Asure Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Asure Software, Inc. reported full year 2024 revenues of $119.8 million, with recurring revenues growing 15% year-over-year, now representing 96% of total revenues, up from 84% in the prior year [1][6][7]. Financial Highlights - Fourth quarter 2024 revenue reached $30.8 million, a 17% increase year-over-year, and 22% growth when excluding one-time ERTC revenue [6][7]. - For the full year 2024, total revenue increased slightly, with adjusted revenue growth of 17% year-over-year when excluding ERTC [6][7]. - Recurring revenue for the full year was $114.5 million, up 15% from the prior year [7]. - The company reported a net loss of $11.8 million for the full year, compared to a net loss of $9.2 million in the previous year [7]. Recent Business Developments - In January 2025, Asure signed a multi-year agreement with a leading audit and consulting firm to resell its Payroll and Payroll Tax Management solutions [7]. - The introduction of Luna, an advanced AI agent for payroll and HR management, was announced, aimed at enhancing client interactions and operational efficiency [7]. - Jay Whitehead joined Asure as Senior Vice President to lead the AsurePay™ Platinum VIP Banking card and Marketplace businesses, expected to drive innovation [7]. Management Commentary - The management expressed satisfaction with the strong results for 2024, highlighting the growth in recurring revenue and the expansion of contracted revenue backlog as indicators of future growth [6][8]. - The company plans for both organic and inorganic expansion in 2025, supported by significant investments in technology and product development [8]. Guidance for 2025 - Asure provided revenue guidance for Q1 2025 in the range of $33.0 million to $35.0 million and for the full year 2025 in the range of $134.0 million to $138.0 million [10]. - Adjusted EBITDA guidance for Q1 2025 is projected between $6.0 million and $7.0 million, with a margin of 23% to 24% [10].