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GTY Technology Holdings Announces
First Quarter 2020 Results: Q1 GAAP Revenues Up 42%; 300+ Organizations Seek GTY’s Covid-19 Program; Withdraws 2020 Guidance and Expects Annual Revenue Growth
(Boston, MA, May 8, 2020) – GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution for the public sector, today announced financial results for the quarter ended March 31, 2020.
|·||First quarter GAAP revenues up 42% year-over-year to $11.3 million|
|·||First quarter non-GAAP revenues up 31% year-over-year to $11.6 million|
|·||More than 300 State and Local Governments seek GTY emergency Covid-19 Care Program; Grants Management, Procurement and Budgeting software in demand|
|·||Company withdraws previously issued guidance for the full year 2020 due to uncertainties with respect to COVID-19-related disruption duration|
|·||Company shares operating assumptions pointing to a base line of over 20% revenue growth for GTY in Fiscal 2020 and being cash flow positive in the second half of 2020 excluding the impact of severance payments|
COVID-19 Related Stakeholder Actions
“Our primary concern has been the safety and wellbeing of our people,” said TJ Parass, GTY CEO. “We quickly moved to 100% business remote operations. As state-wide pandemic-related lockdowns rolled out, many local public government organizations and offices experienced an inability to conduct normal business given the predominance of on-premise IT operations. I’m incredibly proud of how our team immediately put into motion our GTY COVID Emergency Care Program to help public sector organizations such as health services, K-12 schools, Higher Education, and State/Local government entities to easily obtain, implement and become operational with critical applications. As examples, these organizations have immediate needs to track, secure and distribute COVID stimulus grants, to create new budget scenarios, and to ensure mission-critical procurements and payments. Without Cloud-based applications they were hamstrung.”
The following information was filed by Gty Technology Holdings Inc. (GTYH) on Friday, May 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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