Intrinsic value of Tyler Technologies - TYL

Previous Close

$238.45

  Intrinsic Value

$66.54

stock screener

  Rating & Target

str. sell

-72%

Previous close

$238.45

 
Intrinsic value

$66.54

 
Up/down potential

-72%

 
Rating

str. sell

We calculate the intrinsic value of TYL 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  935
  1,034
  1,138
  1,246
  1,359
  1,477
  1,599
  1,727
  1,859
  1,997
  2,140
  2,288
  2,443
  2,603
  2,771
  2,944
  3,125
  3,314
  3,511
  3,716
  3,929
  4,152
  4,385
  4,629
  4,883
  5,149
  5,427
  5,718
  6,023
  6,341
Variable operating expenses, $m
  597
  651
  707
  766
  827
  891
  957
  1,026
  1,098
  1,173
  1,161
  1,242
  1,326
  1,413
  1,504
  1,598
  1,696
  1,799
  1,905
  2,016
  2,132
  2,254
  2,380
  2,512
  2,650
  2,794
  2,945
  3,103
  3,268
  3,441
Fixed operating expenses, $m
  140
  143
  146
  149
  153
  156
  160
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  247
  252
  258
  263
Total operating expenses, $m
  737
  794
  853
  915
  980
  1,047
  1,117
  1,189
  1,265
  1,343
  1,335
  1,420
  1,508
  1,599
  1,694
  1,792
  1,894
  2,002
  2,112
  2,228
  2,348
  2,475
  2,606
  2,743
  2,886
  3,035
  3,192
  3,355
  3,526
  3,704
Operating income, $m
  198
  240
  285
  331
  379
  430
  482
  537
  594
  653
  804
  869
  935
  1,005
  1,077
  1,152
  1,231
  1,313
  1,398
  1,487
  1,581
  1,678
  1,779
  1,886
  1,997
  2,113
  2,235
  2,363
  2,497
  2,637
EBITDA, $m
  404
  458
  515
  575
  638
  703
  770
  841
  914
  991
  1,070
  1,153
  1,239
  1,328
  1,421
  1,518
  1,619
  1,724
  1,834
  1,949
  2,069
  2,194
  2,324
  2,461
  2,604
  2,753
  2,909
  3,073
  3,245
  3,424
Interest expense (income), $m
  0
  0
  3
  5
  8
  11
  14
  17
  21
  24
  28
  31
  35
  39
  44
  48
  52
  57
  62
  67
  73
  78
  84
  90
  96
  103
  110
  117
  125
  132
  141
Earnings before tax, $m
  198
  238
  279
  323
  368
  416
  465
  517
  570
  626
  773
  833
  896
  961
  1,029
  1,100
  1,174
  1,251
  1,331
  1,415
  1,502
  1,594
  1,690
  1,790
  1,894
  2,004
  2,118
  2,238
  2,364
  2,496
Tax expense, $m
  54
  64
  75
  87
  99
  112
  126
  139
  154
  169
  209
  225
  242
  260
  278
  297
  317
  338
  359
  382
  406
  430
  456
  483
  511
  541
  572
  604
  638
  674
Net income, $m
  145
  174
  204
  236
  269
  303
  340
  377
  416
  457
  564
  608
  654
  702
  751
  803
  857
  913
  972
  1,033
  1,097
  1,164
  1,233
  1,306
  1,383
  1,463
  1,546
  1,634
  1,726
  1,822

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,768
  1,955
  2,151
  2,356
  2,569
  2,792
  3,023
  3,264
  3,514
  3,775
  4,045
  4,326
  4,618
  4,921
  5,237
  5,566
  5,908
  6,265
  6,636
  7,024
  7,428
  7,850
  8,290
  8,750
  9,231
  9,734
  10,259
  10,809
  11,385
  11,987
Adjusted assets (=assets-cash), $m
  1,768
  1,955
  2,151
  2,356
  2,569
  2,792
  3,023
  3,264
  3,514
  3,775
  4,045
  4,326
  4,618
  4,921
  5,237
  5,566
  5,908
  6,265
  6,636
  7,024
  7,428
  7,850
  8,290
  8,750
  9,231
  9,734
  10,259
  10,809
  11,385
  11,987
Revenue / Adjusted assets
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
Average production assets, $m
  1,162
  1,284
  1,413
  1,548
  1,688
  1,834
  1,986
  2,145
  2,309
  2,480
  2,658
  2,842
  3,034
  3,233
  3,441
  3,657
  3,882
  4,116
  4,360
  4,615
  4,880
  5,157
  5,447
  5,749
  6,065
  6,395
  6,741
  7,102
  7,480
  7,876
Working capital, $m
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
Total debt, $m
  48
  97
  150
  204
  261
  320
  382
  446
  512
  581
  653
  728
  806
  887
  971
  1,058
  1,149
  1,244
  1,343
  1,446
  1,553
  1,665
  1,783
  1,905
  2,033
  2,167
  2,306
  2,453
  2,606
  2,766
Total liabilities, $m
  470
  520
  572
  627
  683
  743
  804
  868
  935
  1,004
  1,076
  1,151
  1,228
  1,309
  1,393
  1,481
  1,572
  1,666
  1,765
  1,868
  1,976
  2,088
  2,205
  2,328
  2,455
  2,589
  2,729
  2,875
  3,028
  3,189
Total equity, $m
  1,298
  1,435
  1,579
  1,729
  1,886
  2,049
  2,219
  2,396
  2,580
  2,770
  2,969
  3,175
  3,389
  3,612
  3,844
  4,085
  4,337
  4,598
  4,871
  5,155
  5,452
  5,762
  6,085
  6,423
  6,776
  7,144
  7,530
  7,934
  8,356
  8,799
Total liabilities and equity, $m
  1,768
  1,955
  2,151
  2,356
  2,569
  2,792
  3,023
  3,264
  3,515
  3,774
  4,045
  4,326
  4,617
  4,921
  5,237
  5,566
  5,909
  6,264
  6,636
  7,023
  7,428
  7,850
  8,290
  8,751
  9,231
  9,733
  10,259
  10,809
  11,384
  11,988
Debt-to-equity ratio
  0.040
  0.070
  0.090
  0.120
  0.140
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  145
  174
  204
  236
  269
  303
  340
  377
  416
  457
  564
  608
  654
  702
  751
  803
  857
  913
  972
  1,033
  1,097
  1,164
  1,233
  1,306
  1,383
  1,463
  1,546
  1,634
  1,726
  1,822
Depreciation, amort., depletion, $m
  206
  218
  231
  244
  258
  273
  288
  304
  320
  337
  266
  284
  303
  323
  344
  366
  388
  412
  436
  461
  488
  516
  545
  575
  606
  640
  674
  710
  748
  788
Funds from operations, $m
  350
  391
  435
  480
  527
  576
  628
  681
  736
  794
  830
  893
  957
  1,025
  1,095
  1,169
  1,245
  1,325
  1,408
  1,494
  1,585
  1,679
  1,778
  1,881
  1,989
  2,102
  2,220
  2,344
  2,474
  2,610
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  351
  392
  436
  481
  528
  577
  629
  682
  738
  796
  832
  894
  959
  1,027
  1,097
  1,170
  1,247
  1,327
  1,410
  1,496
  1,587
  1,682
  1,780
  1,884
  1,992
  2,105
  2,223
  2,347
  2,477
  2,613
Maintenance CAPEX, $m
  -104
  -116
  -128
  -141
  -155
  -169
  -183
  -199
  -214
  -231
  -248
  -266
  -284
  -303
  -323
  -344
  -366
  -388
  -412
  -436
  -461
  -488
  -516
  -545
  -575
  -606
  -640
  -674
  -710
  -748
New CAPEX, $m
  -117
  -123
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -277
  -289
  -302
  -316
  -330
  -345
  -361
  -378
  -396
Cash from investing activities, $m
  -221
  -239
  -257
  -276
  -295
  -315
  -335
  -357
  -378
  -402
  -426
  -451
  -476
  -503
  -531
  -560
  -591
  -622
  -656
  -691
  -727
  -765
  -805
  -847
  -891
  -936
  -985
  -1,035
  -1,088
  -1,144
Free cash flow, $m
  130
  153
  179
  205
  233
  262
  293
  325
  359
  394
  406
  444
  483
  524
  566
  610
  656
  704
  754
  806
  860
  916
  975
  1,037
  1,101
  1,168
  1,238
  1,312
  1,389
  1,469
Issuance/(repayment) of debt, $m
  48
  50
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  48
  50
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
Total cash flow (excl. dividends), $m
  177
  203
  231
  260
  290
  322
  355
  389
  425
  463
  478
  518
  561
  605
  650
  698
  747
  799
  853
  909
  967
  1,029
  1,092
  1,159
  1,229
  1,302
  1,378
  1,458
  1,542
  1,629
Retained Cash Flow (-), $m
  -131
  -137
  -144
  -150
  -157
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -262
  -273
  -284
  -297
  -310
  -323
  -338
  -353
  -369
  -386
  -404
  -422
  -442
Prev. year cash balance distribution, $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 flow adjustment, $m
  37
  41
  46
  50
  55
  60
  65
  70
  76
  82
  88
  94
  101
  107
  115
  122
  130
  138
  146
  154
  163
  173
  183
  193
  204
  215
  227
  239
  252
  265
Cash available for distribution, $m
  47
  66
  87
  109
  133
  158
  185
  213
  242
  272
  279
  312
  346
  382
  418
  457
  496
  537
  580
  625
  671
  719
  769
  821
  876
  933
  992
  1,054
  1,119
  1,187
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
  45
  60
  76
  90
  103
  115
  125
  133
  139
  143
  133
  133
  132
  128
  123
  116
  108
  99
  89
  79
  69
  60
  50
  42
  34
  27
  21
  16
  12
  9
Current shareholders' claim on cash, %
  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

Tyler Technologies, Inc. is a provider of information management solutions and services for the public sector, with a focus on local governments. The Company operates through two segments: Enterprise Software (ES) segment and The Appraisal and Tax (A&T) segment. ES segment provides municipal and county governments and schools with software systems and services for information technology and automation needs that includes back-office functions, such as financial management, courts and justice processes, public safety, planning regulatory and maintenance, and land and vital records management. A&T segment provides systems and software that automate the appraisal and assessment of real and personal property, as well as property appraisal outsourcing services for local governments and taxing authorities.

FINANCIAL RATIOS  of  Tyler Technologies (TYL)

Valuation Ratios
P/E Ratio 79.7
Price to Sales 11.6
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 45.7
Price to Free Cash Flow 56.9
Growth Rates
Sales Growth Rate 27.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 192.3%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1.1%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 12.4%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 47%
Gross Margin - 3 Yr. Avg. 47%
EBITDA Margin 23.7%
EBITDA Margin - 3 Yr. Avg. 22.5%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 12.5%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 0%

TYL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TYL stock intrinsic value calculation we used $841 million for the last fiscal year's total revenue generated by Tyler Technologies. The default revenue input number comes from 2017 income statement of Tyler Technologies. 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 TYL stock valuation model: a) initial revenue growth rate of 11.2% 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 TYL is calculated based on our internal credit rating of Tyler Technologies, 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 Tyler Technologies.
    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 TYL stock the variable cost ratio is equal to 64.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $137 million in the base year in the intrinsic value calculation for TYL 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 5.4% for Tyler Technologies.

Corporate tax rate of 27% is the nominal tax rate for Tyler Technologies. 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 TYL stock is equal to 4.4%.

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 TYL are equal to 124.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Tyler Technologies 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 TYL is equal to -1%. 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 - $1167 million for Tyler Technologies - 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 38 million for Tyler Technologies 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 Tyler Technologies at the current share price and the inputted number of shares is $9.1 billion.

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COMPANY NEWS

▶ Tyler Technologies Announces CEO Transition   [May-10-18 09:17AM  Business Wire]
▶ Tyler Technologies: 1Q Earnings Snapshot   [May-03-18 05:09AM  Associated Press]
▶ Tyler Technologies Reports Earnings for First Quarter 2018   [May-02-18 04:17PM  Business Wire]
▶ Tyler Technologies Acquires Sage Data Security   [May-01-18 09:17AM  Business Wire]
▶ Seattle open data startup to be acquired by Tyler Technologies   [Apr-18-18 03:22PM  American City Business Journals]
▶ Tyler Technologies purchases government tech company   [11:10AM  American City Business Journals]
▶ Tyler Technologies to Acquire Socrata   [06:45AM  Business Wire]
▶ Tyler Technologies Launches Tyler EAM   [Apr-12-18 09:17AM  Business Wire]
▶ Software company to add new jobs at Moraine office   [Mar-07-18 01:30PM  American City Business Journals]
▶ Tyler Technologies, Inc. to Host Earnings Call   [Feb-22-18 08:20AM  ACCESSWIRE]
▶ Tyler Technologies beats 4Q profit forecasts   [05:03AM  Associated Press]
▶ Tyler Technologies Reports Earnings for Fourth Quarter 2017   [Feb-21-18 04:17PM  Business Wire]
▶ San Diego Courts to Use Tylers Odyssey for All Case Types   [Jan-09-18 09:17AM  Business Wire]
▶ Weekly CFO Sells Highlight   [Dec-21-17 10:29AM  GuruFocus.com]
▶ Here's why tech stocks are tanking right now: NYSE trader   [Nov-29-17 01:20PM  Yahoo Finance Video]
▶ Tyler Technologies beats 3Q profit forecasts   [Oct-25-17 06:31PM  Associated Press]
▶ Tyler Technologies Launches Traversa Ride 360 Application   [Oct-17-17 09:17AM  Business Wire]
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