Austin, Texas – Asure Software, Inc. recently held its Q4 2023 Earnings Conference Call, where key company officials discussed the financial results and future outlook. The call featured Chairman and CEO Pat Goepel, CFO John Pence, and VP of Investor Relations Patrick McKillop. The discussion covered various financial metrics and strategic initiatives for the upcoming year.
During the call, the company reported strong growth in total revenue for 2023, with a 24% increase compared to the prior year. Excluding the impact of the Employee Retention Tax Credit (ERTC), revenues were up 19%. Recurring revenues also saw significant growth, up by 16% year-over-year. The company’s net loss improved by $5.3 million compared to the previous year, and adjusted EBITDA saw a significant increase of 97%.
Asure Software highlighted the success of its HR Compliance, Asure Marketplace, and Payroll Tax Management solutions in driving revenue growth in 2023. The company emphasized its focus on technology advancement through strategic partnerships, such as joining the SAP PartnerEdge Open Ecosystem. Additionally, the recent certification for integration into Workday HCM and Asure Payroll Tax Management showcased Asure’s commitment to enhancing its payroll tax business.
The company also discussed its sales efforts, which resulted in a 56% increase in new bookings compared to the prior year. With plans to expand its sales force and leverage digital marketing strategies, Asure is poised for continued growth in 2024. The guidance for the year includes a revenue target of $125 million to $129 million, with EBITDA margins between 20% and 21%.
Looking ahead, Asure Software remains focused on driving sustainable growth and creating value for shareholders. Through a combination of organic growth, strategic initiatives, and potential acquisitions, the company aims to build on its momentum and deliver strong financial performance in the coming year. Investors and stakeholders can expect further updates on the company’s progress through upcoming Investor Relations activities and communications.
