Business
Asure Announces Second Quarter 2021 Results
AUSTIN, Texas, Aug. 09, 2021 (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, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, reported results for the second quarter ended June 30, 2021. “We’re excited to see the growth strategy we laid out for investors fulfilled in the second quarter with 22% year over year revenue growth evenly split, approximately, between organic and inorganic growth. Our prior year acquisition of Payroll Tax Management, which powers our internal and external tax engine, was a key contributor to our inorganic growth and continues to generate significant interest from prospective clients,” said Chairman and CEO, Pat Goepel. Goepel added, “Investments in Sales and Marketing are paying off with bookings up 48% year over year and productivity continues to climb as sales reps further develop their referral sources. Also, I couldn’t be prouder of our team as they’ve helped our small business clients file for nearly $100 million in Employee Retention Tax Credits (ERTC) in the second quarter. This critical stimulus program will help them hire staff to grow their businesses. We’re encouraged by early signs of the economy re-opening as our small business clients are largely back to business. Uncertainty remains with COVID-19 but, we’re optimistic about tailwinds in our base as employment levels rise—our plans to grow revenue 20% annually remain unchanged.” Second Quarter 2021 Key Highlights Revenue of $17.2 million, up 22% from the prior year’s quarter, and up 6% sequentially excluding year-end feesTotal bookings were up 48% year over year, 51% sequentiallyGAAP net income of $3.8 million including PPP loan forgiveness of $8.7 millionNon-GAAP EBITDA of $1.1 million, or 6% marginSigned commitment letter with Structural Capital Investments to enter a $50 million credit facility Three Months Ended Six Months Endedin thousands, except per share data(unaudited)June 30, 2021 June 30, 2020 Variance June 30, 2021 June 30, 2020 VarianceREVENUE GAAP Revenue$17,168 $14,115 21.6% $36,970 $33,061 11.8% GROSS PROFIT GAAP Gross Profit$9,945 $8,107 22.7% $22,437 $19,213 16.8%GAAP Gross Margin57.9% 57.4% n/a 60.7% 58.1% n/aNon-GAAP Gross Profit$11,335 $9,129 24.2% $24,911 $21,275 17.1%Non-GAAP Gross Margin66.0% 64.7% n/a 67.4% 64.4% n/a EARNINGS GAAP Net income (loss)$3,764 $(3,944) NM $2,1...