Q2 Represents $6 Million in Total Contract Values and the Company Anticipates Further Growth Through Q3
VANCOUVER, BC, July 12, 2022 /CNW/ - HS GovTech Solutions Inc. (the "Company" or "HS GovTech") (CSE: HS) (OTC: HDSLF) (Frankfurt: 38H) is pleased to present an update regarding its sales performance during the quarter ended June 30, 2022 ("Q2"). All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted.
HS GovTech will provide an update on its activities in a webinar, July 14, 2022 at 2:00 pm EST hosted by Adelaide Capital. Registration link: https://us02web.zoom.us/webinar/register/WN_4SD8vol0Q1u6l08Uz
Q2 Sales Summary:
Total Contract Value ("TCV") for deals that were either fully executed contracts during Q2 ("Fully Executed") or agreed to, awarded and out for execution ("Awarded") at the end of Q2 totaled $6.05 million:
As at June 30, 2022 ARR under contract was $4.82 million
Total number of deals in period: 29
"I am very pleased with the performance of our team this past quarter. They continue to deliver for our customers by providing great solutions and service. This enables us to deliver strong sales growth quarter over quarter, with Q2 representing the strongest quarter in terms of sales performance in the Company's history. This quarter's Fully Executed and Awarded deals, representing $6 million of TCV, equate to over 60% of the entire TCV for all of 2021. I am confident in the momentum we are carrying as we head into Q3. I anticipate another strong quarter as we continue to add to and close out our sales pipeline." noted Silas Garrison, CEO of HS GovTech.
ARR is a non-IFRS measure that provides an indication of the subscription revenue from customers that is expected from continued usage per the term of contract signed, and as such management believes ARR to be a meaningful measure for assessment of Company performance. Key assumptions related to ARR figures are from continued usage of the services over the life of the agreement, with the calculation based on the annual average of subscription revenues over the life of the agreement.
HS GovTech Solutions Inc.
HS GovTech Solutions Inc. HS GovTech is an industry leading software as a service company serving the state, provincial and local government market across the United States and Canada. HS GovTech's cutting edge platforms currently provide inspection, information, communication and data management systems that enable government agencies to operate more efficiently. HS GovTech's cloud and mobile based platforms are currently deployed in over 800 state and local government organizations across North America. HS GovTech currently offers the only fully integrated inspection, administration and analytics product suite across all platforms in North America. HS GovTech also delivers its government grade technologies to private businesses through its My Health Department platform, enabling citizens and private businesses to gain visibility and predictability into their own organizations and move from a reactive to a proactive operational status. As HS GovTech continues to deliver focused service and innovative solutions to government organizations, the Company entered the FinTech space through its HSPay offering which serves as a payment platform that streamlines the intake of government revenue. Further, HS GovTech's GovCall platform offers one of the only teleconferencing and video collaboration platforms tailored exclusively for government agencies.
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although HS GovTech believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. HS GovTech expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE HS GovTech Solutions Inc.
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