GTY Reports Continued Growth and Strong Operating Performance
Summary
This considerable interest signifies the demand for cloud solutions that mitigate the impact of COVID-19 and help public sector organizations achieve better results. As governments experience the economic impacts of COVID-19, including revenue shortfalls and the need for increased expenditure, the company has seen a significant uptick in customer interest, particularly related to better understanding stimulus funding as well as managing long-term fiscal recovery (post-pandemic). Questica’s suite of products empower clients to budget efficiently and collaboratively while working from home, giving them immediate access to the information they need to make data-driven decisions in response to the COVID-19 crisis. 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 government payment 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. Factors that may cause such differences include, but are not limited to: (1) our ability to consummate any proposed transaction with respect to our previously announced review of strategic alternatives; (2) the lack of actionable alternatives that have been identified in connection with the strategic alternative review; (3) risks relating to the substantial costs and diversion of personnel’s attention and resources due to the strategic alternative review; (4) our failure to generate sufficient cash flow from our business to make payments on our debt; (5) our ability to raise or borrow funds on acceptable terms; (6) changes in applicable laws or regulations; (7) the possibility that the company may be adversely affected by other economic, business, and/or competitive factors; (8) the impact of the coronavirus outbreak, or similar global health concerns, on our operations and customer base, particular budgetary constraints on our municipal customers due to substantial emergency expenses; and (9) other risks and uncertainties included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent filings made with the SEC.