Business
Asure Announces First Quarter 2023 Results
Reports First Quarter Revenues of $33.1 Million, Up 36% from Prior Year Raises 2023 Financial Targets and Guidance AUSTIN, Texas, May 08, 2023 (GLOBE
About this update from Asure Software Inc
[{"type":"text","content":"Reports First Quarter Revenues of $33.1 Million, Up 36% from Prior Year Raises 2023 Financial Targets and Guidance AUSTIN, Texas, May 08, 2023 (GLOBE NEWSWIRE) -- Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, reported results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Revenue of $33.1 million, up 36% from prior-year’s first quarterRecurring revenue of $28.0 million, up 22% from prior-year’s first quarterNet income of $0.3 million, a $3.4 million improvement from prior-year’s first quarterEBITDA(1) of $6.8 million, up $4.3 million from prior-year’s first quarterAdjusted EBITDA(1) of $8.2 million, up $4.8 million from prior-year’s first quarterGross profit of $24.4 million, up 58% from prior-year’s first quarterNon-GAAP(1) gross profit of $25.7 million (margin of 78%) versus $16.7 million and 68% in prior-year’s first quarter Recent Business Highlights Partnered with Harbor Compliance to simplify federal, state, and local tax registrations and business licensing. This initiative, which is enabled by AsureMarketplace, is expected to alleviate our customers’ administrative burdens by providing a solution for seamless tax payroll registration and compliance with multi-state entity registration requirements.Announced integration with ZayZoon to deliver on-demand wages to employees of Asure’s payroll customers. This collaboration enables employees of small businesses to access their earned wages instantly, while promoting financial wellness and providing their employers a distinct competitive advantage for recruitment and retention. Management Commentary “Our first quarter results, highlighted by 36% year-over-year revenue growth and strong gains in operating margins, are the result of targeted sales initiatives as well as the positive reception of our increased offerings in AsureMarketplace,” said Asure Chairman and CEO Pat Goepel. “We are investing in the business to enhance the differentiation of our solutions by introducing new products and better user experiences. Moving forward, we will continue working with current and prospective clients to remain intentional with the integrations that we release. “Financially, we are focused on the dual objectives of organic growth a...