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Asure (NASDAQ: ASUR) Highlights Strength of Core HCM Business as Recurring Revenue Jumps 20% in Q3 2024 and Accounts for 98% of Total Revenues

By: Spotlight Growth

Asure Software (NASDAQ: ASUR) reported third-quarter 2024 financial results on October 31, 2024, and the results once again show the health and strength of the company’s core business. The HCM services provider continues working through the ERTC halt, which occurred in September 2023. This shows that starting with Q4 2024 results, investors will finally start to see a better apples-to-apples comparison for quarterly results and their respective year-over-year performance.

ASUR: Breaking Down Q3 2024 Results

The HCM services company reported revenue (excluding ERTC) of $29.2 million, which represented 20% year-over-year growth. Equally impressive was the fact that recurring revenue from its core businesses grew to 98% of total revenue, compared to 81% for the same period last year.

This continues to support the idea that Asure’s core business growth is taking the place of the old ERTC revenues, which were only a one-time sale. Recurring revenue from its core business represents a much more valuable sales source, as it is recurring (as the name suggests) and highlights demand for its HCM services.

In the earnings call, Asure CEO, Pat Goepel, stated that despite timing issues with larger deals, the company’s sales booking was up 141% and the backlog surged 250%. As a result, management says they believe those factors will help drive strong results in 2025.

New HCM Services: Payroll Tax Management Expansion, New AI Agent, and Introduction of AsurePay Highlight Q3 Milestones

Asure had several meaningful business highlights during the third quarter. Management said its payroll tax management services saw an impressive expansion after onboarding some additional Workday (NASDAQ: WDAY) and SAP (NYSE: SAP) clients. In addition, the company says its payroll tax management business gained significant customers in a major American grocery chain and a large HCM system integrator.

The company announced it entered its new AI Agent into beta testing. The new Generative AI Agent is being developed to help Asure’s clients be able to offer support and inquiries related to payroll, payroll taxes, HR requests, and more. This represents an exciting opportunity for Asure to leverage AI technology and provide further efficiencies to its client base.

Launching in November 2024, Asure’s new AsurePay financial service will provide American customers with a comprehensive online banking alternative. AsurePay will Feature debit card access, fee-free ATM services, paycheck advances, and more. The unique banking solution allows SMB clients to have another tool to help strengthen employee engagement and improve overall efficiencies.

Overall, Asure is doing a great job at continuing to fully replace those former one-time revenues with high-value recurring sales from its core HCM business. The company’s expansion of bookings and backlog continue to underscore a bright future for the company.

Furthermore, the company’s continued commitment to innovation and new product offerings is no doubt a positive to its vast SMB client base. The introduction of its financial service, AsurePay, and the beta testing of an interactive AI Agent only further prove this point. The next financial results should help investors provide a clearer picture of how the core business is driving results without any distraction. This is a great sign for the company, as management has worked hard at making that higher-value transformation over the past twelve months.

Disclaimer:

Spotlight Growth is compensated, either directly or via a third party, to provide investor relations services for its clients. Spotlight Growth creates exposure for companies through a customized marketing strategy, including design of promotional material, the drafting and editing of press releases and media placement.

All information on featured companies is provided by the companies profiled, or is available from public sources. Spotlight Growth and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on external sources that Spotlight Growth believes to be reliable, but its accuracy is not guaranteed. Spotlight Growth may create reports and content that has been compensated by a company or third-parties, or for purposes of self-marketing. Spotlight Growth was compensated four thousand dollars cash by Asure Software for the creation and dissemination of this content by the company.

This material does not represent a solicitation to buy or sell any securities. Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management.

The above communication, the attachments and external Internet links provided are intended for informational purposes only and are not to be interpreted by the recipient as a solicitation to participate in securities offerings. Investments referenced may not be suitable for all investors and may not be permissible in certain jurisdictions.

Spotlight Growth and its affiliates, officers, directors, and employees may have bought or sold or may buy or sell shares in the companies discussed herein, which may be acquired prior, during or after the publication of these marketing materials. Spotlight Growth, its affiliates, officers, directors, and employees may sell the stock of said companies at any time and may profit in the event those shares rise in value. For more information on our disclosures, please visit: http://spotlightgrowth.com/disclosures/

The post Asure (NASDAQ: ASUR) Highlights Strength of Core HCM Business as Recurring Revenue Jumps 20% in Q3 2024 and Accounts for 98% of Total Revenues appeared first on Spotlight Growth.

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