Business
Asure Announces Third Quarter 2021 Results
AUSTIN, Texas, Nov. 08, 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, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, reported results for the third quarter ended September 30, 2021. “We have made great strides in advancing our strategic priorities, which we expect will put Asure on a firmer footing to drive future growth and value creation,” said Chairman and CEO, Pat Goepel. “In the third quarter, we accelerated our acquisition strategy by purchasing two payroll businesses, expanding our geographic territories which provide up-sell and cross-sell opportunities which we expect will help us to continue to build scale economies in our overall business. We also made some important steps forward in our product strategy by introducing a new integrated payroll and HR solutions platform for small businesses as well as adding new value added partners that enhance our functionality and user experience.” Goepel added, “We are also pleased with our performance in the quarter with 12% revenue growth versus prior year, two-thirds of which was organic as well as with continuing investments in our sales organization to drive future revenues. Furthermore, we are having ongoing success with our tax engine, Asure Payroll Tax Management, as well as with our efforts to help businesses file for stimulus relief related to the Employee Retention Tax Credit (ERTC) in the third quarter. To date, we have helped small business clients file for in excess of $200 million in ERTC credits.” Third Quarter 2021 Key Highlights Revenue of $17.98 million, up 12% from the prior year’s quarter, and up 5% sequentiallyTotal bookings were up 43% year over year, and flat sequentiallyGAAP net income of $5.3 million including a $10.5 million gain related to the Company’s ERTC creditNon-GAAP EBITDA of $1.2 million, or 7% marginAcquired two payroll businesses, partially funded by our new credit facility with Structural Capital Three Months Ended Nine Months Endedin thousands, except per share data(unaudited)September 30, 2021 September 30, 2020 Variance September 30, 2021 September 30, 2020 VarianceREVENUE GAAP Revenue$17,981 $16,015 12% $54,951 $49,077 12% GROSS PROFIT GAAP Gross Profit$10,868 $9,073 20% $33,305 $28,287 18%GAAP Gross Margin60% 57% n/a 61% 58% n/aNon-GAAP Gross Profit$12,002 $10,290 17% $36,993 $31,565...