Asure Software Inc ( (ASUR) ) has released its Q3 earnings. Here is a breakdown of the information Asure Software Inc presented to its investors.
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Asure Software Inc., a leading provider of cloud-based Human Capital Management software solutions, offers services to small and mid-sized businesses to help them manage payroll, tax, and time & attendance needs, as well as human resources services.
In its third-quarter 2024 earnings report, Asure Software announced revenues of $29.3 million, with recurring revenues showing a significant growth of 20% compared to the same period in the previous year. However, the company reported a net loss of $3.9 million for the quarter.
The report highlighted that Asure’s recurring revenue now constitutes 98% of its total revenue, a substantial increase from 81% in the previous year, reflecting the company’s successful transition to a more stable revenue model. Despite a slight decrease in overall revenue for the first nine months of 2024 compared to the previous year, the company saw a notable increase in recurring revenue. Key business highlights include the expansion of their Payroll Tax Management product, the launch of a new AI agent, and the introduction of a new financial services product, AsurePay.
Asure’s management remains optimistic about the future, emphasizing strong demand for their products and strategic initiatives aimed at growth and innovation. They are confident in maintaining a positive trajectory as they close out 2024 and move into 2025, with revenue guidance set between $134 million and $138 million for 2025.
