Business
Asure Announces Second Quarter 2024 Results
Reports Second Quarter Revenues of $28 Million Recurring Revenues Grew 18% Versus Prior Year Second Quarter AUSTIN, Texas, Aug. 01, 2024 (GLOBE NEWSWIRE) --
About this update from Asure Software Inc
[{"type":"text","content":"Reports Second Quarter Revenues of $28 Million Recurring Revenues Grew 18% Versus Prior Year Second Quarter AUSTIN, Texas, Aug. 01, 2024 (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, today reported results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights Revenue of $28 million, down $2.4 million (8% year over year) owing to a $6.5 million reduction in ERTC revenue Revenue (excluding ERTC revenue) of $27.5 million, up 18% from $23.3 million versus the same period of the prior year Recurring revenue of $27.1 million, up 18% year over year 1Net loss of $4.4 million versus a net loss of $3.8 million during the same period of the prior year EBITDA(1) of $1.3 million versus $3.3 million during the same period of the prior year Adjusted EBITDA(1) of $4.1 million versus $6.1 million during the same period of the prior year Gross profit of $18.9 million versus $22.0 million during the same period of the prior year Non-GAAP gross profit(1) of $20.4 million (Non-GAAP gross margin(1) of 73%) versus $23.4 million (and 77% during the same period of the prior year) First Half 2024 Financial Highlights Revenue of $59.7 million, down 6% from prior year first halfRevenue (excluding ERTC revenue) of $58.2 million, up 13.5% from prior year first halfRecurring revenue of $57.3 million, up 13% from prior year first halfRecurring revenue (excluding ERTC revenue) of $57.3 million, up 13% from prior year first halfNet loss of $4.7 million versus a net loss of $3.4 million in the prior year first halfEBITDA(1) of $5.7 million versus $10.2 million in the prior year first halfAdjusted EBITDA(1) of $10.9 million versus $14.3 million in the prior year first halfGross profit of $41.5 million versus $46.4 million in the prior year first halfNon-GAAP gross profit(1) of $44.2 million (margin of 74%) versus $49.1 million (margin of 77%) in prior year first half Recent Business Highlights Announced new agreement for Asure’s Payroll Tax Management platform with Vensure Employer Solutions, the largest privately held organization in the HR technology and service sector. This collaboration will deliver comprehensive payroll tax management services for Vensure’s PrismHR clients and Vensure’s ...