Business
Asure Announces First Quarter 2022 Financial Results
AUSTIN, Texas, May 09, 2022 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”)
About this update from Asure Software Inc
[{"type":"text","content":"AUSTIN, Texas, May 09, 2022 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, reported results for the three months ended March 31, 2022. “I am very pleased with the way our business performed in the first quarter as we delivered solid execution of our 2022 business plan,” said Chairman and CEO, Pat Goepel. “In the quarter, we continued to build sales and operating momentum, and we showed meaningful progress in key business areas. These achievements enabled us to deliver 23% annual growth in revenues and 18% annual growth in non-GAAP EBITDA in the first quarter.” “This year is proving very productive for us and we have already delivered numerous meaningful achievements. These include launching of several innovative initiatives, such as our Integration Marketplace, made possible with updates to our technology and execution of an API-first development strategy. This shift opens the gate to new strategic partnerships and high-margin revenue streams. which we expect will benefit our customers, their employees and our stakeholders. Our achievements also include successful integration of the two large acquisitions made in late 2021, investment in direct sales and marketing that is producing enhanced levels of cross selling activity and advancements in our internal processes and workflows that we expect to drive higher operating margins. In a labor environment characterized by accelerating change and complexity, we have a clear vision and plan to lead our customers confidently into the future.” First Quarter 2022 Key Highlights Revenue of $24.3 million, up 23% year-over-yearNon-GAAP EBITDA of $4.0 million, up 18% year-over-yearNon-GAAP net income of $2.2 million, consistent with prior year’s quarterTotal bookings were up 43% year-over-year (unaudited)Three Months Endedin thousands, except per share dataMarch 31, 2022 March 31, 2021 VarianceREVENUE GAAP Revenue$24,333 $19,802 23% GROSS PROFIT GAAP Gross Profit$15,464 $12,492 24%GAAP Gross Margin 64% 63% n/aNon-GAAP Gross Profit$16,700 $13,656 22%Non-GAAP Gross Margin 69% 69% n/a EARNINGS GAAP Net loss$(3,017) $(1,598) (89)%GAAP Net loss per share$(0.15) $(0.08) (88)%Non-GAAP Net income$2,193 $2,242 (2)%Non-GAAP Net income per share$0.11 $0.12 (8)% EBITDA EBITDA$2,585 $2,594 0%EBITDA Margin 11% ...