Asure Software Inc. Files Q3 2024 Results

TL;DR

ASUR Q3 2024 10-Q filed. Revenue and financials detailed.

AI Summary

Asure Software Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates a focus on recurring revenue and professional services, with specific financial figures for the quarter and year-to-date periods compared to the previous year. The report details various financial instruments and stock classifications.

Why It Matters

This filing provides investors with a snapshot of Asure Software's financial performance and operational status for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and disclosures typical of a public company, requiring careful analysis to assess financial health and future prospects.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point for year-end financial status.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance from the beginning of the year up to the reporting date.)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Allows for year-over-year comparison of financial performance.)

Key Players & Entities

• ASURE SOFTWARE INC (company) — Filer
• 0000884144-24-000064 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241031 (date) — Filing Date
• 7373 (other) — Standard Industrial Classification Code
• DE (other) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 5124372700 (other) — Business Phone Number
• FORGENT NETWORKS INC (company) — Former Company Name
• VTEL CORP (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• asur-20240930.htm (10-Q) — 993KB
• a20240930exhibit311.htm (EX-31.1) — 11KB
• a20240930exhibit312.htm (EX-31.2) — 11KB
• a20240930exhibit321.htm (EX-32.1) — 6KB
• a20240930exhibit322.htm (EX-32.2) — 6KB
• asur-20240930_g1.jpg (GRAPHIC) — 49KB
• 0000884144-24-000064.txt ( ) — 6118KB
• asur-20240930.xsd (EX-101.SCH) — 38KB
• asur-20240930_cal.xml (EX-101.CAL) — 80KB
• asur-20240930_def.xml (EX-101.DEF) — 196KB
• asur-20240930_lab.xml (EX-101.LAB) — 567KB
• asur-20240930_pre.xml (EX-101.PRE) — 400KB
• asur-20240930_htm.xml (XML) — 747KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 11,248 $ 30,317 Accounts receivable, net of allowance for credit losses of $ 6,150 a nd $ 4,787 at September 30, 2024 and December 31, 2023, respectively 17,233 14,202 Inventory 233 155 Prepaid expenses and other current assets 4,586 3,471 Total current assets before funds held for clients 33,300 48,145 Funds held for clients 193,589 219,075 Total current assets 226,889 267,220 Property and equipment, net 18,490 14,517 Goodwill 94,724 86,011 Intangible assets, net 73,429 62,082 Operating lease assets, net 4,401 4,991 Other assets, net 10,176 9,047 Total assets $ 428,109 $ 443,868 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Current portion of notes payable $ — $ 27 Accounts payable 1,317 2,570 Accrued compensation and benefits 4,277 6,519 Operating lease liabilities, current 1,600 1,490 Other accrued liabilities 8,287 3,862 Deferred revenue 3,029 6,853 Total current liabilities before client fund obligations 18,510 21,321 Client fund obligations 193,951 220,019 Total current liabilities 212,461 241,340 Long-term liabilities: Deferred revenue 2,276 16 Deferred tax liability 2,116 1,728 Notes payable, net of current portion 7,506 4,282 Operating lease liabilities, noncurrent 3,832 4,638 Other liabilities 765 209 Total long-term liabilities 16,495 10,873 Total liabilities 228,956 252,213 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; 26,540 and 25,382 shares issued, 26,540 and 24,998 shares outstanding at September 30, 2024 and December 31, 2023, respectively 265 254 Treasury stock at cost, zero (1) and 384 shares at September 30, 2024 and December 31, 2023, re

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View this 10-Q filing on SEC EDGAR