Asure Software Announces 69 percent Increase in Revenue

Asure Software (NASDAQ:ASUR) announced the results for second quarter ended June 30, 2018 with the company reporting an revenue increase of 69 percent on year-over-year basis.

The company, a leading provider of Human Capital Management and workplace management software said that its cloud bookings were up 75 percent as compared to prior year period.

As quoted in the press release:

Second Quarter 2018 Key Financial Highlights

• Second Quarter Cloud Revenue of $16.3 Million, up 85% Year-Over-Year
• Total Deferred Revenue was $13.27 Million, up 7% Year-Over-Year; Comprised of Short-Term Deferred Revenue of $12.23 Million and long-term Deferred Revenue of $1.04 Million
• Short-term Unbilled Deferred Revenue (within a 12-month period) was $16.5 Million
• Long-term or Multi-Year Unbilled Deferred Revenue (beyond a 12-month period) was $14.1 Million
• Short-term Backlog (within a 12-month period) was $28.7 Million
• Total Backlog (short and long-term) Currently Exceeds $40 Million

“We closed another strategic reseller acquisition since our last earnings call, bringing the total we’ve completed this year to seven. These acquisitions enhance our scale, product, customers, cross-sell opportunities, and prepare us for future growth and margin expansion,” stated Pat Goepel, CEO.

CFO Kelyn Brannon noted, “Our cloud strategy continues to realize strong momentum. Recurring revenue represented 83% of total revenue, up from 79% in the year-ago quarter. Furthermore, cloud revenue represented 75% of total, up from 69% in the year-ago quarter and our balance sheet is very healthy having ended the quarter with $46.8 million in cash, bolstered by our recent equity offering in June.”

“We continue to aim for both topline growth and bottom-line leverage. We’re on the cusp of surpassing $100 million in revenue while generating non-GAAP EBITDA margin of 22% to 25%. Asure’s current product suite and depth of offerings has never been more robust. And our footprint of areas we target has never been as extensive,” concluded CEO Pat Goepel.

Click here for the full text release.