ASURE SOFTWARE INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ASURE SOFTWARE INC. filed its 2023 10-K, detailing financial performance and corporate history.</b>

AI Summary

ASURE SOFTWARE INC (ASUR) filed a Annual Report (10-K) with the SEC on February 26, 2024. Filed 2024-02-26, the 10-K covers the fiscal year ending 2023-12-31. The company was formerly known as FORGENT NETWORKS INC and VTEL CORP. ASUR's business address is 405 COLORADO ST #1800, AUSTIN, TX 78701. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Specific financial statement members like CommonStockMember, SeriesAPreferredStockMember, and TreasuryStockCommonMember are detailed.

Why It Matters

For investors and stakeholders tracking ASURE SOFTWARE INC, this filing contains several important signals. This filing provides a comprehensive overview of ASUR's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The inclusion of historical financial data and former company names offers context for the company's evolution and strategic direction, aiding in long-term investment analysis.

Risk Assessment

Risk Level: medium — ASURE SOFTWARE INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information including financial statements, risk factors, and management discussion, indicating a medium level of risk due to the inherent uncertainties in business operations and financial markets.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand ASURE SOFTWARE INC.'s current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-26 — Filing Date (FILED AS OF DATE)
• 7373 — Standard Industrial Classification (SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN)
• 5124372700 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• ASURE SOFTWARE INC (company) — FILER
• FORGENT NETWORKS INC (company) — FORMER COMPANY
• VTEL CORP (company) — FORMER COMPANY
• VIDEO TELECOM CORP (company) — FORMER COMPANY
• AUSTIN (location) — CITY
• DE (location) — STATE OF INCORPORATION
• TX (location) — STATE

FAQ

Industry Context

ASURE SOFTWARE INC. operates within the Services-Computer Integrated Systems Design industry (SIC code 7373).

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Identify and assess the key risk factors outlined in the filing.
3. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparisons to prior filings will require access to those documents.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value ASUR The Nasdaq Capital Marke

Filing Documents

• asur-20231231.htm (10-K) — 1339KB
• a20231231exhibit35.htm (EX-3.5) — 13KB
• a20231231exhibit45.htm (EX-4.5) — 13KB
• a20231231exhibit106.htm (EX-10.6) — 13KB
• a20231231exhibit1012.htm (EX-10.12) — 67KB
• a20231231exhibit211.htm (EX-21.1) — 7KB
• a20231213exhibit231.htm (EX-23.1) — 2KB
• a20231231exhibit311.htm (EX-31.1) — 11KB
• a20231231exhibit312.htm (EX-31.2) — 11KB
• a20231231exhibit321.htm (EX-32.1) — 6KB
• a20231231exhibit322.htm (EX-32.2) — 6KB
• a20231231exhibit971.htm (EX-97.1) — 24KB
• asur-20231231_g1.jpg (GRAPHIC) — 49KB
• 0000884144-24-000022.txt (&nbsp;) — 8132KB
• asur-20231231.xsd (EX-101.SCH) — 51KB
• asur-20231231_cal.xml (EX-101.CAL) — 71KB
• asur-20231231_def.xml (EX-101.DEF) — 264KB
• asur-20231231_lab.xml (EX-101.LAB) — 757KB
• asur-20231231_pre.xml (EX-101.PRE) — 489KB
• asur-20231231_htm.xml (XML) — 1002KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13. Certain Relationships, Related Transactions and Director Independence 66 Item 14. Principal Accountant Fees and Services 66 PART IV Item 15. Exhibits and Financial Statement Schedules 67 Item 16. Form 10-K Summary 68 Signatures and Certifications 69 Table of Contents PART I CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain written and oral statements made by management of Asure Software, Inc. and its consolidated subsidiaries ("we", "Asure", "our", "us") included in this Form 10-K may constitute "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words "believe," "may," "will," "estimate," "projects," "anticipate," "intend," "expect," "should," "plan," and similar expressions are intended to identify forward-looking statements. Examples of "forward-looking statements" include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the "Risk Factors" section, factors discussed throughout Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as in our periodic filings with the Securities and Exchange Commission (the "SEC"). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not po

BUSINESS

ITEM 1. BUSINESS GENERAL Asure is a provider of cloud-based Human Capital Management ("HCM") software solutions delivered as Software-as-a-Service ("SaaS") for small and medium-sized businesses ("SMBs"). We offer human resources ("HR") tools necessary to build a thriving workforce, providing the resources to stay compliant with dynamic federal, state, and local tax jurisdictions and their respective labor laws, freeing cash flows so SMBs can spend their financial capital on growing their businesses rather than administrative overhead that can impede growth. Our solutions also provide new ways for employers to connect with and to differentiate themselves with their employees in order to enhance their relationships with their talent. Asure's HCM suite ("Asure HCM") includes Payroll & Tax solutions, HR compliance and services, Time & Attendance software and data integrations that enable employers and their employees to enhance efficiencies and take advantage of value-added solutions, which we refer to as AsureMarketplace. AsureMarketplace automates interactions between our HCM systems with third-party providers to enhance efficiency, improve accuracy and to extend the range of services offered to employers and their employees. Our approach to HR compliance services incorporates artificial intelligence technology to enhance scalability and efficiency while prioritizing client interactions. We offer these services directly and indirectly through our network of Reseller Partners. From recruitment to retirement, our solutions help more than 100,000 SMBs across the United States. Approximately 15% of our clients are direct with the remaining balance indirect, as they have contracts with Reseller Partners who white label our solutions. We strive to be the most trusted HCM resource to SMBs. We target less densely populated U.S. metropolitan cities where fewer of our competitors have a presence. Our solutions solve three primary challenges that prevent businesses from

View Full Filing

View this 10-K filing on SEC EDGAR