GTY Technology Holdings Inc. (NASDAQ:GTYH) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 08:30 am ET

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GTY Technology Holdings Inc. (NASDAQ:GTYH) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. And welcome to the GTY Third Quarter 2019 Earnings Call.

[Operator Instructions]

I will now turn the call over to John Curran, Chief Financial Officer of GTY. Mr. Curran, the floor is yours.

Executive
John Curran

Thank you and good morning everyone. I'm John Curran, GTY's CFO. And I would like to welcome you to our third quarter earnings conference call for 2019. With me on today's call are Steve Rohleder, GTY's CEO and Chairman, and Harry You, GTY's Vice Chairman.

Please note that our earnings release and quarterly reports on Form 10-Q are available on the GTY website at www.gtytechnology.com, both contain highly detailed information about our financial results. During the call, we may use a non-GAAP financial measure, if we believe it is useful to investors or if we believe it will help investors better understand our results or business trends. You can see a reconciliation of certain items from GAAP to non-GAAP in Exhibit 2 of the earnings release.

Any forward-looking statements we made in the earnings release or any that we may make during this call are based on information that we believe to be true as of today. Things up and change, however, and actual results may differ materially from those projected or anticipated. Please refer to our cautionary statements in the earnings release under the heading forward-looking statements. You should also refer to our SEC filings, including our prospectus on Form 424B4 filed on June 6, 2019, for a list of risk factors applicable to GTY.

With that, I will now turn the call over to Steve.

Executive
Stephen Rohleder

Thank you, John. Good morning everyone and thanks for joining our call. As I've said in the past, our company's strategic objective is to build the preeminent public sector SaaS company. Full stop. We brought together six technology companies that have cutting-edge solutions focused on solving major pain points for our public sector clients. To realize our primary objective, we're focused on the following three areas. First, scaling our go-to-market team as well as expanding our technology and services alliance so we can grow our client portfolio. Second, continuing to develop new products and enhance our existing products to expand our market and keep our clients happy. And finally, standardizing to scale, or said another way, driving operational efficiency in our back office and support functions.

I'm going to walk you through our progress during the quarter for each of these three areas. We've made some very good progress with our efforts to build out our go-to-market team. As we discussed on last quarter's call, we plan to hire 20 new sales and marketing employees in Q3 and we were able to do slightly better than that. During the quarter, we hired over 20 new sales and marketing professionals to the team and we expect to add a similar number in Q4 as we build out our organization to support our 2020 growth plans. From an execution perspective, we saw a bit of