Business
Asure Announces Second Quarter 2020 Results
AUSTIN, Texas, Aug. 10, 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, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, reported results for the second quarter ended June 30, 2020.\n “We are encouraged by our strong HCM business bookings despite the obvious uncertainty COVD-19 has created for small businesses. Asure continues to make progress on our strategic initiatives, including product innovation and go-to-market investments while accelerating expense reductions after the Workspace business sale. We will never stop providing our customers with the service, technology and support they need to survive and thrive in the crisis,” said Mr. Goepel. Second Quarter 2020 Key HCM Highlights HCM revenue of $14.1 Million, above consensus of $13.9 MillionNon-GAAP EPS of $0.03, above consensus of $(0.04)HCM bookings up 21% year-over-yearCOVID-19 Resource Center and webinars benefited more than 10,000 small-businesses attendees since launchWorkspace Management transition services agreement completed on time in June Three Months Ended June 30 Financial Summary For the three months ended June 30In thousands, except per share data2020 2019 Change (%)REVENUE GAAP Revenue (HCM)*$14,115 $17,274 -18.5% GROSS PROFIT GAAP Gross Profit (HCM)*$8,107 $10,215 -20.6%GAAP Gross Margin (HCM)* 57.4% 59.1% -2.9%Non-GAAP HCM Gross Profit**$9,129 $11,081 -17.6%Non-GAAP HCM Gross Margin** 64.7% 64.1% 0.9% EARNINGS GAAP Net Income (Loss)*$(3,944) $(6,298) NMNon-GAAP Net Income**$451 $(828) NMGAAP Net Income (Loss) per share*$(0.25) $(0.41) NMNon-GAAP Net Earnings per share***$0.03 $(0.05) NM EBITDA Non-GAAP HCM EBITDA**$1,409 $3,558 -60.4%Non-GAAP HCM EBITDA Margin** 10.0% 20.6% -51.5% *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 Management is not included in GAAP revenue, GAAP gross profit, GAAP gross margin, and GAAP net income from continuing operations for the periods presented above. While discontinued operations are included in GAAP net income, it is not included in GAAP net income from continuing operations.**Non-GAAP financial measures are reconciled to GAAP in the tables set forth in this release.***Historical non-GAAP Net Earnings Per Share from Continuing Operations adjuste...