Asure Software(US:ASUR)2024-10-31 20:01Revenue Performance - Third quarter 2024 revenue was $29.3 million, nearly unchanged from the same period last year[2]. - Total revenue for the three months ended September 30, 2024, was $29,304, compared to $29,334 for the same period in 2023, showing a slight decrease[39]. - Revenue for Q3-24 was $29,304,000, an increase of 4.5% from Q2-24's $28,044,000[47]. - Recurring revenue grew 20% year-over-year to $28.6 million, representing 98% of total revenue compared to 81% in the prior year[2]. - Recurring revenue increased to $28,626 for the three months ended September 30, 2024, from $23,833 in the same period last year, representing a growth of approximately 20%[39]. - Full year 2025 revenue guidance is set at $134 million to $138 million, excluding potential future acquisitions[10]. Profitability and Loss - Net loss for the third quarter was $3.9 million, compared to a net loss of $2.2 million in the same period last year[2]. - The net loss for the three months ended September 30, 2024, was $3,901, compared to a net loss of $2,206 for the same period in 2023, indicating a worsening of approximately 77%[39]. - Net loss for the nine months ended September 30, 2024, was $8,569,000, compared to a net loss of $5,632,000 for the same period in 2023[41]. - Adjusted EBITDA for Q4 2024 is projected to be between $6 million and $7 million, with full year 2024 guidance at $18 million to $19 million[11]. - Adjusted EBITDA for Q3 2024 was $5,440,000, representing an adjusted EBITDA margin of 18.6%[49]. - GAAP net loss for Q3 2024 was $(3,901,000), an improvement from $(4,360,000) in Q2 2024[49]. Expenses and Costs - Gross profit for the third quarter was $19.7 million, down from $21.3 million in the same period last year[2]. - Total operating expenses increased to $23,326 for the three months ended September 30, 2024, compared to $21,027 in the same period in 2023, reflecting an increase of approximately 10.9%[39]. - General and administrative expenses for the nine months ended September 30, 2024, were $10,378,000, compared to $10,063,000 in the same period of 2023[45]. - Research and development expenses totaled $1,973,000 in Q3-24, compared to $1,962,000 in Q2-24[48]. - Sales and marketing expenses were $6,680,000 in Q3-24, a decrease from $6,924,000 in Q2-24[47]. - Non-GAAP general and administrative expenses were reported at $7,926,000 for the nine months ended September 30, 2024[46]. Cash Flow and Assets - Cash and cash equivalents decreased to $11,248 as of September 30, 2024, from $30,317 as of December 31, 2023, representing a decline of about 62.9%[38]. - Total current assets decreased to $226,889 as of September 30, 2024, from $267,220 as of December 31, 2023, a reduction of approximately 15%[38]. - Cash and cash equivalents at the end of the period were $132,728,000, down from $136,301,000 at the end of September 30, 2023[43]. - Total cash and cash equivalents, including funds held for clients, increased to $132,728,000 from $136,301,000 year-over-year[43]. New Products and Innovations - The company is launching a new financial services product, AsurePay, in November 2024, aimed at improving employee engagement and employer efficiency[8]. - A new Generative-AI Agent is entering beta, designed to handle payroll inquiries and HR requests dynamically[6]. - The company has made significant advancements in its Payroll Tax Management product, gaining new clients including major grocery chains[4]. Bookings and Backlog - New bookings increased by 141% year-over-year, with backlog growing over 35% from Q2 2024 and over 250% from Q3 2023[9].