Business
Asure Announces Second Quarter 2023 Results
Reports Second Quarter Revenues of $30.4 Million, Up 50% from Prior Year Raises 2023 Financial Targets and Guidance AUSTIN, Texas, Aug. 07, 2023 (GLOBE
About this update from Asure Software Inc
[{"type":"text","content":"Reports Second Quarter Revenues of $30.4 Million, Up 50% from Prior Year Raises 2023 Financial Targets and Guidance AUSTIN, Texas, Aug. 07, 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 second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Revenue of $30.4 million, up 50% from prior-year second quarterRecurring revenue of $23.0 million, up 21% from prior-year second quarterNet loss of $3.8 million, a $2.1 million improvement from prior-year second quarterEBITDA(1) of $3.3 million, up $3.4 million from prior-year second quarterAdjusted EBITDA(1) of $6.1 million, up $5.5 million from prior-year second quarterGross profit of $22.0 million, up 80% from prior-year second quarterNon-GAAP(1) gross profit of $23.4 million (margin of 77%) versus $13.4 million and 66% in prior-year second quarter First Half 2023 Financial Highlights Revenue of $63.5 million, up 42% from prior-year first halfRecurring revenue of $50.9 million, up 21% from prior-year first halfNet loss of $3.4 million, a $5.5 million improvement from prior-year first halfEBITDA(1) of $10.2 million, up $7.7 million from prior-year first halfAdjusted EBITDA(1) of $14.3 million, up $10.3 million from prior-year first halfGross profit of $46.4 million, up 67% from prior-year first halfNon-GAAP(1) gross profit of $49.1 million (margin of 77%) versus $30.1 million and 67% in prior-year first half Recent Business Highlights Announced a new 401k product bundled with Secure Act 2.0 tax credits. Asure will white-label Vestwell’s 401k platform and process the associated tax credits on behalf of its clients. The combined offering will help small businesses compete for talent with larger firms, comply with an increasing number of state mandates requiring employers to provide retirement benefits, and maximize tax credits leading to increased use of Asure’s payroll, retirement, and HR Compliance services.Partnered with Amazon Web Services’ (“AWS”) Application Modernization Lab, an exclusive group comprised of 10 – 12 of AWS’ most innovative customers, to enhance its HCM SaaS (“Software as a Service”) offerings with advancements like cloud optimization to deliver premium agility and speed to mark...