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Mar 31, 2024
Asure Q1 2024 Earnings Report
Asure's financial performance in Q1 2024 was characterized by a revenue decrease but growth in recurring revenue, alongside strategic investments in technology and client acquisition.
Key Takeaways
Asure reported Q1 2024 revenues of $31.7 million, a 4% decrease year-over-year, but saw a 10% increase in revenue excluding ERTC. Recurring revenue grew by 8% to $30.3 million. The company experienced a net loss of $0.3 million, and adjusted EBITDA was $6.8 million. Management reiterated the 2024 revenue guidance of $125.0 million - $129.0 million.
Revenue decreased by 4% year-over-year to $31.7 million, but excluding ERTC revenue, it increased by 10%.
Recurring revenue grew by 8% year-over-year to $30.3 million.
Net loss was $0.3 million, compared to a net income of $0.3 million in the prior year.
Adjusted EBITDA was $6.8 million, versus $8.2 million from prior year.
Revenue by Segment
Forward Guidance
The company is providing the following guidance for the second quarter 2024 and full year 2024 based on the Company’s year-to-date results and recent business trends. This guidance excludes any potential revenues from the employee retention tax credit (ERTC) program for which the IRS placed a pause on processing claims in September 2023, and we continue to monitor for updates regarding the program closely.
Positive Outlook
- Second Quarter 2024 Revenue: $28.0M – 29.0M
- Full Year 2024 Revenue: $125.0M - $129.0M
- Second Quarter 2024 Adjusted EBITDA: $4.0M - $5.0M
- Full Year 2024 Adjusted EBITDA: 20% - 21%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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