GTY Technology Holdings Inc.

CIK:0001682325|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 15,900	$ 13,259
Cost of revenues	6,037	4,742
Gross Profit	9,863	8,517
Operating expenses
Sales and marketing	5,245	3,762
General and administrative	6,295	5,193
Research and development	4,033	2,985
Amortization of intangible assets	3,593	3,599
Change in fair value of contingent consideration	(1,677)	1,114
Total operating expenses	17,489	16,653
Loss from operations	(7,626)	(8,136)
Other income (expense)
Interest expense, net	(687)	(859)
Loss from repurchase/issuance of shares		(5,333)
Change in fair value of warrant liability	2,956	(4,038)
Gain on extinguishment of debt		239
Other income (loss), net	(41)	(71)
Total other income (expense), net	2,228	(10,062)
Loss before income taxes	(5,398)	(18,198)
Benefit from income taxes	743	170
Net loss	$ (4,655)	$ (18,028)
Net loss per share, basic	$ (0.08)	$ (0.32)
Net loss per share, diluted	$ (0.08)	$ (0.32)
Weighted average common shares outstanding, basic	58,033	55,828
Weighted average common shares outstanding, diluted	58,033	55,828
Other comprehensive gain (loss):
Foreign currency translation gain (loss)	$ (393)	$ 255
Total other comprehensive gain (loss)	(393)	255
Comprehensive loss	$ (5,048)	$ (17,773)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (4,655)	$ (18,028)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	257	253
Amortization of intangible assets	3,593	3,599
Amortization of right of use assets	269	279
Share-based compensation	3,432	1,823
Deferred income tax benefit	(601)	(170)
Loss on issuance/repurchase of shares		5,333
Change in fair value of warrant liability	(2,956)	4,038
Change in fair value of contingent consideration	(1,677)	1,114
Amortization of deferred debt issuance costs	166	172
Accrual of paid in kind interest	132	130
Gain on extinguishment of debt		(239)
Bad debt expense		5
Loss on disposal of fixed assets		24
Changes in operating assets and liabilities:
Accounts receivable	(866)	(789)
Prepaid expenses and other assets	(1,749)	(1,536)
Accounts payable and accrued liabilities	1,799	(813)
Deferred revenue and other liabilities	1,394	1,747
Operating lease liabilities	(229)	(348)
Net cash used in operating activities	(1,691)	(3,406)
Cash flows from investing activities:
Capital expenditures	(170)	(31)
Proceeds from disposal of fixed assets		6
Net cash used in investing activities	(170)	(25)
Cash flows from financing activities:
Contingent consideration payments	(14)	(28)
Stock options exercises	1	1
Common stock repurchases		(8,043)
Proceeds from issuance of common stock, net of costs		6,790
Repayments of finance lease liabilities	(99)	(144)
Net cash used in financing activities	(112)	(1,424)
Effect of foreign currency on cash and cash equivalents	(82)	(9)
Net change in cash and cash equivalents	(2,055)	(4,864)
Cash and cash equivalents, beginning of period	13,329	22,800
Cash and cash equivalents, end of period	11,274	17,936
Supplemental disclosure of cash flow information:
Cash paid for interest	518	510
Noncash Investing and Financing Activities:
Exchangeable shares converted to common stock	$ 2,911	$ 3,587

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,274	$ 13,329
Accounts receivable, net	13,510	12,604
Prepaid expenses and other current assets	5,766	4,191
Total current assets	30,550	30,124
Property and equipment, net	3,120	3,208
Finance lease right of use assets	643	722
Operating lease right of use assets	3,281	1,876
Intangible assets, net	82,935	86,528
Goodwill	268,808	268,808
Other assets	3,860	3,678
Total assets	393,197	394,944
Current liabilities:
Accounts payable and accrued expenses	7,430	5,483
Deferred revenue - current portion	28,688	26,816
Finance lease liability - current portion	41	140
Operating lease liability - current portion	827	581
Contingent consideration - current portion	547	13
Total current liabilities	37,533	33,033
Deferred revenue - less current portion	1,687	1,979
Warrant liability	1,912	4,868
Deferred tax liability	17,137	17,738
Contingent consideration - less current portion	40,807	43,032
Term loans, net	24,940	24,641
Operating lease liability - less current portion	3,859	2,716
Total liabilities	127,875	128,007
Commitments and contingencies
Shareholders' equity:
Common stock	6	6
Exchangeable shares	47,447	50,358
Additional paid in capital	407,851	401,507
Accumulated other comprehensive loss	(437)	(44)
Treasury stock	(8,343)	(8,343)
Accumulated deficit	(181,202)	(176,547)
Total shareholders' equity	265,322	266,937
Total liabilities and shareholders' equity	$ 393,197	$ 394,944