Business
Asure Announces First Quarter 2020 Results
AUSTIN, Texas, May 07, 2020 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions,
About this update from Asure Software Inc
[{"type":"text","content":"AUSTIN, Texas, May 07, 2020 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, reported results for the first quarter ended March 31, 2020.\n “After the Workspace sale in December, we relaunched our brand and focused on a new vision, mission, and values as a pure-play HCM SaaS company. We were ahead of our plan and very pleased with the first quarter’s progress before the COVID-19 pandemic struck,” said CEO Pat Goepel. “There is nothing more essential than a paycheck during a crisis and Asure quickly responded to the challenge, helping small businesses create safer workplaces, stay compliant with sweeping new legislation, and ensuring their employees got paid. Asure is an essential small business serving 50,000 indirect and 10,000 direct small-business customers and our mission is to help small businesses grow – we are grateful to play such a critical role.” First Quarter 2020 Key HCM Highlights HCM revenue of $18.9 Million, above consensus of $18.3 MillionNon-GAAP EPS of $0.21, above consensus of $0.16HCM bookings up 11% year-over-year through February, but down 3% for the quarter due to COVID-19Launched COVID-19 Resource Center for small businesses, serving thousands of interested partiesCOVID-19 related webinars, helping more than 5,000-plus attendeesWorkspace Management transition on target to finish this monthWithdrawing prior 2020 guidance in light of the uncertain impact from COVID-19 Three Months Ended March 31, 2020 Financial Summary For the three months ended March 31In thousands, except per share data2020 2019 Change (%)REVENUE GAAP Revenue (HCM)*$18,947 $20,410 -7% GROSS PROFIT GAAP Gross Profit (HCM)*$11,107 $14,156 -22%GAAP Gross Margin (HCM)* 58.6% 69.4% -15%Non-GAAP HCM Gross Profit**$12,146 $15,032 -19%Non-GAAP HCM Gross Margin** 64.1% 73.7% -13% EARNINGS GAAP Net Income (Loss)*$(1,767) $(3,437) NMNon-GAAP Net Income**$3,319 $2,032 63%GAAP Net Income (Loss) per share*$(0.11) $(0.22) NMNon-GAAP Net Earnings per share***$0.21 $0.13 58% EBITDA Non-GAAP HCM EBITDA**$4,289 $6,143 -30%Non-GAAP HCM EBITDA Margin** 22.6% 30.1% -25% ____________________ *With the sale of the Workspace Management division on December 2, 2019, Asure has classified this business line as discontinued operations for the fiscal year 2019. As a result, Workspace Managem...