Asure Software Inc. Files Q2 2024 10-Q Report

TL;DR

ASUR Q2 10-Q filed. Financials and ops details for H1 2024.

AI Summary

Asure Software Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and business operations for this period are detailed within the report.

Why It Matters

This filing provides investors with a detailed look at Asure Software's financial performance and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal performance trends and risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter and half-year covered by the report.)
• 20240801 — Filing Date (The date Asure Software Inc. submitted this 10-Q to the SEC.)

Key Players & Entities

• ASURE SOFTWARE INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Date the report was filed
• AUSTIN (location) — Company's business and mailing address city
• DE (location) — State of incorporation

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value ASUR The Nasdaq Capital Marke
• $6,545 — consisting of $ 6,891 in cash of which $6,545 was paid at closing and the delivery of

Filing Documents

• asur-20240630.htm (10-Q) — 921KB
• a20240630exhibit311.htm (EX-31.1) — 11KB
• a20240630exhibit312.htm (EX-31.2) — 11KB
• a20240630exhibit321.htm (EX-32.1) — 6KB
• a20240630exhibit322.htm (EX-32.2) — 6KB
• asur-20240630_g1.jpg (GRAPHIC) — 49KB
• 0000884144-24-000053.txt ( ) — 5794KB
• asur-20240630.xsd (EX-101.SCH) — 36KB
• asur-20240630_cal.xml (EX-101.CAL) — 77KB
• asur-20240630_def.xml (EX-101.DEF) — 178KB
• asur-20240630_lab.xml (EX-101.LAB) — 548KB
• asur-20240630_pre.xml (EX-101.PRE) — 379KB
• asur-20240630_htm.xml (XML) — 705KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and June 30, 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 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 25

Controls and Procedures

Item 4. Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 20,736 $ 30,317 Accounts receivable, net of allowance for credit losses of $ 5,469 a nd $ 4,787 at June 30, 2024 and December 31, 2023, respectively 16,273 14,202 Inventory 263 155 Prepaid expenses and other current assets 4,636 3,471 Total current assets before funds held for clients 41,908 48,145 Funds held for clients 190,438 219,075 Total current assets 232,346 267,220 Property and equipment, net 17,189 14,517 Goodwill 86,011 86,011 Intangible assets, net 70,319 62,082 Operating lease assets, net 4,484 4,991 Other assets, net 9,769 9,047 Total assets $ 420,118 $ 443,868 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Current portion of notes payable $ 18 $ 27 Accounts payable 1,240 2,570 Accrued compensation and benefits 3,540 6,519 Operating lease liabilities, current 1,537 1,490 Other accrued liabilities 7,524 3,862 Deferred revenue 3,030 6,853 Total current liabilities before client fund obligations 16,889 21,321 Client fund obligations 191,794 220,019 Total current liabilities 208,683 241,340 Long-term liabilities: Deferred revenue 3,224 16 Deferred tax liability 1,983 1,728 Notes payable, net of current portion 5,985 4,282 Operating lease liabilities, noncurrent 4,029 4,638 Other liabilities 683 209 Total long-term liabilities 15,904 10,873 Total liabilities 224,587 252,213 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; 25,918 and 25,382 shares issued, 25,918 and 24,998 shares outstanding at June 30, 2024 and December 31, 2023, respectively 259 254 Treasury stock at cost, zero (1) and 384 shares at June 30, 2024 and December 31, 2023, respectively — ( 5,01

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View this 10-Q filing on SEC EDGAR