated to businesses with which
Citrix has a business relationship and end-customers through training and written documentation. Leveraging
these best practices enables the Company's integration resellers to provide more complex systems, reach new
buyers within existing customer organizations and provide more sophisticated system proposals to prospective
customers. Training services for business, end-customers and partners are provided through the Company's

9

CALC program and eLearning. CALCs are staÅed with instructors that have been certiÑed by Citrix and
teach  their  students  using  Citrix-developed  courseware.  Over  300  of  the  world's  leading  IT  training
organizations are CALCs. eLearning is available through both CALCs and from Citrix's website.

Operations

The Company controls all purchasing, inventory, scheduling, order processing and accounting functions
related to its operations. Production, warehousing and shipping are performed internally in the United States
and  by  independent  contractors  on  a  purchase  order  basis  in  Ireland,  depending  upon  the  customer's
geographic  market.  Master  software  CD-ROMs,  development  of  user  manuals,  packaging  designs,  initial
product quality control and testing are performed at the Company's facilities. In some cases, independent
contractors duplicate CD-ROMs, print documentation, and package and assemble product to the Company's
speciÑcations.  To  date,  the  Company  has  not  experienced  any  material  diÇculties  or  delays  in  the
manufacture and assembly of its products. Internal manufacturing capabilities and independent contractors
provide a redundant source of manufacture and assembly.

The Company generally ships products upon receipt of an order. As a result, the Company does not have
signiÑcant backlog at any given time, and does not consider backlog to be a signiÑcant indicator of future
performance.

Competition

As  the  markets  for  the  Company's  products  continue  to  develop,  additional  companies,  including
Microsoft and other companies with signiÑcant market presence in the computer hardware, software and
networking  industries  could  enter  the  markets  in  which  the  Company  competes  and  further  intensify
competition.

In addition, alternative products for secure, remote access in the Internet software and hardware markets
directly and indirectly compete with the Company's current products and anticipated future product oÅerings.
Existing or new products that extend Internet software and hardware to provide Web-based information and
application access or interactive computing can materially impact the Company's ability to sell its products in
this market. The Company's competitors in this market include Microsoft, Oracle, Sun Microsystems, Cisco,
and other makers of secure remote access solutions.

See ""Ì Technology Relationships'' and ""Management's Discussion and Analysis of Financial Conditions
and Results of Operations Ì Certain Factors Which May AÅect Future Results.'' The announcement of the
release, and the actual release, of products competitive to the Company's existing and future product lines,
could cause existing and potential customers of the Company to postpone or cancel plans to license certain of
its existing and future product oÅerings, which would adversely impact the Company's business, results of
operations and Ñnancial condition.

Proprietary Technology

The Company's success is dependent upon certain proprietary technologies and core intellectual property.
The Company has been awarded a number of domestic and foreign patents and has a number of pending
patent applications in the United States and foreign countries. The Company's technology is also protected
under copyright laws. Additionally, the Company relies on trade secret protection and conÑdentiality and
proprietary information agreements to protect its proprietary technology. The Company has trademarks or
registered  trademarks  in  the  United  States  and  other  countries,  including  Citrix»,  ICA»,  MetaFrame»,
MetaFrameXP», GoToMyPC», GoToAssist» and the Citrix» logo.

While  the  Company's  competitive  position  could  be  aÅected  by  its  ability  to  protect  its  proprietary
information, the Company believes that because of the rapid pace of technological change in the industry,
factors such as the technical expertise, knowledge and innovative skill of the Company's management and
technical  personnel,  its  technology  relationships,  name  recognition,  the  timeliness  and  quality  of  support
services provided by the Company and its ability to rapidly develop, enhance and market software products

10

could be more signiÑcant in maintaining the Company's competitive position. See ""Management's Discussion
and Analysis of Financial Condition and Results of Operations Ì Certain Factors Which May AÅect Future
Results.''

Available Information

The  Company's  Internet  address  is  http://www.citrix.com.  The  Company  makes  available,  free  of
charge, on or through the Company's Internet website its annual report on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K, proxy statements on Form DEF 14A and any amendments to those
reports Ñled or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act as soon as
reasonably practicable after such material is electronically Ñled with or furnished to the SEC.

Employees

As of December 31, 2003, the Company had 1,885 employees. The Company believes its relations with
employees are good. The Company's relations with employees are governed by labor regulations in certain
countries.

ITEM 2. PROPERTIES

The  Company's  corporate  oÇces  are  located  in  Fort  Lauderdale,  Florida.  The  Company's  corporate
oÇces include leased and subleased oÇce space totaling approximately 454,000 square feet. In addition, the
Company leases approximately 67,000 square feet of oÇce space in other locations in the United States and
Canada.

The Company leases and subleases a total of approximately 220,000 square feet of oÇce space in various
other facilities in Europe, Latin America and the Asia PaciÑc region. In addition, the Company owns land and
buildings in the United Kingdom with approximately 48,000 square feet of oÇce space.

ITEM 3. LEGAL PROCEEDINGS

The Company is a defendant in various litigation matters generally arising out of the normal course of
business. Although it is diÇcult to predict the ultimate outcome of these cases, management believes, based
on discussions with counsel, that any ultimate liability would not materially aÅect the Company's business,
Ñnancial position, result of operations or cash Öows.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

11

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER

MATTERS

Price Range of Common Stock and Dividend Policy

The Company's Common Stock is currently traded on The Nasdaq National Market under the symbol
""CTXS.'' The following table sets forth the high and low closing prices for the Company's Common Stock as
reported on The Nasdaq National Market for the periods indicated, as adjusted to the nearest cent. Such
information  reÖects  inter-dealer  prices,  without  retail  markup,  markdown  or  commission  and  may  not
represent actual transactions.

High

Low

Year Ended December 31, 2004:

First quarter (through March 5, 2004) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$22.72

$19.26

Year Ended December 31, 2003:

Fourth quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Third quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Second quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
First quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$26.94
$24.50
$23.26
$14.76

Year Ended December 31, 2002:

Fourth quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Third quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Second quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
First quarter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$13.33
$ 6.52
$17.39
$23.98

$21.16
$16.93
$13.30
$10.98

$ 5.87
$ 5.00
$ 5.51
$13.50

On March 5, 2004 the last reported sale price of the Common Stock on The Nasdaq National Market
was $20.03 per share. As of March 5, 2004, there were approximately 1,293 holders of record of the Common
Stock.

The  Company  currently  intends  to  retain  any  earnings  for  use  in  its  business,  for  investment  in
acquisitions  and  to  repurchase  shares  of  its  Common  Stock.  The  Company  does  not  currently  anticipate
paying any cash dividends on its capital stock in the foreseeable future.

12

ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA

The following selected consolidated Ñnancial data should be read in conjunction with the Consolidated
Financial Statements and Notes thereto and ""Management's Discussion and Analysis of Financial Condition
and Results of Operations'' appearing elsewhere in this Annual Report on Form 10-K.

Consolidated Statements of Income Data:
Net revenuesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cost of revenues (excluding amortization,
presented separately below) ÏÏÏÏÏÏÏÏÏÏ

Gross margin ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Operating expenses:

Research and development ÏÏÏÏÏÏÏÏÏÏÏ
Sales, marketing and support ÏÏÏÏÏÏÏÏÏ
General and administrative ÏÏÏÏÏÏÏÏÏÏÏ
Amortization of intangible assets(a) ÏÏÏ
In-process research and development ÏÏ
Write-down of technology(b)ÏÏÏÏÏÏÏÏÏ

Total operating expenses ÏÏÏÏÏÏÏ

Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other income (expense), net ÏÏÏÏÏÏÏÏÏÏÏ

Income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏ
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2003

Year Ended December 31,
2002
2000
2001
(In thousands, except per share data)

1999

$ 588,625

$ 527,448

$ 591,629

$ 470,446

$ 403,285

20,036

568,589

64,443
252,749
85,672
11,336
Ì
Ì

414,200

154,389
21,120
(18,280)
3,458

160,687
33,744

19,030

508,418

68,923
235,393
88,946
11,296
Ì
Ì

404,558

103,860
30,943
(18,163)
(3,483)

113,157
19,237

29,848

561,781

67,699
224,108
85,212
48,831
2,580
Ì

428,430

133,351
42,006
(20,553)
(2,253)

152,551
47,291

29,054

441,392

50,622
180,384
58,685
30,395
Ì
9,081

329,167

112,225
41,313
(17,099)
(1,422)

135,017
40,505

14,579

388,706

37,363
121,302
37,757
18,480
2,300
Ì

217,202

171,504
25,302
(12,532)
(1,549)

182,725
65,781

Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 126,943

Diluted earnings per share(c) ÏÏÏÏÏÏÏÏÏÏ

$

0.74

$

$

93,920

$ 105,260

0.52

$

0.54

$

$

94,512

$ 116,944

0.47

$

0.61

Diluted weighted-average shares

outstanding(c)(d) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

171,447

179,359

194,498

199,731

192,566

Consolidated Balance Sheet Data:
Working capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Current portion of long-term debt ÏÏÏÏÏÏÏ
Long term debt, capital lease obligations,
put warrants and common stock subject
to repurchase ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stockholders' equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2003

2002

December 31,
2001
(In thousands)

2000

1999

$ 183,481
1,344,939
351,423

$ 186,410
1,161,531
Ì

$ 153,554
1,208,230
Ì

$ 427,344
1,112,573
Ì

$ 433,249
1,037,857
Ì

Ì
706,798

350,024
614,590

362,768
647,330

346,229
592,875

313,940
533,070

(a) On January 1, 2002, the Company adopted Statement of Financial Accounting Standards (""SFAS'')
No.  142,  Goodwill  and  Other  Intangible  Assets.  Pursuant  to  SFAS  No.  142,  the  Company  ceased
amortizing goodwill. See Note 2 to the Company's Consolidated Financial Statements.

(b) During 2000, the Company recorded impairment write-downs of previously acquired core technology of

$9.1 million.

(c) Diluted earnings per share and diluted weighted-average shares outstanding have been adjusted to reÖect
the two-for-one stock split in the form of a stock dividend declared on March 1, 1999 and paid on March

13

25, 1999 to holders of record of the Company's Common Stock on March 17, 1999; and the two-for-one
stock split in the form of a stock dividend declared on January 19, 2000 and paid on February 16, 2000 to
holders of record of the Company's Common Stock on January 31, 2000.

(d) Pursuant to the Company's stock repurchase programs, the eÅect on the calculation of weighted-average
shares outstanding from repurchase activities was 5.4 million, 8.2 million, 3.2 million and 0.8 million in
2003, 2002, 2001 and 2000, respectively.

14

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

Overview

We develop, market, license and support access infrastructure software and services that enable eÅective
and eÇcient enterprise-wide deployment, management and access of applications and information, including
those designed for Microsoft Windows operating systems, for UNIX operating systems, such as Sun Solaris,
HP-UX or IBM-AIX, and for Web-based information systems, as well as Web-based desktop access. Our
MetaFrame  products  permit  organizations  to  provide  access  to  Windows  based,  Web-based,  and  UNIX
applications  regardless  of  a  user's  location,  network  connection  or  type  of  client  hardware  platforms.  We
market and license our products primarily through multiple channels such as value-added resellers, channel
distributors, system integrators and independent software vendors, managed by our worldwide sales force. We
also  promote  our  products  through  relationships  with  a  wide  variety  of  industry  participants,  including
Microsoft Corporation.

Acquisitions

Expertcity

On December 18, 2003, we entered into a merger agreement with Expertcity.com, Inc. (""Expertcity''), a
market leader in Web-based desktop access as well as a leader in Web-based training and customer assistance
products. On February 27, 2004, we acquired all of the issued and outstanding capital stock of Expertcity from
its stockholders by means of a merger of Expertcity and a wholly-owned subsidiary of ours with Expertcity
continuing as the surviving corporation. Subsequently, Expertcity was merged into Citrix Online LLC, our
wholly-owned limited liability company. The results of operations of Expertcity will be included in our results
of  operations  beginning  after  February  27,  2004.  We  intend  to  continue  Expertcity's  business  operations
utilizing  its  assets  and  staÅ.  The  terms  of  the  merger  and  the  consideration  received  by  Expertcity's
stockholders were the result of arm's-length negotiations between Expertcity and us. Prior to the merger,
neither Expertcity nor its stockholders had any material relationship with us, our subsidiaries or any of our
aÇliates, oÇcers or directors or any associate of any of our oÇcers or directors.

The  consideration  for  this  transaction  was  approximately  $231  million,  comprised  of  approximately
$112.6 million in cash and approximately 5.6 million shares of our common stock valued at approximately
$118.4  million.  The  merger  agreement  provides  for  additional  purchase  price  consideration  of  up  to
approximately 0.6 million shares of our common stock to be issued to Expertcity stockholders in the event
certain revenue and other Ñnancial milestones are achieved by the Expertcity business in 2004. For purposes of
calculating the number of shares of our common stock issued to the Expertcity stockholders, the merger
agreement provides that shares of our common stock issued as initial consideration or as additional purchase
price consideration be valued on the average closing price of our common stock for ten consecutive trading
days ending two trading days prior to the closing of the merger, or approximately $20.12 per share. Additional
purchase price consideration earned by the Expertcity stockholders, if any, will be calculated by dividing the
amount earned pursuant to the merger agreement up to a maximum of $12.0 million by approximately $20.12
per share. The fair value of the shares issued as additional purchase price consideration, if any, will be based
on the market value of our common stock at the date that the shares are earned. In addition to the purchase
price, there were direct transaction costs associated with the merger of approximately $4.0 million. Additional
purchase price payments, if any, and direct transaction costs associated with the merger are expected to be
recorded to goodwill. The sources of funds for consideration paid in this transaction consisted of available cash
and investments and our authorized common stock.

Independent valuation specialists are conducting a valuation in order to assist us in determining the fair
values  of  a  signiÑcant  portion  of  Expertcity's  net  assets.  The  work  being  performed  by  the  independent
valuation specialists was considered in our preliminary allocation of the purchase price summarized below.

Under  the  purchase  method  of  accounting,  the  total  estimated  purchase  price  was  allocated  to
Expertcity's  net  tangible  and  intangible  assets  based  on  their  estimated  fair  values  as  of  the  date  of  the
completion of the acquisition. Due to the preliminary nature of the allocation, amounts may be adjusted when

15

the  valuation  is  Ñnalized,  in  accordance  with  Statement  of  Financial  Accounting  Standards  (""SFAS'')
No.  141,  Business  Combinations.  The  estimated  purchase  price  is  preliminarily  allocated  as  follows  (in
thousands):

Preliminary
Purchase Price
Allocation

Asset
Life

Net assets acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intangible assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

4,000
49,000

Purchased in-process research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20,000
162,000

Total purchase consideration, including direct transaction

costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$235,000

N/A
2-7 years
Expected to be
expensed in 2004
IndeÑnite

Net  assets  acquired  from  Expertcity  consisted  mainly  of  cash  and  investments,  accounts  receivable,

deferred revenues and other current liabilities.

The fair values used in the preliminary purchase price allocation were based on estimated discounted
future cash Öows, royalty rates and historical data, among other information. The estimated purchased in-
process research and development is expected to be expensed immediately upon the closing of the merger in
accordance with Financial Accounting Standards Board, or FASB, interpretation No. 4, Applicability of FASB
Statement No. 2 to Business Combinations Accounted for by the Purchase Method due to the fact that it
pertains to technology that was not currently technologically feasible, meaning it had not reached the working
model stage, did not contain all of the major functions planned for the product, was not ready for initial
customer testing and had no alternative future use.

We expect to record approximately $162 million of goodwill resulting from the acquisition, which will not

be deductible for tax purposes.

Acquisitions Prior to 2003

In April 2001, we acquired Sequoia Software Corporation for $182.6 million in cash. Sequoia provided
XML-based portal software. The Sequoia technology is a core component of our MetaFrame Secure Access
Manager software.

In February 2000, we acquired all of the operating assets of Innovex Group, Inc. for approximately $47.8
million. On the date of the acquisition, we paid approximately $28.9 million in cash, including closing costs.
Under the terms of the acquisition agreement, we were required to pay the remaining purchase price, plus
interest, if certain events occurred. During 2001, these events occurred and, as a result, we paid the remaining
purchase price and the associated interest of $10.5 million in cash in August 2001 and $10.7 million in cash in
February 2002. We have no remaining contingent obligations related to this acquisition.

We accounted for the Sequoia and Innovex acquisitions under the purchase method of accounting in
accordance with Accounting Principles Board, or APB, Opinion No. 16, Accounting for Business Combina-
tions. We allocated the cost of the acquisitions to the assets acquired and the liabilities assumed based on their
estimated fair values. In the Sequoia acquisition, a portion of the acquired intangible assets were related to
research and development that had not reached technological feasibility and for which there was no alternative
future use.

Critical Accounting Policies and Estimates

Our  discussion  and  analysis  of  Ñnancial  condition  and  results  of  operations  are  based  upon  our
consolidated  Ñnancial  statements,  which  have  been  prepared  in  accordance  with  accounting  principles
generally accepted in the United States. The preparation of these Ñnancial statements requires us to make
estimates and judgments that aÅect the reported amounts of assets, liabilities, revenues and expenses, and

16

related disclosure of contingent liabilities. We base these estimates on our historical experience and on various
other assumptions that we believe to be reasonable under the circumstances, and these estimates form the
basis for our judgments concerning the carrying values of assets and liabilities that are not readily apparent
from other sources. We periodically evaluate these estimates and judgments based on available information
and experience. Actual results could diÅer from our estimates under diÅerent assumptions and conditions. If
actual results signiÑcantly diÅer from our estimates, our Ñnancial condition and results of operations could be
materially impacted.

We believe that the accounting policies described below are critical to understanding our business, results
of operations and Ñnancial condition because they involve more signiÑcant judgments and estimates used in
the preparation of our consolidated Ñnancial statements. An accounting policy is deemed to be critical if it
requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at
the  time  the  estimate  is  made,  and  if  diÅerent  estimates  that  could  have  been  used,  or  changes  in  the
accounting estimates that are reasonably likely to occur periodically, could materially impact our consolidated
Ñnancial statements. We have discussed the development, selection and application of our critical accounting
policies  with  the  audit  committee  of  our  board  of  directors,  and  our  audit  committee  has  reviewed  our
disclosure  relating  to  our  critical  accounting  policies  in  this  ""Management's  Discussion  and  Analysis  of
Financial Condition and Results of Operations.''

Other signiÑcant accounting policies, primarily those with lower levels of uncertainty than those discussed
below, are also critical to understanding our consolidated Ñnancial statements. The notes to our consolidated
Ñnancial statements contain additional information related to our accounting policies and should be read in
conjunction with this discussion.

Revenue Recognition. The accounting related to revenue recognition in the software industry is complex
and aÅected by interpretations of the rules and an understanding of industry practices, both of which are
subject to change. As a result, revenue recognition accounting rules require us to make signiÑcant judgments.
In addition, our judgment is required in assessing the probability of collection, which is generally based on
evaluation of customer-speciÑc information, historical collection experience and economic market conditions.

We sell most of our software products bundled with an initial subscription for software license updates
that provide the end-user with free enhancements and upgrades to the licensed product on a when and if
available  basis.  Customers  may  also  elect  to  purchase  technical  support,  product  training  or  consulting
services.  We  allocate  revenue  to  software  license  updates  and  any  other  undelivered  elements  of  the
arrangement based on vendor speciÑc objective evidence, or VSOE, of fair value of each element and such
amounts are deferred until the applicable delivery criteria and other revenue recognition criteria described
above  have  been  met.  The  balance  of  the  revenue,  net  of  any  discounts  inherent  in  the  arrangement,  is
allocated to the delivered software product using the residual method and recognized at the outset of the
arrangement as the software licenses are delivered. If we cannot objectively determine the fair value of each
undelivered element based on VSOE, we defer revenue recognition until all elements are delivered, all services
have  been  performed,  or  until  fair  value  can  be  objectively  determined.  We  must  apply  judgment  in
determining all elements of the arrangement and in determining the VSOE of fair value for each element,
considering the price charged for each product or applicable renewal rates for software license updates.

In the normal course of business, we do not permit product returns, but we do provide most of our
distributors and value added resellers with stock balancing and price protection rights. Stock balancing rights
permit distributors to return products to us, subject to ordering an equal dollar amount of our other products.
Price protection rights require that we grant retroactive price adjustments for inventories of our products held
by distributors or resellers if we lower our prices for such products. We establish provisions for estimated
returns for stock balancing and price protection rights, as well as other sales allowances, concurrently with the
recognition  of  revenue.  The  provisions  are  established  based  upon  consideration  of  a  variety  of  factors,
including, among other things, recent and historical return rates for both speciÑc products and distributors,
estimated  distributor  inventory  levels  by  product,  the  impact  of  any  new  product  releases  and  projected
economic conditions. Actual product returns for stock balancing and price protection provisions incurred are,
however, dependent upon future events, including the amount of stock balancing activity by our distributors

17

and the level of distributor inventories at the time of any price adjustments. We continually monitor the
factors that inÖuence the pricing of our products and distributor inventory levels and make adjustments to
these provisions when we believe actual returns and other allowances could diÅer from established reserves.
Our ability to recognize revenue upon shipment to our distributors is predicated on our ability to reliably
estimate future stock balancing returns. If actual experience or changes in market condition impairs our ability
to estimate returns, we would be required to defer the recognition of revenue until the delivery of the product
to  the  end-user.  Allowances  for  estimated  product  returns  amounted  to  approximately  $3.0  million  at
December  31,  2003  and  $10.5  million  at  December  31,  2002.  The  decrease  in  allowances  for  estimated
product returns is a reÖection of the decrease in stock rotation experience primarily due to a reduction in
packaged product inventory held by our distributors resulting from an increase in enterprise customer license
arrangements, which are typically delivered electronically. We have not reduced and have no current plans to
reduce our prices for inventory currently held by distributors or resellers. Accordingly, there were no reserves
required for price protection at December 31, 2003 or December 31, 2002. We record estimated reductions to
revenue  for  customer  programs  and  incentive  oÅerings  including  volume-based  incentives.  If  market
conditions were to decline, we could take actions to increase our customer incentive oÅerings, which could
result in an incremental reduction to our revenue at the time the incentive is oÅered.

Core  and  Product  Technology  Assets. We  review  acquired  core  and  product  technology  assets  for
impairment on a periodic basis by comparing the estimated net realizable value to the unamortized cost of the
technology. The core and product technology assets acquired in our Sequoia acquisition form the basis for our
MetaFrame Secure Access Manager product. The recoverability of this technology is primarily dependent
upon our ability to commercialize this product. The estimated net realizable value of the purchased Sequoia
technology is based on the estimated undiscounted future cash Öows associated with our MetaFrame Secure
Access Manager. Our revenues are forecasted based on historical sales, data received from rate projections on
our  installed  customer  base  and  estimates  from  our  sales  channels  and  end-customer  sales  force.  Our
assumptions about future revenues and expenses require signiÑcant judgment associated with the forecast of
MetaFrame Secure Access Manager. Actual revenues and costs could vary signiÑcantly from these forecasted
amounts. As of December 31, 2003, we estimated that the net realizable value of these core and product
technology assets is greater than the $14.9 million unamortized cost of these assets. If these products are not
ultimately accepted by our customers, and there is no alternative future use for this technology, we could
determine that some or all of the remaining $14.9 million carrying value of the related core and product
technology assets are impaired. In the event of impairment, we would be required to incur a charge to earnings
that could have a material adverse eÅect on our results of operations. On February 27, 2004 we acquired
Expertcity, which is expected to result in additional core and product technology assets during the Ñrst quarter
of  2004.  For  more  information  see  ""Management's  Discussion  and  Analysis  of  Financial  Condition  and
Results of Operations Ó Acquisitions.''

Goodwill. At December 31, 2003, we had $152.4 million in indeÑnite lived goodwill primarily related to
our acquisition of Sequoia. We operate in a single market consisting of the design, development, marketing
and support of access infrastructure software and services for enterprise applications. Our revenues are derived
from sales in the Americas, Europe, the Middle East and Africa, or EMEA, and Asia-PaciÑc regions. These
three  geographic  regions  constitute  our  reportable  segments.  See  note  12  to  our  consolidated  Ñnancial
statements for additional information regarding our geographic segments. We evaluate goodwill along these
geographic segments, which represent our reporting units. Substantially all of our goodwill at December 31,
2003 was associated with our Americas reportable segment.

On January 1, 2002, we adopted SFAS No. 142, Goodwill and Other Intangible Assets. As a result of
adopting SFAS No. 142, our goodwill is no longer amortized but is subject to an annual impairment test. In
accordance with SFAS No. 142, we ceased amortizing goodwill with a net book value at January 1, 2002 of
$152.4 million, including $10.1 million of acquired workforce previously classiÑed as purchased intangible
assets. Excluding goodwill, we have no intangible assets deemed to have indeÑnite lives.

We use judgment in assessing goodwill for impairment. Goodwill is reviewed for impairment annually, or
sooner if events or changes in circumstances indicate that the carrying amount could exceed fair value. Fair
values  are  based  on  discounted  cash  Öows  using  a  discount  rate  determined  by  our  management  to  be

18

consistent with industry discount rates and the risks inherent in our current business model. In accordance
with SFAS No. 142, we completed the required impairment tests of goodwill at the date of adoption and
annually as required. There were no impairment charges recorded as a result of the adoption of SFAS No. 142
or annual impairment tests. Due to uncertain market conditions and potential changes in our strategy and
product portfolio, it is possible that the forecasts we use to support our goodwill could change in the future,
which could result in non-cash charges that would adversely aÅect our results of operations and Ñnancial
condition.

On February 27, 2004 we acquired Expertcity, which is expected to result in additional goodwill during
the Ñrst quarter of 2004. For more information concerning the acquisition of Expertcity, see ""Management's
Discussion and Analysis of Financial Condition and Results of Operations Ó Acquisitions.''

Current  and  Deferred  Tax  Assets. We  are  required  to  estimate  our  income  taxes  in  each  of  the
jurisdictions in which we operate as part of the process of preparing our consolidated Ñnancial statements. At
December 31, 2003, the Company has $54.7 million in net deferred tax assets. SFAS No. 109, Accounting for
Income Taxes, requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight
of the evidence, it is not more likely than not that some portion or all of the deferred tax assets will be realized.
Management reviews deferred tax assets periodically for recoverability and makes estimates and judgments
regarding the expected geographic sources of taxable income, gains from investments, as well as tax planning
strategies  in  assessing  the  need  for  a  valuation  allowance.  We  determined  that  a  valuation  allowance  of
approximately $2.1 million relating to foreign tax credit carryovers was necessary to reduce our deferred tax
assets to the amount that will more likely than not be realized. If the estimates and assumptions used in our
determination change in the future, we could be required to revise our estimates of the valuation allowances
against our deferred tax assets and adjust our provisions for additional income taxes. In the ordinary course of
global business, there are transactions for which the ultimate tax outcome is uncertain, thus judgment is
required  in  determining  the  worldwide  provision  for  income  taxes.  We  provide  for  income  taxes  on
transactions based on our estimate of the probable liability. We adjust our provision as appropriate for changes
that  impact  our  underlying  judgments.  Changes  that  impact  provision  estimates  include  such  items  as
jurisdictional interpretations on tax Ñling positions based on the results of tax audits and general tax authority
rulings. Due to the evolving nature of tax rules combined with the large number of jurisdictions in which we
operate, it is possible that our estimates of our tax liability and the realizability of our deferred tax assets could
change  in  the  future,  which  may  result  in  additional  tax  liabilities  and  adversely  aÅect  our  results  of
operations, Ñnancial condition and cash Öows.

Stock-based Compensation Disclosures

Our stock option program is a broad based, long-term retention program that is intended to attract and
reward talented employees and align stockholder and employee interests. The number and frequency of stock
option grants are based on competitive practices, our operating results, the number of options available for
grant under our shareholder approved plans, and other factors. All employees are eligible to participate in the
stock option program.

As of December 31, 2003, we had four stock-based compensation plans. We grant stock options for a
Ñxed number of shares to employees with an exercise price equal to or above the market value of the shares at
the date of grant. As discussed in note 2 to our consolidated Ñnancial statements, we apply the intrinsic value
method under APB Opinion No. 25 and related interpretations in accounting for our plans. Accordingly, no
compensation cost has been recognized for our Ñxed stock plans and our stock purchase plan. However, the
impact on our consolidated Ñnancial statements from the use of options is reÖected in the calculation of
earnings per share in the form of dilution.

The following table (in thousands, except option price) provides information as of December 31, 2003
about the securities authorized for issuance to our employees and directors under our Ñxed stock compensation
plans, consisting of our Amended and Restated 1995 Stock Plan, the Third Amended and Restated 1995

19

Employee Stock Purchase Plan, the Amended and Restated 1995 Non-Employee Director Option Plan and
the Second Amended and Restated 2000 Director and OÇcer Stock Option and Incentive Plan:

Plan

Equity compensation plans approved

by security holders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Equity compensation plans not

approved by security holders ÏÏÏÏÏÏÏ
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(A)

(B)

Number of securities Weighted-average
exercise price of
outstanding
options, warrants
and rights

to be issued upon
exercise of
outstanding options,
warrants and rights

(C)
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reÖected in
column (A))

38,222

Ì
38,222

$24.56

Ì
$24.56

37,025

Ì
37,025

The following table provides information about stock options granted for 2003 and 2002 for employees,
non-employee directors and for certain executive oÇcers. The stock option data for listed oÇcers relates to our
Named Executive OÇcers. The ""Named Executive OÇcers'' for the year ended December 31, 2003, consist
of our chief executive oÇcer, the four other most highly compensated executive oÇcers who earned total
annual salary and bonus in excess of $100,000 in 2003 and one other individual that would have qualiÑed,
except that she was not an executive oÇcer at December 31, 2003. For further information on 2003 Named
Executive  OÇcers,  see  our  2003  proxy  statement  that  will  be  Ñled  with  the  Securities  and  Exchange
Commission not later than 120 days after the close of our Ñscal year ended December 31, 2003. For 2002, the
""Named Executive OÇcers'' consist of our chief executive oÇcer and the four other most highly compensated
executive oÇcers that earned total annual salary and bonus in excess of $100,000 in 2002. The 2002 Named
Executive OÇcers are identiÑed in our 2002 Proxy Statement dated April 4, 2003. Named Executive oÇcers
for both years presented were employees as of the respective year end.

Year ended December 31,
2002
2003

Net grants to all employees, non-employee directors and executive

oÇcers as a percent of outstanding shares(1)(2) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

1.03%

1.17%

Grants to Named Executive OÇcers as a percent of outstanding

shares(2)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

0.24%

Grants to Named Executive OÇcers as a percent of total options

granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

6.89%

0.36%

6.90%

Cumulative options held by Named Executive OÇcers as a percent of
total options outstanding(3) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

10.08%

9.48%

(1) Net grants represent total options granted during the period net of options forfeited during the period.
(2) Calculation is based on outstanding shares of common stock as of the beginning of the respective period.
(3) Calculation is based on total options outstanding as of the end of the respective period.

20

The following table presents our option activity from December 31, 2001 through December 31, 2003 (in

thousands, except weighted-average exercise price). Some amounts may not add due to rounding.

Options Outstanding

Options Available
for Grant

Number of
Shares

Weighted
Average
Exercise Price

Balance at December 31, 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Granted at market valueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Granted above market value ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Forfeited/cancelled ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Additional shares reserved ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Balance at December 31, 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Granted at market valueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Granted above market value ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Forfeited/cancelled ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Reduction in plan shares (1)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Additional shares reserved ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Balance at December 31, 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

21,991
(9,275)
(356)
Ì
7,455
10,186

30,001

(5,575)
(349)
Ì
4,199
(500)
9,249

37,025

39,596
9,275
356
(551)
(7,455)
N/A

41,221

5,575
349
(4,723)
(4,199)
N/A
N/A

38,222

$28.92
9.98
17.92
6.12
30.86
N/A

24.51

16.19
12.00
11.64
28.14
N/A
N/A

24.56

(1) The number of shares reserved for issuance under our Amended and Restated 2000 Director and OÇcer
Stock Option and Incentive Plan was reduced by 500,000 shares pursuant to an amendment to such
option plan authorized by our Board of Directors on May 15, 2003.

A summary of our in-the-money and out-of-the-money option information as of December 31, 2003 is as
follows (in thousands, except weighted average exercise price). Out-of-the-money options are those options
with  an  exercise  price  equal  to  or  above  the  closing  price  of  $21.16  per  share  for  our  common  stock  at
December 31, 2003.

Exercisable

Unexercisable

Total

Shares

Weighted
Exercise Price

In-the-money ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Out-of-the-money ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

9,889
15,155

Total options outstanding ÏÏÏÏÏÏÏ

25,044

$14.26
38.22

28.76

Weighted
Average
Exercise Price

$12.52
31.84

16.58

Weighted
Average
Exercise Price

$13.37
37.23

24.56

Shares

20,297
17,925

38,222

Shares

10,408
2,770

13,178

21

The following table provides information with regard to our stock option grants during 2003 to the 2003

Named Executive OÇcers:

Individual Grants(1)

Number of Securities
Underlying Options
Granted (#)

Exercise Price
($/share)

Expiration
Date

Mark TempletonÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

John Burris ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Robert KrugerÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Kate Hutchison ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Stefan Sjostrom ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

David Henshall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

37,500
37,500
17,500
17,500
17,500
17,500
15,000
16,000
16,000
16,000
200,000

$12.00
$18.05
$12.00
$18.05
$12.00
$18.05
$12.00
$18.05
$12.00
$18.05
$14.36

March 3, 2013
July 31, 2013
March 3, 2013
July 31, 2013
March 3, 2013
July 31, 2013
March 3, 2013
July 31, 2013
March 3, 2013
July 31, 2013
April 14, 2013

(1) These options vest over four years at a rate of 25% of the shares underlying the option one year from the

date of the grant and at a rate of 2.08% monthly thereafter.

The following table presents certain information regarding option exercises for 2003 and outstanding

options held by 2003 Named Executive OÇcers as of December 31, 2003:

Shares Acquired on
Exercise (#)

Value
Realized ($)(1)

Number of Securities
Underlying Unexercised
Options at December 31, 2003
Exercisable/Unexercisable

Values of Unexercised In-
the-Money Options at
December 31, 2003 ($)
Exercisable/Unexercisable(2)

Mark TempletonÏÏÏÏ
John Burris ÏÏÏÏÏÏÏÏ
Robert Kruger ÏÏÏÏÏ
Kate Hutchison ÏÏÏÏ
Stefan Sjostrom ÏÏÏÏ
David HenshallÏÏÏÏÏ

Ì
Ì
7,075
Ì
Ì
Ì

Ì
Ì
$107,343
Ì
Ì
Ì

1,905,562/ 221,938
407,152/ 128,598
209,991/ 194,601
56,250/ 199,750
174,474/ 152,776
Ì/ 200,000

$ 4,760,970/ $1,461,905
534,086/ $ 950,886
$
372,176/ $ 945,688
$
470,250/ $1,597,910
$
295,290/ $ 718,621
$
Ì/ $1,360,000

(1) The amounts disclosed in this column were calculated based on the diÅerence between the fair market
value of our common stock on the date of exercise and the exercise price of the options in accordance
with regulations promulgated under the Securities Exchange Act of 1934, as amended (the ""Exchange
Act''), and do not reÖect amounts actually received by the named oÇcers.

(2) Value  is  based  on  the  diÅerence  between  the  option  exercise  price  and  the  fair  market  value  at
December 31, 2003 ($21.16 per share), multiplied by the number of shares underlying the option.

For  further  information  regarding  our  stock  option  plans,  see  note  6  to  our  consolidated  Ñnancial

statements.

The  following  discussion  relating  to  the  individual  Ñnancial  statement  captions,  our  overall  Ñnancial
performance,  operations  and  Ñnancial  position  should  be  read  in  conjunction  with  the  factors  and  events
described in ""Management's Discussion and Analysis of Financial Condition and Results of Operations Ì
Overview'' and ""Management's Discussion and Analysis of Financial Condition and Results of Operations Ì
Certain Factors Which May AÅect Future Results,'' which could impact our future performance and Ñnancial
position.

22

Results of Operations

The following table sets forth our consolidated statements of income data and presentation of that data as

a percentage of change from period-to-period.

Year Ended December 31,
2002

2003

2001

2003

2002

Compared to Compared to

2002

2001

Revenues:

Software licenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Software license updatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
ServicesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
OtherÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$374,403
168,793
45,429
Ì

$363,145
105,682
44,539
14,082

$450,770
60,377
40,652
39,830

3.1%

59.7
2.0
(100.0)

Total net revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

588,625

527,448

591,629

Cost of revenues (excluding amortization,

presented separately below) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20,036

19,030

29,848

Gross margin ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Operating expenses:

568,589

508,418

561,781

Research and developmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sales, marketing and support ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
General and administrativeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of intangible assetsÏÏÏÏÏÏÏÏÏÏÏ
In-process research and development ÏÏÏÏÏÏÏ

64,443
252,749
85,672
11,336
Ì

68,923
235,393
88,946
11,296
Ì

67,699
224,108
85,212
48,831
2,580

Total operating expensesÏÏÏÏÏÏÏÏÏÏÏÏ

414,200

404,558

428,430

Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other income (expense), net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

154,389
21,120
(18,280)
3,458

160,687
33,744

103,860
30,943
(18,163)
(3,483)

113,157
19,237

133,351
42,006
(20,553)
(2,253)

152,551
47,291

Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$126,943

$ 93,920

$105,260

11.6

5.3

11.8

(6.5)
7.4
(3.7)
0.4
*

2.4

48.7
(31.7)
0.6
199.3

42.0
75.4

35.2

(19.4)%
75.0
9.6
(64.6)

(10.8)

(36.2)

(9.5)

1.8
5.0
4.4
(76.9)

*

(5.6)

(22.1)
(26.3)
(11.6)
(54.6)

(25.8)
(59.3)

(10.8)

* not meaningful.

Net  Revenues. Our  operations  consist  of  the  design,  development,  marketing  and  support  of  access
infrastructure  software  and  services  that  enable  eÅective  and  eÇcient  enterprise-wide  deployment  and
management of applications and information.

Net revenues include the following categories: Software Licenses, Software License Updates, Services,
and Other. Software Licenses primarily represents fees related to the licensing of our MetaFrame products,
additional  user  licenses  and  management  products  (such  as  load  balancing  and  resource  management
products). These amounts are reÖected net of sales allowances and provisions for stock balancing return rights.
Software License Updates consists of fees related to our Subscription Advantage program (our terminology
for  PCS)  that  are  recognized  ratably  over  the  term  of  the  contract,  which  is  typically  12  to  24  months.
Subscription Advantage is an annual renewable program that provides subscribers with automatic delivery of
software upgrades, enhancements and maintenance releases when and if they become available during the
term of the subscription. Services consist primarily of technical support services revenue recognized ratably
over the contract term, revenue from product training and certiÑcation, and consulting services revenue related
to implementation of our software products, which are recognized as the services are provided. In May 1997,
we  entered  into  a  Ñve-year  joint  license,  development  and  marketing  agreement  with  the  Microsoft
Corporation, which expired in May 2002. Other represents the royalty fees recognized in connection with the
Microsoft Development Agreement.

23

The $61.2 million increase in net revenues during 2003 was due primarily to a signiÑcant increase in
revenues  from  Software  License  Updates  mainly  due  to  the  continued  acceptance  of  our  renewable
Subscription Advantage program. To a lesser extent, the increase was due to an increase in Software Licenses,
primarily of Citrix MetaFrame Presentation Server, particularly under enterprise customer license arrange-
ments. Also, the increase over 2002 was partially due to weakness during 2002 in packaged product sales to
our  distributors  and  resellers,  associated  with  a  reduction  in  packaged  product  inventory  held  by  our
distributors and the overall weakness in IT spending during 2002. These increases were partially oÅset by a
decrease in Other revenue associated with the expiration of the Microsoft Development Agreement in May
2002. We currently expect Software License Updates revenue to continue to increase as we invest in customer
care teams and other programs to increase Subscription Advantage renewal rates in 2004. Also, we currently
expect Subscription Advantage to continue to be of strategic importance to our business in 2004 because it
fosters long-term customer relationships and gives us improved visibility and predictability due to the recurring
nature of this revenue stream.

The $64.2 million decrease in net revenues during 2002 compared to 2001 was due primarily to a decrease
in Software Licenses due mainly to a decrease in revenue from MetaFrame Presentation Server. This resulted
from a decrease in packaged product sales due to an overall weakness in IT spending and a reduction in
packaged product inventory held by our distributors. The decrease in packaged product sales was partially
oÅset by an increase in Software License Updates due to increased customer acceptance of our Subscription
Advantage program. In addition, the decrease in net revenue also resulted from a signiÑcant decline in Other
revenue due to the expiration of the Microsoft Development Agreement in May 2002.

Deferred revenues, primarily related to Citrix Subscription Advantage and Services revenues, increased
approximately $61.1 million compared to December 31, 2002. The signiÑcant increase was due primarily to
increased renewals of Citrix Subscription Advantage, as well as an increase in enterprise customer license
arrangements, which typically result in a greater portion of revenue being deferred. We currently expect Citrix
Subscription Advantage renewals to continue to increase and as a result we currently expect deferred revenue
to also increase in 2004.

International  and  Segment  Revenues.

International  revenues  (sales  outside  of  the  United  States)
accounted for approximately 54.6% of our net revenues for the year ended December 31, 2003, 53.7% of our
net  revenues  for  the  year  ended  December  31,  2002,  and  48.0%  of  our  net  revenues  for  the  year  ended
December 31, 2001.

An analysis of our geographic segment net revenue as a percentage of net revenue is presented below:

Year Ended December 31,

2003

2002

2001

Revenue
Growth
2002 to 2003

Revenue
Growth
2001 to 2002

Americas(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
EMEA(2) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Asia-PaciÑc ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other(3)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

49.5%
41.4
9.1
Ì

48.4%
39.7
9.2
2.7

48.9%
36.6
7.8
6.7

14.1%
16.4
10.0
(100.0)

Consolidated net revenues ÏÏÏÏÏÏÏÏÏÏ

100.0% 100.0% 100.0%

11.6

(11.6)%
(3.3)
5.2
(64.6)

(10.8)

(1) Our Americas segment is comprised of the United States, Canada and Latin America.
(2) DeÑned as Europe, Middle East and Africa.
(3) Represents royalty fees in connection with the Microsoft Development Agreement, which expired during

May 2002.

With respect to our geographic segment revenues, the increase in net revenues during 2003 as compared
to 2002, was due primarily to the factors mentioned above across all geographic segments. The decrease in net
revenues during 2002 as compared to 2001 was due primarily to the factors mentioned above, particularly in
Europe and the United States. For additional information on international revenues, please refer to note 12 to
our consolidated Ñnancial statements.

24

Cost of Revenues. Cost of revenues consisted primarily of the cost of royalties, product media and
duplication, manuals, packaging materials and shipping expense. Cost of revenues also consisted of compensa-
tion  and  other  personnel-related  costs  of  generating  services  revenues.  Our  cost  of  revenues  excludes
amortization of core technology, which is shown as a component of amortization expense in our accompanying
consolidated statements of income. Cost of revenues for 2003 remained relatively unchanged compared to
2002.  During  2001,  we  implemented  a  new  enterprise  resource  planning  system.  As  a  result  of  this
implementation,  we  have  an  enhanced  ability  to  obtain  information  regarding  personnel-related  costs  of
generating services revenues. The $10.8 million decrease in the cost of revenues for 2002 as compared to 2001,
is primarily attributable to our ability to identify certain non-revenue generating services expenses and classify
such  costs  as  operating  expenses.  Enterprise  customer  license  arrangements  are  typically  fulÑlled  with  a
nominal level of product media and the licenses are delivered electronically. The cost of fulÑlling such sales is
less than traditional packaged product sales, thereby reducing costs of revenues as a percentage of revenue.
During 2004, certain royalty agreements are expected to expire. Although these expirations are expected to
reduce certain costs of royalties, cost of revenues will Öuctuate from time to time based on a number of factors
discussed above.

Gross Margin. Gross margin as a percent of revenue was 96.6% for 2003, 96.4% for 2002 and 95.0% for
2001. The increase in gross margin as a percentage of net revenue from 2001 to 2002 was primarily due to the
decrease in cost of revenues as discussed above. We currently anticipate that in the next 12 months, gross
margin as a percentage of net revenues will remain relatively unchanged as compared with current levels.
During 2004, certain royalty agreements are expected to expire; however, gross margin will Öuctuate from time
to time based on a number of factors attributable to the cost of revenues as discussed above.

Operating Expenses. As further discussed below, during 2002 we reduced our worldwide workforce by
approximately 10% (approximately 200 employees) and consolidated certain functions from our Salt Lake
City, Utah and Columbia, Maryland facilities into our Fort Lauderdale, Florida facility. As a result of such
actions,  we  incurred  expenses  of  approximately  $10.9  million,  primarily  for  severance  and  related  facility
expenses, of which approximately $7.0 million were included in research and development expenses, $2.8
million were included in sales, marketing and support expenses and $1.1 million were included in general and
administrative expenses.

Our  results  of  operations  are  subject  to  Öuctuations  in  foreign  currency  exchange  rates.  In  order  to
minimize adverse impacts on our operating results, we generally initiate our hedging of currency exchange
risks one year in advance of anticipated foreign currency expenses. As a result of this policy, foreign currency
denominated expenses will be higher or lower in the current year depending on the weakness or strength of the
dollar in the prior year. Since the dollar was generally weak in 2003, particularly against the Euro and British
pound sterling, we currently expect that operating expenses will be higher in 2004 but further dollar weakness
in 2004 will not have a further material impact on our operating expenses until 2005.

Research  and  Development  Expenses. Research  and  development  expenses  consisted  primarily  of
personnel-related costs. We expensed all development costs included in the research and development of
software products and enhancements to existing products as incurred except for certain core technologies with
alternative future use. Research and development expenses decreased approximately $4.5 million during 2003,
primarily due to severance, relocation and reduced headcount costs and related facility charges associated with
the consolidation of our Salt Lake City, Utah and Columbia, Maryland development teams into our remaining
engineering facilities in Fort Lauderdale, Florida during 2002. These decreases were partially oÅset by an
increase in costs for external consultants and developers.

Research and development expenses increased approximately $1.2 million during 2002 primarily from an
increase in staÇng and associated salaries that primarily related to the Sequoia acquisition in the second
quarter of 2001, additional costs for severance for the worldwide workforce reduction, and relocation and
facility related charges associated with the consolidation of our Salt Lake City, Utah and Columbia, Maryland
development teams into our remaining engineering facilities during 2002. These increases were partially oÅset
by a reduction in costs for third party software, external consultants and developers and a decrease in personnel
costs due to the worldwide workforce reduction.

25

Sales,  Marketing  and  Support  Expenses. Sales,  marketing  and  support  expenses  increased  approxi-
mately $17.4 million during 2003 primarily due to increases in commissions and other variable compensation
costs due to the achievement of targeted sales goals. In addition, to a lesser extent, there was an increase in
marketing program costs resulting primarily from our launch of a worldwide brand awareness and advertising
campaign.  To  a  lesser  extent  the  increase  was  due  to  increases  in  product  training  costs  and  distributor
commissions  associated  with  the  increase  in  our  software  license  updates.  We  currently  expect  sales,
marketing and support expenses to increase as we continue our worldwide brand awareness and advertising
campaign and invest in sales and marketing initiatives.

Sales, marketing and support expenses increased approximately $11.3 million during 2002 primarily from
additional  end-customer  sales  personnel  hired  during  2001  and  2002  particularly  for  medium  to  large
customers, an increase in staÇng and associated salaries related to the Sequoia acquisition during 2001, and
severance charges associated with our worldwide workforce reduction. To a lesser extent, the reallocation of
certain non-revenue generating services expense from cost of revenues to operating expenses also contributed
to  the  increase.  The  increase  was  partially  oÅset  by  a  reduction  in  marketing  costs  due  to  a  refocus  in
marketing programs spending based on the current operating environment, and the reallocation of certain
overhead expenses to other departments, primarily depreciation expense to certain general and administrative
cost centers.

General and Administrative Expenses. General and administrative expenses decreased approximately
$3.3 million during 2003 due primarily to a decrease in depreciation expense resulting from asset maturities
and the abandonment of certain leasehold improvements during 2002 and a decrease in our provision for
doubtful accounts. These decreases were partially oÅset by an increase in incentive compensation resulting
from the achievement of our Ñnancial targets and an increase in insurance costs.

General and administrative expenses increased approximately $3.7 million during 2002 primarily from a
reallocation of certain overhead expenses from other departments to general and administrative expenses,
primarily depreciation expense from certain sales, marketing and support cost centers into certain general and
administrative cost centers.

Amortization  of  Intangible  Assets. The  $37.5  million  decrease  in  amortization  of  intangible  assets
during  2002  was  substantially  due  to  the  adoption  of  SFAS  No.  142,  which  requires  that  we  no  longer
amortize  goodwill  and  intangible  assets  deemed  to  have  indeÑnite  lives  but  subject  them  to  an  annual
impairment test. Other intangibles of $36.6 million at January 1, 2002 continue to be amortized over their
useful lives. As of December 31, 2003, we had unamortized identiÑed intangible assets with estimable useful
lives in the net amount of $21.3 million. Amortization expense totaled $11.3 million during 2003 and 2002 and
$48.8 million during 2001. We currently expect amortization expense to increase during 2004 as a result of our
acquisition  of  Expertcity.  For  more  information  regarding  the  Expertcity  acquisition  see,  ""Management's
Discussion and Analysis of Financial Condition and Results of Operations Ì Acquisitions'' and note 17 to our
consolidated Ñnancial statements.

In-Process Research and Development.

In April 2001, we acquired Sequoia, for which $2.6 million of
the purchase price was allocated to in-process research and development, or IPR&D. The amounts allocated
to IPR&D had not yet reached technological feasibility, had no alternative future use and were written oÅ at
the time of the acquisition. There were no write-oÅs of IPR&D during 2003 and 2002. As a result of the
Expertcity acquisition in February 2004, we allocated approximately $20 million to IPR&D that was written
oÅ  at  the  closing  of  the  acquisition.  For  more  information  regarding  the  acquisition,  see  ""Management's
Discussion and Analysis of Financial Condition and Results of Operations Ì Acquisitions'' and note 17 to our
consolidated Ñnancial statements.

Interest Income.

Interest income decreased approximately $9.8 million during 2003 and approximately
$11.1 million during 2002 primarily due to decreases in interest rates. During 2002, we terminated an interest
rate swap agreement with a notional amount of $174.6 million and in December 2002, we sold the investments
underlying this swap agreement. As a result, the decrease in interest income during 2002 was partially oÅset by
interest income of approximately $3.4 million recognized as a result of the termination of this interest rate
swap and the hedging relationship. For more information see ""ÓLiquidity and Capital Resources'' and note 13

26

to our consolidated Ñnancial statements. During the Ñrst quarter of 2004, we currently expect to use cash of
approximately $355.7 million for the redemption of our convertible subordinated debentures, and we paid
approximately $112.6 million in cash for the Expertcity acquisition. Accordingly, we currently believe that our
lower  cash  balances  during  2004  will  signiÑcantly  reduce  our  interest  income  during  2004.  For  more
information see ""Management's Discussion and Analysis of Financial Condition and Results of Operations
Acquisitions'' and ""ÓLiquidity and Capital Resources'' and note 17 to our consolidated Ñnancial statements.

Interest Expense.

Interest expense remained relatively unchanged during 2003 compared to 2002 and
primarily  represented  non-cash  interest  accretion  on  our  convertible  subordinated  debentures.  The  $2.4
million decrease in interest expense for 2002 as compared to 2001 was due primarily to interest expense
incurred during 2001 on contingent payments associated with the Innovex acquisition. We currently expect
interest expense to decrease substantially during 2004 due to the anticipated redemption of our convertible
subordinated  debentures.  For  more  information  see  ""Management's  Discussion  and  Analysis  of  Financial
Condition and Results of OperationsÓAcquisitions'' and "" Ó Liquidity and Capital Resources'' and note 17 to
our consolidated Ñnancial statements.

Other Income (Expense), Net. Other income (expense), net is primarily comprised of remeasurement
and  foreign  currency  transaction  gains  (losses),  other-than-temporary  declines  in  the  value  of  our  equity
investments and realized gains (losses) on the sale of available-for-sale investments. The $6.9 million increase
in  other  income  (expense),  net  during  2003  compared  to  2002  was  due  primarily  to  a  decline  in
remeasurement and foreign currency transaction losses, as well as, realized gains on the sale of certain of our
available-for-sale investments. The $1.2 million decrease in other income (expense), net for 2002 as compared
to other income (expense), net in 2001 was the result of $2.1 million of losses from other-than-temporary
declines in the fair value of certain of our equity investments and realized losses on the sale of available-for-
sale securities, as well as approximately $1.1 million in remeasurement and foreign currency transaction losses.
In March 2004, we expect to incur a charge of approximately $7.2 million for our remaining prepaid issuance
costs as a result of the redemption of our convertible subordinated debentures. For more information on our
convertible subordinated debentures see ""Management's Discussion and Analysis of Financial Condition and
Results of OperationsÌLiquidity'' and note 9 to our consolidated Ñnancial statements.

Income Taxes. We maintain certain operational and administrative processes in overseas subsidiaries
and our foreign earnings are taxed at lower foreign tax rates. We do not expect to remit earnings from our
foreign subsidiaries. Our eÅective tax rate increased to 21% in 2003 from 17% in 2002 primarily due to an
increase in annual taxable income in our geographic locations that are taxed at a higher rate. We currently
expect our eÅective tax rate for 2004 to be approximately 22%; however our eÅective tax rate may Öuctuate
throughout  2004  based  on  a  number  of  factors  including  variations  in  estimated  taxable  income  in  our
geographic locations, completed and potential acquisitions and changes in statutory tax rates, among others.

The decrease in the eÅective tax rate from 31% in 2001 to 17% in 2002 was due primarily to the adoption
of SFAS No. 142, pursuant to which amortization of goodwill, which previously increased taxable income in
the determination of our eÅective tax rate, ceased. The reduction in the tax rate was also due to higher tax
credits related to our foreign operations and research and development, and the cessation of revenues from the
Microsoft Development Agreement, which expired in May 2002.

Liquidity and Capital Resources

During 2003, we generated positive operating cash Öows of $255.4 million. These cash Öows related
primarily to net income of $126.9 million, adjusted for, among other things, tax beneÑts from the exercise of
non-statutory stock options and disqualifying dispositions of incentive stock options of $10.3 million, non-cash
charges, including depreciation and amortization expenses of $34.3 million, the accretion of original issue
discount and amortization of Ñnancing costs on our convertible subordinated debentures of $18.2 million and
an aggregate increase in cash Öow from our operating assets and liabilities of $60.9 million, primarily resulting
from  an  increase  in  deferred  revenues  due  to  the  success  of  our  Subscription  Advantage  program.  Our
investing activities provided $26.7 million of cash consisting primarily of the net proceeds, after reinvestment,
from sales and maturities of investments of $40.7 million, partially oÅset by the expenditure of $11.1 million

27

for  the  purchase  of  property  and  equipment.  Our  Ñnancing  activities  used  cash  of  $65.5  million  related
primarily  to  the  expenditure  of  $124.6  million  for  the  stock  repurchase  program,  partially  oÅset  by  the
proceeds received from employee stock compensation plans of $58.4 million.

During 2002, we generated positive operating cash Öows of $187.1 million. These cash Öows related
primarily to net income of $93.9 million, adjusted for, among other things, tax beneÑts from the exercise of
non-statutory stock options and disqualifying dispositions of incentive stock options of $25.7 million, non-cash
charges, including depreciation and amortization expenses of $41.4 million, provisions for product returns of
$25.3 million (primarily due to our stock rotation program) and the accretion of original issue discount and
amortization  of  Ñnancing  costs  on  our  convertible  subordinated  debentures  of  $17.7  million.  These  cash
inÖows were partially oÅset by an aggregate decrease in cash Öow from our operating assets and liabilities of
$16.9 million. Our investing activities provided $0.1 million of cash consisting primarily of the net proceeds,
after reinvestment, from sales and maturities of investments of $29.0 million, oÅset by the expenditure of
$19.1 million for the purchase of property and equipment and net cash paid for acquisitions (a contingent
payment resulting from the February 2000 Innovex acquisition) of approximately $10.7 million. Our Ñnancing
activities used cash of $184.2 million related primarily to the expenditure of $192.1 million for the stock and
debt repurchase programs, partially oÅset by the proceeds received from employee stock compensation plans
and the sale of put warrants of $8.0 million.

Cash and Investments

As of December 31, 2003, we had $898.3 million in cash and investments, including $359.3 million in
cash and cash equivalents. In addition, we had $183.5 million in working capital at December 31, 2003. The
$178.9 million increase in cash and investments as compared to December 31, 2002, is due primarily to
positive cash Öow from operations and stock option exercises, partially oÅset by common stock repurchases
and capital expenditures. We generally invest our cash and cash equivalents in investment grade, highly liquid
securities to allow for Öexibility in the event of immediate cash needs. Our short and long-term investments,
other than $0.3 million of equity investments, consist of interest bearing securities. For more information on
our cash and investments balances see ""Management's Discussion and Analysis of Financial Condition and
Results  of  Operations  Ó  Certain  Factors  that  May  AÅect  Future  Results''  and  notes  4  and  13  to  our
consolidated Ñnancial statements.

Included in short-term investments, we have two AAA-rated zero coupon corporate securities classiÑed
as held-to-maturity investments that are carried at the combined accreted value of approximately $192.5
million at December 31, 2003. These securities mature on March 22, 2004. We do not recognize changes in
fair value of the held-to-maturity investment unless a decline in the fair value is other-than-temporary, in
which case we would recognize a loss in earnings. There have been no losses associated with the corporate
securities  to  date.  At  December  31,  2003,  the  fair  value  of  the  securities  was  $194.5  million  and  at
December 31, 2002 the fair value of these securities was $180.2 million.

In  November  2001,  we  entered  into  an  interest  rate  swap  agreement  with  a  notional  amount  of
approximately $174.6 million. The interest rate swap agreement hedged a like amount of Öoating rate notes in
our investment portfolio. Upon termination in 2002 of this interest rate swap agreement and the sale of the
underlying investments, we received a cash payment of $9.2 million as settlement under the swap agreement,
recognized the gain of approximately $2.4 million in accumulated other comprehensive income (loss), net of
taxes.

Accounts Receivable, Net

At December 31, 2003, we had approximately $87.5 million in accounts receivable, net of allowances.
The  increase  in  accounts  receivable  as  compared  to  2002  is  primarily  attributed  to  an  increase  in  sales,
particularly in the last month of the quarter and a decrease in the allowance for returns reÖective of the
decrease in stock rotation experience. We have experienced a decrease in stock rotation, primarily due to a
reduction in packaged product inventory held by our distributors. Our provision for doubtful accounts also
decreased as compared to 2002 due to account write-oÅs in 2003 of amounts speciÑcally reserved in 2002.

28

From  time  to  time,  we  could  maintain  individually  signiÑcant  accounts  receivable  balances  from  our
distributors  or  customers,  which  are  comprised  of  large  business  enterprises,  governments  and  small  and
medium-sized businesses. If the Ñnancial condition of our distributors or customers deteriorates, our operating
results could be adversely aÅected. During 2003 and 2002, no distributor or customer accounted for more than
10% of our accounts receivable. For more information regarding signiÑcant customers see note 12 to our
consolidated Ñnancial statements.

Convertible Subordinated Debentures

In  March  1999,  we  sold  $850  million  principal  amount  at  maturity  of  our  zero  coupon  convertible
subordinated debentures, due in March 2019, in a private placement. The debentures were priced with a yield
to maturity of 5.25%. Our net proceeds were approximately $291.9 million, net of original issue discount and
net of debt issuance costs of $9.6 million. Except under limited circumstances, we will pay no interest prior to
maturity. The security holders can convert the debentures at any time on or before the maturity date at a
conversion rate of 14.0612 shares of our common stock for each $1,000 principal amount at maturity of the
debentures, subject to adjustment in certain events. We can redeem the debentures on or after March 22,
2004, and the holders of the debentures can require us to repurchase the debentures on Ñxed dates and at set
redemption prices (equal to the issue price plus accrued original issue discount) beginning on March 22, 2004.
Accordingly, we classiÑed the debentures as a current liability on our consolidated balance sheet to reÖect the
amount that will be payable on demand within one year of the balance sheet date.

In  2000,  our  board  of  directors  approved  a  program  authorizing  us  to  spend  up  to  $25  million  to
repurchase debentures in open market purchases. Additionally, in 2002 our board of directors granted us the
additional authority to repurchase up to $100 million in debentures through private transactions, bringing our
total repurchase authority up to $125 million. During 2002, we repurchased 76,000 units for approximately
$29.9 million, which represents $76.0 million in principal amount at maturity. During 2002, we adopted SFAS
No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
Technical Corrections earlier than required, and therefore we recorded an operating gain of approximately $1.6
million during 2002 as a result of our debenture repurchases. The board of directors' limited authorization to
repurchase the debentures allows us to repurchase debentures when market conditions are favorable. There
were no debenture repurchases during 2003.

On February 19, 2004, we notiÑed all holders of our debentures of our intent to call all of the outstanding
debentures  on  March  22,  2004.  As  of  the  notice  date,  debentures  in  an  aggregate  principal  amount  of
approximately $773.8 million were outstanding. The aggregate redemption price of the debentures will be
approximately $355.7 million. We currently intend to use the proceeds from the maturity of our two AAA-
rated zero coupon corporate securities classiÑed as held-to-maturity investments that mature on March 22,
2004 to fund the majority of the aggregate redemption price. We believe that our cash on hand and the sale of
certain of our available-for-sale investments will be suÇcient to fund the balance of the aggregate redemption
price. Additionally, at the date of redemption, we will incur a charge for the associated prepaid debt issuance
costs of approximately $7.2 million, which will be reÖected in other income (expense), net in March 2004.
See ""ÌCash and Investments'' above.

Stock Repurchase Program

In April 1999, our board of directors authorized an ongoing stock repurchase program. During 2003, our
board  of  directors  authorized  the  repurchase  of  an  additional  $200  million  under  our  stock  repurchase
program,  increasing  the  total  authority  to  $800  million,  the  objective  of  which  is  to  manage  actual  and
anticipated  dilution.  At  December  31,  2003,  approximately  $163.9  million  was  available  to  repurchase
common stock pursuant to the stock repurchase program. All shares repurchased are recorded as treasury
stock.

We are authorized to make open market purchases of our common stock using general corporate funds.
Additionally, from time to time, we have entered into structured stock repurchase arrangements with large
Ñnancial institutions using general corporate funds as part of our share repurchase program in order to lower

29

our average cost to acquire shares. Some of these programs include terms that require us to make up front
payments  to  the  counter-party  Ñnancial  institution  and  result  in  the  receipt  of  shares  or  a  return  of  our
payments at the maturity of the agreement, depending on market conditions. We have also sold put warrants
that entitled the holder of each warrant to sell to us, generally by physical delivery, one share of our common
stock at a speciÑed price.

The terms of certain put warrants and other repurchase transactions outstanding at December 31, 2002
required  that  put  warrants  and  common  stock  subject  to  repurchase  be  presented  separately  in  our
December 31, 2002 balance sheet. Upon settlement, the 2002 transactions were reclassiÑed to stockholders'
equity  when  the  transactions  matured  or  expired.  There  were  no  put  warrant  obligations  outstanding  at
December 31, 2003.

We expended an aggregate of $123.9 million and $161.1 million during 2003 and 2002, respectively, net
of premiums received, under all stock repurchase transactions. During 2003, we took delivery of a total of
8,859,381 shares of outstanding common stock with an average per share price of $15.86; and during 2002, we
took delivery of a total of 17,840,197 shares of outstanding common stock with an average per share price of
$11.83.  Some  of  these  shares  were  received  pursuant  to  prepaid  programs.  Since  inception  of  our  stock
repurchase programs, the average cost of shares acquired was $16.28 per share compared to an average close
price during open trading windows of $19.57 per share. As of December 31, 2003, we are a party to a contract
that expires on or before March 29, 2004, and provides that for up front payments of $40 million, we will
receive a number of shares at monthly intervals based on the average closing price during the contract term
less  a  speciÑed  discount.  Due  to  the  fact  that  the  total  shares  to  be  received  for  the  open  repurchase
agreements at December 31, 2003 is not determinable until the contracts mature in 2004, the above price per
share amounts exclude the remaining shares subject to the agreements.

During 2003 and 2002, signiÑcant portions of our cash inÖows were generated by our operations. We
currently expect this trend to continue throughout 2004. In February 2004 we paid cash of approximately
$112.6 million in connection with the closing of the acquisition of Expertcity. In March 2004, we currently
expect  to  pay  in  cash  approximately  $355.7  million  for  the  redemption  of  our  outstanding  debentures.
Although  these  commitments  will  signiÑcantly  deplete  our  existing  cash  and  investments,  we  believe  the
balance  of  our  existing  cash  and  investments  together  with  cash  Öow  expected  from  operations  will  be
suÇcient to meet operating and capital expenditure requirements and the payment of the cash portion of any
acquisition  commitments  for  the  next  12  months.  Future  operating  results  and  expected  cash  Öow  from
operations could vary if we experience a decrease in customer demand or a decrease in customer acceptance of
future product oÅerings. We could from time to time seek to raise additional funds through the issuance of
debt or equity securities. We continue to search for suitable acquisition candidates and could acquire or make
investments in companies we believe are related to our strategic objectives. Such investments could reduce our
available working capital.

Contractual Obligations and OÅ-Balance Sheet Arrangement

Contractual Obligations

We  have  certain  contractual  obligations  that  are  recorded  as  liabilities  in  our  consolidated  Ñnancial
statements.  Other  items,  such  as  operating  lease  obligations,  are  not  recognized  as  liabilities  in  our
consolidated Ñnancial statements, but are required to be disclosed in the notes to our consolidated Ñnancial
statements.

30

The following table summarizes our signiÑcant contractual obligations at December 31, 2003 and the
future periods in which such obligations are expected to be settled in cash. Additional details regarding these
obligations are provided in the footnotes to our consolidated Ñnancial statements (in thousands):

Total

Less than 1 Year

4-5 Years More than 5 Years

Payments due by period
1-3 Years

Convertible subordinated debentures (1)
Operating lease obligations ÏÏÏÏÏÏÏÏÏÏÏÏ
Synthetic lease obligationsÏÏÏÏÏÏÏÏÏÏÏÏÏ

$355,659
98,298
17,167

Total contractual obligations (2) ÏÏÏÏÏ

$471,124

$355,659
16,022
1,492

$373,173

$

 Ì $

25,323
6,523

 Ì
15,584
7,845

$31,846

$23,429

$

 Ì
41,369
1,307

$42,676

(1) This is the expected cash payment we will make when we exercise the call option on the debentures. For
more information see ""Management's Discussion and Analysis of Financial Condition and Results of
Operations Ó Liquidity Ó Convertible Subordinated Debentures'' and note 9 to our consolidated Ñnancial
statements.

(2) Total contractual obligations do not include agreements where our commitment is variable in nature or

where cancellation without payment provisions exist.

As  of  December  31,  2003,  we  did  not  have  any  material  long-term  debt  obligations,  capital  lease
obligations,  purchase  obligations,  or  other  material  long-term  commitments  reÖected  on  our  consolidated
balance sheets.

OÅ-Balance Sheet Arrangement

We are a party to a synthetic lease arrangement totaling approximately $61.0 million for our corporate
headquarters oÇce space in Fort Lauderdale, Florida. The synthetic lease represents a form of oÅ-balance
sheet Ñnancing under which an unrelated third party lessor funded 100% of the costs of acquiring the property
and leases the asset to us. The synthetic lease qualiÑes as an operating lease for accounting purposes and as a
Ñnancing lease for tax purposes. We do not include the property or the lease debt as an asset or a liability on
our  accompanying  consolidated  balance  sheets.  Consequently,  payments  made  pursuant  to  the  lease  are
recorded as operating expenses in our consolidated statements of income. We entered into the synthetic lease
in  order  to  lease  our  headquarters  properties  under  more  favorable  terms  than  under  our  previous  lease
arrangements. We do not materially rely on oÅ-balance sheet arrangements for our liquidity or as capital
resources. For information regarding cash outÖows associated with our lease payments see ""Ó Contractual
Obligations.''

The initial term of the synthetic lease is seven years. Upon approval by the lessor, we can renew the lease
twice for additional two-year periods. The lease payments vary based on the London Interbank OÅered Rate,
or LIBOR, plus a margin. At any time during the lease term, we have the option to sublease the property and
upon thirty-days' written notice, we have the option to purchase the property for an amount representing the
original property cost and transaction fees of approximately $61.0 million plus any lease breakage costs and
outstanding amounts owed. Upon at least 180 days notice prior to the termination of the initial lease term, we
have the option to remarket the property for sale to a third party. If we choose not to purchase the property at
the end of the lease term, we have guaranteed a residual value to the lessor of approximately $51.9 million and
possession of the buildings will be returned to the lessor. If the fair value of the building were to decline below
$51.9 million, we would have to make up the diÅerence under our residual value guarantee, which could have
a material adverse eÅect on our results of operations and Ñnancial condition.

The synthetic lease includes certain Ñnancial covenants including a requirement for us to maintain a
pledged balance of approximately $63.0 million in cash and/or investment securities as collateral. We manage
the composition of the pledged investments and investment earnings are available for operating purposes.
Additionally, we must maintain a minimum net cash and investment balance, less our debentures, collateral-
ized  investments  and  equity  investments,  of  $100.0  million,  as  of  the  end  of  each  Ñscal  quarter.  As  of
December 31, 2003, we had approximately $300.1 million in cash and investments in excess of those required

31

levels. The synthetic lease includes non-Ñnancial covenants, including the maintenance of the properties and
adequate insurance, prompt delivery of Ñnancial statements to the lender of the lessor and prompt payment of
taxes associated with the properties. As of December 31, 2003, we were in compliance with all material
provisions of the arrangement.

In January 2003, the FASB issued FASB Interpretation, or FIN, No. 46, Consolidation of Variable
Interest Entities, which addresses the consolidation of variable interest entities in which an enterprise absorbs a
majority of the entity's expected losses, receives a majority of the entity's expected residual returns, or both, as
a result of ownership, contractual or other Ñnancial interests in the entity. In December 2003, the FASB
issued FIN No. 46 (revised), which replaced FIN No. 46. FIN No. 46 (revised) is eÅective immediately for
certain disclosure requirements and variable interest entities referred to as special-purpose entities for periods
ending after December 15, 2003 and for other types of entities for Ñnancial statements for periods ending after
March 15, 2004. We determined that we are not required to consolidate the lessor, the leased facility or the
related debt associated with our synthetic lease in accordance with FIN No. 46, as amended. Accordingly,
there was no impact on our Ñnancial position, results of operations or cash Öows from adoption. However, if
the lessor were to change its ownership of the property or signiÑcantly change its ownership of other properties
that it currently holds, we could be required to consolidate the entity, the leased facility and the debt in a
future period.

Commitments

Capital expenditures were $11.1 million during 2003, $19.1 million during 2002 and $60.6 million during
2001. During 2003, capital expenditures were primarily related to computer equipment purchases associated
with our research and development activities. The decrease compared to 2002 is due to expenditures in 2002
for leasehold improvements on newly occupied buildings. In the normal course of business, we enter into
commitments related to capital expenditures, however, we currently have no material contractual commit-
ments for capital expenditures over the next 12 months.

During 2002 and 2001, we took actions to consolidate certain of our oÇces, including the exit of certain
leased oÇce space and the abandonment of certain leasehold improvements. Lease obligations related to these
existing operating leases continue to October 2025 with a total remaining obligation of approximately $29.7
million, of which $4.8 million, net of anticipated sublease income, was accrued for as of December 31, 2003,
and is reÖected in accrued expenses in our consolidated Ñnancial statements. In calculating this accrual, we
made estimates, based on market information, including the estimated vacancy periods and sublease rates and
opportunities. If actual circumstances prove to be materially worse than management has estimated, the total
charges for these vacant facilities could be signiÑcantly higher.

In February 2004, we acquired Expertcity for approximately $231 million, comprised of approximately
$112.6 million in cash and approximately 5.6 million shares of our common stock valued at approximately
$118.4  million.  Pursuant  to  the  terms  of  the  merger  agreement,  we  will  be  required  to  issue  up  to
approximately an additional 0.6 million in our common stock if certain Ñnancial targets are achieved by the
Expertcity business in 2004. For more information regarding the acquisition, see ""Management's Discussion
and Analysis Ì Acquisitions.''

Certain Factors Which May AÅect Future Results

Our  operating  results  and  Ñnancial  condition  have  varied  in  the  past  and  could  in  the  future  vary
signiÑcantly depending on a number of factors. 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 Form 10-K, and in the documents incorporated by reference into this
Form 10-K, that are not historical facts, including, but not limited to statements concerning new products,
product  development  and  oÅerings,  Subscription  Advantage,  product  and  price  competition,  Expertcity,
competition and strategy, product price and inventory, deferred revenues, economic and market conditions,
revenue recognition, proÑts, growth of revenues, cost of revenues, operating expenses, royalty arrangements,
sales,  marketing  and  support  expenses,  valuations  of  investments  and  derivative  instruments,  technology

32

relationships, reinvestment of foreign earnings, gross margins, intangible assets, impairment charges, antici-
pated  operating  and  capital  expenditure  requirements,  in-process  research  and  development,  advertising
campaigns,  tax  rates,  leasing  and  subleasing  activities,  acquisitions,  debt  redemption  obligations,  stock
repurchases,  investment  transactions,  liquidity,  working  capital,  litigation  matters,  intellectual  property
matters, distribution channels, stock price, licensing models and potential debt or equity Ñnancings constitute
forward-looking statements and are made under the safe harbor provisions of the Section 27 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. Our actual results of operations and Ñnancial condition have
varied and could in the future vary signiÑcantly from those stated in any forward-looking statements. The
following  factors,  among  others,  could  cause  actual  results  to  diÅer  materially  from  those  contained  in
forward-looking statements made in this Form 10-K, in the documents incorporated by reference into this
Form 10-K or presented elsewhere by our management from time to time. Such factors, among others, could
have a material adverse eÅect upon our business, results of operations and Ñnancial condition.

Because of our relationship with Microsoft, our business could be adversely impacted by commercialization,
source code access and compatibility risks.

Our relationship with Microsoft is subject to the following risks and uncertainties, some of which could

cause a material adverse eÅect on our business, results of operations and Ñnancial condition:

‚ Successful Commercialization of Microsoft Operating Systems. Our ability to successfully commer-
cialize  Citrix  MetaFrame  access  infrastructure  is  directly  related  to  Microsoft's  ability  to  market
Windows 2000 Servers and Windows Server 2003, or collectively Windows Server Operating Systems,
products. We do not have control over Microsoft's distributors and resellers and, to our knowledge,
Microsoft's distributors and resellers are not obligated to purchase products from Microsoft. Addition-
ally, there could be delays in the release and shipment of future versions of Windows Server Operating
Systems.

‚ Termination of the Microsoft Source Licensing Agreement. In May 2002, we signed an agreement
with Microsoft that provides us access to Microsoft Windows Server source code for current and future
Microsoft server operating systems, including access to Windows Server 2003 and terminal services
source  code,  during  the  three  year  term  of  the  agreement.  Microsoft  could  terminate  the  current
agreement before the expiration of the three-year term for breach and upon our change of control. If
Microsoft does terminate the current agreement, our restricted access to source code for current and
future Microsoft server operating systems could negatively impact the timing of our release of future
products and enhancements.

‚ Our Agreements with Microsoft are Short in Duration. There can be no assurances that our current
agreements with Microsoft will be extended or renewed by Microsoft after their respective expirations.
Our failure to renew certain terms of these agreements with Microsoft in a manner favorable to us
could negatively impact the timing of our release of future products and enhancements.

‚ Compatibility. Future  product  oÅerings  by  Microsoft  may  not  provide  for  compatibility  with  our
products, upon release of such oÅerings from Microsoft. The lack of compatibility between future
Microsoft  products  and  our  products  could  negatively  impact  the  timing  of  our  release  of  future
products and enhancements.

Our business could be adversely impacted by conditions aÅecting the information technology market.

The  demand  for  our  products  depends  substantially  upon  the  general  demand  for  business-related
computer hardware and software, which Öuctuates based on numerous factors, including capital spending
levels,  the  spending  levels  and  growth  of  our  current  and  prospective  customers  and  general  economic
conditions. Fluctuations in the demand for our products could have a material adverse eÅect on our business,
results  of  operations  and  Ñnancial  condition.  In  2002  and  for  part  of  2003,  adverse  economic  conditions
decreased demand for our products and negatively impacted our Ñnancial results. Future economic projections

33

for the IT sector are uncertain. If the weakened environment persists and slow IT spending continues, it could
continue to negatively impact our business, results of operations and Ñnancial condition.

Sales of products within our MetaFrame Access Suite constitute a substantial majority of our revenue.

We anticipate that sales of products within our MetaFrame Access Suite and related enhancements will
constitute a substantial majority of our revenue for the foreseeable future. Our ability to continue to generate
revenue from our MetaFrame product line will depend on market acceptance of Windows Server Operating
Systems and/or UNIX Operating Systems. Declines in demand for our MetaFrame products could occur as a
result of:

‚ new competitive product releases and updates to existing products,

‚ price competition,

‚ technological change,

‚ decreasing or stagnant information technology spending levels,

‚ general economic conditions, or

‚ lack of success of entities with which we have a technology relationship.

If our customers do not continue to purchase our MetaFrame products as a result of these or other
factors, our revenue would decrease and our results of operations and Ñnancial condition would be adversely
aÅected.

If we do not develop new products and enhancements to our existing products, our business, results of
operations and Ñnancial condition could be adversely aÅected.

The markets for our products are characterized by:

‚ rapid technological change;

‚ evolving industry standards;

‚ Öuctuations in customer demand;

‚ changes in customer requirements; and

‚ frequent new product introductions and enhancements.

Our future success depends on our ability to continually enhance our current products and develop and
introduce new products that our customers choose to buy. If we are unable to keep pace with technological
developments and customer demands by introducing new products and enhancements, our business, results of
operations and Ñnancial condition could be adversely aÅected. Our future success could be hindered by:

‚ delays in our introduction of new products;

‚ delays in market acceptance of new products or new releases of our current products; and

‚ our, or a competitor's, announcement of new product enhancements or technologies that could replace

or shorten the life cycle of our existing product oÅerings.

For example, we cannot guarantee that our new access infrastructure software will achieve the broad
market acceptance by our channel and entities with which we have a technology relationship, customers and
prospective customers necessary to generate signiÑcant revenue. In addition, we cannot guarantee that we will
be  able  to  respond  eÅectively  to  technological  changes  or  new  product  announcements  by  others.  If  we
experience material delays or sales shortfalls with respect to our new products or new releases of our current
products, those delays or shortfalls could have a material adverse eÅect on our business, results of operations
and Ñnancial condition.

34

We  believe  that  we  could  incur  additional  costs  and  royalties  as  we  develop,  license  or  buy  new
technologies or enhancements to our existing products. These added costs and royalties could increase our cost
of revenues and operating expenses. However, we cannot currently quantify the costs for such transactions that
have not yet occurred. In addition, we may need to use a substantial portion of our cash and investments or
issue additional shares of our common stock to fund these additional costs.

Our long sales cycle for enterprise-wide sales could cause signiÑcant variability in our revenue and
operating results for any particular period.

In  recent  quarters,  a  growing  number  of  our  large  and  medium-sized  customers  have  decided  to
implement our enterprise customer license arrangements on a department or enterprise-wide basis. Our long
sales cycle for these large-scale deployments makes it diÇcult to predict when these sales will occur, and we
may not be able to sustain these sales on a predictable basis.

We have a long sales cycle for these enterprise-wide sales because:

‚ our sales force generally needs to explain and demonstrate the beneÑts of a large-scale deployment of

our product to potential and existing customers prior to sale;

‚ our service personnel typically spend a signiÑcant amount of time assisting potential customers in their

testing and evaluation of our product;

‚ our  customers  are  typically  large  and  medium  size  organizations  that  carefully  research  their
technology needs and the many potential projects prior to making capital expenditures for software
infrastructure; and

‚ before making a purchase, our potential customers usually must get approvals from various levels of

decision makers within their organizations, and this process can be lengthy.

The continued long sales cycle for these large-scale deployment sales could make it diÇcult to predict the
quarter  in  which  sales  will  occur.  Delays  in  sales  could  cause  signiÑcant  variability  in  our  revenue  and
operating results for any particular period.

We face intense competition, which could result in fewer customer orders and reduced revenues and
margins.

We compete in intensely competitive markets. Some of our competitors and potential competitors have

signiÑcantly greater Ñnancial, technical, sales and marketing and other resources than we do.

For  example,  our  ability  to  market  the  Citrix  MetaFrame  Access  Suite,  and  its  individual  products
including:  Citrix  MetaFrame  Presentation  Server,  Citrix  MetaFrame  Secure  Access  Manager,  Citrix
MetaFrame  Conferencing  Manager  and  Citrix  MetaFrame  Password  Manager  and  other  future  product
oÅerings  could  be  aÅected  by  Microsoft's  licensing  and  pricing  scheme  for  client  devices,  servers  and
applications. Further, the announcement of the release, and the actual release, of new Windows-based server
operating systems or products incorporating similar features to our products could cause our existing and
potential customers to postpone or cancel plans to license certain of our existing and future product oÅerings.

In addition, alternative products for secure, remote access in the Internet software and hardware markets
directly and indirectly compete with our current products and anticipated future product oÅerings. Existing or
new products that extend Internet software and hardware to provide Web-based information and application
access or interactive computing can materially impact our ability to sell our products in this market. Our
competitors in this market include Microsoft, Oracle, Sun Microsystems, Cisco, and other makers of secure
remote access solutions.

As the markets for our products continue to develop, additional companies, including companies with
signiÑcant market presence in the computer hardware, software and networking industries could enter the
markets in which we compete and further intensify competition. In addition, we believe price competition
could become a more signiÑcant competitive factor in the future. As a result, we may not be able to maintain

35

our historic prices and margins, which could adversely aÅect our business, results of operations and Ñnancial
condition.

If we determine that any of our goodwill or intangible assets, including technology purchased in
acquisitions, are impaired, we would be required to take a charge to earnings, which could have a material
adverse eÅect on our results of operations.

We  have  a  signiÑcant  amount  of  goodwill  and  other  intangible  assets,  such  as  product  and  core
technology, related to our acquisition of Sequoia Software Corporation in 2001 and Expertcity in 2004. In July
2001, we adopted SFAS No. 141, Business Combinations, and in January 2002, we adopted SFAS No. 142,
Goodwill and Other Intangible Assets. As a result, we no longer amortize goodwill and intangible assets that
are deemed to have indeÑnite lives. However, we continue to amortize certain product and core technologies,
trademarks, patents and other intangibles. We periodically evaluate our intangible assets, including goodwill,
for impairment. As of December 31, 2003 we had $152.4 million of goodwill. We review for impairment
annually, or sooner if events or changes in circumstances indicate that the carrying amount could exceed fair
value. Fair values are based on discounted cash Öows using a discount rate determined by our management to
be  consistent  with  industry  discount  rates  and  the  risks  inherent  in  our  current  business  model.  Due  to
uncertain market conditions and potential changes in our strategy and product portfolio, it is possible that the
forecasts we use to support our goodwill could change in the future, which could result in non-cash charges
that would adversely aÅect our results of operations and Ñnancial condition.

At December 31, 2003, we had $21.3 million, net, of unamortized identiÑed intangibles with estimable
useful lives, of which $14.9 million consists of product and core technology we purchased in the acquisition of
Sequoia  and  $4.5  million  represents  core  technology  purchased  under  third  party  licenses.  We  have
commercialized and currently market the Sequoia and other license technology through our secure access
infrastructure software, which includes Citrix MetaFrame Secure Access Manager and Citrix MetaFrame
Password Manager. However, our channel distributors and entities with which we have technology relation-
ships, customers or prospective customers may not purchase or widely accept our new line of products. If we
fail to complete the development of our anticipated future product oÅerings, if we fail to complete them in a
timely manner, or if we are unsuccessful in selling these new products, we could determine that the value of
the purchased technology is impaired in whole or in part and take a charge to earnings. We could also incur
additional charges in later periods to reÖect costs associated with completing those projects that could not be
completed in a timely manner. If the actual revenues and operating proÑt attributable to acquired product and
core technologies are less than the projections we used to initially value product and core technologies when
we  acquired  it,  such  intangible  assets  may  be  deemed  to  be  impaired.  If  we  determine  that  any  of  our
intangible assets are impaired, we would be required to take a related charge to earnings that could have a
material adverse eÅect on our results of operations.

Based on the preliminary allocation of the purchase price in the Ñrst quarter of 2004 we expect to record
approximately $211 million of goodwill and intangible assets in connection with our acquisition of Expertcity.
If  the  actual  revenues  and  operating  proÑt  attributable  to  acquired  intangible  assets  are  less  than  the
projections we used to initially value these intangible assets when we acquired them, then these intangible
assets may be deemed to be impaired. If we determine that any of the goodwill or other intangible assets
associated with our acquisition of Expertcity are impaired, then we would be required to reduce the value of
those assets or to write them oÅ completely by taking a related charge to earnings. If we are required to write
down or write oÅ all or a portion of those assets, or if Ñnancial analysts or investors believe we may need to
take such action in the future, our stock price and operating results could be materially adversely aÅected.

Acquisitions present many risks, and we may not realize the Ñnancial and strategic goals we anticipate at
the time of an acquisition.

Our growth is dependent upon market growth, our ability to enhance existing products, and our ability to
introduce new products on a timely basis. We intend to continue to address the need to develop new products
and enhance existing products through acquisitions of other companies, product lines and/or technologies.

36

Acquisitions,  including  those  of  high-technology  companies,  are  inherently  risky.  We  cannot  assure
anyone that our previous acquisitions, or any future acquisitions will be successful in helping us reach our
Ñnancial and strategic goals either for that acquisition or for us generally. The risks we commonly encounter
are:

‚ diÇculties integrating the operations, technologies, and products of the acquired companies;

‚ undetected errors or unauthorized use of a third-party's code in products of the acquired companies;

‚ the risk of diverting management's attention from normal daily operations of the business;

‚ potential  diÇculties  in  completing  products  associated  with  purchased  in-process  research  and

development;

‚ risks of entering markets in which we have no or limited direct prior experience and where competitors

have stronger market positions;

‚ the potential loss of key employees of the acquired company; and

‚ an uncertain sales and earnings stream from the acquired company, which could unexpectedly dilute

our earnings.

These factors could have a material adverse eÅect on our business, results of operations and Ñnancial
condition. We cannot guarantee that the combined company resulting from any acquisition can continue to
support the growth achieved by the companies separately. We must also focus on our ability to manage and
integrate  any  acquisition.  Our  failure  to  manage  growth  eÅectively  and  successfully  integrate  acquired
companies could adversely aÅect our business and operating results.

The anticipated beneÑts to us of acquiring Expertcity may not be realized.

We  acquired  Expertcity  with  the  expectation  that  the  acquisition  would  result  in  various  beneÑts
including, among other things, enhanced revenue and proÑts, greater market presence and development, and
enhancements to our product portfolio and customer base. We expect that the acquisition will enhance our
position in the access infrastructure market through the combination of our technologies, products, services,
distribution channels and customer contacts with Expertcity's, and will enable us to broaden our customer
base  to  include  individuals,  professionals  and  small  oÇce/home  oÇce  customers  as  well  as  extend  our
presence in the enterprise access infrastructure market. We may not realize any of these beneÑts and the
acquisition may result in the deterioration or loss of signiÑcant business. For example, if our business or
Expertcity's business fails to meet the demands of the marketplace, customer acceptance of the products and
services of the combined companies could decline, which could have a material adverse eÅect on our results of
operations and Ñnancial condition. Costs incurred and potential liabilities assumed in connection with the
acquisition also could have an adverse eÅect on our business, Ñnancial condition and operating results.

Achieving the expected beneÑts of the acquisition will depend in part on the integration of Expertcity's
and  our  businesses  in  a  timely  and  eÇcient  manner.  The  challenges  involved  in  this  integration  include
diÇculties integrating Expertcity's operations, technologies and products as well as coordinating the eÅorts of
Expertcity's sales organization with our larger and more widely dispersed sales organization. The integration of
the two businesses could be complex, time consuming and expensive, may disrupt business and may result in
the loss of customers or key employees or the diversion of the attention of management which could have an
adverse eÅect on our business, Ñnancial condition and operating results.

In addition, we may not achieve the anticipated beneÑts of the acquisition as rapidly as, or to the extent,
anticipated by our management and certain Ñnancial or industry analysts, or other analysts may not perceive
the same beneÑts of the acquisition as we do. For example, Expertcity's uncertain sales and earnings stream
could dilute our proÑts beyond the current expectations of our management. If these risks materialize, our
stock price could be materially adversely aÅected.

37

If we fail to manage our operations or fail to continue to eÅectively control expenses, our future operating
results could be adversely aÅected.

Historically, the scope of our operations, the number of our employees and the geographic area of our
operations have grown rapidly. In addition, we have acquired both domestic and international companies. This
growth and the assimilation of acquired operations and their employees could continue to place a signiÑcant
strain on our managerial, operational and Ñnancial resources. To manage our growth, if any, eÅectively, we
need to continue to implement and improve additional management and Ñnancial systems and controls. We
may not be able to manage the current scope of our operations or future growth eÅectively and still exploit
market opportunities for our products and services in a timely and cost-eÅective way. Our future operating
results could also depend on our ability to manage:

‚ our expanding product line,

‚ our marketing and sales organizations, and

‚ our client support organization as installations of our products increase.

In 2004 our operating expenses will exceed our operating expenses in 2003. An increase in operating

expenses could reduce our income from operations and cash Öows from operating activities in the future.

We could change our licensing programs, which could negatively impact the timing of our recognition of
revenue.

We continually re-evaluate our licensing programs, including speciÑc license models, delivery methods,
and terms and conditions, to market our current and future products and services. We could implement new
licensing  programs,  including  oÅering  speciÑed  and  unspeciÑed  enhancements  to  our  current  and  future
product and service lines. Such changes could result in recognizing revenues over the contract term as opposed
to upon the initial shipment or licensing of the software product. We could implement diÅerent licensing
models in certain circumstances, for which we would recognize licensing fees over a longer period. Changes to
our licensing programs, including the timing of the release of enhancements, discounts and other factors, could
impact the timing of the recognition of revenue for our products, related enhancements and services and could
adversely aÅect our operating results and Ñnancial condition.

As our international sales and operations grow, we could become increasingly subject to additional risks
that could harm our business.

We conduct signiÑcant sales and customer support operations in countries outside of the United States.
For  2003,  we  derived  approximately  54.6%  of  our  revenues  from  sales  outside  the  United  States.  Our
continued  growth  and  proÑtability  could  require  us  to  further  expand  our  international  operations.  To
successfully  expand  international  sales,  we  must  establish  additional  foreign  operations,  hire  additional
personnel and recruit additional international resellers. Our international operations are subject to a variety of
risks, which could cause international revenues to Öuctuate. These risks include:

‚ Öuctuations in foreign currency exchange rates, including our ability to adequately hedge our foreign

exchange risks;

‚ compliance with foreign regulatory and market requirements;

‚ variability of foreign economic, political and labor conditions;

‚ changing restrictions imposed by regulatory requirements, tariÅs or other trade barriers or by United

States export laws;

‚ longer accounts receivable payment cycles;

‚ potentially adverse tax consequences;

‚ diÇculties in protecting intellectual property; and

38

‚ burdens of complying with a wide variety of foreign laws.

Our success depends, in part, on our ability to anticipate and address these risks. We cannot guarantee
that these or other factors will not adversely aÅect our business or operating results. Further, as we generate
cash Öow in non-U.S. jurisdictions, if required, we may experience diÇculty transferring such funds to the
U.S. in a tax eÇcient manner. In particular, a decrease in demand for software and services in any particular
region could adversely aÅect our future operating results.

Our  results  of  operations  are  subject  to  Öuctuations  in  foreign  currency  exchange  rates.  In  order  to
minimize adverse impacts on our operating results, we generally initiate our hedging of currency exchange
risks one year in advance of anticipated foreign currency expenses. As a result of this policy, foreign currency
denominated expenses will be higher or lower in the current year depending on the weakness or strength of the
dollar in the prior year. Since the dollar was generally weak in 2003, particularly against Euro and British
pound sterling, we currently expect that operating expenses will be higher in 2004 but further dollar weakness
in 2004 will not have a further material impact on our operating expenses until 2005.

Our synthetic lease is an oÅ-balance sheet arrangement that could negatively aÅect our Ñnancial condition
and results.

In April 2002, we entered into a seven-year synthetic lease with a lessor for our headquarters oÇce
buildings in Fort Lauderdale, Florida. The synthetic lease qualiÑes for operating lease accounting treatment
under SFAS No. 13, Accounting for Leases, so we do not include the property or the lease debt on our
consolidated balance sheet. In January 2003, the FASB issued FIN No. 46, Consolidation of Variable Interest
Entities,  which  addresses  the  consolidation  of  variable  interest  entities  in  which  an  enterprise  absorbs  a
majority of the entity's expected losses, receives a majority of the entity's expected residual returns, or both, as
a result of ownership, contractual or other Ñnancial interests in the entity. In December 2003, the FASB
issued FIN No. 46 (revised), which replaced FIN No. 46. FIN No. 46 (revised) is eÅective immediately for
certain disclosure requirements and variable interest entities referred to as special-purpose entities for periods
ending after December 15, 2003 and for other types of entities for Ñnancial statements for periods ending after
March 15, 2004. We have determined that we are not required to consolidate the lessor entity, the leased
facility or the related debt upon the adoption of FIN No. 46, as amended. Accordingly, there was no impact
on our Ñnancial position, results of operations or cash Öows from adoption. However, if the lessor were to
change its ownership of our property or signiÑcantly change its ownership of other properties that it currently
holds, we could be required to consolidate the entity, the leased facility and the debt in a future period.

If we elect not to purchase the property at the end of the lease term, we have guaranteed a minimum
residual value of approximately $51.9 million to the lessor. Therefore, if the fair value of the property declines
below $51.9 million, we would have to make up the diÅerence under our residual value guarantee, which could
have a material adverse eÅect on our results of operations and Ñnancial condition. For further information on
our  synthetic  lease,  please  refer  to  ""Management's  Discussion  and  Analysis  of  Financial  Condition  and
Results of Operations Ó Contractual Obligations and OÅ-Balance Sheet Arrangement'' and note 10 to our
consolidated Ñnancial statements.

Our proprietary rights could oÅer only limited protection. Our products could infringe third-party
intellectual property rights, which could result in material costs.

Our eÅorts to protect our proprietary rights may not be successful. We rely primarily on a combination of
copyright, trademark, patent and trade secret laws, conÑdentiality procedures and contractual provisions, to
protect  our  proprietary  rights.  The  loss  of  any  material  trade  secret,  trademark,  trade  name,  patent  or
copyright could have a material adverse eÅect on our business. Despite our precautions, it could be possible for
unauthorized third parties to copy or reverse engineer certain portions of our products or to otherwise obtain
and use our proprietary information. If we cannot protect our proprietary technology against unauthorized
copying or use, we may not remain competitive. Any patents owned by us could be invalidated, circumvented
or challenged. Any of our pending or future patent applications, whether or not being currently challenged,

39

may not be issued with the scope we seek, if at all, and if issued, may not provide any meaningful protection or
competitive advantage.

In addition, our ability to protect our proprietary rights could be aÅected by:

‚ DiÅerences in International Law; Enforceability of Licenses. The laws of some foreign countries do not
protect our intellectual property to the same extent as do the laws of the United States and Canada.
For example, we derive a signiÑcant portion of our sales from licensing our packaged products under
""shrink wrap'' or ""click-to-accept'' license agreements that are not signed by licensees and electronic
enterprise  customer  licensing  arrangements  that  are  delivered  electronically,  all  of  which  could  be
unenforceable under the laws of many foreign jurisdictions in which we license our products.

‚ Third Party Infringement Claims. Third parties have asserted infringement claims against us. As we
expand  our  product  lines  and  the  number  of  products  and  competitors  in  our  industry  segments
increase  and  the  functionality  of  these  products  overlap,  we  could  become  increasingly  subject  to
infringement  claims  and  claims  to  the  unauthorized  use  of  a  third-party's  code  in  our  products.
Companies and inventors are more frequently seeking to patent software and business methods because
of developments in the law that could extend the ability to obtain such patents. As a result, we could
receive  more  patent  infringement  claims.  Responding  to  any  infringement  claim,  regardless  of  its
validity, could result in costly litigation; injunctive relief or require us to obtain a license to intellectual
property rights of those third parties. Licenses may not be available on reasonable terms, on terms
compatible with the protection of our proprietary rights, or at all. In addition, attention to these claims
could divert our management's time and attention from developing our business. If a successful claim
is made against us and we fail to develop or license a substitute technology, our business, results of
operations, Ñnancial condition or cash Öows could be materially adversely aÅected.

We are subject to risks associated with our technology relationships.

Our business depends on technology relationships. We cannot assure you that those relationships will
continue in the future. In addition to our relationship with Microsoft, we rely on technology relationships with
such companies as IBM, HP, Dell and others. We depend on the entities with which we have technology
relationships to successfully test our products, to incorporate our technology into their products and to market
and  sell  those  products.  We  cannot  assure  you  that  we  will  be  able  to  maintain  our  current  technology
relationships or to develop additional technology relationships. If any entities in which we have a technology
relationship are unable to incorporate our technology into their products or to market or sell those products,
our business, operating results and Ñnancial condition could be materially adversely aÅected.

If we lose access to third party licenses, releases of our products could be delayed.

We believe that we will continue to rely, in part, on third party licenses to enhance and diÅerentiate our

products. Third party licensing arrangements are subject to a number of risks and uncertainties, including:

‚ undetected errors or unauthorized use of another person's code in the third party's software;

‚ disagreement over the scope of the license and other key terms, such as royalties payable; and

‚ infringement actions brought by third party licensees;

‚ termination or expiration of the license.

If we lose or are unable to maintain any of these third party licenses or are required to modify software
obtained  under  third  party  licenses,  it  could  delay  the  release  of  our  products.  Any  delays  could  have  a
material adverse eÅect on our business, results of operations and Ñnancial condition.

Our success depends on our ability to attract and retain large enterprise customers.

We must retain and continue to expand our ability to reach and penetrate large enterprise customers by
adding eÅective channel distributors and expanding our consulting services. Our inability to attract and retain

40

large enterprise customers could have a material adverse eÅect on our business, results of operations and
Ñnancial condition. Large enterprise customers usually request special pricing and generally have longer sales
cycles, which could negatively impact our revenues. By granting special pricing, such as bundled pricing or
discounts, to these large customers, we may have to defer recognition of some portion of the revenue from
such  sales.  This  deferral  could  reduce  our  revenues  and  operating  proÑts  for  a  given  reporting  period.
Additionally, as we attempt to attract and penetrate large enterprise customers, we may need to increase
corporate branding and marketing activities, which could increase our operating expenses. These eÅorts may
not proportionally increase our operating revenues and could reduce our proÑts.

Our business could be adversely aÅected if we are unable to expand and diversify our distribution channels.

We currently intend to continue to expand our distribution channels by leveraging our relationships with
independent  hardware  and  software  vendors  and  system  integrators  to  encourage  them  to  recommend  or
distribute  our  products.  In  addition,  an  integral  part  of  our  strategy  is  to  diversify  our  base  of  channel
relationships by adding more channel members with abilities to reach larger enterprise customers. This will
require  additional  resources,  as  we  will  need  to  expand  our  internal  sales  and  service  coverage  of  these
customers. If we fail in these eÅorts and cannot expand or diversify our distribution channels, our business
could be adversely aÅected. In addition to this diversiÑcation of our base, we will need to maintain a healthy
mix of members who cater to smaller customers. We may need to add and remove distribution members to
maintain customer satisfaction and a steady adoption rate of our products, which could increase our operating
expenses. Through our accessPARTNER network, Citrix Authorized Learning Centers and other programs,
we are currently investing, and intend to continue to invest, signiÑcant resources to develop these channels,
which could reduce our proÑts.

If we do not generate suÇcient cash Öow from operations in the future, we may not be able to fund our
operations and fulÑll our future obligations.

Our  ability  to  generate  suÇcient  cash  Öow  from  operations  to  fund  our  operations  and  product
development, including the payment of cash consideration in acquisitions, the redemption of our debentures in
the  Ñrst  quarter  of  2004  and  the  payment  of  our  other  obligations,  depends  on  a  range  of  economic,
competitive and business factors, many of which are outside our control. SpeciÑcally, the redemption of our
outstanding debentures in the Ñrst quarter of 2004 will require us to expend approximately $355.7 million and
will  signiÑcantly  deplete  our  existing  cash  and  investments.  We  cannot  assure  you  that  our  business  will
generate suÇcient cash Öow from operations, or that we will be able to liquidate our investments, repatriate
cash and investments held in our overseas subsidiaries, sell assets or raise equity or debt Ñnancings when
needed or desirable. An inability to fund our operations or fulÑll outstanding obligations could have a material
adverse eÅect on our business, Ñnancial condition and results of operations. For further information, please
refer to ""ÓLiquidity and Capital Resources.''

We rely on indirect distribution channels and major distributors that we do not control.

We rely signiÑcantly on independent distributors and resellers to market and distribute our products. We
do not control our distributors and resellers. Additionally, our distributors and resellers are not obligated to buy
our products and could also represent other lines of products. Some of our distributors and resellers maintain
inventories of our packaged products for resale to smaller end-users. If distributors and resellers reduce their
inventory of our packaged products, our business could be adversely aÅected. During 2003 we believe that our
distributors and resellers held smaller inventories of packaged products as compared to inventories they held in
prior  years.  Further,  we  could  maintain  individually  signiÑcant  accounts  receivable  balances  with  certain
distributors. The Ñnancial condition of our distributors could deteriorate and distributors could signiÑcantly
delay or default on their payment obligations. Any signiÑcant delays or defaults could have a material adverse
eÅect on our business, results of operations and Ñnancial condition.

41

Our products could contain errors that could delay the release of new products and may not be detected
until after our products are shipped.

Despite signiÑcant testing by us and by current and potential customers, our products, especially new
products  or  releases,  could  contain  errors.  In  some  cases,  these  errors  may  not  be  discovered  until  after
commercial shipments have been made. Errors in our products could delay the development or release of new
products and could adversely aÅect market acceptance of our products. Additionally, our products depend on
third party products, which could contain defects and could reduce the performance of our products or render
them useless. Because our products are often used in mission-critical applications, errors in our products or the
products of third parties upon which our products rely could give rise to warranty or other claims by our
customers.

If we lose key personnel or cannot hire enough qualiÑed employees, our ability to manage our business
could be adversely aÅected.

Our success depends, in large part, upon the services of a number of key employees. Except for certain
key employees of acquired businesses, we do not have long-term employment agreements with any of our key
personnel. Any oÇcer or employee can terminate his or her relationship with us at any time. The eÅective
management  of  our  growth,  if  any,  could  depend  upon  our  ability  to  retain  our  highly  skilled  technical,
managerial, Ñnance and marketing personnel. If any of those employees leave, we will need to attract and
retain replacements for them. We also need to add key personnel in the future. The market for these qualiÑed
employees is competitive. We could Ñnd it diÇcult to successfully attract, assimilate or retain suÇciently
qualiÑed personnel in suÇcient numbers. Furthermore, we may hire key personnel in connection with our
future acquisitions, however, any of these employees will be able to terminate his or her relationship with us at
any time. If we cannot retain and add the necessary staÅ and resources for these acquired businesses, our
ability to develop acquired products, markets and customers could be adversely aÅected. Also, we may need to
hire additional personnel to develop new products, product enhancements and technologies. If we cannot add
the necessary staÅ and resources, our ability to develop future enhancements and features to our existing or
future products could be delayed. Any delays could have a material adverse eÅect on our business, results of
operations and Ñnancial condition.

If stock balancing returns or price adjustments exceed our reserves, our operating results could be adversely
aÅected.

We  provide  most  of  our  distributors  with  stock  balancing  return  rights,  which  generally  permit  our
distributors to return products to us, subject to ordering an equal dollar amount of our products. We also
provide  price  protection  rights  to  most  of  our  distributors.  Price  protection  rights  require  that  we  grant
retroactive price adjustments for inventories of our products held by distributors if we lower our prices for
those  products  within  a  speciÑed  time  period.  To  cover  our  exposure  to  these  product  returns  and  price
adjustments, we establish reserves based on our evaluation of historical product trends and current marketing
plans. However, we cannot assure you that our reserves will be suÇcient to cover our future product returns
and price adjustments. If we inadequately forecast reserves, our operating results could be adversely aÅected.

Our stock price could be volatile, and you could lose the value of your investment.

Our stock price has been volatile and has Öuctuated signiÑcantly to date. The trading price of our stock is
likely to continue to be highly volatile and subject to wide Öuctuations. Your investment in our stock could
lose value. Some of the factors that could signiÑcantly aÅect the market price of our stock include:

‚ actual or anticipated variations in operating and Ñnancial results;

‚ analyst reports or recommendations;

‚ changes in interest rates; and

‚ other events or factors, many of which are beyond our control.

42

The stock market in general, The Nasdaq National Market and the market for software companies and
technology companies in particular, have experienced extreme price and volume Öuctuations. These broad
market and industry factors could materially and adversely aÅect the market price of our stock, regardless of
our actual operating performance.

Our business and investments could be adversely impacted by unfavorable economic conditions.

General economic and market conditions, and other factors outside our control, could adversely aÅect our
business and impair the value of our investments. Any further downturn in general economic conditions could
result in a reduction in demand for our products and services and could harm our business. In addition, an
economic downturn could result in an impairment in the value of our investments requiring us to record losses
related to such investments. Impairment in the value of these investments may disrupt our ongoing business
and  distract  management.  As  of  December  31,  2003,  we  had  $538.9  million  of  short  and  long-term
investments with various issuers and Ñnancial institutions. In many cases we do not attempt to reduce or
eliminate our market exposure on these investments and could incur losses related to the impairment of these
investments.  Fluctuations  in  economic  and  market  conditions  could  adversely  aÅect  the  value  of  our
investments, and we could lose some of our investment portfolio. A total loss of an investment could adversely
aÅect our results of operations and Ñnancial condition. For further information on these investments, please
refer to ""ÓLiquidity and Capital Resources.''

Our revenue may not grow, and if we do not continue to successfully manage our expenses, our business
could be negatively impacted.

We attribute most of our growth during recent years to the introduction of the MetaFrame software for
Windows  operating  systems  in  mid-1998.  We  cannot  assure  you  that  the  access  infrastructure  software
markets, in which we operate, will grow. We cannot assure you that the release of our access infrastructure
software suite of products or other new products will increase our revenue growth rate.

In addition, to the extent our revenue grows, if at all, we believe that our cost of revenues and certain
operating expenses could also increase. We cannot assure you that our operating expenses will be lower than
our estimated or actual revenues in any given quarter. If we experience a shortfall in revenue in any given
quarter, we likely will not be able to further reduce operating expenses quickly in response. Any signiÑcant
shortfall in revenue could immediately and adversely aÅect our results of operations for that quarter. Also, due
to the Ñxed nature of many of our expenses and our current expectation for revenue growth, our income from
operations and cash Öows from operating and investing activities could be lower than in recent years.

Political and social turmoil could adversely impact our business.

Political  and  social  turmoil,  including  terrorist  and  military  actions,  can  be  expected  to  put  further
pressure on economic conditions in the United States and foreign jurisdictions. These conditions make it
diÇcult for us, and our customers, to accurately forecast and plan future business activities and could have a
material adverse eÅect on our business, Ñnancial condition and results of operations.

The market for our Web-based training and customer assistance products is volatile, and if it does not
develop or develops more slowly than we expect, our Online Division will be harmed.

The market for our Web-based training and customer assistance products is new and unproven, and it is
uncertain whether these services will achieve and sustain high levels of demand and market acceptance. Our
success with our Online Division will depend to a substantial extent on the willingness of enterprises, large and
small,  to  increase  their  use  of  application  services  in  general  and  for  GoToMyPC  and  GoToAssist,  in
particular. Many enterprises have invested substantial personnel and Ñnancial resources to integrate traditional
enterprise software into their businesses, and therefore may be reluctant or unwilling to migrate to application
services. Furthermore, some enterprises may be reluctant or unwilling to use application services because they
have concerns regarding the risks associated with security capabilities, among other things, of the technology
delivery model associated with these services. If enterprises do not perceive the beneÑts of application services,

43

then the market for these services may not further develop at all, or it may develop more slowly than we
expect, either of which would signiÑcantly adversely aÅect our Ñnancial condition and the operating results for
our Online Division.

If our security measures are breached and unauthorized access is obtained to our Online Division
customers' data, our services may be perceived as not being secure and these customers may curtail or stop
using our service.

Use  of  our  GoToMyPC  or  GoToAssist  services  involves  the  storage  and  transmission  of  customers'
proprietary information, and security breaches could expose us to a risk of loss of this information, litigation
and possible liability. If our security measures are breached as a result of third-party action, employee error,
malfeasance  or  otherwise,  and,  as  a  result,  someone  obtains  unauthorized  access  to  one  of  our  Online
customers'  data,  our  reputation  will  be  damaged,  our  business  may  suÅer  and  we  could  incur  signiÑcant
liability. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and
generally are not recognized until launched against a target, we may be unable to anticipate these techniques
or to implement adequate preventative measures. If any compromises of security were to occur, it could have
the eÅect of substantially reducing the use of the Web for commerce and communications. Anyone who
circumvents our security measures could misappropriate proprietary information or cause interruptions in our
services or operations. The Internet is a public network, and data is sent over this network from many sources.
In the past, computer viruses, software programs that disable or impair computers, have been distributed and
have rapidly spread over the Internet. Computer viruses could be introduced into our systems or those of our
customers  or  suppliers,  which  could  disrupt  our  network  or  make  it  inaccessible  to  our  Online Division
customers. If an actual or perceived breach of our security occurs, the market perception of the eÅectiveness
of our security measures could be harmed and we could lose sales and customers for our Online Division,
which would signiÑcantly adversely aÅect our Ñnancial condition and the operating results for our Online
Division.

Evolving regulation of the Web may adversely aÅect our Online Division.

As  Web  commerce  continues  to  evolve,  increasing  regulation  by  federal,  state  or  foreign  agencies
becomes more likely. For example, we believe increased regulation is likely in the area of data privacy, and
laws  and  regulations  applying  to  the  solicitation,  collection,  processing  or  use  of  personal  or  consumer
information could aÅect our Online customers' ability to use and share data and restricting our ability to store,
process and share data with these customers. In addition, taxation of services provided over the Web or other
charges  imposed  by  government  agencies  or  by  private  organizations  for  accessing  the  Web  may  also  be
imposed. Any regulation imposing greater fees for Web use or restricting information exchange over the Web
could  result  in  a  decline  in  the  use  of  the  Web  and  the  viability  of  Web-based  services,  which  would
signiÑcantly adversely aÅect our Ñnancial condition and the operating results for our Online Division.

44

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The following discussion about our market risk includes ""forward-looking statements'' that involve risks
and  uncertainties.  Actual  results  could  diÅer  materially  from  those  projected  in  the  forward-looking
statements.  The  analysis  methods  we  used  to  assess  and  mitigate  risk  discussed  below  should  not  be
considered projections of future events, gains or losses.

We  are  exposed  to  Ñnancial  market  risks,  including  changes  in  foreign  currency  exchange  rates  and
interest rates that could adversely aÅect our results of operations or Ñnancial condition. To mitigate foreign
currency and interest rate risk, we utilize derivative Ñnancial instruments. The counter-parties to our derivative
instruments are major Ñnancial institutions. All of the potential changes noted below are based on sensitivity
analyses performed on our Ñnancial position as of December 31, 2003. Actual results could diÅer materially.

Discussions of our accounting policies for derivatives and hedging activities are included in notes 2 and 13

to our consolidated Ñnancial statements.

Exposure to Exchange Rates

A substantial majority of our overseas expense and capital purchasing activities are transacted in local
currencies, primarily British pounds sterling, Euros, Swiss francs, Japanese yen and Australian dollars. To
reduce exposure to reduction in U.S. dollar value and the volatility of future cash Öows caused by changes in
currency exchange rates, we have established a hedging program. We use foreign currency forward contracts
to hedge certain forecasted foreign currency expenditures. Our hedging program signiÑcantly reduces, but does
not entirely eliminate, the impact of currency exchange rate movements.

At December 31, 2003 and 2002, we had in place foreign currency forward sale contracts with a notional
amount of $37.2 million and $48.9 million, respectively, and foreign currency forward purchase contracts with
a notional amount of $160.9 million and $128.4 million, respectively. At December 31, 2003 and 2002, these
contracts had an aggregate fair value of $7.9 million and $3.6 million, respectively. Based on a hypothetical
10%  appreciation  of  the  U.S.  dollar  from  December  31,  2003  market  rates  the  fair  value  of  our  foreign
currency forward contracts would decrease by $13.1 million. Conversely, a hypothetical 10% depreciation of
the U.S. dollar from December 31, 2003 market rates would increase the fair value of our foreign currency
forward contracts by $13.1 million. Foreign operating costs in these hypothetical movements would move in
the opposite direction. This calculation assumes that each exchange rate would change in the same direction
relative to the U.S. dollar. In addition to the direct eÅects of changes in exchange rates quantiÑed above,
changes  in  exchange  rates  could  also  change  the  dollar  value  of  sales  and  aÅect  the  volume  of  sales  as
competitors' products become more or less attractive. Our sensitivity analysis of the eÅects of changes in
foreign currency exchange rates does not factor in a potential change in levels of local currency prices or sales
reported  in  U.S.  dollars.  We  do  not  anticipate  any  material  adverse  impact  to  our  consolidated  Ñnancial
position, results of operations, or cash Öows as a result of these forward foreign exchange contracts.

Exposure to Interest Rates

We have interest rate exposures resulting from our interest-based available-for-sale securities. In order to
better manage our exposure to interest rate risk, we are a party to 19 interest rate swap agreements. The swap
agreements, with an aggregate notional amount of $182.4 million convert the Ñxed rate return on certain of our
available-for-sale securities, to a Öoating rate. The aggregate fair value of the interest rate swaps at December
31, 2003 was a liability of $2.0 million. Based upon a hypothetical 1% increase in the market interest rate as of
December 31, 2003, the fair value of these aggregated liabilities would have decreased by approximately $5.0
million. Based on a hypothetical 1% decrease in the market interest rate as of December 31, 2003, the fair
value of these aggregated liabilities would have increased by approximately $6.9 million. The underlying assets
would  experience  oÅsetting  gains  and  losses.  We  also  maintain  available-for-sale  and  held-to-maturity
investments in debt securities, which limits the amount of credit exposure to any one issue, issuer, or type of
instrument. The securities in our investment portfolio are not leveraged. The securities classiÑed as available-
for-sale are subject to interest rate risk. The modeling technique used measures the change in fair values
arising from an immediate hypothetical shift in market interest rates and assumes that ending fair values

45

include principal plus accrued interest, dividends and reinvestment income. If market interest rates were to
increase by 100 basis points from December 31, 2003 and 2002 levels, the fair value of the available-for-sale
portfolio  would  decline  by  approximately  $0.6  million.  This  sensitivity  analysis  on  our  available-for-sale
portfolio excludes the underlying investments to our 19 interest rate swaps discussed above, as the interest rate
risk  related  to  those  investments  has  been  eÅectively  hedged.  For  more  information  see  note  13  to  our
consolidated Ñnancial statements.

These amounts are determined by considering the impact of the hypothetical interest rates on our interest
rate swap agreements and available-for-sale and held-to-maturity investment portfolios. This analysis does not
consider the eÅect of credit risk as a result of the reduced level of overall economic activity that could exist in
such an environment.

In April 2002, we entered into a synthetic lease with a substantive lessor totaling approximately $61
million related to oÇce space utilized for our corporate headquarters. Payments under this synthetic lease are
indexed to a variable interest rate (LIBOR plus a margin). Based upon our interest rate exposure under this
synthetic lease at December 31, 2003, a 100 basis point change in the current interest rate would have an
immaterial eÅect on our Ñnancial position and results of operations. In addition to interest rate exposure, if the
fair value of our headquarters building in Fort Lauderdale, Florida were to signiÑcantly decline, there could be
a material adverse eÅect on our results of operations and Ñnancial condition.

ITEM 8. FINANCIAL STATEMENTS AND SCHEDULES

The Company's Consolidated Financial Statements and related Ñnancial statement schedule, together
with the report of independent certiÑed public accountants, appear at pages F-1 through F-35, respectively, of
this Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

AND FINANCIAL DISCLOSURE

There have been no changes in or disagreements with accountants on accounting or Ñnancial disclosure

matters during the Company's two most recent Ñscal years.

ITEM 9A. CONTROLS AND PROCEDURES

As of December 31, 2003, the Company's management, with the participation of the Company's Chief
Executive OÇcer and the Company's Vice President and Chief Financial OÇcer, evaluated the eÅectiveness
of the Company's disclosure controls and procedures pursuant to Rule 13a-15(b) promulgated under the
Securities  Exchange  Act  of  1934,  as  amended  (the  ""Exchange  Act'').  Based  upon  that  evaluation,  the
Company's Chief Executive OÇcer and the Company's Vice President and Chief Financial OÇcer concluded
that, as of December 31, 2003, the Company's disclosure controls and procedures were eÅective in ensuring
that material information required to be disclosed by the Company in the reports that it Ñles or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods speciÑed in the
Securities and Exchange Commission's rules and forms, including ensuring that such material information is
accumulated and communicated to the Company's management, including the Company's Chief Executive
OÇcer  and  the  Company's  Vice  President  and  Chief  Financial  OÇcer,  as  appropriate  to  allow  timely
decisions regarding required disclosure. During the period covered by this report, there have been no changes
in the Company's internal control over Ñnancial reporting that have materially aÅected, or are reasonably
likely to materially aÅect, the Company's internal control over Ñnancial reporting.

46

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The information required under this item is incorporated herein by reference to the Company's deÑnitive
proxy statement pursuant to Regulation 14A, which proxy statement will be Ñled with the Securities and
Exchange  Commission  not  later  than  120  days  after  the  close  of  the  Company's  Ñscal  year  ended
December 31, 2003.

ITEM 11. EXECUTIVE COMPENSATION

The information required under this item is incorporated herein by reference to the Company's deÑnitive
proxy statement pursuant to Regulation 14A, which proxy statement will be Ñled with the Securities and
Exchange  Commission  not  later  than  120  days  after  the  close  of  the  Company's  Ñscal  year  ended
December 31, 2003.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

The information required under this item is incorporated herein by reference to the Company's deÑnitive
proxy statement pursuant to Regulation 14A, which proxy statement will be Ñled with the Securities and
Exchange  Commission  not  later  than  120  days  after  the  close  of  the  Company's  Ñscal  year  ended
December 31, 2003.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required under this item is incorporated herein by reference to the Company's deÑnitive
proxy statement pursuant to Regulation 14A, which proxy statement will be Ñled with the Securities and
Exchange  Commission  not  later  than  120  days  after  the  close  of  the  Company's  Ñscal  year  ended
December 31, 2003.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required under this item is incorporated herein by reference to the Company's deÑnitive
proxy statement pursuant to Regulation 14A, which proxy statement will be Ñled with the Securities and
Exchange  Commission  not  later  than  120  days  after  the  Company's  close  of  the  Ñscal  year  ended
December 31, 2003.

47

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) 1. Consolidated Financial Statements.

For a list of the consolidated Ñnancial information included herein, see Index on Page F-1.

2. Financial Statement Schedules.

The following consolidated Ñnancial statement schedule is included in Item 8:

Valuation and Qualifying Accounts

3. List of Exhibits.

Exhibit No.

Description

2.1 (1)

2.2 (7)

2.3 (13)

3.1 (2)

3.2 (2)

3.3 (3)

4.1 (2)

4.2 (4)

4.3 (4)

4.3 (4)

Asset Purchase Agreement dated February 15, 2000 by and among the Company, Innovex
Group, Inc. and certain stockholders of Innovex

Agreement and Plan of Merger, dated as of March 20, 2001, by and among Citrix
Systems, Inc., Soundgarden Acquisition Corp. and Sequoia Software Corporation

Agreement and Plan of Merger Dated December 18, 2003 by and among Citrix Systems,
Inc., EAC Acquisition Corporation, Expertcity.com, Inc., Edward G. Sim and Andreas
von Blottnitz.

Amended and Restated CertiÑcate of Incorporation of the Company

Amended and Restated By-laws of the Company

CertiÑcate of Amendment of Amended and Restated CertiÑcate of Incorporation

Specimen certiÑcate representing the Common Stock

Indenture by and between the Company and State Street Bank and Trust Company as
Trustee dated as of March 22, 1999, including the form of Debenture.

Form of Debenture (included in Exhibit 4.2).

Registration Rights Agreement by and between the Company and Credit Suisse First
Boston Corporation dated as of March 22, 1999.

10.1*

Fourth Amended and Restated 1995 Stock Plan

10.2 (9)*

Second Amended and Restated 1995 Non-Employee Director Stock Option Plan

10.3 (11)*

Third Amended and Restated 1995 Employee Stock Purchase Plan

10.4 (12)*

Second Amended and Restated 2000 Director and OÇcer Stock Option and Incentive
Plan

10.15(5)

10.16(6)

10.17(9)

10.18(9)

10.19(10)

License, Development and Marketing Agreement dated May 9, 1997 between the
Company and Microsoft Corporation

Amendment No. 1 to License, Development and Marketing Agreement dated May 9,
1997 between the Company and Microsoft Corporation

Microsoft Master Source Code Agreement by and between the Company and Microsoft,
dated May 15, 2002

License Form by and between the Company and Microsoft Corporation, dated May 15,
2002 (with certain information omitted pursuant to a request for conÑdential treatment
and Ñled separately  with the Securities and Exchange Commission)

Amendment No. 1 dated April 21, 2003 to the License Form by and between the
Company and Microsoft Corporation dated May 15, 2002 (with certain information
omitted pursuant to a request for conÑdential treatment and Ñled separately with the
Securities and Exchange Commission)

48

Exhibit No.

Description

10.20(9)

10.21(9)

10.22(9)

21.1

23.1

24.1

31.1

31.2

32.1

Participation Agreement dated as of April 23, 2002, by and among Citrix Systems, Inc.,
Citrix Capital Corp., Selco Service Corporation and Key Corporate Capital, Inc. (the
""Participation Agreement'') (with certain information omitted pursuant to a request for
conÑdential treatment and Ñled separately with the Securities and Exchange Commission)

Amendment No. 1 to Participation Agreement dated as of June 17, 2002 (with certain
information omitted pursuant to a request for conÑdential treatment and Ñled separately
with the Securities and Exchange Commission)

Master Lease dated as of April 23, 2002 by and between Citrix Systems, Inc. and Selco
Service Corporation (with certain information omitted pursuant to a request for
conÑdential treatment and Ñled separately with the Securities and Exchange Commission)

List of Subsidiaries

Consent of Ernst & Young LLP

Power of Attorney (Included in signature page)

Rule 13a-14(a) / 15d-14(a) CertiÑcation

Rule 13a-14(a) / 15d-14(a) CertiÑcation

CertiÑcation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002

* Indicates a management contract or any compensatory plan, contract or arrangement.

(1) Incorporated herein by reference to Exhibit 2.3 of the Company's Annual Report on Form 10-K for the

year ended December 31, 1999.

(2) Incorporated herein by reference to the exhibits to the Company's Registration Statement on Form S-1

(File No. 33-98542), as amended.

(3) Incorporated herein by reference to the Company's Quarterly Report on Form 10-Q for the quarter

ended June 30, 2000.

(4) Incorporated herein by reference to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended March 31, 1999.

(5) Incorporated herein by reference to Exhibit 10 of the Company's Current Report on Form 8-K dated as

of May 9, 1997.

(6) Incorporated herein by reference to Exhibit 10 of the Company's Quarterly Report on Form 10-Q for

the quarter ended June 30, 1998.

(7) Incorporated by reference herein to Exhibit 2 of the Company's Schedule 13D Report dated as of

March 28, 2001.

(8) Incorporated by reference herein to exhibits of the Company's Annual Report on Form 10-K for the

year ended December 31, 2001.

(9) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended June 30, 2002.

(10) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended June 30, 2003.

(11) Incorporated by reference herein to exhibits of the Company's Annual Report on Form 10-K for the

year ended December 31, 2002.

(12) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended September 30, 2003.

(13) Incorporated herein by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K dated as

of December 30, 2003.

(b) Reports on Form 8-K.

On October 22, 2003, the Company furnished a report on Form 8-K to the Securities and Exchange
Commission.  That  report  on  Form  8-K,  furnished  pursuant  to  Item  12  of  that  form,  stated  that,  on

49

October 22, 2003, the Company reported its earnings for the three and nine months ended September 30,
2003.

On December 18, 2003, the Company furnished a report on Form 8-K to the Securities and Exchange
Commission.  That  report  on  Form  8-K,  furnished  pursuant  to  Item  5  of  that  form,  announced  that  the
Company  signed  a  deÑnitive  agreement  to  acquire  privately  held  Expertcity.com,  Inc.,  a  Delaware
corporation.

On December 19, 2003, the Company furnished a report on Form 8-K to the Securities and Exchange
Commission. That report on Form 8-K, furnished pursuant to Item 5 of that form, corrected certain incorrect
information contained in the Company's Current Report on Form 8-K dated as of December 18, 2003.

On December 30, 2003, the Company furnished a report on Form 8-K to the Securities and Exchange
Commission.  That  report  on  Form  8-K,  furnished  pursuant  to  Item  5  of  that  form,  announced  that,  on
December 18, 2003, the Company and EAC Acquisition Corporation, a Delaware corporation and a wholly-
owned subsidiary of the Company, entered into an Agreement and Plan of Merger with Expertcity.com, Inc., a
Delaware corporation, Edward G. Sim as stockholder representative and Andreas von Blottnitz as the initial
contingent consideration representative.

The Company did not Ñle nor furnish any other reports on Form 8-K during the fourth Ñscal quarter of

2003.

(c) Exhibits.

The Company hereby Ñles as part of this Form 10-K the exhibits listed in Item 15(a)(3) above. Exhibits
which are incorporated herein by reference can be inspected and copied at the public reference facilities
maintained by the Securities and Exchange Commission, 450 Fifth Street, N.W., Room 1024, Washington,
D.C., and at the Commission's regional oÇces at CitiCorp Center, 500 West Madison Street, Suite 1400,
Chicago, IL 60661-2511 and 233 Broadway, 13th Öoor, New York, NY 10279. Copies of such material can
also be obtained from the Public Reference Section of the Commission, 450 Fifth Street, N.W., Washington,
D.C. 29549, at prescribed rates.

(d) Financial Statement Schedule.

The Company hereby Ñles as part of this Form 10-K the consolidated Ñnancial statement schedule listed

in Item 15(a)(2) above, which is attached hereto.

50

Pursuant  to  the  requirements  of  Section  13  or  15(d)  of  the  Securities  Exchange  Act  of  1934,  the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized,
in Fort Lauderdale, Florida on the 12th day of March, 2004.

SIGNATURES

CITRIX SYSTEMS, INC 

By: /s/

MARK B. TEMPLETON

Mark B. Templeton
President and Chief Executive OÇcer

POWER OF ATTORNEY AND SIGNATURES

We, the undersigned oÇcers and directors of Citrix Systems, Inc., hereby severally constitute and appoint
Mark B. Templeton and David J. Henshall, and each of them singly, our true and lawful attorneys, with full
power to them and each of them singly, to sign for us in our names in the capacities indicated below, all
amendments to this report, and generally to do all things in our names and on our behalf in such capacities to
enable  Citrix  Systems,  Inc.  to  comply  with  the  provisions  of  the  Securities  Exchange  Act  of  1934,  as
amended, and all requirements of the Securities and Exchange Commission.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below
by the following persons on behalf of the registrant and in the capacities indicated below on the 12th day of
March, 2004.

/s/

/s/

/s/

/s/

/s/

/s/

/s/

/s/

Signature

MARK B. TEMPLETON
Mark B. Templeton

DAVID J. HENSHALL
David J. Henshall

STEPHEN M. DOW
Stephen M. Dow

THOMAS F. BOGAN
Thomas F. Bogan

KEVIN R. COMPTON
Kevin R. Compton

GARY E. MORIN
Gary E. Morin

TYRONE F. PIKE
Tyrone F. Pike

JOHN W. WHITE 
John W. White

Title(s)

President, Chief Executive OÇcer and Director
(Principal Executive OÇcer)

Chief Financial OÇcer (Principal Financial OÇcer)
and Vice President, Finance (Principal Accounting
OÇcer)

Chairman of the Board of Directors

Director

Director

Director

Director

Director

51

(This page intentionally left blank.)

List of Financial Statements and Financial Statement Schedule

CITRIX SYSTEMS, INC.

The following consolidated Ñnancial statements of Citrix Systems, Inc. are included in Item 8:

Report of Independent CertiÑed Public Accountants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Consolidated Balance Sheets Ì December 31, 2003 and 2002. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

F-2

F-3

Consolidated Statements of Income Ì Years ended December 31, 2003, 2002 and

2001. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

F-4

Consolidated Statements of Stockholders' Equity and Comprehensive Income Ì

Years ended December 31, 2003, 2002 and 2001. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

F-5

Consolidated Statements of Cash Flows Ì Years ended December 31, 2003, 2002

and 2001.ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Notes to Consolidated Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

F-6

F-7

The following consolidated Ñnancial statement schedule of Citrix Systems, Inc. is included

in Item 15(a):

Schedule II Valuation and Qualifying Accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-35

All other schedules for which provision is made in the applicable accounting regulation of the Securities
and Exchange Commission are not required under the related instructions or are inapplicable and therefore
have been omitted.

F-1

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Board of Directors and Stockholders
Citrix Systems, Inc.

We have audited the accompanying consolidated balance sheets of Citrix Systems, Inc. as of Decem-
ber  31,  2003  and  2002,  and  the  related  consolidated  statements  of  income,  stockholders'  equity  and
comprehensive income, and cash Öows for each of the three years in the period ended December 31, 2003. Our
audits  also  included  the  Ñnancial  statement  schedule  listed  in  the  Index  at  Item  15(a).  These  Ñnancial
statements and schedule are the responsibility of the Company's management. Our responsibility is to express
an opinion on these Ñnancial statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
Ñnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the  amounts  and  disclosures  in  the  Ñnancial  statements.  An  audit  also  includes  assessing  the
accounting principles used and signiÑcant estimates made by management, as well as evaluating the overall
Ñnancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the Ñnancial statements referred to above present fairly, in all material respects, the
consolidated Ñnancial position of Citrix Systems, Inc. at December 31, 2003 and 2002, and the consolidated
results of its operations and its cash Öows for each of the three years in the period ended December 31, 2003,
in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the
related Ñnancial statement schedule, when considered in relation to the basic Ñnancial statements taken as a
whole, presents fairly in all material respects the information set forth therein.

As discussed in Note 2 to the consolidated Ñnancial statements, eÅective January 1, 2002, the Company
changed its method of accounting for goodwill and certain intangible assets as a result of adopting Statement
of Financial Accounting Standard No. 142, Goodwill and Other Intangible Assets.

/s/ ERNST & YOUNG LLP

West Palm Beach,
Florida January 14, 2004, except for the Ñrst and second paragraphs of Note 17, as to which the dates are
February 19, 2004 and February 27, 2004, respectively

F-2

CITRIX SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

Current assets:

Assets

Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Short-term investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accounts receivable, net of allowances of $6,365 and $16,538 at 2003 and

2002, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Prepaid expenses and other current assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Current portion of deferred tax assets, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total current assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Long-term investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Property and equipment, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other intangible assets, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Long-term portion of deferred tax assets, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

December 31,

2003
2002
(In thousands, except
par value)

$ 359,343
252,971

$ 142,700
77,213

87,464
58,167
51,540

809,485
285,957
65,837
152,364
21,300
3,168
6,828

69,471
36,400
49,515

375,299
499,491
76,534
152,364
30,849
5,587
21,407

$1,344,939

$1,161,531

Current liabilities:

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Current portion of deferred revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Convertible subordinated debentures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 121,643
152,938
351,423

$

Total current liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Long-term portion of deferred revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Convertible subordinated debentures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

626,004
12,137
Ì

Commitments and contingencies

Put warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Common stock subject to repurchase ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Stockholders' equity:

Preferred stock at $.01 par value: 5,000 shares authorized, none issued and

outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Common stock at $.001 par value: 1,000,000 shares authorized; 202,622 and

197,426 shares issued at 2003 and 2002, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Additional paid-in capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Retained earningsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accumulated other comprehensive incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì
Ì

Ì

203
700,111
646,740
7,810

92,926
95,963
Ì

188,889
8,028
333,549

7,340
9,135

Ì

197
595,959
519,797
3,833

Less Ì common stock in treasury, at cost (38,150 and 29,290 shares in 2003

and 2002, respectively) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(648,066)

(505,196)

Total stockholders' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

706,798

614,590

1,354,864

1,119,786

$1,344,939

$1,161,531

See accompanying notes.

F-3

CITRIX SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF INCOME

Year Ended December 31,
2003
2001
2002
(In thousands, except per share
information)

Revenues:

Software licenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Software license updates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Services ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$374,403
168,793
45,429
Ì

$363,145
105,682
44,539
14,082

$450,770
60,377
40,652
39,830

Total net revenuesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

588,625

527,448

591,629

Cost of revenues:

Cost of software license revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cost of services revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total cost of revenuesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Gross margin ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Operating expenses:

13,555
6,481

20,036

12,444
6,586

19,030

15,698
14,150

29,848

568,589

508,418

561,781

Research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sales, marketing and supportÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of intangible assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
In-process research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

64,443
252,749
85,672
11,336
Ì

68,923
235,393
88,946
11,296
Ì

67,699
224,108
85,212
48,831
2,580

Total operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

414,200

404,558

428,430

Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other income (expense), netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

154,389
21,120
(18,280)
3,458

160,687
33,744

103,860
30,943
(18,163)
(3,483)

113,157
19,237

133,351
42,006
(20,553)
(2,253)

152,551
47,291

Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$126,943

$ 93,920

$105,260

Earnings per share:

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

$

0.77

0.74

$

$

0.53

0.52

$

$

0.57

0.54

Weighted average shares outstanding:

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

165,323

177,428

185,460

Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

171,447

179,359

194,498

See accompanying notes.

F-4

CITRIX SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND COMPREHENSIVE INCOME
(In thousands)

Balance at December 31, 2000 ÏÏÏÏÏÏÏÏ
Exercise of stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Common stock issued under employee

stock purchase planÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Common stock issued upon debt

conversion ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax beneÑt from employer stock plansÏÏ
Proceeds from sale of put warrants ÏÏÏÏÏ
Put warrant obligations, net of expired

put warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repurchase of common stock ÏÏÏÏÏÏÏÏÏ
Cash paid in advance for share

repurchase contract ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on forward contracts

and interest rate swap, net of
reclassiÑcation adjustments and net of
tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on available-for-sale

securities, net of tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total comprehensive income ÏÏÏÏÏÏÏÏÏÏ

Balance at December 31, 2001 ÏÏÏÏÏÏÏÏ
Exercise of stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Common stock issued under employee

stock purchase planÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax beneÑt from employer stock plansÏÏ
Proceeds from sale of put warrants ÏÏÏÏÏ
Put warrant obligations, net of expired

put warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repurchase of common stock ÏÏÏÏÏÏÏÏÏ
Common stock subject to repurchase ÏÏÏ
Cash paid in advance for share

repurchase contracts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on forward contracts
and interest rate swaps, net of
reclassiÑcation adjustments and net of
tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on available-for-sale

securities, net of tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total comprehensive income ÏÏÏÏÏÏÏÏÏÏ

Balance at December 31, 2002 ÏÏÏÏÏÏÏÏ
Exercise of stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Common stock issued under employee

stock purchase planÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax beneÑt from employer stock plansÏÏ
Proceeds from sale of put warrants ÏÏÏÏÏ
Put warrant obligations, net of expired

put warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repurchase of common stock ÏÏÏÏÏÏÏÏÏ
Common stock subject to repurchase ÏÏÏ
Cash paid in advance for share

repurchase contracts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on forward contracts
and interest rate swaps, net of
reclassiÑcation adjustments and net of
taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Unrealized gain on available-for-sale

securities, net of tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total comprehensive income ÏÏÏÏÏÏÏÏÏÏ

Common Stock

Shares

Amount

Additional
Paid-In
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Income
(Loss)

Common Stock
In Treasury

Shares

Amount

Total

Total

Stockholders' Comprehensive

Equity

Income

187,872
8,541

$ 188
9

$ 351,053
113,331

$320,617
Ì

$(2,943)
Ì

(3,817)
Ì

$

(76,040)
Ì

$592,875
113,340

214

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì
Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì
Ì

4,008

2
28,011
12,019

(822)
81,810

(81,555)

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

84

Ì
Ì
Ì 105,260

2,775
Ì

196,627
551

197
1

507,857
3,369

425,877
Ì

(84)
Ì

248
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì

Ì
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì

1,301
25,735
3,310

9,215
85,811
(9,135)

(31,504)

Ì

Ì
Ì

Ì
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
93,920

197,426
4,723

197*
5

595,959
54,984

519,797
Ì

473
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì

Ì
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì

3,434
10,289
655

7,340
33,195
9,135

(14,878)

Ì

Ì
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì 126,943

Ì
Ì
Ì

Ì
Ì
Ì

Ì

3,428

489
Ì

3,833
Ì

Ì
Ì
Ì

Ì
Ì
Ì

Ì

3,672

305
Ì

Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

Ì

(7,633)

(210,477)

4,008

2
28,011
12,019

(822)
(128,667)

Ì

(81,555)

Ì

Ì

Ì
Ì

Ì

Ì
Ì

84

$

84

2,775
105,260
$108,119

2,775
105,260

647,330
3,370

1,301
25,735
3,310

(11,450)

(286,517)

Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

Ì
(17,840)
Ì

Ì
(218,679)
Ì

9,215
(132,868)
(9,135)

Ì

Ì

Ì
Ì

Ì

(31,504)

Ì

Ì
Ì

3,428

$

3,428

489
93,920

489
93,920
$ 97,837

(29,290)
Ì

(505,196)
Ì

614,590*
54,989

Ì
Ì
Ì

Ì
Ì
Ì

(200)
(8,659)

(2,517)
(140,354)

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì

3,434
10,289
655

4,823
(107,159)
9,135

(14,878)

3,672

$

3,672

305
126,943

305
126,943
$130,920

Balance at December 31, 2003 ÏÏÏÏÏÏÏÏ

202,622

$ 203* $ 700,111* $646,740

$ 7,810

(38,150)*

$ (648,066)*

$706,798

* Amounts do not add due to rounding.

See accompanying notes.

F-5

CITRIX SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Operating activities
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortization of property and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Realized (gain) loss on the repurchase of convertible subordinated debenturesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Realized loss (gain) on the termination of interest rate swapÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Loss on abandonment of Ñxed assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Realized (gains) losses on sales of investments and other-than-temporary decline in fair value of
investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
In-process research and developmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for doubtful accountsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for product returns ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(Recovery of) provision for inventory reserves ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred income tax provision (beneÑt) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax beneÑt related to the exercise of non-statutory stock options and disqualiÑed dispositions of

incentive stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accretion of original issue discount and amortization of Ñnancing costÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total adjustments to reconcile net income to net cash provided by operating activities ÏÏÏ

Changes in operating assets and liabilities, net of eÅects of acquisitions:

Accounts receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Prepaid expenses and other current assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred tax assets, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred revenuesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income taxes payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total changes in operating assets and liabilities, net of eÅects of acquisitions ÏÏÏÏÏÏÏÏÏÏÏ

Year Ended December 31,
2002
2001
2003
(In thousands)

$126,943

$

93,920

$105,260

11,336
23,000
Ì
736
273

(1,978)

Ì
522
3,825

(4)

1,343

10,289
18,237

67,579

(22,340)
(4,413)
6,119
(731)

16,484
61,084
4,706

60,909

11,296
30,142
(1,547)
(3,356)
2,006

2,095
Ì
3,486
25,282
1,407
(4,218)

48,831
30,757
360
Ì
247

7,689
2,580
2,784
22,533
2,292
(1,063)

25,735
17,711

28,011
17,853

110,039

162,874

(33,205)
(1,000)
5,661
6,480
(65)
17,787
(12,514)

(50,665)
11,410
(12,034)
3,534
5,523
(8,630)
12,571

(16,856)

(38,291)

Net cash provided by operating activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

255,431

187,103

229,843

Investing activities
Purchases of investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from sales and maturities of investmentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Purchases of property and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(Payment for) proceeds from termination of interest rate swaps ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash paid for acquisitions, net of cash acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash paid for licensing agreement ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(198,673)
239,366
(11,063)
(1,572)
Ì
(1,358)

(364,482) (553,490)
393,454
(19,104)
3,902

415,633
(60,557)
Ì

(10,680) (183,754)
(3,000)

Ì

Net cash provided by (used in) investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

26,700

90

(382,168)

Financing activities
Proceeds from issuance of common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash paid to repurchase convertible subordinated debentures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash paid under stock repurchase programs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from sale of put warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

58,423
Ì

(124,554)

117,350

4,671
(27,773)
(2,141)
(164,372) (210,222)

655
(12)

3,310
(22)

12,019
(13)

Net cash used in Ñnancing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(65,488)

(184,186)

(83,007)

Change in cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash and cash equivalents at beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

216,643
142,700

3,007
139,693

(235,332)
375,025

Cash and cash equivalents at end of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$359,343

$ 142,700

$139,693

Supplemental Cash Flow Information (in thousands)

The Company paid income taxes of approximately $10,331, $14,222 and $7,991 in 2003, 2002 and 2001,
respectively. Additionally, the Company paid interest of approximately $2,976, $4,155 and $1,221 during the
years ended December 31, 2003, 2002 and 2001, respectively.

See accompanying notes.

F-6

CITRIX SYSTEMS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION

Citrix Systems, Inc. (""Citrix'' or the ""Company''), a Delaware corporation founded on April 17, 1989, is
a  leading  supplier  of  access  infrastructure  software  and  services  that  enable  the  eÅective  and  eÇcient
enterprise-wide  deployment,  management  and  access  of  applications  and  information,  including  those
designed for Microsoft» Windows» operating systems, for UNIX» operating systems, such as Sun SolarisTM,
HP-UX, or IBM»-AIX» and for Web-based information systems, as well as Web-based desktop access. The
Company's MetaFrame» products permit organizations to provide secure access to Windows based, Web-
based and UNIX applications regardless of the user's location, network connection or type of client hardware
platforms. The Company markets and licenses its software products primarily through multiple channels such
as value-added resellers, channel distributors, system integrators and independent software vendors, managed
by the Company's worldwide sales force. The Company also promotes its products through relationships with
a wide variety of industry participants, including Microsoft Corporation.

2. SIGNIFICANT ACCOUNTING POLICIES

Consolidation Policy

The  consolidated  Ñnancial  statements  of  the  Company  include  the  accounts  of  its  wholly-owned
subsidiaries  in  the  Americas,  Europe,  the  Middle  East  and  Africa  (""EMEA'')  and  Asia-PaciÑc.  All
signiÑcant  transactions  and  balances  between  the  Company  and  its  subsidiaries  have  been  eliminated  in
consolidation.

Cash and Cash Equivalents

Cash and cash equivalents at December 31, 2003 include marketable securities, which are primarily
municipal  securities,  corporate  securities,  government  securities  and  money  market  funds  with  initial  or
remaining contractual maturities when purchased of three months or less. The Company minimizes its credit
risk  associated  with  cash  and  cash  equivalents  by  investing  primarily  in  investment  grade,  highly  liquid
instruments and periodically evaluating the credit quality of its primary Ñnancial institutions.

Investments

Short  and  long-term  investments  at  December  31,  2003  primarily  consist  of  corporate  securities,
government securities, commercial paper and municipal securities. Investments classiÑed as available-for-sale
are  stated  at  fair  value  with  unrealized  gains  and  losses,  net  of  taxes,  reported  in  accumulated  other
comprehensive income (loss). Investments classiÑed as held-to-maturity are stated at amortized cost. The
Company does not recognize changes in the fair value of investments in income unless a decline in value is
considered other-than-temporary.

The Company minimizes its credit risk associated with investments by investing primarily in investment
grade, highly liquid securities. The Company maintains investments with various Ñnancial institutions and the
Company's policy is designed to limit exposure to any one institution depending on credit quality. Periodic
evaluations  of  the  relative  credit  standing  of  those  Ñnancial  institutions  are  considered  in  the  Company's
investment strategy. The Company uses information provided by third parties to adjust the carrying value of
certain of its investments and derivative instruments to fair value at the end of each period. Fair values are
based  on  valuation  models  that  use  market  quotes  and,  for  certain  investments,  assumptions  as  to  the
creditworthiness of the entities issuing those underlying investments.

At December 31, 2003, approximately $63 million in investment securities were pledged as collateral for
speciÑed obligations under the Company's synthetic lease. In addition, at December 31, 2003, approximately
$83.6 million in investment securities were pledged as collateral for certain of the Company's credit default
contracts. The Company maintains the ability to manage the composition of the pledged investments and

F-7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

investment earnings are available for operating purposes. Accordingly, these securities are not reÖected as
restricted investments in the accompanying consolidated balance sheets. For further information, see Notes 10
and 13.

Accounts Receivable

Substantially all of the Company's accounts receivable are due from value-added resellers and distribu-
tors of computer software. Collateral is not required. Credit losses and expected product returns are provided
for in the consolidated Ñnancial statements and have been within management's expectations. If the Ñnancial
condition of a signiÑcant distributor or customer were to deteriorate, the Company's operating results could be
adversely aÅected. No distributor or customer accounted for more than 10% of gross accounts receivable at
December 31, 2003 or 2002.

Property and Equipment

Property and equipment is stated at cost. Depreciation is computed using the straight-line method over
the estimated useful lives of the assets, which is generally three years for computer equipment, software, oÇce
equipment and furniture, the lesser of the lease term or Ñve years for leasehold improvements, seven years for
the enterprise resource planning system and 40 years for buildings. Assets under capital leases are amortized
over the shorter of the asset life or the remaining lease term. Amortization of assets under capital leases is
included in depreciation expense. Accumulated amortization of equipment under capital leases approximated
$0.4 million at December 31, 2002. There were no assets under capital leases at December 31, 2003.

During 2003, the Company retired $15.4 million in property and equipment that were no longer in use. At
the time of retirement, these assets had no remaining net book value and no asset retirement obligations
associated with them.

Property and equipment consist of the following:

December 31,

2003

2002

(In thousands)

Buildings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Computer equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Software ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Equipment and furniture ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Leasehold improvements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Equipment under capital leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$17,781
48,452
40,548
16,297
30,922
9,062
Ì

$17,781
53,109
40,312
17,062
29,277
9,062
411

Less accumulated depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

163,062
(97,225)

167,014
(90,480)

$65,837

$76,534

Long-Lived Assets

The Company reviews for impairment of long-lived assets and certain identiÑable intangible assets to be
held and used whenever events or changes in circumstances indicate that the carrying amount of such assets
may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future
cash Öows resulting from the use of the asset and its eventual disposition. Measurement of an impairment loss
is based on the fair value of the asset compared to its carrying value. Long-lived assets and certain identiÑable
intangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

F-8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

During  2003,  the  Company  did  not  recognize  any  impairment  charges  associated  with  its  long-lived  or
intangible assets. During 2002, the Company recognized $2.0 million in asset impairment charges primarily
due  to  the  consolidation  of  certain  of  its  oÇces  resulting  in  the  abandonment  of  certain  leasehold
improvements. These charges are reÖected in operating expenses in the accompanying consolidated state-
ments of income and primarily related to the Americas geographic segment. As of December 31, 2003, the
Company determined that there were no triggering events requiring additional impairment analysis.

Software Developed or Obtained for Internal Use

The Company accounts for internal use software pursuant to the American Institute of CertiÑed Public
Accountants  Statement  of  Position  (""SOP'')  No.  98-1,  Accounting  for  the  Costs  of  Computer  Software
Developed or Obtained for Internal Use. Pursuant to the SOP, the Company capitalizes external direct costs of
materials and services used in the project and internal costs such as payroll and beneÑts of those employees
directly associated with the development of the software. The amount of costs capitalized in 2003 and 2002
relating to internal use software were $3.8 million and $3.4 million, respectively, consisting principally of
purchased  software  and  services  provided  by  external  vendors.  These  costs  are  being  amortized  over  the
estimated useful life of the software developed, which is generally three to seven years and are included in
property and equipment in the accompanying consolidated balance sheets.

Goodwill

The Company accounts for goodwill in accordance with Statement of Financial Accounting Standards
(""SFAS'') No. 142, Goodwill and Other Intangible Assets. SFAS No. 142, requires that goodwill and certain
intangible assets are not amortized, but are subject to an annual impairment test. At December 31, 2003 and
2002, the Company had $152.4 million of goodwill. There was no impairment of goodwill as a result of the
annual impairment tests completed during the fourth quarters of 2003 and 2002. Excluding goodwill, the
Company has no intangible assets deemed to have indeÑnite lives. Substantially all of the Company's goodwill
at December 31, 2003 and 2002 was associated with the Americas reportable segment. See Note 12 for
segment information.

The following table provides a reconciliation of reported net income for the year ended December 31,
2001 to net income adjusted as if SFAS No. 142 had been applied as of the beginning of 2001 (in thousands
except per share amounts).

Year Ended
December 31, 2001

Net income as reportedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill amortization, net of taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Adjusted net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

BASIC EARNINGS PER SHARE:

Earnings per share as reported ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill amortization, net of taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Adjusted earnings per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

DILUTED EARNINGS PER SHARE:

Earnings per share as reported ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill amortization, net of taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Adjusted earnings per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$105,260
33,659

$138,919

$

$

$

$

0.57
0.18

0.75

0.54
0.17

0.71

F-9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Intangible Assets

The  Company  has  intangible  assets  with  deÑnite  lives  that  are  recorded  at  cost,  less  accumulated
amortization. Amortization is computed over the estimated useful lives of the respective assets, generally three
to  Ñve  years,  except  for  patents,  which  are  amortized  over  10  years.  In  accordance  with  SFAS  No.  86,
Accounting for the Costs of Computer Software to be Sold, Leased or Otherwise Marketed, the Company
records  acquired  core  and  product  technology  at  net  realizable  value  and  reviews  this  technology  for
impairment on a periodic basis by comparing the estimated net realizable value to the unamortized cost of the
technology. There has been no impairment of these assets to date. On February 27, 2004, the Company
acquired Expertcity.com, Inc. (""Expertcity''). The expected increases to our goodwill, intangible assets and
estimated amortization are not reÖected in the tables below. For further information regarding the acquisition
and the preliminary purchase price allocation, see Note 17.

Intangible assets consist of the following (in thousands):

December 31, 2003

December 31, 2002

Gross Carrying Accumulated Gross Carrying Accumulated
Amortization

Amortization

Amount

Amount

Core and product technologies ÏÏÏÏÏÏÏÏÏÏ
Patents and other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

TotalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$82,486
9,447

$91,933

$63,092
7,541

$70,633

$81,686
8,460

$90,146

$52,056
7,241

$59,297

Estimated future annual amortization expense is as follows (in thousands):

Year ending December 31,

2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$8,888
7,714
2,567
618
618

Software Development Costs

SFAS No. 86 requires certain software development costs to be capitalized upon the establishment of
technological feasibility. The establishment of technological feasibility and the ongoing assessment of the
recoverability of these costs requires considerable judgment by management with respect to certain external
factors such as anticipated future revenue, estimated economic life, and changes in software and hardware
technologies. Software development costs incurred beyond the establishment of technological feasibility have
not been signiÑcant.

Revenue Recognition

The Company markets and licenses software products primarily through value-added resellers, channel
distributors, system integrators and independent software vendors, managed by the Company's worldwide sales
force.  The  Company  also  separately  sells  software  license  updates  and  technical  services,  which  includes
product training, technical support and consulting services. The Company's software licenses are generally
perpetual, and are delivered by means of traditional packaged products and electronically.

The Company's packaged products are typically purchased by medium and small-sized businesses with a
minimal number of locations. In these cases, the software license is delivered with the packaged product.
Electronic license arrangements are used with more complex multi-server environments typically found in
larger business enterprises that deploy the Company's products on a department or enterprise-wide basis,
which could require diÅerences in product features and functionality at various customer locations. Once the

F-10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Company  receives  a  purchase  order,  the  enterprise  customer  licenses  are  electronically  delivered  to  the
customer  with  ""software  activation  keys''  that  enable  the  feature  conÑguration  ordered  by  the  end-user.
Software  may  be  delivered  indirectly  by  a  channel  distributor  or  directly  by  the  Company  pursuant  to  a
purchase order.

Revenue is recognized when it is earned. The Company's revenue recognition policies are in compliance
with SOP 97-2 (as amended by SOP 98-4 and SOP 98-9) and related interpretations, Software Revenue
Recognition. The Company recognizes revenue when all of the following criteria are met: persuasive evidence
of the arrangement exists; delivery has occurred and the Company has no remaining obligations; the fee is
Ñxed or determinable; and collectibility is probable. The Company deÑnes these four criteria as follows:

‚ Persuasive evidence of the arrangement exists. The Company recognizes revenue on packaged product
upon shipment to distributors and resellers. For packaged product sales, it is the Company's customary
practice  to  require  a  purchase  order  from  distributors  who  have  previously  negotiated  a  master
packaged product distribution or resale agreement. For enterprise customer license arrangements, the
Company typically requires a purchase order from the distributor or reseller and an executed standard
software license agreement from the end-user. The Company requires a purchase order for technical
support, product training and consulting services.

‚ Delivery  has  occurred  and  the  Company  has  no  remaining  obligations.  The  Company's  standard
delivery  method  is  free-on-board  shipping  point.  Consequently,  it  considers  delivery  of  packaged
product to have occurred when the products are shipped to distributors pursuant to an agreement and
purchase order. The Company considers delivery of licenses under electronic licensing agreements to
have occurred when the related products are shipped and the end-user has been electronically provided
with the licenses that include the activation keys that allow the end-user to take immediate possession
of the software. For product training and consulting services, the Company fulÑlls its obligation when
the services are performed. For software license updates and technical support, the Company assumes
that  the  obligations  are  satisÑed  ratably  over  the  respective  terms  of  the  agreements,  which  are
typically 12 to 24 months.

‚ The fee is Ñxed or determinable. In the normal course of business, the Company does not provide
customers the right to a refund of any portion of their license fees or extended payment terms. The
Company  sells  software  license  updates,  and  services,  which  includes  technical  support,  product
training  and  consulting  services,  separately  and  it  determines  vendor  speciÑc  objective  evidence
(""VSOE'') of fair value by the price charged for each product or applicable renewal rates.

‚ Collectibility is probable. The Company determines collectibility on a customer-by-customer basis and
generally does not require collateral. The Company typically sells to distributors or resellers for whom
there are histories of successful collection. New customers are subject to a credit review process that
evaluates the customers' Ñnancial position and ultimately their ability to pay. Customers are subject to
an ongoing credit review process. If the Company determines from the outset of an arrangement that
collectibility is not probable, revenue recognition is deferred until customer payment is received and
the  other  parameters  of  revenue  recognition  described  above  have  been  achieved.  Management's
judgment is required in assessing the probability of collection, which is generally based on evaluation of
customer  speciÑc  information,  historical  experience  and  economic  market  conditions.  If  market
conditions decline, or, if the Ñnancial condition of distributors or customers deteriorates, the Company
may  be  unable  to  determine  that  collectibility  is  probable,  and  it  could  be  required  to  defer  the
recognition of revenue until the Company receives customer payment.

Net revenues include the following categories: Software Licenses, Software License Updates, Services,
and Other. Software Licenses primarily represents fees related to the licensing of the MetaFrame products,
additional  user  licenses  and  management  products  (such  as  load  balancing  and  resource  management

F-11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

products).  These  revenues  are  reÖected  net  of  sales  allowances  and  provisions  for  stock  balancing  return
rights.  Software  License  Updates  consists  of  fees  related  to  the  Subscription  Advantage  program  (the
Company's terminology for PCS) that are recognized ratably over the term of the contract, which is typically
12-24  months.  Subscription  Advantage  is  an  annual  renewable  program  that  provides  subscribers  with
automatic delivery of software upgrades, enhancements and maintenance releases when and if they become
available during the term of subscription. Services consist primarily of technical support services revenue
recognized ratably over the contract term, revenue from product training and certiÑcation, and consulting
services revenue related to implementation of the Company's software products, which is recognized as the
services are provided. In May 1997, the Company entered into a Ñve-year joint license, development and
marketing  agreement  with  the  Microsoft  Corporation,  which  expired  in  May  2002.  Other  represents  the
royalty fees recognized in connection with the Microsoft Development Agreement.

The Company sells most of its software products bundled with an initial subscription for software license
updates that provides the end-user with free enhancements and upgrades to the licensed product on a when
and if available basis. Customers may also elect to purchase technical support, product training or consulting
services. The Company allocates revenue to software license updates and any other undelivered elements of
the arrangement based on VSOE of fair value of each element and such amounts are deferred until the
applicable delivery criteria and other revenue recognition criteria described above have been met. The balance
of the revenue, net of any discounts inherent in the arrangement, is allocated to the delivered software product
using  the  residual  method  and  recognized  at  the  outset  of  the  arrangement  as  the  software  licenses  are
delivered. If management cannot objectively determine the fair value of each undelivered element based on
VSOE, revenue recognition is deferred until all elements are delivered, all services have been performed, or
until fair value can be objectively determined.

In the normal course of business, the Company does not permit product returns, but it does provide most
of its distributors and value added resellers with stock balancing and price protection rights. Stock balancing
rights permit distributors to return products to the Company, subject to ordering an equal dollar amount of
other  products.  Price  protection  rights  require  that  the  Company  grant  retroactive  price  adjustments  for
inventories of products held by distributors or resellers if it lowers prices for such products. The Company
establishes provisions for estimated returns for stock balancing and price protection rights, as well as other
sales allowances, concurrently with the recognition of revenue. The provisions are established based upon
consideration of a variety of factors, including, among other things, recent and historical return rates for both
speciÑc products and distributors, estimated distributor inventory levels by product, the impact of any new
product releases and projected economic conditions. Actual product returns for stock balancing and price
protection provisions incurred are, however, dependent upon future events, including the amount of stock
balancing activity by distributors and the level of distributor inventories at the time of any price adjustments.
The  Company  continually  monitors  the  factors  that  inÖuence  the  pricing  of  its  products  and  distributor
inventory  levels  and  makes  adjustments  to  these  provisions  when  it  believes  actual  returns  and  other
allowances could diÅer from established reserves. The Company's ability to recognize revenue upon shipment
to  distributors  is  predicated  on  its  ability  to  reliably  estimate  future  stock  balancing  returns.  If  actual
experience or changes in market condition impairs the Company's ability to estimate returns, it would be
required to defer the recognition of revenue until the delivery of the product to the end-user. Allowances for
estimated product returns amounted to approximately $3.0 million at December 31, 2003 and $10.5 million at
December 31, 2002. The Company has not reduced and has no current plans to reduce its prices for inventory
currently held by distributors or resellers. Accordingly, there were no reserves required for price protection at
December  31,  2003  or  December  31,  2002.  The  Company  records  estimated  reductions  to  revenue  for
customer programs and incentive oÅerings including volume-based incentives. If market conditions were to
decline, the Company could take actions to increase its customer incentive oÅerings, which could result in an
incremental reduction to revenue at the time the incentive is oÅered.

F-12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

The Company provides consulting services to certain license customers. The services consist of network
conÑguration and optimization and are typically performed prior to the customers' purchase and implementa-
tion of the Company's software products. Services are not essential to the functionality of the Company's
software and do not constitute modiÑcations to the Company's software. The costs for providing consulting
services  are  included  in  cost  of  sales.  The  costs  of  providing  training  and  services  are  included  in  sales,
marketing and support expenses.

Product Concentration

The Company derives a substantial portion of its revenues from one software product and anticipates that
this product and future derivative products and product lines based upon this technology, if any, will constitute
a majority of its revenue for the foreseeable future. The Company could experience declines in demand for
products,  whether  as  a  result  of  general  economic  conditions,  new  competitive  product  releases,  price
competition, lack of success of its strategic partners, technological change or other factors.

Cost of Revenues

Cost  of  revenues  consist  primarily  of  compensation  and  other  personnel-related  costs  of  providing
consulting  services,  as  well  as,  the  cost  of  royalties,  product  media  and  duplication,  manuals,  packaging
materials and shipping expense. The Company is a party to licensing agreements with various entities, which
give the Company the right to use certain software code in its products or in the development of future
products in exchange for the payment of a Ñxed fee or certain amounts based upon the sales of the related
product. The licensing agreements generally have terms ranging from one to Ñve years, and generally include
renewal options. However, some agreements may be perpetual unless expressly terminated. Royalties and
other costs related to these agreements are included in cost of revenues. The Company's cost of revenues
excludes  amortization  of  acquired  core  and  product  technologies,  which  is  included  in  amortization  of
intangible assets in the accompanying consolidated statements of income.

Foreign Currency

The functional currency of each of the Company's wholly-owned foreign subsidiaries is the U.S. dollar.
Assets and liabilities of the subsidiaries are remeasured into U.S. dollars at year-end exchange rates, and
revenues and expenses are remeasured at average rates prevailing during the year. Remeasurement and foreign
currency transaction gains (losses) of approximately $2.4 million, $(1.1) million and $(2.4) million for the
years ended December 31, 2003, 2002, and 2001, respectively, are included in other income (expense), net in
the accompanying consolidated statements of income.

Derivatives and Hedging Activities

In accordance with SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, and its
related interpretations and amendments, the Company records derivatives as either assets or liabilities on the
balance sheet and measures those instruments at fair value. For derivatives that are designated as and qualify
as eÅective cash Öow hedges, the portion of gain or loss on the derivative instrument eÅective at oÅsetting
changes  in  the  hedged  item  is  reported  as  a  component  of  accumulated  other  comprehensive  income
(loss)  and  reclassiÑed  into  earnings  as  operating  income  (expense)  when  the  hedged  transaction  aÅects
earnings. For derivative instruments that are designated as and qualify as eÅective fair value hedges, the gain
or loss on the derivative instrument as well as the oÅsetting gain or loss on the hedged item attributable to the
hedged risk is recognized in current earnings as interest income (expense) during the period of the change in
fair values. Derivatives not designated as hedging instruments are adjusted to fair value through earnings as
other income (expense) in the period the changes in fair value occur. The application of the provisions of
SFAS No. 133 could impact the volatility of earnings.

F-13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

The Company formally documents all relationships between hedging instruments and hedged items, as
well as its risk-management objective and strategy for undertaking various hedge transactions. This process
includes attributing all derivatives that are designated as cash Öow hedges to Öoating rate assets or liabilities or
forecasted transactions and attributing all derivatives that are designated as fair value hedges to Ñxed rate
assets or liabilities. The Company also formally assesses, both at the inception of the hedge and on an ongoing
basis, whether each derivative is highly eÅective in oÅsetting changes in cash Öows or fair value of the hedged
item. Fluctuations in the value of the derivative instruments are generally oÅset by changes in the hedged
item; however, if it is determined that a derivative is not highly eÅective as a hedge or if a derivative ceases to
be a highly eÅective hedge, the Company will discontinue hedge accounting prospectively for the aÅected
derivative.

Advertising Expense

The  Company  expenses  advertising  costs  as  incurred.  The  Company  has  cooperative  advertising
agreements  with  certain  distributors  and  resellers  whereby  the  Company  will  reimburse  distributors  and
resellers for qualiÑed advertising of Citrix products. Reimbursement is made once the distributor or reseller
provides substantiation of qualiÑed expenditures. The Company estimates the impact of this program and
recognizes it at the time of product sale as a component of sales, marketing and support expenses in the
accompanying consolidated statements of income. The Company recognized advertising expenses of approxi-
mately $13.5 million, $10.0 million and $11.1 million, during the years ended December 31, 2003, 2002 and
2001, respectively.

Income Taxes

The Company estimates income taxes based on rates in eÅect in each of the jurisdictions in which it
operates.  Deferred  income  tax  assets  and  liabilities  are  determined  based  upon  diÅerences  between  the
Ñnancial statement and income tax bases of assets and liabilities using enacted tax rates in eÅect for the year
in which the diÅerences are expected to reverse. The realization of deferred tax assets is based on historical tax
positions and expectations about future taxable income. Valuation allowances are recorded related to deferred
tax assets based on the ""not more likely than not'' criteria of SFAS No. 109, Accounting for Income Taxes.

Use of Estimates

The preparation of Ñnancial statements in conformity with accounting principles generally accepted in the
United States requires management to make estimates and assumptions that aÅect the amounts reported in
the consolidated Ñnancial statements and accompanying notes. SigniÑcant estimates made by management
include the provision for doubtful accounts receivables, provision for estimated returns for stock balancing and
price  protection  rights,  as  well  as  other  sales  allowances,  the  valuation  of  the  Company's  goodwill,  net
realizable value of core and product technology, the provision for income taxes and the amortization and
depreciation periods for intangible and long-lived assets. While the Company believes that such estimates are
fair when considered in conjunction with the consolidated Ñnancial position and results of operations taken as
a whole, the actual amounts of such estimates, when known, will vary from these estimates.

Accounting for Stock-Based Compensation

SFAS No. 123, Accounting for Stock-Based Compensation, as amended by SFAS No. 148, Accounting
for Stock Based Compensation, deÑnes a fair value method of accounting for issuance of stock options and
other equity instruments. Under the fair value method, compensation cost is measured at the grant date based
on the fair value of the award and is recognized over the service period, which is usually the vesting period.
Pursuant to SFAS No. 123, companies are not required to adopt the fair value method of accounting for
employee  stock-based  transactions.  Companies  are  permitted  to  account  for  such  transactions  under

F-14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Accounting Principles Board (""APB'') Opinion No. 25, Accounting for Stock Issued to Employees, but are
required to disclose in a note to the consolidated Ñnancial statements pro forma net income and per share
amounts as if a company had applied the fair methods prescribed by SFAS No. 123.

The Company applies APB Opinion No. 25 and related interpretations in accounting for its plans, stock
options granted to employees and non-employee directors and has complied with the disclosure requirements
of SFAS No. 123. Except for non-employee directors, the Company has not granted any options to non-
employees.  The  Company  has  elected  to  follow  APB  Opinion  No.  25  because  the  alternative  fair  value
accounting provided for under SFAS No. 123 requires use of option valuation models, including the Black-
Scholes model, that were developed for use with traded options which have no vesting restrictions and are fully
transferable, as opposed to employee stock options, which are typically non-transferable and last up to ten
years.  Currently,  management  believes  there  is  not  one  agreed  upon  option  valuation  method  that  is
comparable among all reporting companies. SpeciÑcally, the Black-Scholes model requires the input of highly
subjective assumptions, including assumptions related to the expected stock price volatility over the expected
life of the option. Because the Company's stock-based awards to employees have characteristics signiÑcantly
diÅerent from those of traded options and because changes in the subjective input assumptions can materially
aÅect the fair value estimate, in management's opinion, the existing pricing models do not necessarily provide
a reliable single measure of the fair value of its stock-based awards to employees. Since the Black-Scholes
model is based on statistical expectations, the calculation can result in substantial earnings volatility that may
not agree, as to timing or amount, with the actual gain or loss accrued or realized by the option holder.

No stock-based employee compensation cost is reÖected in net income, as all options granted under the
Company's plans had an exercise price equal to or above market value of the underlying common stock on the
date  of  grant.  Had  compensation  cost  for  the  Company's  four  stock-based  compensation  plans  been
determined based on the fair value at the grant dates for grants under those plans consistent with the method
of SFAS No. 123, the Company's cash Öows would have remained unchanged, however net income and
earnings per share would have been reduced to the pro forma amounts indicated below:

2003
2001
2002
(In thousands, except per share
information)

Net income (loss):

As reported ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$126,943

$

93,920

$105,260

Deduct: Total stock-based Employee compensation

expense determined under fair value based method for
all awards, net of related tax eÅects ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(87,645)

(137,645) (146,448)

Pro formaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 39,298

$ (43,725) $(41,188)

Basic earnings (loss) per share:

As reported ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Pro formaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Diluted earnings (loss) per share:

As reported ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Pro formaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

$

$

$

0.77

0.24

0.74

0.23

$

$

$

$

0.53

$

0.57

(0.25) $

(0.22)

0.52

$

0.54

(0.25) $

(0.22)

F-15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

For purposes of the pro forma calculations, the fair value of each option is estimated on the date of the
grant  using  the  Black-Scholes  option-pricing  model,  assuming  no  expected  dividends  and  the  following
assumptions:

2003 Grants

2002 Grants

2001 Grants

Expected volatility factors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Approximate risk free interest rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Expected livesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

0.57 Ó 0.68
2.5 % - 3.0%
4.70 - 4.75 years

0.69
4.0%
4.60 years

0.60
5.0%
4.68 years

Volatility is a measure of the amount by which a stock price is expected to Öuctuate during the expected
life of the option. Much of the value of a stock option is derived from its potential for appreciation. This
potential is reÖected in the volatility of the underlying stock, which can be measured by periodic changes in
the historical stock price. The higher the volatility, the higher the fair value of the option.

The risk-free interest rate represents the current rate associated with zero coupon U.S. Government
securities with a remaining term equal to the expected life of the options being valued. The risk-free interest
rate is used in determining the stock's forward value, and only modestly impacts the fair value of the option.
The higher the risk-free interest rate, the higher the fair value of the option.

The expected life of the option is a measure of the amount of time it is expected to take for an employee
to  exercise  their  option.  Estimating  expected  lives  involves  consideration  of  several  factors,  including  the
characteristics of employees receiving the option awards, the vesting period of the awards, historical exercise
patterns of employees, and the expected volatility of the underlying stock. The longer the expected life, the
more time the option holder has available to allow the stock price to increase, and thus the higher the option's
fair value.

The determination of the fair value of all options is based on the assumptions described in the preceding
paragraphs, and because additional option grants are expected to be made each year and forfeitures will occur
when employees leave the Company, the above pro forma disclosures are not representative of pro forma
eÅects  on  reported  net  income  (loss)  for  future  years.  See  Note  6  for  more  information  regarding  the
Company's stock option plans.

Earnings Per Share

Basic earnings per share is calculated by dividing income available to shareholders by the weighted-
average number of common shares outstanding during each period. Diluted earnings per share includes the
potential impact of convertible securities and dilutive common share equivalents. Dilutive common share
equivalents consist of shares issuable upon the exercise of certain stock options (calculated using the treasury
stock method) and put warrants (calculated using the reverse treasury stock method). The reconciliation of
the numerator and denominator of the earnings per share calculation is presented in Note 14.

ReclassiÑcations

Certain reclassiÑcations of the prior years' Ñnancial statements have been made to conform to the current

year's presentation.

3. ACQUISITIONS

In April 2001, the Company completed the acquisition of Sequoia Software Corporation (""Sequoia'') for
approximately  $182.6  million.  A  portion  of  the  purchase  price  was  allocated  to  in-process  research  and
development (""IPR&D''), which the Company concluded had not reached technological feasibility and for
which there was no alternative future use after taking into consideration the potential use of technologies in
diÅerent products, the stage of development and life cycle of each project, resale of the software and internal

F-16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

use. The value of the respective purchased IPR&D was expensed at the time of the transaction and resulted in
a pre-tax charge to the Company's operations of approximately $2.6 million in 2001.

In  February  2000,  the  Company  acquired  all  of  the  operating  assets  of  the  Innovex  Group,  Inc.
(""Innovex'') for approximately $47.8 million. At the date of acquisition, the Company paid approximately
$28.7 million in consideration and $0.2 million in transaction costs, respectively. Pursuant to the acquisition
agreement, the remaining purchase consideration, plus interest, was contingently payable based on future
events. During 2001, these contingencies were met, resulting in approximately $16.2 million of additional
purchase  price  and  $2.9  million  in  compensation  paid  to  the  former  owners.  Pursuant  to  the  acquisition
agreement, payment of $10.5 million of the contingent amounts and associated interest was made in August
2001 and $10.7 million was paid in 2002. There are no remaining contingent obligations.

Each acquisition was accounted for under the purchase method of accounting. The consolidated Ñnancial
statements reÖect the operations of the acquired businesses for the periods after their respective dates of
acquisition. The purchase consideration was allocated to the acquired assets and liabilities based on fair values
as follows:

Net assets acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Purchased identiÑable intangibles ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Purchased in-process research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 2,259
9,908
Ì
32,944

$ 10,058
46,775
2,580
123,157

Total purchase consideration ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$45,111

$182,570

Innovex

Sequoia

(In thousands)

4. CASH AND INVESTMENTS

Cash and cash equivalents and investments consists of the following:

December 31,

2003

2002

(In thousands)

Cash and cash equivalents:

Cash ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Municipal securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Money market funds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Corporate securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Commercial paper ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Government securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 67,419
126,146
50,293
58,484
Ì
57,001
$359,343

$ 35,377
60,953
35,573
9,769
1,028
Ì
$142,700

Short-term investments:

Corporate securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Government securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Commercial paper ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Municipal securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Short-term investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$236,067
14,666
1,988
250
$252,971

$ 44,355
29,781
Ì
3,077
$ 77,213

Long-term investments:

Corporate securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Government securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Municipal securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Long-term investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$268,335
17,334
Ì
288
$285,957

$351,065
124,906
23,294
226
$499,491

F-17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

The  Company  has  two  AAA-rated  zero  coupon  corporate  securities  classiÑed  as  held-to-maturity
investments  that  are  carried  at  the  combined  accreted  value  of  approximately  $192.5  million  and  $180.4
million  at  December  31,  2003  and  2002,  respectively.  These  securities  mature  on  March  22,  2004.  The
Company does not recognize changes in fair value of the held-to-maturity investment unless a decline in the
fair value is other-than-temporary, in which case the Company would recognize a loss in earnings. There have
been no losses associated with the corporate securities to date. At December 31, 2003 and 2002, the fair value
of the securities were $194.5 million and $180.2 million, respectively

The  Company's  other  short  and  long-term  investments  are  classiÑed  as  available-for-sale  and  are
recorded at fair value. Gross realized gains on sales of securities and other-than-temporary write downs of
investments classiÑed as available-for-sale, using the speciÑc identiÑcation method, were $2.3 million for the
year  ended  December  31,  2003.  Gross  realized  gains  and  losses  were  $0.7  million  and  $2.8  million,
respectively, for the year ended December 31, 2002. Gross realized losses on sales of securities during 2003
were not material. At December 31, 2003, the average original contractual maturity of the Company's short-
term available-for-sale investments was approximately 14 months. The Company's long-term available-for-
sale  investments  at  December  31,  2003  include  $267.2  million  of  investments  with  original  contractual
maturities ranging from one to Ñve years and $18.0 million of investments with original contractual maturities
ranging  from  Ñve  to  10  years.  The  average  remaining  maturities  of  the  Company's  short  and  long-term
available-for-sale investments at December 31, 2003 was Ñve and 33 months, respectively. The Company also
owns $0.3 million in equity investments not due at a single maturity date classiÑed as long-term investments.

The Company has investments in two instruments with an aggregate amount of $38 million that include
structured credit risk features related to certain referenced entities. To date there have been no credit events
resulting in losses to the Company for the underlying referenced entities. The Company separately accounts
for changes in the fair value of the structured credit features of the investments and as of December 31, 2003
and 2002, there was no material change in fair value. In the event that there are future credit events that
accrue  to  the  Company,  the  Company's  investment  will  be  reduced  to  fund  the  loss,  not  to  exceed  the
principal value of the investment.

The  change  in  net  unrealized  securities  gains  (losses)  recognized  in  other  comprehensive  income
includes unrealized gains (losses) that arose from changes in market value of securities that were held during
the period and gains (losses) that were previously unrealized, but have been recognized in current period net
income due to sales of available-for-sale securities. This reclassiÑcation has no eÅect on total comprehensive
income  or  stockholders'  equity  and  was  immaterial  for  all  periods  presented.  The  unrealized  gain
(loss) associated with each individual category of cash and investments was not signiÑcant for either of the
periods presented.

5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consist of the following:

Accounts payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accrued compensation and employee beneÑts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accrued cooperative advertising and marketing programs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accrued taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

F-18

December 31,

2003
(In thousands)

2002

$ 14,992
25,528
9,964
37,253
33,906

$11,913
19,200
11,872
20,543
29,398

$121,643

$92,926

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

6. EMPLOYEE STOCK COMPENSATION AND BENEFIT PLANS

Stock Compensation Plans

As of December 31, 2003, the Company has four stock-based compensation plans, which are described
below. The Company grants stock options for a Ñxed number of shares to employees with an exercise price
equal to or above the market value of the shares at the date of grant. As mentioned in Note 2, the Company
applies the intrinsic value method under APB Opinion No. 25 and related interpretations in accounting for its
plans. Accordingly, no compensation cost has been recognized for its Ñxed stock plans and its stock purchase
plan. However, the impact on the Company's Ñnancial statements from the use of options is reÖected in the
calculation of earnings per share in the form of dilution (see Note 14).

Fixed Stock Option Plans

The Company's Amended and Restated 1995 Stock Plan (the ""1995 Plan'') was originally adopted by
the Board on September 28, 1995 and approved by the Company's stockholders in October 1995. Under the
terms of the 1995 Plan, the Company  is authorized to grant incentive stock options  (""ISOs'')  and non-
qualiÑed  stock  options  (""NSOs''),  make  stock  awards  and  provide  the  opportunity  to  purchase  stock  to
employees, directors and oÇcers and consultants of the Company. The 1995 Plan, as amended, provides for
the  issuance  of  a  maximum  of  69,945,623  (as  adjusted  for  stock  splits)  shares  of  Common  Stock,  plus,
eÅective January 1, 2001 and each year thereafter, a number of shares of Common Stock equal to 5% of the
total number of shares of Common Stock issued and outstanding as of December 31 of the preceding year.
Under the 1995 Plan, a maximum of 60,000,000 ISOs may be granted and ISOs must be granted at exercise
prices no less than fair market value at the date of grant, except for ISOs granted to employees who own more
than 10% of the Company's combined voting power, for which the exercise prices will be no less than 110% of
the market value at the date of grant. NSOs, stock awards or stock purchases may be granted or authorized, as
applicable, at prices no less than the minimum legal consideration required. Under the 1995 Plan, as amended,
ISOs must be granted at exercise prices no less than market value at the date of grant; provided, however, that
if an NSO is expressly granted in lieu of a reasonable amount of salary or cash bonus, the exercise price may
be equal to or greater than 85% of the fair market value at the date of such grant. ISOs and NSOs expire ten
years from the date of grant. All options are exercisable upon vesting. The options typically vest over four years
at a rate of 25% of the shares underlying the option one year from the date of grant and at a rate of 2.08%
monthly thereafter.

The Company's Second Amended and Restated 2000 Director and OÇcer Stock Option and Incentive
Plan (the ""2000 Plan'') was originally adopted by the Board of Directors and approved by the Company's
stockholders on May 18, 2000. Under the terms of the 2000 Plan, the Company is authorized to make stock
awards, provide eligible individuals with the opportunity to purchase stock, grant ISOs and grant NSOs to
oÇcers and directors of the Company. The 2000 Plan provides for the issuance of up to 4,000,000 shares, plus,
eÅective on January 1, 2001, on January 1 of each year, a number of shares of Common Stock equal to one-
half of one percent (0.5%) of the total number of shares of Common Stock issued and outstanding as of
December 31 of the preceding year. Notwithstanding the foregoing, the maximum number of stock options
that may be issued pursuant to the 2000 Plan shall be equal to the maximum number of stock options issuable
under the 2000 Plan at any time less 500,000 stock options, and no more than 3,000,000 shares of Common
Stock may be issued pursuant to the exercise of incentive stock options granted under the 2000 Plan. Under
the 2000 Plan, ISOs must be granted at exercise prices no less than market value at the date of grant, provided
however, that if an NSO is expressly granted in lieu of a reasonable amount of salary or cash bonus, the
exercise price may be equal to or greater than 85% of the fair market value at the date of such grant. ISOs and
NSOs expire ten years from date of grant. All options are exercisable upon vesting. The options typically vest
over four years at a rate of 25% of the shares underlying the option one year from date of grant and at a rate of
2.08% monthly thereafter.

F-19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

The Amended and Restated 1995 Non-Employee Director Stock Option Plan (the ""Director Option
Plan'')  was  originally  adopted  by  the  Board  of  Directors  on  September  28,  1995  and  approved  by  the
Company's  stockholders  in  October  1995.  The  Director  Option  Plan  provides  for  the  grant  of  options  to
purchase a maximum of 3,600,000 (as adjusted for stock splits) shares of Common Stock of the Company to
non-employee directors of the Company.

Pursuant to the Director Option Plan, each non-employee director is eligible to receive an initial grant of
an option to purchase 60,000 shares of Common Stock and an annual grant of an option to purchase 20,000
shares  of  Common  Stock  on  the  Ñrst  business  day  of  the  month  following  the  Annual  Meeting  of
Stockholders,  provided  that  no  annual  grant  shall  be  granted  to  any  non-employee  director  in  the  same
calendar year that such person received his or her initial grant. The initial grant vests 1/3 after the conclusion
of the Ñrst year and 1/36 per month over the remaining two years. The annual grant vests in equal monthly
increments over a period of one year. All options granted under the Director Option Plan have an exercise
price equal to the fair market value of the Common Stock on the date of grant and a term of ten years from
the date of grant. Options are exercisable to the extent vested only while the optionee is serving as a director of
the Company or within 90 days after the optionee ceases to serve as a director of the Company.

A summary of the status and activity of the Company's Ñxed stock option plans is as follows:

2003

Year Ended December 31,
2002

2001

Weighted
Average
Exercise
Price

Shares

Weighted
Average
Exercise
Price

Shares

Outstanding at beginning of year ÏÏÏÏ
Granted at market value ÏÏÏÏÏÏÏÏÏ
Granted above market value ÏÏÏÏÏÏ
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
ForfeitedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

41,220,517
5,574,808
348,500
(4,722,911)
(4,199,324)

$24.51
16.19
12.00
11.64
28.14

39,596,278
9,274,497
355,626
(550,791)
(7,455,093)

$28.92
9.98
17.92
6.12
30.86

Shares

43,288,840
8,351,092
Ì
(8,545,575)
(3,498,079)

Outstanding at end of year ÏÏÏÏÏÏÏÏÏ

38,221,590

24.56

41,220,517

24.51

39,596,278

Options exercisable at end of year ÏÏÏ

25,044,225

28.76

24,101,550

27.01

18,140,094

Weighted
Average
Exercise
Price

$25.67
30.68
Ì
13.27
31.06

28.92

26.02

Weighted-average fair value of

options granted during the year at
market value ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Weighted-average fair value of

options granted during the year
above market valueÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 8.68

$ 5.80

$16.63

6.71

8.57

Ì

F-20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Information about stock options outstanding as of December 31, 2003 is as follows:

Options Outstanding

Options Exercisable

Options
Outstanding at

Weighted
Average
December 31, 2003 Contractual Life Exercise Price December 31, 2003 Exercise Price

Weighted
Average

Options
Exercisable
at

Weighted
Average
Remaining

4,018,032
3,835,865
3,625,892
4,020,721
3,884,586
4,287,845
4,392,444
3,370,392
3,588,967
3,196,846

38,221,590

8.05
7.58
7.38
5.91
7.57
6.85
5.63
6.14
7.14
5.86

6.81

$ 5.65
$10.91
$14.37
$15.95
$18.54
$22.17
$25.20
$29.58
$38.08
$76.27

$24.56

1,188,138
1,513,146
1,563,896
3,428,787
1,630,491
2,957,337
4,330,826
2,872,925
2,527,689
3,030,990

25,044,225

$ 5.48
$ 9.57
$14.45
$15.94
$19.19
$22.24
$25.21
$29.61
$39.17
$76.42

$28.76

Range of
Exercise Prices

$ 2.49 to $
8.27
$ 8.32 to $ 12.00
$12.25 to $ 15.25
$15.34 to $ 16.94
$17.39 to $ 19.66
$19.69 to $ 24.19
$24.38 to $ 25.44
$25.55 to $ 35.01
$35.49 to $ 48.44
$53.38 to $104.00

Stock Purchase Plan

The Third Amended and Restated 1995 Employee Stock Purchase Plan (the ""1995 Purchase Plan'') was
originally  adopted  by  the  Board  of  Directors  on  September  28,  1995  and  approved  by  the  Company's
stockholders in October 1995. The 1995 Purchase Plan provides for the issuance of a maximum of 9,000,000
shares of Common Stock upon the exercise of non-transferable options granted to participating employees. All
U.S.-based employees of the Company whose customary employment is 20 hours or more per week and more
than Ñve months in any calendar year, and employees of certain international subsidiaries, are eligible to
participate in the 1995 Purchase Plan. Employees who would immediately after the grant own 5% or more of
the Company's Common Stock and directors who are not employees of the Company, may not participate in
the 1995 Purchase Plan. To participate in the 1995 Purchase Plan, an employee must authorize the Company
to deduct an amount (not less than 1% nor more than 10% of a participant's total cash compensation, up to a
maximum of $25,000) from his or her pay during six-month periods (each a ""Plan Period'').

The maximum number of shares of Common Stock an employee may purchase in any Plan Period is
6,000 shares subject to certain other limitations. The exercise price for the option for each Plan Period is 85%
of the lesser of the market price of the Common Stock on the Ñrst or last business day of the Plan Period. If an
employee is not a participant on the last day of the Plan Period, such employee is not entitled to exercise his or
her option, and the amount of his or her accumulated payroll deductions are refunded. An employee's rights
under the 1995 Purchase Plan terminate upon his or her voluntary withdrawal from the 1995 Purchase Plan at
any time or upon termination of employment. In January 2002, the 1995 Purchase Plan was amended to
change the Plan Periods to avoid automatic purchases of shares of Common Stock from being made during
the Company's regular black-out periods. Under the 1995 Purchase Plan, the Company issued 473,002 shares,
248,027 shares and 213,907 shares in 2003, 2002, and 2001, respectively.

BeneÑt Plan

The Company maintains a 401(k) beneÑt plan (the ""Plan'') allowing eligible U.S.-based employees to
contribute up to 60% of their annual compensation, limited to an annual maximum amount as set periodically
by the Internal Revenue Service. The Company, at its discretion, may contribute up to $0.50 of each dollar of
employee contribution, limited to a maximum of 6% of the employee's annual compensation. The Company's

F-21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

matching contributions for 2003, 2002 and 2001 were $2.0 million, $2.0 million and $1.8 million, respectively.
The Company's contributions vest over a four-year period at 25% per year.

7. CAPITAL STOCK

Common Stock

The Company has reserved for future issuance 75,246,184 shares of Common Stock for the exercise of
stock options outstanding or available for grant and 10,880,486 shares for the conversion of the zero coupon
convertible debentures into Common Stock.

Stock Repurchase Programs

In April 1999, the Company's board of directors authorized an ongoing stock repurchase program. During
2003, the Company's board of directors authorized the repurchase of an additional $200 million under its stock
repurchase program, increasing the total authority to $800 million, the objective of which is to manage actual
and anticipated dilution. At December 31, 2003, approximately $163.9 million was available to repurchase
common stock pursuant to the stock repurchase program. All shares repurchased are recorded as treasury
stock.

The Company is authorized to make open market purchases of its common stock using general corporate
funds. Additionally, from time to time, the Company has entered into structured stock repurchase arrange-
ments with large Ñnancial institutions using general corporate funds as part of its share repurchase program in
order to lower the average cost to acquire shares. Some of these programs include terms that require the
Company to make up front payments to the counter-party Ñnancial institution and result in the receipt of
shares or a return of our payments at the maturity of the agreement, depending on market conditions. The
Company has also sold put warrants that entitled the holder of each warrant to sell to the Company, generally
by physical delivery, one share of its common stock at a speciÑed price.

The terms of certain put warrants and other repurchase transactions outstanding at December 31, 2002
required  that  put  warrants  and  common  stock  subject  to  repurchase  be  presented  separately  in  our
December 31, 2002 balance sheet. Upon settlement, the 2002 transactions were reclassiÑed to stockholders'
equity  when  the  transactions  matured  or  expired.  There  were  no  put  warrant  obligations  outstanding  at
December 31, 2003.

The  Company  expended  an  aggregate  of  $123.9  million  and  $161.1  million  during  2003  and  2002,
respectively, net of premiums received, under all stock repurchase transactions. During 2003, the Company
took delivery of a total of 8,859,381 shares of outstanding common stock with an average per share price of
$15.86; and during 2002, the Company took delivery of a total of 17,840,197 shares of outstanding common
stock with an average per share price of $11.83. Some of these shares were received pursuant to prepaid
programs. Since inception of the stock repurchase programs, the average cost of shares acquired was $16.28
per  share  compared  to  an  average  close  price  during  open  trading  windows  of  $19.57  per  share.  As  of
December 31, 2003, the Company is a party to a contract that expires on or before March 29, 2004 and
provides that for up front payments of $40 million, the Company will receive a number of shares at monthly
intervals based on the average closing price during the contract term less a speciÑed discount. Due to the fact
that  the  total  shares  to  be  received  for  the  open  repurchase  agreements  at  December  31,  2003  is  not
determinable until the contracts mature in 2004, the above price per share amounts exclude the remaining
shares subject to the agreements.

Preferred Stock

The Company is authorized to issue 5,000,000 shares of preferred stock, $0.01 par value per share. The

Company has no present plans to issue such shares.

F-22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

8. CONVERTIBLE SUBORDINATED DEBENTURES

In  March  1999,  the  Company  sold  $850  million  principal  amount  at  maturity  of  its  zero  coupon
convertible subordinated debentures (the ""Debentures'') due March 22, 2019, in a private placement. The
Debentures were priced with a yield to maturity of 5.25% and resulted in net proceeds to the Company of
approximately $291.9 million, net of original issue discount and net of debt issuance costs of $9.6 million.
Except  under  limited  circumstances,  no  interest  will  be  paid  on  the  Debentures  prior  to  maturity.  The
Debentures are convertible at the option of the security holder at any time on or before the maturity date at a
conversion rate of 14.0612 shares of the Company's Common Stock for each $1,000 principal amount at
maturity of Debentures, subject to adjustment in certain events. The Company could redeem the Debentures
on or after March 22, 2004. Holders could require the Company to repurchase the Debentures, on Ñxed dates
and at set redemption prices (equal to the issue price plus accrued original issue discount), beginning on
March 22, 2004. In October 2000, the Board of Directors approved a program authorizing the Company to
repurchase up to $25 million of the Debentures in open market purchases. Additionally, in April 2002, the
Board of Directors granted additional authority of $100 million to the Company to repurchase Debentures
through private transactions, bringing the total repurchase authority to $125 million. The Board of Directors'
authorization  to  repurchase  the  Debentures  allows  the  Company  to  repurchase  Debentures  when  market
conditions are favorable. As of December 31, 2003, 76,000 units of the Company's Debentures representing
$76.0 million in principal amount at maturity, have been repurchased under these programs for $29.9 million.
During 2002, the Company early adopted the provisions of SFAS No. 145, Rescission of FASB Statements
No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections, and accordingly, the
Company recorded a gain of approximately $1.6 million during 2002 as a result of Debenture repurchases
since  the  date  of  adoption  and  is  reÖected  in  general  and  administrative  expenses  in  the  accompanying
consolidated income statements. During February 2004 the Company notiÑed holders of the debentures of its
intent to redeem all of the outstanding Debentures. For more information see Note 17.

9. FAIR VALUES OF FINANCIAL INSTRUMENTS

The  carrying  value  of  cash  and  cash  equivalents,  accounts  receivable,  accounts  payable  and  accrued
expenses approximate their fair value due to the short maturity of these items. The Company's investments
classiÑed as available-for-sale securities are carried at fair value on the accompanying consolidated balance
sheets based primarily on quoted market prices for such Ñnancial instruments. The aggregate fair value of the
Company's available-for-sale investments was $346.4 million and $396.3 million at December 31, 2003 and
2002, respectively. The Company's held-to-maturity investments had a carrying value of $192.5 million and
$180.4 million at December 31, 2003 and 2002, respectively, and an aggregate fair value of $194.5 million and
$180.2 million at December 31, 2003 and 2002, respectively, based on dealer quotation. The carrying amount
of the Company's Debentures at December 31, 2003 and 2002 were approximately $351.4 million and $333.5
million, respectively. The fair value of the Debentures, based on the quoted market price as of December 31,
2003 and 2002 were approximately $355.9 million and $334.0 million, respectively.

10. COMMITMENTS AND CONTINGENCIES

The Company leases certain oÇce space and equipment under various operating leases. In addition to
rent, the leases require the Company to pay for taxes, insurance, maintenance and other operating expenses.
Certain of these leases contain stated escalation clauses while others contain renewal options.

Rental expense for the years ended December 31, 2003, 2002 and 2001 totaled approximately $16.4
million, $24.4 million and $17.1 million, respectively. Rental expense for 2002 includes lease losses associated
with the vacancy of certain of the Company's leased properties, as discussed below. Sublease income for the
years ended December 31, 2003 and 2002 was approximately $2.0 million and $1.7 million, respectively. There
was no sublease income during 2001. Lease commitments under non-cancelable operating leases with initial or

F-23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

remaining  terms  in  excess  of  one  year  and  sublease  income  associated  with  non-cancelable  subleases,
including estimated future payments under the Company's synthetic lease arrangement, are as follows:

Operating
Leases

Sublease
Income

(In thousands)

Years ending December 31,

2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 17,514
15,969
15,877
12,854
10,575
42,676

$2,408
732
398
316
306
Ì

$115,465

$4,160

The Company is a party to a synthetic lease arrangement totaling approximately $61.0 million for its
corporate headquarters oÇce space in Fort Lauderdale, Florida. The synthetic lease represents a form of oÅ-
balance sheet Ñnancing under which an unrelated third party lessor funded 100% of the costs of acquiring the
property  and  leases  the  asset  to  the  Company.  The  synthetic  lease  qualiÑes  as  an  operating  lease  for
accounting purposes and as a Ñnancing lease for tax purposes. The Company does not include the property or
the lease debt as an asset or a liability in its consolidated balance sheets. Consequently, payments made
pursuant to the lease are recorded as operating expenses in the Company's consolidated statements of income.
The  Company  entered  into  the  synthetic  lease  in  order  to  lease  its  headquarters  properties  under  more
favorable terms than under its previous lease arrangements.

The initial term of the synthetic lease is seven years. Upon approval by the lessor, the Company can
renew  the  lease  twice  for  additional  two-year  periods.  The  lease  payments  vary  based  on  LIBOR  plus  a
margin. At any time during the lease term, the Company has the option to sublease the property and upon
thirty-days' written notice, the Company has the option to purchase the property for an amount representing
the original property cost and transaction fees of approximately $61.0 million plus any lease breakage costs and
outstanding amounts owed. Upon at least 180 days notice prior to the termination of the initial lease term, the
Company has the option to remarket the property for sale to a third party. If the Company chooses not to
purchase  the  property  at  the  end  of  the  lease  term,  it  has  guaranteed  a  residual  value  to  the  lessor  of
approximately $51.9 million and possession of the buildings will be returned to the lessor. If the fair value of
the building were to decline below $51.9 million, the Company would have to make up the diÅerence under its
residual value guarantee, which could have a material adverse eÅect on the Company's results of operations
and Ñnancial condition.

The synthetic lease includes certain Ñnancial covenants including a requirement for the Company to
maintain a pledged balance of approximately $63.0 million in cash and/or investment securities as collateral.
The Company manages the composition of the pledged investments and investment earnings are available for
operating purposes. Additionally, the Company must maintain a minimum net cash and investment balance,
less the Company's Debentures, collateralized investments and equity investments, of $100.0 million, as of the
end of each Ñscal quarter. As of December 31, 2003, the Company had approximately $300.1 million in cash
and  investments  in  excess  of  those  required  levels.  The  synthetic  lease  includes  non-Ñnancial  covenants,
including the maintenance of the properties and adequate insurance, prompt delivery of Ñnancial statements to
the lender of the lessor and prompt payment of taxes associated with the properties. As of December 31, 2003,
the Company was in compliance with all material provisions of the arrangement.

In January 2003, the FASB issued FASB Interpretation (""FIN'') No. 46, Consolidation of Variable
Interest Entities, which addresses the consolidation of variable interest entities in which an enterprise absorbs a

F-24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

majority of the entity's expected losses, receives a majority of the entity's expected residual returns, or both, as
a result of ownership, contractual or other Ñnancial interests in the entity. In December 2003, the FASB
issued  FIN  No.  46  (revised).  FIN  No.  46  (revised)  is  eÅective  immediately  for  certain  disclosure
requirements  and  variable  interest  entities  referred  to  as  special-purpose  entities  for  periods  ending  after
December 15, 2003 and for all types of entities for Ñnancial statements for periods ending after March 15,
2004. The Company has determined that it is not required to consolidate the lessor, the leased facility or the
related debt upon the adoption of FIN No. 46, as amended. Accordingly, there was no impact on its Ñnancial
position, results of operations or cash Öows from adoption. However, if the lessor were to change its ownership
of the property or signiÑcantly change its ownership of other properties that it currently holds, the Company
could be required to consolidate the entity, the leased facility and the debt in a future period.

During 2002 and 2001, the Company took actions to consolidate certain of its oÇces, including the exit of
certain leased oÇce space and the abandonment of certain leasehold improvements. Lease obligations related
to these existing operating leases continue to 2025 with a total remaining obligation at December 31, 2003 of
approximately $29.7 million, of which $4.8 million, net of anticipated sublease income, was accrued for as of
December  31,  2003,  and  is  reÖected  in  accrued  expenses  in  the  accompanying  consolidated  Ñnancial
statements. In calculating this accrual, the Company made estimates, based on market information, including
the  estimated  vacancy  periods  and  sublease  rates  and  opportunities.  If  actual  circumstances  prove  to  be
materially  worse  than  management  has  estimated,  the  total  charges  for  these  vacant  facilities  could  be
signiÑcantly higher.

11.

INCOME TAXES

The United States and foreign components of income before income taxes are as follows:

United StatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Foreign ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 45,820
114,867

$ 33,865
79,292

$ 57,096
95,455

Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$160,687

$113,157

$152,551

The components of the provision for income taxes are as follows:

2003

2002
(In thousands)

2001

2003

2002
(In thousands)

2001

Current:

Federal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Foreign ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total current ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$20,887
5,435
6,079

32,401
1,343

$13,786
5,389
4,280

$38,469
6,319
3,566

23,455
(4,218)

48,354
(1,063)

Total provision for income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$33,744

$19,237

$47,291

F-25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

The signiÑcant components of the Company's deferred tax assets and liabilities consisted of the following:

December 31,

2003
2002
(In thousands)

Deferred tax assets:

Acquired technology ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accruals and reserves ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax credits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net operating lossesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Valuation allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$16,348
4,826
413
24,612
8,999
10,408
(2,145)

$16,463
4,901
2,587
21,824
8,896
9,184
Ì

Total deferred tax assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

63,461

63,855

Deferred tax liabilities:

Foreign earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(8,753)

(8,753)

Total deferred tax liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(8,753)

(8,753)

Total net deferred tax assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$54,708

$55,102

SFAS No. 109, Accounting for Income Taxes, requires a valuation allowance to reduce the deferred tax
assets reported if, it is not more likely than not that some portion or all of the deferred tax assets will be
realized. During 2003, the Company has recorded a valuation allowance of approximately $2.1 million relating
to deferred tax assets for foreign tax credit carryovers.

During the years ended December 31, 2003, 2002, and 2001, the Company recognized tax beneÑts related
to the exercise of employee stock options in the amount of $10.3 million, $25.7 million, and $28.0 million,
respectively. These beneÑts were recorded to additional paid-in capital. At December 31, 2003, the Company
had  approximately  $44.3  million  of  additional  U.S.  net  operating  loss  carryforwards  resulting  from  stock
options, a substantial portion of which begins to expire in 2020. The Company will record the beneÑt of the net
operating loss carryforwards generated from the exercise of employee stock options, in the period that the net
operating loss carryforwards are utilized.

At December 31, 2003, the Company had $23.1 million of remaining net operating loss carryforwards
from prior year acquisitions. The utilization of these net operating loss carryforwards are limited in any one
year pursuant to Internal Revenue Code Section 382 and begin to expire in 2010.

At  December  31,  2003,  the  Company  had  research  and  development  tax  credit  carryforwards  of
approximately $6.9 million that expire beginning in 2018. The Company had foreign tax credit carryforwards
of  approximately  $15.6  million  at  December  31,  2003  that  expire  beginning  in  2004.  Additionally,  the
Company had alternative minimum tax credit carryforwards of approximately $2.1 million at December 31,
2003 that have no expiration date.

The Company does not expect to remit earnings from its foreign subsidiaries. Accordingly, during 2003

and 2002 the Company did not provide for deferred taxes on foreign earnings.

F-26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

A reconciliation of the Company's eÅective tax rate to the statutory federal rate is as follows:

2003

Year Ended December 31,
2002
(In thousands)

2001

Federal statutory taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State income taxes, net of federal tax beneÑt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Foreign operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intangible assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other permanent diÅerences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tax credits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Change in valuation allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

35.0%
3.8
(21.7)
Ì
1.7
(1.7)
2.6
1.3

35.0%
3.8
(17.9)
Ì
0.5
(7.6)
3.2
Ì

35.0%
3.8
(20.2)
7.4
1.8
(0.8)
4.0
Ì

21.0%

17.0%

31.0%

The  Company's  tax  provision  is  based  on  expected  income,  statutory  tax  rates  and  tax  planning
opportunities available in the various jurisdictions in which the Company operates. In the ordinary course of
global business, there are transactions for which the ultimate tax outcome is uncertain, thus judgment is
required in determining the worldwide provision for income taxes and the associated realizability of deferred
tax  assets  and  liabilities.  The  Company  adjusts  its  provision  as  appropriate  for  changes  that  impact  its
underlying judgments and tax Ñling positions.

12. GEOGRAPHIC INFORMATION AND SIGNIFICANT CUSTOMERS

The Company operates in a single market consisting of the design, development, marketing, sales and
support of access infrastructure software and services for enterprise applications. The Company's revenues are
derived  from  sales  in  the  Americas,  EMEA  and  Asia-PaciÑc  regions.  These  three  geographic  regions
constitute the Company's reportable segments.

The Company does not engage in intercompany revenue transfers between segments. The Company's
management evaluates performance based primarily on revenues in the geographic locations in which the
Company operates. Segment proÑt for each segment includes certain sales, marketing, general and adminis-
trative expenses directly attributable to the segment and excludes certain expenses that are managed outside
the reportable segments. Costs excluded from segment proÑt primarily consist of research and development
costs,  amortization  of  intangible  assets,  interest,  corporate  expenses  and  income  taxes,  as  well  as,  non-
recurring charges for in-process research and development. Corporate expenses are comprised primarily of
corporate marketing costs, operations and certain general and administrative expenses, which are separately
managed.  Accounting  policies  of  the  segments  are  the  same  as  the  Company's  consolidated  accounting
policies.

F-27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Net revenues and segment proÑt for 2003, 2002 and 2001 classiÑed by the major geographic area in which

the Company operates, are presented below.

2003

2002
(In thousands)

2001

Net revenues:

Americas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
EMEA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Asia-PaciÑc ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$291,470
243,890
53,265
Ì

$255,438
209,520
48,408
14,082

$289,017
216,766
46,016
39,830

Consolidated ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$588,625

$527,448

$591,629

Segment proÑt:

Americas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
EMEA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Asia-PaciÑc ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Unallocated expenses(2):

$158,781
151,557
18,364
Ì

$122,553
123,126
18,839
14,082

$163,621
134,096
22,880
39,830

Amortization of intangibles ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
In-process research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net interest and other incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other corporate expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(11,336)
Ì
(64,443)
6,298
(98,534)

(11,296)
Ì
(68,923)
9,297

(48,831)
(2,580)
(67,699)
19,200
(94,521) (107,966)

Consolidated income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$160,687

$113,157

$152,551

(1) Represents royalty fees in connection with the Microsoft Development Agreement, which expired in May

2002.

(2) Represents expenses presented to management only on a consolidated basis and not allocated to the

geographic operating segments.

IdentiÑable assets classiÑed by major geographic area in which the Company operates are shown below.

Long-lived assets consist of property, plant and equipment, net:

December 31,

2003

2002

(In thousands)

IdentiÑable assets:

Americas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
EMEAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Asia-PaciÑcÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 975,054
328,689
41,196

$ 752,841
378,831
29,859

Total identiÑable assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$1,344,939

$1,161,531

Long-lived assets, net:

United States ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
United Kingdom ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other foreign countries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

$

29,917
31,821
4,099

38,089
33,663
4,782

Total long-lived assets, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

65,837

$

76,534

To purchase certain investments during 2002, the Company initiated an inter-segment loan whereby the
Americas transferred approximately $134 million to EMEA. This loan was repaid during early 2003. The

F-28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

increase in the Americas identiÑable assets and decrease in EMEA's identiÑable assets is primarily the result
of this loan repayment.

Export  revenue  represents  shipments  of  Ñnished  goods  and  services  from  the  United  States  to
international  customers,  primarily  in  Latin  America  and  Canada.  Shipments  from  the  United  States  to
international  customers  for  2003,  2002  and  2001  were  $24.3  million,  $25.3  million  and  $21.4  million,
respectively.

The Company had net revenue attributed to individual distributors in excess of 10% of total net sales as
follows. There were no individual end-customers that represented greater than 10% of net sales for any of the
years presented.

Year Ended
December 31,
2002

2001

2003

Distributor A ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Distributor B ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

13% 13% 13%
9% 10% 10%

13. DERIVATIVE FINANCIAL INSTRUMENTS

Cash  Flow  Hedges. At  December  31,  2003  and  2002,  the  Company  had  in  place  foreign  currency
forward sale contracts with a notional amount of $37.2 million and $48.9 million, respectively, and foreign
currency forward purchase contracts with a notional amount of $160.9 million and $128.4 million, respectively.
The fair value of these contracts at December 31, 2003 and 2002 were assets of $12.8 million and $6.3 million,
respectively  and  liabilities  of  $4.9  million  and  $2.7  million,  respectively.  A  substantial  portion  of  the
Company's  anticipated  overseas  expense  and  capital  purchasing  activities  will  be  transacted  in  local
currencies. To protect against reductions in value and the volatility of future cash Öows caused by changes in
currency exchange rates, the Company has established a program that uses forward foreign exchange contracts
to reduce a portion of its exposure to these potential changes. The terms of these instruments, and the hedging
transactions to which they relate, generally do not exceed 12 months. Currencies hedged are Euros, British
pounds sterling, Australian dollars, Swiss francs and Japanese yen. There was no material ineÅectiveness of
the Company's foreign currency forward contracts for 2003, 2002 or 2001.

In order to manage its exposure to interest rate risk, in November 2001, the Company entered into an
interest rate swap instrument with a notional amount of $174.6 million that was to expire in March 2004. The
swap converted the Öoating rate return on certain of the Company's available for sale investment securities to
a Ñxed interest rate. In October 2002, the Company terminated this interest rate swap instrument. Upon
termination, the Company received a cash payment of $9.2 million as settlement under the swap instrument.
The swap was previously accounted for as an eÅective cash Öow hedge, and in accordance with the provisions
of SFAS No. 133, the remaining amount in accumulated other comprehensive income of approximately $2.4
million was recognized in interest income through the remaining holding period of the underlying investments
in 2002.

In  connection  with  the  eÅorts  to  manage  the  credit  quality  and  maturities  of  its  available-for-sale
investment portfolio, during 2001 the Company terminated a forward bond purchase agreement previously
designated as a hedge of forecasted purchases of corporate security investments. As a result, the Company
recorded  a  realized  gain  of  $1.4  million,  which  is  included  in  other  income  (expense),  net  on  the  2001
consolidated statement of income. At the time of the sale, the Company realized approximately $0.5 million of
amounts previously classiÑed in accumulated other comprehensive loss.

Fair Value Hedges. The Company uses interest rate swap instruments to hedge against the change in
fair value of certain of its available-for-sale securities due to changes in interest rates. The instruments have an
aggregate notional amount of $182.4 million related to speciÑc available-for-sale securities and expire on

F-29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

various dates through September 2008. Each of the instruments swap the Ñxed rate interest on the underlying
investments for a variable rate based on the London Interbank OÅered Rate (""LIBOR'') plus a speciÑed
margin. During 2003, the Company sold $104 million of the underlying Ñxed rate available-for-sale securities
and discontinued hedge accounting for the related $104 million of the interest rate swaps. Changes in the fair
value of the swap instruments are recorded in earnings along with related designated changes in the value of
the underlying investments. The fair value of the instruments at December 31, 2003 and 2002 were liabilities
of approximately $4.2 million and $3.4 million, respectively. Changes in the fair value of these derivatives are
recorded in earnings. There was no material ineÅectiveness of the Company's interest rate swaps for the years
ended December 31, 2003, 2002 or 2001.

Derivatives not Designated as Hedges. The Company utilizes credit default contracts for investment
purposes that either do not qualify or are not designated for hedge accounting treatment under SFAS No. 133,
Accounting for Derivative Instruments and Hedging Activities, and its related interpretations. Accordingly,
changes in the fair value of these contracts are recorded in other income (expense), net, if any. Under the
terms of these contracts, the Company assumes the default risk, above a certain threshold, of a portfolio of
speciÑed referenced issuers in exchange for a Ñxed yield that is recorded in interest income. In the event of
default by underlying referenced issuers above speciÑed amounts, the Company will pay the counterparty an
amount equivalent to its loss, not to exceed the notional value of the contract. The primary risk associated with
these  transactions  is  the  default  risk  of  the  underlying  issuers.  The  risk  levels  of  these  instruments  are
equivalent to ""AAA'' and ""Super AAA'' single securities. The purpose of the credit default contracts is to
provide additional yield on certain of the Company's underlying available-for-sale investments.

The Company is a party to three credit default contracts that have an aggregate notional amount of $75.0
million and expire on various dates through March 2008. The Company is also a party to a credit default
contract  that  has  an  aggregate  notional  amount  of  $195.4  million  and  expires  on  March  22,  2004.  At
December  31,  2003,  the  Company  has  pledged  approximately  $83.6  million  of  investment  securities  as
collateral for these contracts. The Company maintains the ability to manage the composition of the pledged
investments and investment earnings are available for operating purposes. Accordingly, these securities are not
reÖected as restricted investments in the accompanying consolidated balance sheets. The Ñxed yield earned on
these  contracts  during  2003  and  2002  is  included  in  interest  income  in  the  accompanying  consolidated
statements of income. To date there have been no credit events resulting in losses to the Company for the
underlying referenced entities. As of December 31, 2003, the fair value of these contracts was not material.

As of December 31, 2003 and 2002, the Company had $12.8 million and $6.3 million of derivative assets,
respectively, and $9.4 million and $6.2 million of derivative liabilities, respectively, representing the fair values
of the Company's outstanding derivative instruments, which are recorded in other current assets, other assets
and accrued expenses in the accompanying consolidated balance sheets. The change in derivatives recognized
in other comprehensive income includes unrealized gains (losses) that arose from changes in market value of
derivatives that were held during the period, and gains (losses) that were previously unrealized, but have been
recognized  in  current  period  net  income  due  to  termination  or  maturities  of  derivative  contracts.  This
reclassiÑcation  has  no  eÅect  on  total  comprehensive  income  or  stockholders'  equity.  The  following  table
presents  these  components  of  other  comprehensive  income,  net  of  tax  for  the  Company's  derivative
instruments (in thousands):

For the Year Ended
December 31,

2003

2002

2001

Unrealized gains on derivative instruments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
ReclassiÑcation of realized gains ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net increase in other comprehensive income due to derivative

$11,200

$84
(7,528) (5,663) Ì

$9,091

instruments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 3,672

$3,428

$84

F-30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

14. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

Year Ended December 31,
2003
2001
2002
(In thousands, except per share
Information)

Numerator:

Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$126,943

$93,920

$105,260

Denominator:

Denominator for basic earnings per share Ì weighted average
shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

165,323

177,428

185,460

EÅect of dilutive securities:

Put warrantsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Employee stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì
6,124

3
1,928

Ì
9,038

Denominator for diluted earnings per share Ì adjusted

weighted-average shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

171,447

179,359

194,498

Basic earnings per shareÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Diluted earnings per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

$

0.77

0.74

$

$

0.53

0.52

$

$

0.57

0.54

Antidilutive weighted shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

41,216

50,919

45,454

The above antidilutive weighted shares to purchase shares of Common Stock includes certain shares
under  the  Company's  stock  option  program,  certain  put  warrants  under  the  Company's  stock  repurchase
program and Common Stock potentially issuable on the conversion of the Debentures and were not included
in computing diluted earnings per share because their eÅects were antidilutive for the respective periods.

15. RECENT ACCOUNTING PRONOUNCEMENTS

In April 2003, the FASB issued SFAS No. 149, Amendment of Statement 133 on Derivative Instruments
and Hedging Activities. This statement amends and clariÑes accounting for derivative instruments, including
certain derivative instruments embedded in other contracts, and for hedging activities under SFAS No. 133.
This statement is eÅective for contracts entered into or modiÑed after June 30, 2003, for hedging relationships
designated after June 30, 2003, and to certain preexisting contracts. The Company adopted SFAS No. 149
and there was no material impact on its Ñnancial position, results of operations or cash Öows from adoption.

In  May  2003,  the  FASB  issued  SFAS  No.  150,  Accounting  for  Certain  Financial  Instruments  with
Characteristics of both Liabilities and Equity. This statement establishes standards for how an issuer classiÑes
and measures in its Ñnancial position certain Ñnancial instruments with characteristics of both liabilities and
equity. In accordance with this standard, Ñnancial instruments that embody obligations for the issuer are
required to be classiÑed as liabilities. SFAS No. 150 generally is eÅective for Ñnancial instruments created or
modiÑed after May 31, 2003, and otherwise eÅective at the beginning of the Ñrst interim period beginning
after June 15, 2003. The Company adopted SFAS No. 150 and there was no material impact on its Ñnancial
position, results of operations or cash Öows from adoption.

In November 2002, the FASB's Emerging Issues Task Force (""EITF'') reached a Ñnal consensus on
Issue No. 00-21, Accounting for Revenue Arrangements with Multiple Deliverables, which is eÅective for
revenue  arrangements  entered  into  in  Ñscal  periods  beginning  after  June  15,  2003.  Under  EITF  Issue
No. 00-21, revenue arrangements with multiple deliverables are required to be divided into separate units of

F-31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

accounting under certain circumstances. The Company adopted EITF Issue No. 00-21 on July 1, 2003, and
such adoption did not have a material eÅect on its consolidated Ñnancial statements.

In December 2003, the SEC issued StaÅ Accounting Bulletin (""SAB'') No. 104, Revenue Recognition,
which codiÑes, revises and rescinds certain sections of SAB No. 101, Revenue Recognition, in order to make
this interpretive guidance consistent with current authoritative guidance. The changes noted in SAB No. 104
did not have a material impact upon the Company's Ñnancial position, cash Öows or results of operations.

16. LEGAL MATTERS

The Company is a defendant in various litigation matters generally arising out of the normal course of
business. Although it is diÇcult to predict the ultimate outcome of these cases, management believes, based
on discussions with counsel, that any ultimate liability would not materially aÅect the Company's business,
Ñnancial position, result of operations or cash Öows.

17. SUBSEQUENT EVENTS

Redemption of Convertible Subordinated Debentures. On February 19, 2004, the Company notiÑed all
holders of the Debentures of its intent to call all of the outstanding Debentures on March 22, 2004. As of the
notice date, debentures in an aggregate principal amount of approximately $773.8 million were outstanding.
The  aggregate  redemption  price  of  the  Debentures  will  be  approximately  $355.7  million.  The  Company
currently  intends  to  use  the  proceeds  from  the  maturity  of  our  two  AAA-rated  zero  coupon  corporate
securities classiÑed as held-to-maturity investments that mature on March 22, 2004 to fund the majority of the
aggregate redemption price. The Company believes that its cash on hand and the sale of certain available-for-
sale investments will be suÇcient to fund balance of the aggregate redemption price. Additionally, at the date
of  redemption,  the  Company  will  incur  a  charge  for  the  associated  prepaid  debt  issuance  costs  of
approximately $7.2 million, which will be reÖected in other income (expense), net in March 2004.

Acquisition of Expertcity. On December 18, 2003, the Company entered into a merger agreement with
Expertcity,  a  market  leader  in  Web-based  desktop  access  as  well  as  a  leader  in  Web-based  training  and
customer assistance products. On February 27, 2004, the Company acquired all of the issued and outstanding
capital stock of Expertcity. The results of operations of Expertcity will be included in the Company's results of
operations beginning after February 27, 2004.

The  consideration  for  this  transaction  was  approximately  $231 million,  comprised  of  approximately
$112.6  million  in  cash  and  approximately  5.6  million  shares  of  the  Company's  common  stock  valued  at
approximately $118.4 million. The merger agreement provides for additional purchase price consideration of
up to approximately 0.6 million shares of Citrix common stock to be issued to the Expertcity stockholders in
the event certain revenue and other Ñnancial milestones are achieved by the Expertcity business in 2004. For
purposes of calculating the number of shares of Citrix common stock issued to the Expertcity stockholders, the
merger agreement provides that shares of Citrix common stock issued as initial consideration or as additional
purchase price consideration be valued on the average closing price of the Company's common stock for ten
consecutive trading days ending two trading days prior to the closing of the merger, or approximately $20.12
per  share.  Additional  purchase  price  consideration  earned  by  the  Expertcity  stockholders,  if  any,  will  be
calculated by dividing the amount earned pursuant to the merger agreement by approximately $20.12 per
share. The fair value of the shares issued as additional purchase price consideration, if any, will be based on
the market value of the Company's common stock at the date that the shares are earned. In addition to the
purchase price, there were direct transaction costs associated with the merger of approximately $4.0 million.
Additional  purchase  price  payments,  if  any,  and  direct  transaction  costs  associated  with  the  merger  are
expected to be recorded to goodwill.

F-32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)

CITRIX SYSTEMS, INC.

Independent  valuation  specialists  are  conducting  a  valuation  in  order  to  assist  the  Company  in
determining the fair values of a signiÑcant portion of Expertcity's net assets. The work being performed by the
independent valuation specialists was considered in management's preliminary allocation of the purchase price
summarized below.

Under  the  purchase  method  of  accounting,  the  total  estimated  purchase  price  was  allocated  to
Expertcity's  net  tangible  and  intangible  assets  based  on  their  estimated  fair  values  as  of  the  date  of  the
completion of the acquisition. Due to the preliminary nature of the allocation, amounts may be adjusted when
the valuation is Ñnalized, in accordance with SFAS No. 141, Business Combinations. The estimated purchase
price is preliminarily allocated as follows (in thousands):

Preliminary
Purchase Price
Allocation

Asset
Life

Net assets acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intangible assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

4,000
49,000

Purchased in-process research and development ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Goodwill ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20,000
162,000

Total purchase consideration, including direct

transaction costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$235,000

N/A
2-7 years
Expected to be
expensed in 2004
IndeÑnite

Net  assets  acquired  from  Expertcity  consisted  mainly  of  cash  and  investments,  accounts  receivable,

deferred revenues and other current liabilities.

The fair values used in the preliminary purchase price allocation were based on estimated discounted
future cash Öows, royalty rates and historical data, among other information. The estimated purchased in-
process research and development is expected to be expensed immediately upon closing of the merger in
accordance with FIN No. 4, Applicability of FASB Statement No. 2 to Business Combinations Accounted for
by the Purchase Method due to the fact that it pertains to technology that was not currently technologically
feasible, meaning it had not reached the working model stage, did not contain all of the major functions
planned for the product, was not ready for initial customer testing and had no alternative future use.

The Company expects to record approximately $162 million of goodwill resulting from the acquisition,

which will not be deductible for tax purposes.

F-33

SUPPLEMENTAL FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

2003

Net revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gross margin ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Basic earnings per common share ÏÏÏÏÏ
Diluted earnings per common share ÏÏÏ

2002

Net revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gross margin ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Basic earnings per common share ÏÏÏÏÏ
Diluted earnings per common share ÏÏÏ

First
Quarter

$143,491
138,760
37,928
30,329
0.18
0.18

$142,310
137,558
30,942
26,689
0.14
0.14

Second
Quarter

Third
Quarter
(In thousands, except per share amounts)

Fourth
Quarter

$143,049
138,013
35,498
29,344
0.18
0.17

$117,456
112,698
10,276
10,849
0.06
0.06

$144,341
138,991
38,716
30,995
0.19
0.18

$118,898
114,523
17,368
16,815
0.10
0.10

$157,744
152,825
42,247
36,275
0.22
0.21

$148,784
143,639
45,274
39,567
0.23
0.23

Total Year

$588,625
568,589
154,389
126,943
0.77
0.74

$527,448
508,418
103,860
93,920
0.53
0.52(a)

(a) The sum of the quarterly earnings per share amounts do not add to the annual earnings per share amount
due to the weighting of common and common equivalent shares outstanding during each of the respective
periods.

F-34

CITRIX SYSTEMS, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

2003
Deducted from asset accounts:

Allowance for doubtful accounts ÏÏÏÏÏÏÏÏ
Allowance for returns ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Allowance for inventory obsolescence ÏÏÏÏ
Valuation allowance for deferred tax

Charged
(Credited)
to Costs and
Expenses

Beginning
of Period

Charged
to Other
Accounts
(In thousands)

Deductions

Balance
at End
of Period

$ 6,050
10,488
504

$ 522
Ì
(4)

$

 Ì
3,825(1)
Ì

$ 3,208(2)
11,312(4)
371

$3,364
3,001
129

assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì

2,145

Ì

Ì

2,145

2002
Deducted from asset accounts:

Allowance for doubtful accounts ÏÏÏÏÏÏÏÏ
Allowance for returns ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Allowance for inventory obsolescence ÏÏÏÏ

$ 3,726
8,343
1,570

$3,486
Ì
1,407

$      Ì

25,282(1)
Ì

$ 1,162(2)
23,137(4)
2,473

$6,050
10,488
504

2001
Deducted from asset accounts:

Allowance for doubtful accounts ÏÏÏÏÏÏÏÏ
Allowance for returns ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Allowance for inventory obsolescence ÏÏÏÏ

$ 1,431
9,170
722

$2,784
Ì
2,292

$

2,483(3)
22,533(1)
Ì

$ 2,972(2)
23,360(4)
1,444

$3,726
8,343
1,570

(1) Netted against revenues.
(2) Uncollectible accounts written oÅ, net of recoveries.
(3) Addition from the Sequoia acquisition.
(4) Credits issued for stock balancing rights.

F-35

Exhibit No.

Description

EXHIBIT INDEX

2.1 (1)

2.2 (7)

2.3 (13)

Asset Purchase Agreement dated February 15, 2000 by and among the Company, Innovex
Group, Inc. and certain stockholders of Innovex

Agreement and Plan of Merger, dated as of March 20, 2001, by and among Citrix
Systems, Inc., Soundgarden Acquisition Corp. and Sequoia Software Corporation

Agreement and Plan of Merger Dated December 18, 2003 by and among Citrix Systems,
Inc., EAC Acquisition Corporation, Expertcity.com, Inc., Edward G. Sim and Andreas
von Blottnitz.

3.1 (2)

Amended and Restated CertiÑcate of Incorporation of the Company

3.2 (2)

Amended and Restated By-laws of the Company

3.3 (3)

CertiÑcate of Amendment of Amended and Restated CertiÑcate of Incorporation

4.1 (2)

Specimen certiÑcate representing the Common Stock

4.2 (4)

Indenture by and between the Company and State Street Bank and Trust Company as
Trustee dated as of March 22, 1999, including the form of Debenture.

4.3 (4)

Form of Debenture (included in Exhibit 4.2).

4.3 (4)

Registration Rights Agreement by and between the Company and Credit Suisse First
Boston Corporation dated as of March 22, 1999.

10.1*

Fourth Amended and Restated 1995 Stock Plan

10.2 (9)*

Second Amended and Restated 1995 Non-Employee Director Stock Option Plan

10.3 (11)*

Third Amended and Restated 1995 Employee Stock Purchase Plan

10.4 (12)*

Second Amended and Restated 2000 Director and OÇcer Stock Option and Incentive
Plan

10.15(5)

10.16(6)

10.17(9)

10.18(9)

10.19(10)

10.20(9)

10.21(9)

License, Development and Marketing Agreement dated May 9, 1997 between the
Company and Microsoft Corporation

Amendment No. 1 to License, Development and Marketing Agreement dated May 9,
1997 between the Company and Microsoft Corporation

Microsoft Master Source Code Agreement by and between the Company and Microsoft,
dated May 15, 2002

License Form by and between the Company and Microsoft Corporation, dated May 15,
2002 (with certain information omitted pursuant to a request for conÑdential treatment
and Ñled separately  with the Securities and Exchange Commission)

Amendment No. 1 dated April 21, 2003 to the License Form by and between the
Company and Microsoft Corporation dated May 15, 2002 (with certain information
omitted pursuant to a request for conÑdential treatment and Ñled separately with the
Securities and Exchange Commission)

Participation Agreement dated as of April 23, 2002, by and among Citrix Systems, Inc.,
Citrix Capital Corp., Selco Service Corporation and Key Corporate Capital, Inc. (the
""Participation Agreement'') (with certain information omitted pursuant to a request for
conÑdential treatment and Ñled separately with the Securities and Exchange Commission)

Amendment No. 1 to Participation Agreement dated as of June 17, 2002 (with certain
information omitted pursuant to a request for conÑdential treatment and Ñled separately
with the Securities and Exchange Commission)

Exhibit No.

Description

10.22(9)

Master Lease dated as of April 23, 2002 by and between Citrix Systems, Inc. and Selco
Service Corporation (with certain information omitted pursuant to a request for
conÑdential treatment and Ñled separately with the Securities and Exchange Commission)

21.1

23.1

24.1

31.1

31.2

32.1

List of Subsidiaries

Consent of Ernst & Young LLP

Power of Attorney (Included in signature page)

Rule 13a-14(a) / 15d-14(a) CertiÑcation

Rule 13a-14(a) / 15d-14(a) CertiÑcation

CertiÑcation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002

* Indicates a management contract or any compensatory plan, contract or arrangement.

(1) Incorporated herein by reference to Exhibit 2.3 of the Company's Annual Report on Form 10-K for the

year ended December 31, 1999.

(2) Incorporated herein by reference to the exhibits to the Company's Registration Statement on Form S-1

(File No. 33-98542), as amended.

(3) Incorporated herein by reference to the Company's Quarterly Report on Form 10-Q for the quarter

ended June 30, 2000.

(4) Incorporated herein by reference to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended March 31, 1999.

(5) Incorporated herein by reference to Exhibit 10 of the Company's Current Report on Form 8-K dated as

of May 9, 1997.

(6) Incorporated herein by reference to Exhibit 10 of the Company's Quarterly Report on Form 10-Q for

the quarter ended June 30, 1998.

(7) Incorporated by reference herein to Exhibit 2 of the Company's Schedule 13D Report dated as of

March 28, 2001.

(8) Incorporated by reference herein to exhibits of the Company's Annual Report on Form 10-K for the

year ended December 31, 2001.

(9) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended June 30, 2002.

(10) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended June 30, 2003.

(11) Incorporated by reference herein to exhibits of the Company's Annual Report on Form 10-K for the

year ended December 31, 2002.

(12) Incorporated by reference herein to exhibits of the Company's Quarterly Report on Form 10-Q for the

quarter ended September 30, 2003.

(13) Incorporated herein by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K dated as

of December 30, 2003.

EXHIBIT 31.1

I, Mark B. Templeton, certify that:

CERTIFICATIONS

1.

I have reviewed this annual report on Form 10-K of Citrix Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this
report, fairly present in all material respects the Ñnancial condition, results of operations and cash
Öows of the registrant as of, and for, the periods presented in this report;

4. The  registrant's  other  certifying  oÇcer  and  I  are  responsible  for  establishing  and  maintaining
disclosure controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the registrant and we have:

a) Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) ®Paragraph omitted in accordance with SEC transition instructions contained in SEC Release

No. 34-47986©;

c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting
that  occurred  during  the  registrant's  most  recent  Ñscal  quarter  (the  registrant's  fourth  Ñscal
quarter in the case of an annual report) that has materially aÅected, or is reasonably likely to
materially aÅect, the registrant's internal control over Ñnancial reporting; and

5. The registrant's other certifying oÇcer and I have disclosed, based on our most recent evaluation of
internal control over Ñnancial reporting, to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to
record, process, summarize and report Ñnancial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

signiÑcant role in the registrant's internal control over Ñnancial reporting.

By: /s/

MARK B. TEMPLETON

Mark B. Templeton
President and Chief Executive OÇcer
(Principal Executive OÇcer)

Date: March 12, 2004

EXHIBIT 31.2

I, David J. Henshall, certify that:

CERTIFICATIONS

1.

I have reviewed this annual report on Form 10-K of Citrix Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this
report, fairly present in all material respects the Ñnancial condition, results of operations and cash
Öows of the registrant as of, and for, the periods presented in this report;

4. The  registrant's  other  certifying  oÇcer  and  I  are  responsible  for  establishing  and  maintaining
disclosure controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the registrant and we have:

a) Designed  such  disclosure  controls  and  procedures,  or  caused  such  disclosure  controls  and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) ®Paragraph omitted in accordance with SEC transition instructions contained in SEC Release

No. 34-47986©;

c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting
that  occurred  during  the  registrant's  most  recent  Ñscal  quarter  (the  registrant's  fourth  Ñscal
quarter in the case of an annual report) that has materially aÅected, or is reasonably likely to
materially aÅect, the registrant's internal control over Ñnancial reporting; and

5. The registrant's other certifying oÇcer and I have disclosed, based on our most recent evaluation of
internal control over Ñnancial reporting, to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to
record, process, summarize and report Ñnancial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

signiÑcant role in the registrant's internal control over Ñnancial reporting.

By: /s/

DAVID J. HENSHALL

David J. Hanshall
Chief Financial OÇcer
(Principal Executive OÇcer)

Date: March 12, 2004

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Citrix Systems, Inc. (the ""Company'') on Form 10-K for the
period ending December 31, 2003 as Ñled with the Securities and Exchange Commission on the date hereof
(the ""Report''), we, Mark B. Templeton, Chief Executive OÇcer of the Company, and David J. Henshall,
Chief Financial OÇcer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, to our knowledge, that:

(1) The  Report  fully  complies  with  the  requirements  of  section  13(a)  or  15(d)  of  the  Securities

Exchange Act of 1934; and

(2) The  information  contained  in  the  Report  fairly  presents,  in  all  material  respects,  the  Ñnancial

condition and results of operations of the Company.

/s/ MARK B. TEMPLETON
Mark B. Templeton
Chief Executive OÇcer

/s/ DAVID J. HENSHALL

David J. Henshall
Chief Financial OÇcer

March 12, 2004

(cid:55)(cid:79)(cid:82)(cid:76)(cid:68)(cid:0)(cid:40)(cid:69)(cid:65)(cid:68)(cid:81)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:83)

(cid:51)(cid:84)(cid:79)(cid:67)(cid:75)(cid:0)(cid:52)(cid:82)(cid:65)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:41)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)
(cid:24)(cid:21)(cid:17)(cid:0)(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:35)(cid:89)(cid:80)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:35)(cid:82)(cid:69)(cid:69)(cid:75)(cid:0)(cid:50)(cid:79)(cid:65)(cid:68)
(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:19)(cid:16)(cid:25)(cid:0)(cid:53)(cid:51)(cid:33)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:25)(cid:21)(cid:20)(cid:0)(cid:18)(cid:22)(cid:23)(cid:0)(cid:19)(cid:16)(cid:16)(cid:16)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:24)(cid:16)(cid:16)(cid:0)(cid:20)(cid:18)(cid:20)(cid:0)(cid:24)(cid:23)(cid:20)(cid:25)
(cid:0)(cid:87)(cid:87)(cid:87)(cid:14)(cid:67)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:14)(cid:67)(cid:79)(cid:77)

(cid:33)(cid:77)(cid:69)(cid:82)(cid:73)(cid:67)(cid:65)(cid:83)(cid:0)(cid:40)(cid:69)(cid:65)(cid:68)(cid:81)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:83)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)
(cid:24)(cid:21)(cid:17)(cid:0)(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:35)(cid:89)(cid:80)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:35)(cid:82)(cid:69)(cid:69)(cid:75)(cid:0)(cid:50)(cid:79)(cid:65)(cid:68)
(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:19)(cid:16)(cid:25)(cid:0)(cid:53)(cid:51)(cid:33)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:24)(cid:16)(cid:16)(cid:0)(cid:20)(cid:19)(cid:23)(cid:0)(cid:23)(cid:21)(cid:16)(cid:19)

(cid:37)(cid:85)(cid:82)(cid:79)(cid:80)(cid:69)(cid:65)(cid:78)(cid:0)(cid:40)(cid:69)(cid:65)(cid:68)(cid:81)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:83)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:0)(cid:41)(cid:78)(cid:84)(cid:69)(cid:82)(cid:78)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:39)(cid:77)(cid:66)(cid:40)
(cid:50)(cid:72)(cid:69)(cid:73)(cid:78)(cid:87)(cid:69)(cid:71)(cid:0)(cid:25)
(cid:24)(cid:18)(cid:16)(cid:16)(cid:0)(cid:51)(cid:67)(cid:72)(cid:65)(cid:70)(cid:70)(cid:72)(cid:65)(cid:85)(cid:83)(cid:69)(cid:78)
(cid:51)(cid:87)(cid:73)(cid:84)(cid:90)(cid:69)(cid:82)(cid:76)(cid:65)(cid:78)(cid:68)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:20)(cid:17)(cid:0)(cid:21)(cid:18)(cid:0)(cid:22)(cid:19)(cid:21)(cid:0)(cid:23)(cid:23)(cid:16)(cid:16)

(cid:48)(cid:65)(cid:67)(cid:73)(cid:70)(cid:73)(cid:67)(cid:0)(cid:40)(cid:69)(cid:65)(cid:68)(cid:81)(cid:85)(cid:65)(cid:82)(cid:84)(cid:69)(cid:82)(cid:83)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:0)(cid:40)(cid:79)(cid:78)(cid:71)(cid:0)(cid:43)(cid:79)(cid:78)(cid:71)(cid:0)(cid:44)(cid:73)(cid:77)(cid:73)(cid:84)(cid:69)(cid:68)
(cid:51)(cid:85)(cid:73)(cid:84)(cid:69)(cid:0)(cid:19)(cid:18)(cid:16)(cid:17)(cid:12)(cid:0)(cid:19)(cid:18)(cid:78)(cid:68)(cid:0)(cid:38)(cid:76)(cid:79)(cid:79)(cid:82)
(cid:47)(cid:78)(cid:69)(cid:0)(cid:41)(cid:78)(cid:84)(cid:69)(cid:82)(cid:78)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:38)(cid:73)(cid:78)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:35)(cid:69)(cid:78)(cid:84)(cid:82)(cid:69)
(cid:17)(cid:0)(cid:40)(cid:65)(cid:82)(cid:66)(cid:79)(cid:85)(cid:82)(cid:0)(cid:54)(cid:73)(cid:69)(cid:87)(cid:0)(cid:51)(cid:84)(cid:82)(cid:69)(cid:69)(cid:84)(cid:12)(cid:0)(cid:35)(cid:69)(cid:78)(cid:84)(cid:82)(cid:65)(cid:76)
(cid:40)(cid:79)(cid:78)(cid:71)(cid:0)(cid:43)(cid:79)(cid:78)(cid:71)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:24)(cid:21)(cid:18)(cid:0)(cid:18)(cid:17)(cid:16)(cid:16)(cid:0)(cid:21)(cid:16)(cid:16)(cid:16)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:47)(cid:78)(cid:76)(cid:73)(cid:78)(cid:69)(cid:0)(cid:36)(cid:73)(cid:86)(cid:73)(cid:83)(cid:73)(cid:79)(cid:78)

(cid:21)(cid:19)(cid:24)(cid:21)(cid:0)(cid:40)(cid:79)(cid:76)(cid:76)(cid:73)(cid:83)(cid:84)(cid:69)(cid:82)(cid:0)(cid:33)(cid:86)(cid:69)(cid:78)(cid:85)(cid:69)
(cid:51)(cid:65)(cid:78)(cid:84)(cid:65)(cid:0)(cid:34)(cid:65)(cid:82)(cid:66)(cid:65)(cid:82)(cid:65)(cid:12)(cid:0)(cid:35)(cid:33)(cid:0)(cid:25)(cid:19)(cid:17)(cid:17)(cid:17)(cid:0)(cid:53)(cid:51)(cid:33)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:24)(cid:16)(cid:21)(cid:0)(cid:22)(cid:25)(cid:16)(cid:0)(cid:22)(cid:20)(cid:16)(cid:16)

(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:45)(cid:69)(cid:69)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:70)(cid:0)(cid:51)(cid:84)(cid:79)(cid:67)(cid:75)(cid:72)(cid:79)(cid:76)(cid:68)(cid:69)(cid:82)(cid:83)

(cid:52)(cid:72)(cid:69)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:45)(cid:69)(cid:69)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:79)(cid:70)(cid:0)(cid:51)(cid:84)(cid:79)(cid:67)(cid:75)(cid:72)(cid:79)(cid:76)(cid:68)(cid:69)(cid:82)(cid:83)(cid:0)
(cid:79)(cid:70)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)(cid:87)(cid:73)(cid:76)(cid:76)(cid:0)(cid:66)(cid:69)(cid:0)(cid:72)(cid:69)(cid:76)(cid:68)(cid:0)(cid:79)(cid:78)(cid:0)
(cid:45)(cid:65)(cid:89)(cid:0)(cid:17)(cid:19)(cid:12)(cid:0)(cid:18)(cid:16)(cid:16)(cid:20)(cid:0)(cid:65)(cid:84)(cid:0)(cid:18)(cid:0)(cid:80)(cid:14)(cid:77)(cid:14)
(cid:55)(cid:69)(cid:83)(cid:84)(cid:73)(cid:78)(cid:0)(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:0)(cid:40)(cid:79)(cid:84)(cid:69)(cid:76)
(cid:20)(cid:16)(cid:16)(cid:0)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)(cid:36)(cid:82)(cid:73)(cid:86)(cid:69)
(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:19)(cid:19)(cid:20)(cid:0)(cid:53)(cid:51)(cid:33)

(cid:46)(cid:65)(cid:83)(cid:68)(cid:65)(cid:81)(cid:0)(cid:46)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:45)(cid:65)(cid:82)(cid:75)(cid:69)(cid:84)(cid:0)(cid:83)(cid:89)(cid:77)(cid:66)(cid:79)(cid:76)(cid:26)(cid:0)(cid:35)(cid:52)(cid:56)(cid:51)

(cid:52)(cid:82)(cid:65)(cid:78)(cid:83)(cid:70)(cid:69)(cid:82)(cid:0)(cid:33)(cid:71)(cid:69)(cid:78)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:50)(cid:69)(cid:71)(cid:73)(cid:83)(cid:84)(cid:82)(cid:65)(cid:82)

(cid:37)(cid:81)(cid:85)(cid:73)(cid:51)(cid:69)(cid:82)(cid:86)(cid:69)(cid:0)(cid:52)(cid:82)(cid:85)(cid:83)(cid:84)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:89)
(cid:48)(cid:14)(cid:47)(cid:14)(cid:0)(cid:34)(cid:79)(cid:88)(cid:0)(cid:20)(cid:19)(cid:16)(cid:17)(cid:16)
(cid:48)(cid:82)(cid:79)(cid:86)(cid:73)(cid:68)(cid:69)(cid:78)(cid:67)(cid:69)(cid:12)(cid:0)(cid:50)(cid:41)(cid:0)(cid:16)(cid:18)(cid:25)(cid:20)(cid:16)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:24)(cid:17)(cid:22)(cid:0)(cid:24)(cid:20)(cid:19)(cid:0)(cid:20)(cid:18)(cid:25)(cid:25)
(cid:87)(cid:87)(cid:87)(cid:14)(cid:69)(cid:81)(cid:85)(cid:73)(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:14)(cid:67)(cid:79)(cid:77)

(cid:41)(cid:78)(cid:68)(cid:69)(cid:80)(cid:69)(cid:78)(cid:68)(cid:69)(cid:78)(cid:84)(cid:0)(cid:35)(cid:69)(cid:82)(cid:84)(cid:73)(cid:70)(cid:73)(cid:69)(cid:68)(cid:0)(cid:48)(cid:85)(cid:66)(cid:76)(cid:73)(cid:67)(cid:0)(cid:33)(cid:67)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:65)(cid:78)(cid:84)(cid:83)

(cid:37)(cid:82)(cid:78)(cid:83)(cid:84)(cid:0)(cid:6)(cid:0)(cid:57)(cid:79)(cid:85)(cid:78)(cid:71)(cid:0)(cid:44)(cid:44)(cid:48)
(cid:48)(cid:72)(cid:73)(cid:76)(cid:76)(cid:73)(cid:80)(cid:83)(cid:0)(cid:48)(cid:79)(cid:73)(cid:78)(cid:84)(cid:12)(cid:0)(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:52)(cid:79)(cid:87)(cid:69)(cid:82)
(cid:23)(cid:23)(cid:23)(cid:0)(cid:51)(cid:14)(cid:0)(cid:38)(cid:76)(cid:65)(cid:71)(cid:76)(cid:69)(cid:82)(cid:0)(cid:36)(cid:82)(cid:73)(cid:86)(cid:69)(cid:12)(cid:0)(cid:51)(cid:85)(cid:73)(cid:84)(cid:69)(cid:0)(cid:17)(cid:18)(cid:16)(cid:16)
(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:48)(cid:65)(cid:76)(cid:77)(cid:0)(cid:34)(cid:69)(cid:65)(cid:67)(cid:72)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:20)(cid:16)(cid:17)

(cid:41)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:79)(cid:82)(cid:0)(cid:50)(cid:69)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)

(cid:50)(cid:69)(cid:81)(cid:85)(cid:69)(cid:83)(cid:84)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:83)(cid:72)(cid:79)(cid:85)(cid:76)(cid:68)(cid:0)(cid:66)(cid:69)(cid:0)(cid:68)(cid:73)(cid:82)(cid:69)(cid:67)(cid:84)(cid:69)(cid:68)(cid:0)(cid:84)(cid:79)(cid:26)

(cid:41)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:79)(cid:82)(cid:0)(cid:50)(cid:69)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)
(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)
(cid:24)(cid:21)(cid:17)(cid:0)(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:35)(cid:89)(cid:80)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:35)(cid:82)(cid:69)(cid:69)(cid:75)(cid:0)(cid:50)(cid:79)(cid:65)(cid:68)
(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:19)(cid:16)(cid:25)(cid:0)(cid:53)(cid:51)(cid:33)
(cid:52)(cid:69)(cid:76)(cid:26)(cid:0)(cid:11)(cid:17)(cid:0)(cid:24)(cid:24)(cid:24)(cid:0)(cid:21)(cid:25)(cid:21)(cid:0)(cid:35)(cid:52)(cid:56)(cid:51)(cid:0)(cid:8)(cid:18)(cid:24)(cid:25)(cid:23)(cid:9)
(cid:87)(cid:87)(cid:87)(cid:14)(cid:67)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:14)(cid:67)(cid:79)(cid:77)(cid:15)(cid:73)(cid:78)(cid:86)(cid:69)(cid:83)(cid:84)(cid:79)(cid:82)(cid:83)

(cid:52)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:33)(cid:78)(cid:78)(cid:85)(cid:65)(cid:76)(cid:0)(cid:50)(cid:69)(cid:80)(cid:79)(cid:82)(cid:84)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:38)(cid:79)(cid:82)(cid:77)(cid:0)(cid:17)(cid:16)(cid:13)(cid:43)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:65)(cid:86)(cid:65)(cid:73)(cid:76)(cid:65)(cid:66)(cid:76)(cid:69)(cid:0)
(cid:69)(cid:76)(cid:69)(cid:67)(cid:84)(cid:82)(cid:79)(cid:78)(cid:73)(cid:67)(cid:65)(cid:76)(cid:76)(cid:89)(cid:0)(cid:65)(cid:84)(cid:0)(cid:87)(cid:87)(cid:87)(cid:14)(cid:67)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:14)(cid:67)(cid:79)(cid:77)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)(cid:8)(cid:46)(cid:65)(cid:83)(cid:68)(cid:65)(cid:81)(cid:26)(cid:0)(cid:35)(cid:52)(cid:56)(cid:51)(cid:9)(cid:0)(cid:73)(cid:83)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:71)(cid:76)(cid:79)(cid:66)(cid:65)(cid:76)(cid:0)(cid:76)(cid:69)(cid:65)(cid:68)(cid:69)(cid:82)(cid:0)
(cid:73)(cid:78)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:82)(cid:65)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:83)(cid:79)(cid:76)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:77)(cid:79)(cid:83)(cid:84)(cid:0)(cid:84)(cid:82)(cid:85)(cid:83)(cid:84)(cid:69)(cid:68)(cid:0)
(cid:78)(cid:65)(cid:77)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:83)(cid:69)(cid:67)(cid:85)(cid:82)(cid:69)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:69)(cid:78)(cid:84)(cid:69)(cid:82)(cid:80)(cid:82)(cid:73)(cid:83)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:73)(cid:78)(cid:68)(cid:73)(cid:86)(cid:73)(cid:68)(cid:85)(cid:65)(cid:76)(cid:83)(cid:14)(cid:0)
(cid:46)(cid:69)(cid:65)(cid:82)(cid:76)(cid:89)(cid:0)(cid:21)(cid:16)(cid:0)(cid:77)(cid:73)(cid:76)(cid:76)(cid:73)(cid:79)(cid:78)(cid:0)(cid:80)(cid:69)(cid:79)(cid:80)(cid:76)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)(cid:17)(cid:18)(cid:16)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)(cid:79)(cid:82)(cid:71)(cid:65)(cid:78)(cid:13)
(cid:73)(cid:90)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:83)(cid:0)(cid:65)(cid:82)(cid:79)(cid:85)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:87)(cid:79)(cid:82)(cid:76)(cid:68)(cid:0)(cid:85)(cid:83)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:69)(cid:86)(cid:69)(cid:82)(cid:89)(cid:0)(cid:68)(cid:65)(cid:89)(cid:14)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)
(cid:83)(cid:79)(cid:70)(cid:84)(cid:87)(cid:65)(cid:82)(cid:69)(cid:0)(cid:71)(cid:73)(cid:86)(cid:69)(cid:83)(cid:0)(cid:80)(cid:69)(cid:79)(cid:80)(cid:76)(cid:69)(cid:0)(cid:83)(cid:69)(cid:67)(cid:85)(cid:82)(cid:69)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:87)(cid:69)(cid:76)(cid:76)(cid:13)(cid:77)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:68)(cid:0)(cid:65)(cid:67)(cid:67)(cid:69)(cid:83)(cid:83)(cid:0)
(cid:84)(cid:79)(cid:0)(cid:66)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:87)(cid:72)(cid:69)(cid:82)(cid:69)(cid:86)(cid:69)(cid:82)(cid:0)(cid:73)(cid:84)(cid:0)(cid:76)(cid:73)(cid:86)(cid:69)(cid:83)(cid:0)(cid:110)(cid:0)(cid:79)(cid:78)(cid:0)(cid:68)(cid:69)(cid:77)(cid:65)(cid:78)(cid:68)(cid:14)(cid:0)
(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:67)(cid:85)(cid:83)(cid:84)(cid:79)(cid:77)(cid:69)(cid:82)(cid:83)(cid:0)(cid:73)(cid:78)(cid:67)(cid:76)(cid:85)(cid:68)(cid:69)(cid:0)(cid:17)(cid:16)(cid:16)(cid:5)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:38)(cid:79)(cid:82)(cid:84)(cid:85)(cid:78)(cid:69)(cid:0)(cid:17)(cid:16)(cid:16)(cid:0)
(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:73)(cid:69)(cid:83)(cid:12)(cid:0)(cid:25)(cid:25)(cid:5)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:38)(cid:79)(cid:82)(cid:84)(cid:85)(cid:78)(cid:69)(cid:0)(cid:21)(cid:16)(cid:16)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:25)(cid:18)(cid:5)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)
(cid:38)(cid:79)(cid:82)(cid:84)(cid:85)(cid:78)(cid:69)(cid:0)(cid:39)(cid:76)(cid:79)(cid:66)(cid:65)(cid:76)(cid:0)(cid:21)(cid:16)(cid:16)(cid:14)(cid:0)(cid:34)(cid:65)(cid:83)(cid:69)(cid:68)(cid:0)(cid:73)(cid:78)(cid:0)(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:76)(cid:79)(cid:82)(cid:73)(cid:68)(cid:65)(cid:12)(cid:0)
(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:72)(cid:65)(cid:83)(cid:0)(cid:79)(cid:70)(cid:108)(cid:0)(cid:67)(cid:69)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:18)(cid:18)(cid:0)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:82)(cid:73)(cid:69)(cid:83)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)(cid:23)(cid:12)(cid:16)(cid:16)(cid:16)(cid:0)
(cid:67)(cid:72)(cid:65)(cid:78)(cid:78)(cid:69)(cid:76)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:76)(cid:76)(cid:73)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:80)(cid:65)(cid:82)(cid:84)(cid:78)(cid:69)(cid:82)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:77)(cid:79)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:65)(cid:78)(cid:0)(cid:17)(cid:16)(cid:16)(cid:0)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:82)(cid:73)(cid:69)(cid:83)(cid:14)(cid:0)

(cid:165)(cid:0)(cid:18)(cid:16)(cid:16)(cid:20)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)(cid:33)(cid:76)(cid:76)(cid:0)(cid:82)(cid:73)(cid:71)(cid:72)(cid:84)(cid:83)(cid:0)(cid:82)(cid:69)(cid:83)(cid:69)(cid:82)(cid:86)(cid:69)(cid:68)(cid:14)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:154)(cid:12)(cid:0)(cid:41)(cid:35)(cid:33)(cid:154)(cid:12)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:154)(cid:12)(cid:0)(cid:45)(cid:69)(cid:84)(cid:65)(cid:38)(cid:82)(cid:65)(cid:77)(cid:69)(cid:0)(cid:56)(cid:48)(cid:154)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:76)(cid:79)(cid:71)(cid:79)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:82)(cid:69)(cid:71)(cid:73)(cid:83)(cid:84)(cid:69)(cid:82)(cid:69)(cid:68)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:69)(cid:77)(cid:65)(cid:82)(cid:75)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)(cid:73)(cid:78)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:53)(cid:78)(cid:73)(cid:84)(cid:69)(cid:68)(cid:0)(cid:51)(cid:84)(cid:65)(cid:84)(cid:69)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:79)(cid:84)(cid:72)(cid:69)(cid:82)(cid:0)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:82)(cid:73)(cid:69)(cid:83)(cid:14)(cid:0)(cid:39)(cid:79)(cid:52)(cid:79)(cid:45)(cid:89)(cid:48)(cid:35)(cid:154)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:39)(cid:79)(cid:52)(cid:79)(cid:33)(cid:83)(cid:83)(cid:73)(cid:83)(cid:84)(cid:169)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:82)(cid:69)(cid:71)(cid:73)(cid:83)(cid:84)(cid:69)(cid:82)(cid:69)(cid:68)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:69)(cid:77)(cid:65)(cid:82)(cid:75)(cid:83)(cid:0)(cid:79)(cid:82)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:69)(cid:77)(cid:65)(cid:82)(cid:75)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)

(cid:0)(cid:47)(cid:78)(cid:76)(cid:73)(cid:78)(cid:69)(cid:12)(cid:0)(cid:44)(cid:44)(cid:35)(cid:14)(cid:0)(cid:33)(cid:76)(cid:76)(cid:0)(cid:79)(cid:84)(cid:72)(cid:69)(cid:82)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:69)(cid:77)(cid:65)(cid:82)(cid:75)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:82)(cid:69)(cid:71)(cid:73)(cid:83)(cid:84)(cid:69)(cid:82)(cid:69)(cid:68)(cid:0)(cid:84)(cid:82)(cid:65)(cid:68)(cid:69)(cid:77)(cid:65)(cid:82)(cid:75)(cid:83)(cid:0)(cid:65)(cid:82)(cid:69)(cid:0)(cid:84)(cid:72)(cid:69)(cid:0)(cid:80)(cid:82)(cid:79)(cid:80)(cid:69)(cid:82)(cid:84)(cid:89)(cid:0)(cid:79)(cid:70)(cid:0)(cid:84)(cid:72)(cid:69)(cid:73)(cid:82)(cid:0)(cid:82)(cid:69)(cid:83)(cid:80)(cid:69)(cid:67)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)(cid:79)(cid:87)(cid:78)(cid:69)(cid:82)(cid:83)(cid:14)

(cid:65)
(cid:84)
(cid:78)
(cid:65)
(cid:76)
(cid:84)

(cid:33)
(cid:0)
(cid:15)
(cid:0)

(cid:0)

(cid:0)

(cid:69)
(cid:89)
(cid:69)
(cid:69)
(cid:69)
(cid:83)
(cid:0)
(cid:69)
(cid:69)
(cid:83)
(cid:0)
(cid:89)
(cid:66)
(cid:68)
(cid:69)
(cid:67)
(cid:85)
(cid:68)
(cid:79)
(cid:82)
(cid:80)
(cid:68)
(cid:78)
(cid:65)
(cid:0)
(cid:68)
(cid:69)
(cid:78)
(cid:71)
(cid:83)
(cid:69)
(cid:68)

(cid:0)

(cid:73)

(cid:35)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:0)(cid:51)(cid:89)(cid:83)(cid:84)(cid:69)(cid:77)(cid:83)(cid:12)(cid:0)(cid:41)(cid:78)(cid:67)(cid:14)(cid:0)

(cid:24)(cid:21)(cid:17)(cid:0)(cid:55)(cid:69)(cid:83)(cid:84)(cid:0)(cid:35)(cid:89)(cid:80)(cid:82)(cid:69)(cid:83)(cid:83)(cid:0)(cid:35)(cid:82)(cid:69)(cid:69)(cid:75)(cid:0)(cid:50)(cid:79)(cid:65)(cid:68)

(cid:38)(cid:79)(cid:82)(cid:84)(cid:0)(cid:44)(cid:65)(cid:85)(cid:68)(cid:69)(cid:82)(cid:68)(cid:65)(cid:76)(cid:69)(cid:12)(cid:0)(cid:38)(cid:44)(cid:0)(cid:19)(cid:19)(cid:19)(cid:16)(cid:25)(cid:0)(cid:53)(cid:51)(cid:33)

(cid:87)(cid:87)(cid:87)(cid:14)(cid:67)(cid:73)(cid:84)(cid:82)(cid:73)(cid:88)(cid:14)(cid:67)(cid:79)(cid:77)