Business
Asure Releases Third Quarter 2023 Results Showing 34% y/y Revenue Growth, Issues Preliminary FY 2024 Guidance
AUSTIN, TX / ACCESSWIRE / December 5, 2023 / Asure Software, Inc. (NASDAQ:ASUR) ("Asure" or "the Company"), a provider of cloud-based Human Capital Management
About this update from Asure Software Inc
[{"type":"text","content":"AUSTIN, TX / ACCESSWIRE / December 5, 2023 / Asure Software, Inc. (NASDAQ:ASUR) (\"Asure\" or \"the Company\"), a provider of cloud-based Human Capital Management (HCM) software solutions and services, recently released its third quarter 2023 financial results for the period ended September 30, 2023.\"We are excited to have delivered another strong performance for our Company in the third quarter with 34% organic growth in revenues and robust gains in gross margins versus the same period a year ago, which are the primary result of increased revenues and more efficient operations driven by the consolidation and standardization efforts across the Company,\" said Asure Chairman and CEO Pat Goepel.\"We are building on our strong momentum by advancing our technology through leading partnerships as well as launching strategic sales initiatives. As an example, we recently launched an offering that bundles our 401k product with payroll services to help drive new client additions and we have seen good reception in the brief time since this effort was launched. Our focus on areas of differentiation, such as HR Compliance, our best-in-class tax platform, and our Asure Marketplace™, is anticipated to account for an increasing share of our revenue moving forward and is expected to generate high-margin revenue streams during the remainder of 2023 and into 2024.\"Revenue: Asure reported total revenue of $29.3 million, an increase of 34% year-over-year. Recurring revenue for the period came in at $23.8 million or 19% above the third quarter of last year.EBITDA, Adjusted EBITDA, and Net Loss: The company reported EBITDA of $3 million for the quarter, which was a $1.7 million improvement from last year. On an adjusted EBITDA basis, Asure saw results of $6.2 million, which was up $4.4 million year-over-year. Overall net loss for the quarter was $2.2 million, which was a $2.3 million improvement from last year.Gross Profit and Non-GAAP Gross Profit: Gross profits were reported at $21.3 million, an increase of 56% from the third quarter last year. On a non-GAAP basis, gross profits came in at $22.3 million (non-GAAP gross margin of 76%).\"We expect that the growth of our business will continue and today we are issuing guidance for the fourth quarter of 2023 as well as introducing preliminary guidance for 2024 revenues. Regarding the fourth quarter o...