Q4 2024 Asure Software Inc Earnings Call Transcript
Key Points
- Asure Software Inc (ASUR) reported a 17% increase in total revenue for 2024, excluding ERTC revenues.
- Recurring revenues grew by 15% in 2024, making up 96% of total revenues compared to 84% in 2023.
- The company successfully launched AsurePay, an innovative alternative to online banking, expected to enhance employer retention and attract new employees.
- Asure Software Inc (ASUR) signed a multiyear agreement with a leading audit, tax, consulting, and advisory firm to resell its payroll and payroll tax management solutions.
- The company's sales efforts resulted in an 86% increase in new bookings compared to the previous year, with a strong contracted backlog growth of 17% since the third quarter earnings report.
- The net loss for the full year was $11.8 million, an increase from a $9.2 million loss in the prior year.
- Full-year gross margins decreased to 69% from 72% in the prior year period.
- The company faced challenges in its HR Compliance group related to ERTC upsell activity in 2023.
- Despite rate reductions, float revenue remained stable, indicating potential pressure on future revenue streams.
- An anticipated acquisition during the fourth quarter did not materialize, although it was replaced by two additional acquisitions in the first quarter.
Good afternoon, and welcome to Asure's fourth-quarter and full-year 2024 earnings conference call. Joining us for today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop. (Operator Instructions)
I'd now like to turn the call over to Patrick McKillop for introductory remarks. Patrick, please go ahead, sir.
Thank you, operator. Good afternoon, everyone, and thank you for joining us for our fourth-quarter and full-year 2024 earnings results call.
Following the close of the market, we released our financial results. The earnings release is available on the SEC's website and our Investor Relations website at investor.asuresoftware.com, where you can also find the investor presentation. During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items, along with
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