Intrinsic value of Citrix Systems - CTXS

Previous Close

$92.72

  Intrinsic Value

$42.10

stock screener

  Rating & Target

str. sell

-55%

Previous close

$92.72

 
Intrinsic value

$42.10

 
Up/down potential

-55%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CTXS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.33
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  3,418
  3,531
  3,653
  3,786
  3,928
  4,081
  4,244
  4,418
  4,603
  4,799
  5,007
  5,228
  5,461
  5,708
  5,969
  6,244
  6,535
  6,841
  7,163
  7,503
  7,861
  8,238
  8,635
  9,052
  9,491
  9,953
  10,438
  10,949
  11,485
  12,049
  12,642
Variable operating expenses, $m
 
  3,148
  3,251
  3,364
  3,484
  3,613
  3,751
  3,898
  4,055
  4,221
  4,398
  4,426
  4,624
  4,833
  5,053
  5,286
  5,532
  5,791
  6,065
  6,352
  6,655
  6,974
  7,310
  7,663
  8,035
  8,426
  8,837
  9,269
  9,723
  10,201
  10,703
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,769
  3,148
  3,251
  3,364
  3,484
  3,613
  3,751
  3,898
  4,055
  4,221
  4,398
  4,426
  4,624
  4,833
  5,053
  5,286
  5,532
  5,791
  6,065
  6,352
  6,655
  6,974
  7,310
  7,663
  8,035
  8,426
  8,837
  9,269
  9,723
  10,201
  10,703
Operating income, $m
  649
  383
  402
  422
  444
  467
  492
  519
  547
  578
  610
  802
  838
  876
  916
  958
  1,002
  1,049
  1,099
  1,151
  1,206
  1,264
  1,325
  1,389
  1,456
  1,527
  1,601
  1,680
  1,762
  1,848
  1,939
EBITDA, $m
  898
  590
  610
  632
  656
  681
  709
  738
  768
  801
  836
  873
  912
  953
  997
  1,043
  1,091
  1,142
  1,196
  1,253
  1,313
  1,375
  1,442
  1,511
  1,585
  1,662
  1,743
  1,828
  1,918
  2,012
  2,111
Interest expense (income), $m
  8
  3
  6
  9
  12
  16
  19
  23
  28
  32
  37
  42
  48
  54
  60
  66
  73
  80
  88
  96
  105
  114
  123
  133
  143
  154
  166
  178
  190
  204
  218
Earnings before tax, $m
  617
  380
  396
  413
  432
  452
  473
  496
  520
  545
  572
  760
  790
  822
  856
  892
  929
  969
  1,011
  1,055
  1,101
  1,150
  1,202
  1,256
  1,313
  1,373
  1,436
  1,502
  1,571
  1,645
  1,721
Tax expense, $m
  81
  103
  107
  112
  117
  122
  128
  134
  140
  147
  155
  205
  213
  222
  231
  241
  251
  262
  273
  285
  297
  311
  324
  339
  354
  371
  388
  405
  424
  444
  465
Net income, $m
  536
  278
  289
  302
  315
  330
  345
  362
  379
  398
  418
  554
  577
  600
  625
  651
  678
  707
  738
  770
  804
  840
  877
  917
  958
  1,002
  1,048
  1,096
  1,147
  1,201
  1,257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,563
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,390
  4,987
  5,160
  5,347
  5,548
  5,764
  5,994
  6,239
  6,501
  6,778
  7,072
  7,384
  7,714
  8,063
  8,431
  8,820
  9,230
  9,662
  10,118
  10,598
  11,104
  11,636
  12,196
  12,785
  13,405
  14,057
  14,743
  15,464
  16,222
  17,019
  17,856
Adjusted assets (=assets-cash), $m
  4,827
  4,987
  5,160
  5,347
  5,548
  5,764
  5,994
  6,239
  6,501
  6,778
  7,072
  7,384
  7,714
  8,063
  8,431
  8,820
  9,230
  9,662
  10,118
  10,598
  11,104
  11,636
  12,196
  12,785
  13,405
  14,057
  14,743
  15,464
  16,222
  17,019
  17,856
Revenue / Adjusted assets
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
Average production assets, $m
  402
  417
  431
  447
  464
  482
  501
  521
  543
  566
  591
  617
  644
  674
  704
  737
  771
  807
  845
  885
  928
  972
  1,019
  1,068
  1,120
  1,174
  1,232
  1,292
  1,355
  1,422
  1,492
Working capital, $m
  -537
  -777
  -804
  -833
  -864
  -898
  -934
  -972
  -1,013
  -1,056
  -1,102
  -1,150
  -1,202
  -1,256
  -1,313
  -1,374
  -1,438
  -1,505
  -1,576
  -1,651
  -1,729
  -1,812
  -1,900
  -1,991
  -2,088
  -2,190
  -2,296
  -2,409
  -2,527
  -2,651
  -2,781
Total debt, $m
  1,428
  160
  248
  342
  443
  552
  668
  792
  923
  1,063
  1,212
  1,369
  1,535
  1,711
  1,896
  2,092
  2,299
  2,517
  2,746
  2,988
  3,243
  3,511
  3,794
  4,091
  4,403
  4,732
  5,078
  5,441
  5,823
  6,224
  6,646
Total liabilities, $m
  3,782
  2,513
  2,601
  2,695
  2,796
  2,905
  3,021
  3,145
  3,276
  3,416
  3,565
  3,722
  3,888
  4,064
  4,249
  4,445
  4,652
  4,870
  5,099
  5,341
  5,596
  5,864
  6,147
  6,444
  6,756
  7,085
  7,431
  7,794
  8,176
  8,577
  8,999
Total equity, $m
  2,609
  2,474
  2,559
  2,652
  2,752
  2,859
  2,973
  3,095
  3,224
  3,362
  3,508
  3,663
  3,826
  3,999
  4,182
  4,375
  4,578
  4,792
  5,018
  5,257
  5,507
  5,771
  6,049
  6,342
  6,649
  6,972
  7,313
  7,670
  8,046
  8,441
  8,857
Total liabilities and equity, $m
  6,391
  4,987
  5,160
  5,347
  5,548
  5,764
  5,994
  6,240
  6,500
  6,778
  7,073
  7,385
  7,714
  8,063
  8,431
  8,820
  9,230
  9,662
  10,117
  10,598
  11,103
  11,635
  12,196
  12,786
  13,405
  14,057
  14,744
  15,464
  16,222
  17,018
  17,856
Debt-to-equity ratio
  0.547
  0.060
  0.100
  0.130
  0.160
  0.190
  0.220
  0.260
  0.290
  0.320
  0.350
  0.370
  0.400
  0.430
  0.450
  0.480
  0.500
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
Adjusted equity ratio
  0.217
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  536
  278
  289
  302
  315
  330
  345
  362
  379
  398
  418
  554
  577
  600
  625
  651
  678
  707
  738
  770
  804
  840
  877
  917
  958
  1,002
  1,048
  1,096
  1,147
  1,201
  1,257
Depreciation, amort., depletion, $m
  249
  206
  208
  210
  212
  214
  216
  219
  221
  224
  227
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
  148
  156
  163
  171
Funds from operations, $m
  1,265
  484
  497
  512
  527
  544
  562
  580
  600
  622
  644
  625
  651
  677
  706
  736
  767
  800
  835
  872
  911
  951
  994
  1,040
  1,087
  1,137
  1,190
  1,245
  1,303
  1,364
  1,428
Change in working capital, $m
  149
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
Cash from operations, $m
  1,116
  509
  524
  541
  559
  577
  597
  619
  641
  665
  690
  674
  702
  732
  763
  796
  831
  867
  906
  947
  989
  1,034
  1,082
  1,131
  1,184
  1,239
  1,296
  1,357
  1,421
  1,488
  1,559
Maintenance CAPEX, $m
  0
  -46
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -148
  -156
  -163
New CAPEX, $m
  -161
  -15
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
Cash from investing activities, $m
  -484
  -61
  -62
  -66
  -68
  -71
  -74
  -79
  -82
  -85
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -166
  -175
  -183
  -192
  -202
  -211
  -223
  -233
Free cash flow, $m
  632
  448
  462
  476
  490
  506
  523
  541
  559
  579
  600
  580
  604
  629
  655
  683
  712
  743
  775
  809
  845
  883
  923
  965
  1,009
  1,055
  1,104
  1,155
  1,209
  1,266
  1,325
Issuance/(repayment) of debt, $m
  0
  80
  87
  94
  101
  109
  116
  124
  132
  140
  148
  157
  166
  176
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
  312
  329
  346
  363
  382
  402
  422
Issuance/(repurchase) of shares, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -38
  80
  87
  94
  101
  109
  116
  124
  132
  140
  148
  157
  166
  176
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
  312
  329
  346
  363
  382
  402
  422
Total cash flow (excl. dividends), $m
  588
  528
  549
  570
  592
  615
  639
  664
  691
  719
  749
  737
  770
  804
  840
  879
  919
  961
  1,005
  1,051
  1,100
  1,151
  1,205
  1,262
  1,322
  1,384
  1,450
  1,519
  1,591
  1,667
  1,747
Retained Cash Flow (-), $m
  -636
  -80
  -86
  -93
  -100
  -107
  -114
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -251
  -264
  -278
  -292
  -308
  -323
  -340
  -358
  -376
  -395
  -415
Prev. year cash balance distribution, $m
 
  215
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  664
  463
  477
  492
  508
  525
  543
  561
  582
  603
  582
  606
  631
  658
  686
  715
  746
  779
  813
  849
  887
  928
  970
  1,014
  1,061
  1,110
  1,161
  1,215
  1,272
  1,332
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  637
  424
  415
  405
  394
  381
  367
  351
  334
  316
  277
  259
  240
  221
  201
  182
  162
  143
  125
  108
  92
  77
  64
  52
  41
  32
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Citrix Systems, Inc. offers Enterprise and Service Provider products, which include Workspace Services solutions and Delivery Networking products. The Company's Enterprise and Service Provider products include Cloud Services solutions, and related license updates and maintenance, support and professional services. The Company's NetScaler nCore Technology is an architecture that enables execution of multiple packet engines in parallel. The Company's workspace services include Application Virtualization and virtual desktop infrastructure (VDI), Enterprise Mobility Management and Citrix Workspace Suite. The Company's NetScaler ADC is a software-defined application delivery controller (ADC) and load balancer. The Company's Cloud Services include ShareFile and Citrix Cloud. It provides various ways for customers to receive upgrades, support and maintenance for products, which include Software Maintenance, Subscription Advantage, Technical Support Services and Hardware Maintenance.

FINANCIAL RATIOS  of  Citrix Systems (CTXS)

Valuation Ratios
P/E Ratio 27
Price to Sales 4.2
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 3.1%
Total Debt to Equity 54.7%
Interest Coverage 78
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 23.4%
Return On Equity - 3 Yr. Avg. 16%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 18.1%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 13.1%
Eff/ Tax Rate - 3 Yr. Avg. 6.5%
Payout Ratio 0%

CTXS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTXS stock intrinsic value calculation we used $3418 million for the last fiscal year's total revenue generated by Citrix Systems. The default revenue input number comes from 2016 income statement of Citrix Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CTXS stock valuation model: a) initial revenue growth rate of 3.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTXS is calculated based on our internal credit rating of Citrix Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Citrix Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CTXS stock the variable cost ratio is equal to 89.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CTXS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Citrix Systems.

Corporate tax rate of 27% is the nominal tax rate for Citrix Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CTXS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CTXS are equal to 11.8%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Citrix Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CTXS is equal to -22%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2609 million for Citrix Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 151.705 million for Citrix Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Citrix Systems at the current share price and the inputted number of shares is $14.1 billion.

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COMPANY NEWS

▶ VMwares Value Proposition in the US Software Space   [Dec-26-17 10:30AM  Market Realist]
▶ Citrix Systems Continues to Work as a Long   [Dec-07-17 09:05AM  TheStreet.com]
▶ Citrix Announces Pricing of $750 Million Senior Notes   [Nov-13-17 10:05PM  Business Wire]
▶ Should You Buy Citrix Systems Inc (CTXS)?   [11:35AM  Simply Wall St.]
▶ Stocks With Rising Relative Strength: Citrix Systems   [03:00AM  Investor's Business Daily]
▶ Despite layoffs, Citrix moving 'full speed ahead' with ShareFile   [Oct-27-17 01:57PM  American City Business Journals]
▶ Despite layoffs, Citrix CEO says 'full speed ahead with ShareFile'   [09:00AM  American City Business Journals]
▶ Citrix tops 3Q profit forecasts   [04:31PM  Associated Press]
▶ [$$] Fortinet's Q3 Looks More Secure Than Citrix's   [Oct-24-17 11:00AM  Barrons.com]
▶ Citrix sues former Raleigh employees over noncompete clause   [Oct-20-17 01:34PM  American City Business Journals]
▶ 5 Software Stocks for Thick & Thin   [Oct-10-17 01:53PM  Barrons.com]
▶ Whats Red Hats Value Proposition in the US Software Space?   [Oct-06-17 10:36AM  Market Realist]
▶ Layoffs, streamlining efforts could cost Citrix as much as $100M, filings say   [Oct-05-17 03:15PM  American City Business Journals]
▶ SEC filings offer new details on Citrix's layoff plan   [09:45AM  American City Business Journals]
▶ Citrix announces reorganization, layoffs   [Oct-04-17 04:56PM  MarketWatch]
▶ Citrix confirms layoffs; Raleigh impact less clear   [03:16PM  American City Business Journals]
▶ These are the highest-paid tech executives in South Florida   [02:20PM  American City Business Journals]
▶ 7 Underperforming Stocks in Gurus' Portfolios   [Sep-27-17 01:48PM  GuruFocus.com]
▶ Citrix appoints new executive vice president, board member   [Sep-22-17 01:35PM  American City Business Journals]
▶ Citrix Elects Ajei S. Gopal to Its Board of Directors   [Sep-20-17 04:05PM  Business Wire]
▶ Citrix to Present at Upcoming Investor Conferences   [Aug-31-17 04:05PM  Business Wire]
▶ [$$] JMI Equity Backs Arena Solutions   [Aug-22-17 11:14AM  The Wall Street Journal]
Financial statements of CTXS
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