Business
Asure Announces Third Quarter 2022 Results
AUSTIN, Texas, Nov. 07, 2022 (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. 07, 2022 (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, 2022. Third Quarter 2022 Financial Highlights Revenue of $21.9 million, up 22% year-over-yearNet loss of $4.5 million, compared to net income of $5.3 million in the prior year period, which also included a $10.5 million tax credit; non-GAAP net loss of $0.1 million versus a non-GAAP net loss of $0.4 million in the prior year’s quarterEBITDA of $1.3 million, compared to $9.9 million in the prior year period, which included a $10.5 million tax credit; Adjusted EBITDA was $2.1 million, from $1.2 million in the prior year periodTotal bookings were up 91% year-over-year Management Commentary “Our strong third quarter results reflect the strategic investments that we have made throughout 2022, including increasing our sales force, enhancing our product suite, and developing improved technology,” said Asure Chairman and CEO Pat Goepel. “We believe that clients are increasingly recognizing the value of our solutions, which have continued to improve in functionality as our strategy to enhance automation and user experience takes shape. In addition, our focus on areas of differentiation, such as HR Compliance, our best-in-class tax platform, and our newly introduced Integration Marketplace, is anticipated to account for an increasing share of our revenue moving forward. These efforts have resulted in reduced churn and higher revenue from our current customer base over the prior year period, and are expected to generate high-margin revenue streams during the remainder of 2022 and into 2023. “Client demand for our solutions has been robust, as evidenced by the 91% year-over-year increase in new sales bookings in the third quarter. Accordingly, we are raising our fourth quarter revenue guidance, which now calls for year-over-year growth of 11% to 14%, virtually all of which is organic. We are also introducing preliminary 2023 financial guidance for revenues of $98 to $102 million and adjusted EBITDA margins of 14% to 16%. While we intend to continue to evaluate potential acquisition targets in 2023, our guidance reflects our expectation for performance on an organic basis at this time. Looking ahead, we remain focus...