GTY Technology Holdings Announces Fourth Quarter and Full Year 2021 Financial Results

Total fourth quarter revenue of $16.6 million, up 27% year-over-year

Annual recurring revenue of $51.0 million, up 23% year-over-year

BOSTON–(BUSINESS WIRE)–GTY Technology Holdings Inc. (Nasdaq: GTYH) (“GTY”), a leading vertical SaaS/Cloud solution provider for the public sector, today announced financial results for the fourth quarter and full year ended December 31, 2021.

“GTY’s fourth-quarter performance was a solid finish to what was a strong year for the company, highlighted by accelerating revenue growth of 27%. While the pandemic isn’t quite over, our team has been executing very well in this environment. The Public Sector market is improving driven by accelerating digital transformation, improved budgets, and stimulus money all resulting in increases to our pipelines. In addition, organizations that have adopted best of breed cloud technologies like ours are successfully managing through the transition to hybrid work environments,” said TJ Parass, CEO of GTY.

“We enter 2022 with significant momentum across our business units. The digital transformation of the public sector is still in its early stages, and we believe GTY is in an excellent position to benefit from the continued shift to the cloud. Our focus this year will be to continue expanding our sales force, enhance our go-to-market strategy and convert our substantial pipeline. I want to thank our team, which remains focused on executing on our mission and delivering best-in-class service to our public sector customers.”

Fourth Quarter 2021 Financial Highlights

Revenue: Total GAAP revenue for the fourth quarter of 2021 was $16.6 million, up 27% compared to $13.1 million in the fourth quarter of 2020. Total non-GAAP revenue for the fourth quarter of 2021 was $16.7 million, up 26% compared to $13.2 million in the fourth quarter of 2020.

Gross Profit: Gross profit for the fourth quarter of 2021 was $10.1 million, compared to $8.2 million for the fourth quarter of 2021. Gross margin for the fourth quarter of 2021 was 61%, compared to 62% for the fourth quarter of 2020. Non-GAAP gross profit for the fourth quarter of 2021 was $10.6 million, compared to $8.5 million for the fourth quarter of 2021. Non-GAAP gross margin was 63% for the fourth quarter of 2021, compared to 65% for the fourth quarter of 2020.

Operating (Loss): Operating loss for the fourth quarter of 2021 was $(21.0) million, compared to an operating loss of $(11.1) million in the fourth quarter of 2020. Our operating loss for the quarter includes a goodwill impairment charge of $15.8 million. Non-GAAP operating loss for the fourth quarter of 2021 was $(1.4) million, compared to an operating loss of $(1.1) million in the fourth quarter of 2020.

Net (Loss): Net loss for the fourth quarter of 2021 was $(20.8) million, or $(0.36) per share, based on 57.6 million weighted average shares outstanding. During the fourth quarter of 2020, net loss was $(13.4) million, or $(0.25) per share, based on 53.9 million weighted average shares outstanding.

Full Year 2021 Financial Highlights

Revenue: Total GAAP revenue for the full year of 2021 was $60.5 million, up 26% compared to $48.1 million in 2020. Total non-GAAP revenue for the full year of 2021 was $60.9 million, up 25% compared to $48.8 million in 2020.

Gross Profit: Gross profit for the full year of 2021 was $38.1 million, compared to $29.7 million in 2020. Gross margin for the full year of 2021 was 63%, compared to 62% in 2020. Non-GAAP gross profit for the full year of 2021 was $40.0 million, compared to $31.2 million in 2020. Non- GAAP gross margin for the full year of 2021 was 66%, compared to 64% in 2020.

Operating (Loss): Operating loss for the full year of 2021 was $(45.5) million, compared to an operating loss of $(42.7) million in the full year of 2020. Non-GAAP operating loss for the full year of 2021 was $(4.1) million, compared to an operating loss of $(11.1) million in the full year of 2020.

Net (Loss): Net loss for the full year of 2021 was $(53.8) million, or $(0.94) per share, based on 57.1 million weighted average shares outstanding, compared to a net loss of $(41.9) million, or $(0.78) per share based on 53.5 million weighted average shares outstanding.

Definitions and reconciliations of all non-GAAP financial measures and additional information regarding operating measures are included below in the section titled “Use of Non-GAAP Financial Measures” and in the accompanying tables. All comparisons in this press release are year-over-year over year unless otherwise provided.

Fourth Quarter 2021 Highlights and Key Metrics

Average annual recurring revenue, or ARR, per customer increased 15% to $26,900 compared to December 31, 2020.

The number of customers was 1,894 as of December 31, 2021, an increase of 7% from 1,768 as of December 31, 2020.

Additional information regarding our new customers, total customers and Annual Recurring Revenue and how each is calculated is included below.

Financial Outlook

As of February 17, 2022, GTY is providing guidance for its first quarter and full year 2022 as follows:

First Quarter 2022 Guidance: Total Non-GAAP revenue is expected to be in the range of $15.0 million to $15.5 million or approximately 14% year-over-year growth. Non-GAAP loss from operations is expected to be in the range of $(3.0) to $(3.5) million.

Full Year 2022 Guidance: Total Non-GAAP revenue is expected to be in the range of $71.0 million to $74.0 million or approximately 19% year-over-year growth. Non-GAAP loss from operations is expected to be in the range of $(12.0) to $(15.0) million. Total ARR is expected to be in the range of $63.0 million to $66.0 million or approximately 26% year- over-year growth.

Operating Cash Flow Guidance: Operating cash flows for Q122 are expected to be negative, similar to Q121. For the full year 2022 we also expect cash flows from operations to be negative as a result of continued investments to support growth. For the full year, we expect cash outflows from operations will be similar in total to 2021.

“We see a number of tailwinds in our market which are driving improvements in our sales pipelines. As a result, we will continue to invest in go-to-market and product development in 2022.”, said John Curran, CFO of GTY, “The sales investments will require time to ramp to full productivity and we expect further improvement in productivity in the second half of the year. Our anticipated acceleration in ARR growth will be the leading indicator of the success of these initiatives.”

Conference Call and Webcast

GTY will hold its quarterly earnings call on February 17, 2022 at 4:30 p.m. ET. Conference call details for participation on the call are listed below. A transcript will also be posted to the Investor Relations section of our website at www.gtytechnology.com.

Investors and participants can register for the call in advance by registering here. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast here. The archived webcast will be available shortly after the call on the company website, www.gtytechnology.com.

About GTY Technology Holdings Inc.

GTY Technology Holdings Inc. (NASDAQ: GTYH) (“GTY”) brings leading public sector technology companies together to achieve a new standard in stakeholder engagement and resource management. Through its six business units, GTY offers an intuitive cloud-based suite of solutions for state and local governments, education institutions, and healthcare organizations spanning functions in procurement, payments, grant management, budgeting, and permitting: Bonfire provides strategic sourcing and procurement software to enable confident and compliant spending decisions; CityBase provides government payment solutions to connect constituents with utilities and government agencies; eCivis offers a grant management system to maximize grant revenues and track performance; OpenCounter provides user-friendly software to guide applicants through complex permitting and licensing procedures; Questica offers budget preparation and management software to deliver on financial and non-financial strategic objectives; Sherpa provides public-sector budgeting software and consulting services.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the company’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the impact of public health crises, epidemics and pandemics such as the COVID-19 pandemic on our operations, our customers and the economy, including the duration, spread and severity of such crises, and variants, vaccinations, treatments, testing, and recurrences; (2) the costs of acquisitions and the risk that the ongoing integration of the businesses acquired in our business combination and any subsequent acquisitions disrupts current plans and operations; (3) the ability to fully recognize the anticipated benefits of the business combination and any subsequent acquisitions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably; (4) the ability to attract, retain, and motivate its key employees and, if they depart, to recruit, hire, and motivate replacements with comparable or better knowledge, skills and abilities; (5) our failure to generate sufficient cash flow from our business to make payments on our debt; (6) our ability to raise or borrow additional funds on acceptable terms; (7) changes in applicable laws or regulations and the adoption of new accounting standards, statements, and interpretations; (8) legal proceedings and investigations that could harm our business, including those relating to former special purpose acquisition companies; (9) the possibility that the company may be adversely affected by other economic, business or competitive factors, including inflation; and (10) other risks and uncertainties included in our Annual Report on Form 10-K for the year ended December 31, 2020 and our subsequent filings with the Securities and Exchange Commission. We caution you that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable securities laws.

Use of Non-GAAP Financial Measures

To supplement its condensed consolidated financial statements, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, GTY has provided in this release certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP revenues, (ii) non-GAAP gross profit and non-GAAP gross margin, (iii) and non-GAAP loss from operations.

GTY’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating GTY’s ongoing operational performance and trends. However, it is important to note that particular items GTY excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP financial measures has been provided in the tables included as part of this press release.

Non-GAAP Revenues. Non-GAAP revenues are defined as GAAP revenues adjusted for the impact of purchase accounting resulting from GTY’s business combination which reduced its acquired contract liabilities to fair value. The company believes that presenting non-GAAP revenues is useful to investors as it eliminates the impact of the purchase accounting adjustments to revenues to allow for a direct comparison between periods.

Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP gross profit adjusted for the impact of purchase accounting resulting GTY’s business combination and share-based compensation. Non-GAAP gross margin is defined as non-GAAP gross profit divided by non-GAAP revenues. The company believes that presenting non-GAAP gross profit and margin is useful to investors as it eliminates the impact of the purchase accounting adjustments to allow for a direct comparison between periods.

Non-GAAP Loss From Operations. Non-GAAP loss from operations is defined as GAAP loss from operations adjusted for the impact of purchase accounting to revenues resulting from GTY’s business combination, the amortization of acquired intangible assets, share-based compensation, acquisition related costs, goodwill impairment expense, restructuring expenses and the change in fair value of contingent consideration. The company believes that presenting non-GAAP loss from operations is useful to investors as it eliminates the impact of certain non-cash and acquisition related expenses to allow a direct comparison of loss from operations between periods.

Non-GAAP Net Loss. Non-GAAP net loss is defined as GAAP net loss adjusted for the impact of purchase accounting to revenues resulting from GTY’s business combination, the amortization of acquired intangible assets, share-based compensation, acquisition related costs, goodwill impairment expense, restructuring expenses, the change in fair value of contingent consideration and the change in fair value of warrant liability. The company believes that presenting non-GAAP loss from operations is useful to investors as it eliminates the impact of certain non-cash and acquisition related expenses to allow a direct comparison of loss from operations between periods.

Operating Metrics

We define the number of customers as the number of accounts with a unique account identifier for which we have an active contract in the period indicated. New customers are those that have signed a new contract with a GTY entity in the period.

We define ARR as the annualized revenue run-rate of subscription, maintenance or transaction-based agreements from all customers at a point in time. For transaction based CityBase contracts we use the following calculation: For large projects (greater than $10 thousand per month) with 12 months or more of history we use the trailing 12 months of history. For large projects with less than 12 months of history, we calculate an annualized value based on the history available. For small projects (less than $10 thousand per month) we annualize the most recent month’s activity.

Average ARR per customer is calculated by dividing total ARR at the end of the period by the number of customers at the end of the period.

Exhibit 1

GTY Technology Holdings Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended

Three Months Ended

Year Ended

Year Ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Revenues

$

16,620

 

$

13,101

 

$

60,453

 

$

48,128

 

Cost of revenues

 

6,500

 

 

4,927

 

 

22,372

 

 

18,468

 

Gross Profit

 

10,120

 

 

8,174

 

 

38,081

 

 

29,660

 

 

Operating expenses

Sales and marketing (1)

 

4,644

 

 

3,754

 

 

16,264

 

 

16,150

 

General and administrative (1)

 

6,182

 

 

5,136

 

 

23,244

 

 

21,743

 

Research and development (1)

 

3,777

 

 

2,775

 

 

13,072

 

 

12,158

 

Amortization of intangible assets

 

3,668

 

 

3,683

 

 

14,579

 

 

14,681

 

Goodwill impairment

 

15,827

 

 

2,000

 

 

15,827

 

 

2,000

 

Restructuring charges

 

 

 

 

 

 

 

3,666

 

Change in fair value of contingent consideration

 

(3,002

)

 

1,951

 

 

597

 

 

1,980

 

Total operating expenses

 

31,096

 

 

19,299

 

 

83,583

 

 

72,378

 

Loss from operations

 

(20,976

)

 

(11,125

)

 

(45,502

)

 

(42,718

)

 

Other income (expense)

Interest income (expense), net

 

(863

)

 

(645

)

 

(3,364

)

 

(1,758

)

Loss from repurchase/issuance of shares

 

 

 

(666

)

 

(5,333

)

 

(2,056

)

Change in fair value of warrant liability

 

2,195

 

 

(973

)

 

(1,828

)

 

2,131

 

Gain on extinguishment of debt

 

 

 

 

 

3,210

 

 

 

Other income (loss), net

 

(153

)

 

(359

)

 

(162

)

 

78

 

Total other income (expense), net

 

1,179

 

 

(2,643

)

 

(7,477

)

 

(1,605

)

 

Loss before income taxes

 

(19,797

)

 

(13,768

)

 

(52,979

)

 

(44,323

)

Benefit from (provision for) income taxes

 

(1,003

)

 

371

 

 

(849

)

 

2,439

 

Net loss

$

(20,800

)

$

(13,397

)

$

(53,828

)

$

(41,884

)

 

Net loss per share, basic and diluted

$

(0.36

)

$

(0.25

)

$

(0.94

)

$

(0.78

)

Weighted average common shares outstanding, basic and diluted

 

57,574

 

 

53,893

 

 

57,115

 

 

53,450

 

 

Net loss

$

(20,800

)

$

(13,397

)

$

(53,828

)

$

(41,884

)

Other comprehensive loss:

Foreign currency translation gain (loss)

 

11

 

 

(677

)

 

(50

)

 

(364

)

Total other comprehensive income (loss)

 

11

 

 

(677

)

 

(50

)

 

(364

)

Comprehensive loss

$

(20,789

)

$

(14,074

)

$

(53,878

)

$

(42,248

)

 

(1) Amounts include share-based compensation expense as follows:

Cost of revenues

$

357

 

$

236

 

$

1,459

 

$

811

 

Sales and Marketing

 

368

 

 

466

 

 

1,229

 

 

2,034

 

General and administrative

 

1,891

 

 

1,367

 

 

6,081

 

 

4,838

 

Research and development

 

326

 

 

214

 

 

1,200

 

 

938

 

Total share-based compensation expense

$

2,942

 

$

2,283

 

$

9,969

 

$

8,621

 

 

Exhibit 2

Reconciliations of non-GAAP Financial Measures

(in thousands)

(unaudited)

 

 

Non-GAAP Reconciliation
Three Months Ended

December 31, 2021

September 30, 2021

December 30, 2020

Revenues

$

16,620

 

$

16,257

 

$

13,101

 

Purchase accounting adjustment to revenue

 

104

 

 

105

 

 

126

 

Non-GAAP Revenues

$

16,724

 

$

16,362

 

$

13,227

 

 

 

Gross Profit

$

10,120

 

$

10,343

 

$

8,174

 

Purchase accounting adjustment to revenue

 

104

 

 

105

 

 

126

 

Share-based compensation

$

357

 

$

447

 

 

236

 

Non-GAAP Gross Profit

$

10,581

 

$

10,895

 

$

8,536

 

 

Gross Margin

 

61

%

 

64

%

 

62

%

Non-GAAP Gross Margin

 

63

%

 

67

%

 

65

%

 

Loss from operations

$

(20,976

)

$

(8,469

)

$

(11,125

)

Purchase accounting adjustment to revenue

 

104

 

 

105

 

 

126

 

Amortization of intangibles

 

3,668

 

 

3,668

 

 

3,683

 

Share-based compensation

 

2,942

 

 

3,336

 

 

2,283

 

Goodwill impairment expense

 

15,827

 

 

 

 

2,000

 

Change in fair value of contingent consideration

 

(3,002

)

 

1,235

 

 

1,951

 

Non-GAAP Loss from operations

$

(1,437

)

$

(125

)

$

(1,082

)

 

Net Loss

$

(20,800

)

$

(9,531

)

$

(13,397

)

Purchase accounting adjustment to revenue

 

104

 

 

105

 

 

126

 

Amortization of intangibles

 

3,668

 

 

3,668

 

 

3,683

 

Share-based compensation

 

2,942

 

 

3,336

 

 

2,283

 

Goodwill impairment expense

 

15,827

 

 

 

 

2,000

 

Change in fair value of contingent consideration

 

(3,002

)

 

1,235

 

 

1,951

 

Change in fair value of warrant liability

 

(2,195

)

 

456

 

 

973

 

Non-GAAP Net Loss

$

(3,456

)

$

(731

)

$

(2,381

)

 

 

Year Ended

December 31, 2021

December 31, 2020

Revenues

$

60,453

 

$

48,128

 

Purchase accounting adjustment to revenue

 

435

 

 

715

 

Non-GAAP Revenues

$

60,888

 

$

48,843

 

 

 

Gross Profit

$

38,081

 

$

29,660

 

Purchase accounting adjustment to revenue

 

435

 

 

715

 

Share-based compensation

 

1,459

 

 

811

 

Non-GAAP Gross Profit

$

39,975

 

$

31,186

 

 

Gross Margin

 

63

%

 

62

%

Non-GAAP Gross Margin

 

66

%

 

64

%

 

Loss from operations

 

(45,502

)

 

(42,718

)

Purchase accounting adjustment to revenue

 

435

 

 

715

 

Amortization of intangibles

 

14,579

 

 

14,681

 

Share-based compensation

 

9,969

 

 

8,621

 

Goodwill impairment expense

 

15,827

 

 

2,000

 

Restructuring charges

 

 

 

3,666

 

Change in fair value of contingent consideration

 

597

 

 

1,980

 

Non-GAAP Loss from operations

$

(4,095

)

$

(11,055

)

 

 

Net Loss

$

(53,828

)

$

(41,884

)

Purchase accounting adjustment to revenue

 

435

 

 

715

 

Amortization of intangibles

 

14,579

 

 

14,681

 

Share-based compensation

 

9,969

 

 

8,621

 

Goodwill impairment expense

 

15,827

 

 

2,000

 

Restructuring charges

 

 

 

3,666

 

Change in fair value of contingent consideration

 

597

 

 

1,980

 

Change in fair value of warrant liability

 

1,828

 

 

(2,131

)

Non-GAAP Net Loss

$

(10,593

)

$

(12,352

)

 

Exhibit 3

GTY Technology Holdings Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

December 31,

December 31,

 

2021

 

 

2020

 

Assets

Current assets:

Cash and cash equivalents

$

13,329

 

$

22,800

 

Accounts receivable, net

 

12,604

 

 

9,994

 

Prepaid expenses and other current assets

 

4,191

 

 

2,583

 

Total current assets

 

30,124

 

 

35,377

 

 

Property and equipment, net

 

3,208

 

 

3,891

 

Intangible assets, net

 

86,528

 

 

101,107

 

Goodwill

 

268,808

 

 

284,635

 

Other assets

 

6,276

 

 

7,437

 

Total assets

$

394,944

 

$

432,447

 

 

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable and accrued expenses

$

5,483

 

$

6,366

 

Deferred revenue – current portion

 

26,816

 

 

22,304

 

Contingent consideration – current portion

 

13

 

 

743

 

Other current liabilities

 

721

 

 

1,897

 

Total current liabilities

 

33,033

 

 

31,310

 

 

Deferred revenue – less current portion

 

1,979

 

 

1,602

 

Warrant liability

 

4,868

 

 

3,040

 

Deferred tax liability

 

17,738

 

 

17,494

 

Contingent consideration – less current portion

 

43,032

 

 

42,530

 

Term loan, net

 

24,641

 

 

26,632

 

Other long-term liabilities

 

2,716

 

 

3,074

 

Total liabilities

 

128,007

 

 

125,682

 

 

Commitments and contingencies

 

Shareholders’ equity:

Common stock

 

6

 

 

6

 

Exchangeable shares

 

50,358

 

 

54,224

 

Additional paid in capital

 

401,507

 

 

380,881

 

Accumulated other comprehensive income (loss)

 

(44

)

 

6

 

Treasury stock

 

(8,343

)

 

(5,633

)

Accumulated deficit

 

(176,547

)

 

(122,719

)

Total shareholders’ equity

 

266,937

 

 

306,765

 

Total liabilities and shareholders’ equity

$

394,944

 

$

432,447

 

 

Exhibit 4

GTY Technology Holdings Inc.

Condensed Statement of Cash Flows

(in thousands)

(unaudited)

 

 

Year Ended

Year Ended

December 31, 2021

December 31, 2020

Cash flows from operating activities:

Net loss

$

(53,828

)

$

(41,884

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation of property and equipment

 

1,020

 

 

863

 

Amortization of intangible assets

 

14,579

 

 

14,681

 

Amortization of right of use assets

 

1,600

 

 

2,034

 

Share-based compensation

 

9,969

 

 

8,621

 

Deferred income tax benefit

 

244

 

 

(2,781

)

Loss on issuance/repuchase of shares

 

5,333

 

 

2,056

 

Change in fair value of warrant liability

 

1,828

 

 

(2,131

)

Change in fair value of contingent consideration

 

597

 

 

1,980

 

Goodwill impairment

 

15,827

 

 

2,000

 

Gain on extinguishment of debt

 

(3,210

)

 

 

Amortization of deferred debt issuance costs

 

958

 

 

759

 

Other

 

341

 

 

165

 

Changes in operating assets and liabilities:

Accounts receivable

 

(2,685

)

 

(818

)

Prepaid expenses and other assets

 

(1,816

)

 

(725

)

Accounts payable and accrued liabilities

 

(897

)

 

(2,030

)

Deferred revenue and other liabilities

 

4,887

 

 

6,335

 

Operating lease liabilities

 

(1,129

)

 

(2,099

)

Net cash (used in) provided by operating activities

 

(6,382

)

 

(12,974

)

 

Cash flows from investing activities:

Capital expenditures

 

(352

)

 

(3,023

)

Proceeds from disposal of fixed assets

 

6

 

 

30

 

Net cash (used in) provided by investing activities

 

(346

)

 

(2,993

)

 

Cash flows from financing activities:

Proceeds from borrowings, net of issuance costs

 

 

 

37,803

 

Repayments of borrowings

 

 

 

(12,000

)

Contingent consideration payments

 

(825

)

 

(1,286

)

Common stock repurchases

 

(8,043

)

 

(459

)

Proceeds received from private placement of common stock, net of costs

 

 

 

7,000

 

Proceeds from issuance of common stock, net of costs

 

6,790

 

 

 

Other

 

(637

)

 

(578

)

Net cash provided by (used in) financing activities

 

(2,715

)

 

30,480

 

 

Effect of foreign currency on cash

 

(28

)

 

(87

)

 

Net change in cash and cash equivalents

 

(9,471

)

 

14,426

 

Cash and cash equivalents, beginning of period

 

22,800

 

 

8,374

 

Cash and cash equivalents, end of period

 

13,329

 

 

22,800

 

Contacts

Marc Griffin

Investor Relations

ir@gtytechnology.com
1-877-465-3200

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