Q1 2024 Asure Software Inc Earnings Call Transcript
Key Points
- Asure Software Inc (ASUR) reported strong first quarter revenues of $31.7 million, driven by core business, strategic initiatives, and acquisitions.
- The company highlighted successful partnerships and certifications with major platforms like Workday and SAP, enhancing its enterprise client base and technology offerings.
- Asure Software Inc (ASUR) has formed a new partnership with HR logics to provide small business clients with access to capital through employer tax credits, potentially boosting client financial resources and compliance.
- The company maintains a strong sales booking which contributes to growth and repetitive revenue, supported by a robust product pipeline and digital marketing efforts.
- Asure Software Inc (ASUR) reiterated its 2024 revenue guidance of $125 million to $129 million with adjusted EBITDA margins of 20% to 21%, reflecting confidence in continued business growth.
- Asure Software Inc (ASUR) experienced a net loss of $300,000 for the first quarter, compared to a net income of $300,000 in the prior year.
- The company reported a decrease in gross margins to 71% from 74% in the previous year, primarily due to decreased nonrecurring ERTC revenue.
- Adjusted EBITDA for the first quarter decreased to $6.8 million from $8.2 million in the prior year, with a reduction in adjusted EBITDA margin from 25% to 22%.
- There was a notable decline in cash balance from Q4 to Q1, with a decrease of $7.1 million, attributed to seasonal impacts and spending on acquisitions.
- Asure Software Inc (ASUR) faces challenges in the competitive and pricing environment, although it has managed to maintain its pricing structure so far.
Good afternoon, and welcome to Asure's first-quarter 2024 earnings conference call. Joining us today for today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop.
Following their prepared remarks, there will be a question and answer session for the analysts and investors. I would now like to turn the call over to Patrick McKillop for introductory remarks. Please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure's First Quarter 2024 earnings results call following the close of the markets we released our financial results. The earnings release is available on the SEC's website and our Investor Relations website at investor.asuresoftware.com where you can also find the investor presentation.
During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors, and exclude the impact of certain
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
