Asure Software Announces Third Quarter 2018 Results

Asure Software (NASDAQ:ASUR) announced its third quarter results with the company reporting total revenues of US$23.5 million, up 51 percent year-over-year.

The company said that the cloud bookings were up 49 percent year-over-year while revenues from this vertical were US$18.4 million, up 66 percent year-over-year.

As quoted in the press release:
“The third quarter continued to experience good momentum, highlighted by new client additions, expansion within our existing client base, growth of our pipeline and solid traction with multi-year contracts. We experienced good growth in repetitive revenue, however hardware sales were below our internal plan,” stated Pat Goepel. “We are particularly excited about our workspace management software as the deal pipeline for this software solution grew 4x year-over-year.”

CFO Kelyn Brannon noted, “We continue to focus on driving the business towards a visible, recurring-revenue cloud company. Recurring revenue represented 84% of total in the third quarter. Furthermore, cloud revenue represented 78% of total.”

“We still expect to close acquisitions at a tempered pace as we focus on integration, cross-selling and new product features,” concluded CEO Pat Goepel.

Asure delivered the following results for its third quarter 2018:

Cloud Bookings: Cloud bookings were up 49% year-over-year.

Revenue: Total revenue was $23.5 million, an increase of 51% from $15.5 million in the third quarter of 2017. Recurring revenue represented 84% of total revenue, up from 79% in the year-ago quarter. Cloud revenue represented 78% of total, up from 71% in the year-ago quarter.

Gross Profit: GAAP gross profit was $15.0 million (63.9% margin), a 24% increase from $12.1 million (78.1% margin) in the third quarter of 2017. Non-GAAP gross profit* was $15.9 million (67.9% margin), up 30% from $12.2 million (78.8% margin) in the year-ago quarter.

Earnings (Loss) per Share: GAAP loss per share was $(0.24) compared with $(0.10) in the third quarter of 2017. Non-GAAP earnings per share* was $0.14, as compared to $0.16 in the year-ago quarter.

Non-GAAP EBITDA*: Non-GAAP EBITDA was $5.4 million (22.9% margin), an increase of 35% from $4.0 million (25.5% margin) in the third quarter of 2017.

Click here for the full text release.