Asure Q4 2022 Earnings Report
Key Takeaways
Asure Software reported record fourth-quarter revenue of $29.3 million, a 39% increase year-over-year. The company's net loss improved by $3.2 million compared to the prior year. Asure is raising its 2023 financial targets and guidance.
Revenue reached $29.3 million, up 39% from the previous year's quarter.
Recurring revenue increased to $24.1 million, a 25% rise from the prior year's quarter.
Net loss improved by $3.2 million year-over-year, reaching $1.1 million.
EBITDA was $5.0 million, an increase of $3.5 million from the prior year's quarter.
Asure
Asure
Asure Revenue by Segment
Forward Guidance
Asure is providing guidance for Q1 and full year 2023, with revenue expected to be in the range of $29.0M - $30.0M for Q1 2023 and $105.0M - $107.0M for FY 2023. Adjusted EBITDA is expected to be 15%-17% for FY 2023.
Positive Outlook
- Revenue for FY 2023 is projected to be between $105.0M and $107.0M.
- Adjusted EBITDA for FY 2023 is expected to be between 15% and 17%.
- Revenue for Q1 2023 is projected to be between $29.0M and $30.0M.
- Adjusted EBITDA for Q1 2023 is expected to be between $6.0M and $6.5M.
- Company is focused on growing the customer base and service suite.
Challenges Ahead
- High level of economic uncertainty in 2023 due to recent inflationary trends.
- Potential for a recession of unknown severity.
- Projections are based on current beliefs and assumptions about the Company's business.
- There can be no assurance that actual results will not differ from the guidance.
- Company assumes no obligation to update forward-looking statements.