Asure Q1 2024 Earnings Report
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.
Asure
Asure
Asure 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