Asure Software Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Asure Software Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and corporate history.</b>

AI Summary

ASURE SOFTWARE INC (ASUR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Asure Software Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 405 Colorado St, #1800, Austin, TX 78701. Asure Software Inc. was formerly known as Forgent Networks Inc. and Video Telecom Corp. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking ASURE SOFTWARE INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Asure Software Inc. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — ASURE SOFTWARE INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and operational performance for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• ASURE SOFTWARE INC (company) — Filer name
• 0000884144 (company) — Central Index Key
• 7373 (company) — Standard Industrial Classification Code
• DE (company) — State of Incorporation
• 405 COLORADO ST #1800 (company) — Business Address
• AUSTIN (company) — City in Business Address
• TX (company) — State in Business Address
• FORGENT NETWORKS INC (company) — Former Company Name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value ASUR The Nasdaq Capital Marke
• $6,545 — s follows: (i) $ 6,891 in cash of which $6,545 was paid at closing and (ii) the delive

Filing Documents

• asur-20240331.htm (10-Q) — 762KB
• a20240331exhibit311.htm (EX-31.1) — 11KB
• a20240331exhibit312.htm (EX-31.2) — 11KB
• a20240331exhibit321.htm (EX-32.1) — 6KB
• a20240331exhibit322.htm (EX-32.2) — 6KB
• asur-20240331_g1.jpg (GRAPHIC) — 49KB
• 0000884144-24-000039.txt (&nbsp;) — 5123KB
• asur-20240331.xsd (EX-101.SCH) — 36KB
• asur-20240331_cal.xml (EX-101.CAL) — 76KB
• asur-20240331_def.xml (EX-101.DEF) — 170KB
• asur-20240331_lab.xml (EX-101.LAB) — 448KB
• asur-20240331_pre.xml (EX-101.PRE) — 320KB
• asur-20240331_htm.xml (XML) — 613KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and March 31, 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 5 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

Signatures

Signatures 27 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ASURE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 23,166 $ 30,317 Accounts receivable, net of allowance for credit losses of $ 5,108 a nd $ 4,787 at March 31, 2024 and December 31, 2023, respectively 15,074 14,202 Inventory 205 155 Prepaid expenses and other current assets 4,187 3,471 Total current assets before funds held for clients 42,632 48,145 Funds held for clients 239,808 219,075 Total current assets 282,440 267,220 Property and equipment, net 15,822 14,517 Goodwill 86,011 86,011 Intangible assets, net 70,960 62,082 Operating lease assets, net 4,674 4,991 Other assets, net 9,431 9,047 Total assets $ 469,338 $ 443,868 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Current portion of notes payable $ 23 $ 27 Accounts payable 1,610 2,570 Accrued compensation and benefits 3,399 6,519 Operating lease liabilities, current 1,510 1,490 Other accrued liabilities 7,170 3,862 Deferred revenue 3,547 6,853 Total current liabilities before client fund obligations 17,259 21,321 Client fund obligations 241,141 220,019 Total current liabilities 258,400 241,340 Long-term liabilities: Deferred revenue 960 16 Deferred tax liability 1,751 1,728 Notes payable, net of current portion 5,256 4,282 Operating lease liabilities, noncurrent 4,281 4,638 Other liabilities 1,015 209 Total long-term liabilities 13,263 10,873 Total liabilities 271,663 252,213 Stockholders' equity: Preferred stock, $ 0.01 par value; 1,500 shares authorized; none issued or outstanding — — Common stock, $ 0.01 par value; 44,000 shares authorized; 25,749 and 25,382 shares issued, 25,749 and 24,998 shares outstanding at March 31, 2024 and December 31, 2023, respectively 258 254 Treasury stock at cost, zero (1) and 384 shares at March 31, 2024 and December 31, 2023, respectively — (

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View this 10-Q filing on SEC EDGAR