Business
Asure Reports Q2 2023 Financial Results Showing a 50% Y/Y Increase in Revenue, Raises 2023 Guidance
AUSTIN, TX / ACCESSWIRE / August 8, 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 / August 8, 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 second quarter 2023 financial results. The HCM provider saw revenue come in at $30.4 million, which represents a year-over-year (y/y) growth rate of 50% compared to Q2 2022. Recurring revenues jumped 21% y/y to $23 million, Adjusted EBITDA results saw a $5.5 million improvement y/y to reach $6.1 million and gross profits climbed 80% y/y to $22 million.\"We delivered a historic performance for our Company in the second quarter with 50% organic growth in revenues and robust gains in operating margins, both of which are the primary result of technology enhancements and targeted sales efforts in our small business HCM and Enterprise Tax businesses,\" said Asure Chairman and CEO Pat Goepel. \"We are building on our strong momentum by advancing our technology through leading partnerships and integrating artificial intelligence to enhance our solutions. Technological evolution and regulatory change present tremendous opportunities for small businesses to grow and improve their operations, and Asure is committed to capturing these benefits for them.\"Here are the highlights of the Q2 2023 financial results: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 the prior-year second quarterEBITDA of $3.3 million, up $3.4 million from prior-year second quarterAdjusted EBITDA of $6.1 million, up $5.5 million from the prior-year second quarterGross profit of $22.0 million, up 80% from prior-year second quarterNon-GAAP gross profit of $23.4 million (margin of 77%) versus $13.4 million and 66% in prior-year second quarterMr. Goepel continued: \"Our continued investments in product development are enabling our small business customers to better leverage our expertise while our enterprise clients access new tools to move money and manage increasingly complex tax laws more effectively. With further adoption of these capabilities, we are driving success in our HR compliance and Asure Marketplace™ offerings. In May, we released a new HR Benchmark Survey and Report that lays out best practices ...