GTY Technology (GTYH) Misses Q4 EPS by 18c, Revenues Miss; Offers 1Q & FY21 Revenues miss
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GTY Technology (NASDAQ: GTYH) reported Q4 EPS of ($0.23), $0.18 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $13.1 million versus the consensus estimate of $13.54 million.
Fourth Quarter 2020 Financial Highlights
- Revenue: Total GAAP revenue for the fourth quarter of 2020 was $13.1 million, up 14% compared to $11.5 million in the fourth quarter of 2019. Total non-GAAP revenue for the fourth quarter of 2020 was $13.2 million, up 10% compared to $12.0 million in the fourth quarter of 2019.
- Gross Profit: Gross profit for the fourth quarter of 2020 was $8.2 million, compared to $6.6 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 62%, compared to 58% for the fourth quarter of 2019. Non-GAAP gross profit for the fourth quarter of 2020 was $8.5 million, compared to $7.4 million for the fourth quarter of 2019. Non-GAAP gross margin was 65% for the fourth quarter of 2020, compared to 62% for the fourth quarter of 2019.
- Operating (Loss): Operating loss for the fourth quarter of 2020 was $(11.1) million, compared to an operating loss of $(42.6) million in the fourth quarter of 2019. Non-GAAP operating loss for the fourth quarter of 2020 was $(1.1) million, compared to an operating loss of $(5.4) million in the fourth quarter of 2019.
- Net (Loss): Net loss for the fourth quarter of 2020 was $(12.4) million, or $(0.23) per share, based on 53.9 million weighted average shares outstanding. During the fourth quarter of 2019, net loss was $(36.5) million, or $(0.70) per share, based on 52.2 million weighted average shares outstanding.
“We closed out a year that presented challenges with another quarter of disciplined execution and strong results. We achieved 14% revenue growth, another quarter of positive cash flow and are particularly pleased with our ARR growth of 25%,” said TJ Parass, CEO of GTY. “We have great momentum across our business and are taking market share. We remain laser focused on providing our customers with the level of support they have come to expect, while also introducing new prospects to our industry leading solutions. Our execution and results are driven by the exceptional team of men and women who deliver for our customers every day. We are grateful for having the best professionals in the industry who have chosen to grow with GTY.”
“Looking back on the year, we saw strong demand for our products as more and more public sector organizations are pushing to modernize and transform their operations. The fact that they are investing in our technology while dealing with budget shortfalls amid their pandemic response shows the mission critical nature of our software. We are impressed with the quality of our customers and their efforts to improve internal performance and the quality of service to their citizens.”
GTY Technology sees Q1 2021 revenue of $12.5-13 million, versus the consensus of $14.02 million.
GTY Technology sees FY2021 revenue of $57-60 million, versus the consensus of $60.08 million.
As of February 16, 2021, GTY Technology Holdings is providing guidance for its first quarter and full year 2021 as follows:
- First Quarter 2021 Guidance: Total Non-GAAP revenue is expected to be in the range of $12.5 million to $13.0 million or approximately 10% year over year growth.
- Full Year 2021 Guidance: Total Non-GAAP revenue is expected to be in the range of $57.0 million to $60.0 million or approximately 20% year over year growth.
For earnings history and earnings-related data on GTY Technology (GTYH) click here.
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