GTY Technology (GTYH) Misses Q3 EPS by 10c, Revenues Beat

GTY Technology (NASDAQ: GTYH) reported Q3 EPS of ($0.15), $0.10 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $12.59 million versus the consensus estimate of $11.57 million.

Third Quarter Highlights

Topline growth, cost management, customer satisfaction and continued strength of government digital transformation:

• Cash flow positive for the quarter; total cash increased by $0.2 million
• Conclusion of review of strategic alternatives
• High demand for GTY Budgeting, Procurement and Grants Management Solutions
• Nine months to date GAAP revenues up 40% year-over-year to $35.0 million; third quarter GAAP revenues up 44% to $12.6 million
• Nine months to date non-GAAP revenues up 25% year-over-year to $35.6 million; third quarter non-GAAP revenues up 30% to $12.7 million

“This was a great quarter for GTY. We achieved 44% topline growth, a cash flow positive milestone and added 77 new customers,” said TJ Parass, CEO of GTY. “Our team is doing an exceptional job managing the uncertainties of the COVID-19 pandemic and serving our customers well in the digital transformation of state and local government. “The best companies are made in tough times,” Parass continued. “Our performance this year demonstrates our model is working and our business is solid. Further, we have great people and products in place to chart continued growth for GTY.

For earnings history and earnings-related data on GTY Technology (GTYH) click here.

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