Asure Announces Fourth Quarter and Full Year 2024 Results

Reports Full Year 2024 Revenues of $119.8 million Full Year 2024 Recurring Revenues Grew 15% from Prior Year Recurring Revenues Grew to 96% of Total Revenues from 84% in the Prior Year AUSTIN, Texas, March 06, 2025 (GLOBE NEWSWIRE) -- Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Revenue of $30.8 million, up 17% year over year, excluding ERTC revenue up 22% from prior year fourth quarterRecurring revenue of $28.5 million, up 14% from prior year fourth quarterNet loss of $3.2 million versus a net loss of $3.6 million during prior year fourth quarterEBITDA (1) of $3.4 million versus $1.1 million from prior-year fourth quarterAdjusted EBITDA (1) of $6.2 million, versus $2.8 million from prior-year fourth quarterGross profit of $20.9 million versus $17.8 million from prior-year fourth quarterNon-GAAP gross profit (1) of $22.5 million (Non-GAAP gross margin (1) of 73%) versus $18.8 million (and 72% in prior-year fourth quarter) Full Year 2024 Financial Highlights Revenue of $119.8 million increased slightly year over year, excluding ERTC revenue up 17% from prior yearRecurring revenue of $114.5 million up 15% from prior yearNet loss of $11.8 million versus prior year net loss of $9.2 millionEBITDA (1) of $11.4 million versus $14.3 million in the prior yearAdjusted EBITDA (1) of $22.5 million versus $23.3 million in the prior yearGross profit of $82.1 million versus $85.5 million in the prior yearNon-GAAP gross profit (1) of $88.2 million versus $90.3 million in the prior year Recent Business Highlights In January 2025 we signed a major multi-year agreement with an industry leader in audit, consulting, tax and advisory services to resell our Payroll and Payroll Tax Management solutions. The multi-year agreement will deliver comprehensive payroll and payroll tax management services for the firm’s clients enabling them to offer these services for the first time. We announced the introduction of Luna, a groundbreaking AI agent designed to enhance payroll and HR management. Unlike traditional generative AI chatbots, Luna is an advanced AI agent that understands Asure’s suite of products, serves as an industry expert, and most importantly, can act on behalf of both employees through self-service and business owners and administrators.Jay Whitehead joined Asure in January 2025 as Senior Vice President to lead our AsurePay™ Platinum VIP Banking card and Marketplace businesses. He is a seasoned entrepreneur, and HCM thought leader who we expect to drive innovation and foster strategic partnerships at Asure. (1)This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release. Management Commentary “We are pleased to report strong results for 2024, demonstrating the continued momentum of our business. Excluding the one-time impact of ERTC revenue, our fourth-quarter revenue grew 22% year-over-year, reaching $30.8 million—an impressive finish to the year. For the full year, total revenue increased modestly to $119.8 million, but when adjusted to exclude ERTC, our revenue growth was 17% year-over-year, underscoring the strength of our core business. Recurring revenue, the backbone of our model, grew 15% year-over-year and now represents 96% of total revenue, up from 84% in 2023. Additionally, our contracted revenue backlog continued to expand, providing further visibility into future growth,” said Asure Chairman and CEO Pat Goepel. “Our performance in 2024 was particularly strong in key areas, including our Payroll Tax Management product, which drove several major multi-year agreements with enterprise clients. The success of this product, along with our growing backlog, reinforces the durability of our revenue streams and positions us well for the future.” “We executed our strategy despite the anticipated headwind of replacing one-time ERTC revenue, and we are entering 2025 with a solid foundation for continued growth. Our plan for 2025 includes both organic and inorganic expansion, supported by the significant investments we’ve made in technology, operations, and new product development. With these improvements, we are confident in our ability to drive sustained, long-term growth.” First Quarter 2025 and Full Year 2025 Revenue Guidance Ranges The Company is providing the following guidance for the first quarter 2025 and full year 2025 based on the Company’s year-to-date results and recent business trends. The guidance for our first quarter 2025 and the full year 2025 excludes any contribution from future potential acquisitions. Guidance for 2025 Guidance Range Q1-2025 FY-2025Revenue$33.0 M – 35.0 M$134.0 M -138.0 MAdjusted EBITDA(1)$6.0 M -7.0 M 23% -24% (1)This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release. Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does. Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results. Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort. Management’s projections are based on management’s current beliefs and assumptions about the Company's business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry. Conference Call Details Asure management will host a conference call on Thursday, March 6, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852. About Asure Software, Inc. Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure's suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company's approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com. Non-GAAP and Adjusted Financial Measures This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations. Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items. Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items. Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items. Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items. EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue. Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances. Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period. Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs. Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs. Income Taxes. The Company excludes income taxes, both at the federal and state levels. One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature. Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business. Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs. Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants. Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic. Use of Forward-Looking Statements This press release contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP, non-U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of “forward-looking statements” include statements regarding our strategy, future operations, financial condition, results of operations, projected costs, revenue growth, earnings, and plans and objectives of management. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Additionally, we are under no obligation to update any of the forward-looking statements after the date of this press release or to confirm such statements to actual results. The risks and uncertainties referred to above include—but are not limited to— risks associated with breaches of the Company’s security measures; risks related to material weaknesses; possible fluctuations in the Company’s financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in the Company’s services or the Company’s Web hosting; may incur debt to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of the Company’s services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held int rust; the Company’s operation in highlight competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of the Company’s Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to the Company; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting the Company’s deferred tax assets and ability to value and utilize them; the nature of the Company’s business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; the Company’s ability to hire, retain and motivate employees and manage the Company’s growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders. Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025. The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved ASURE SOFTWARE, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except per share amounts) December 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents$21,425 $30,317 Accounts receivable, net of allowance for credit losses of $6,328 and $4,787 at December 31, 2024 and December 31, 2023, respectively 18,154 14,202 Inventory 195 155 Prepaid expenses and other current assets 4,888 3,471 Total current assets before funds held for clients 44,662 48,145 Funds held for clients 192,615 219,075 Total current assets 237,277 267,220 Property and equipment, net 19,669 14,517 Goodwill 94,724 86,011 Intangible assets, net 69,114 62,082 Operating lease assets, net 4,041 4,991 Other assets, net 11,813 9,047 Total assets$436,638 $443,868 LIABILITIES AND STOCKHOLDERS’EQUITY Current liabilities: Current portion of notes payable$7,008 $27 Accounts payable 1,364 2,570 Accrued compensation and benefits 4,485 6,519 Operating lease liabilities, current 1,438 1,490 Other accrued liabilities 6,600 3,862 Deferred revenue 8,363 6,853 Total current liabilities before client fund obligations 29,258 21,321 Client fund obligations 194,378 220,019 Total current liabilities 223,636 241,340 Long-term liabilities: Deferred revenue 3,430 16 Deferred tax liability 2,612 1,728 Notes payable, net of current portion 5,709 4,282 Operating lease liabilities, noncurrent 3,578 4,638 Other liabilities 358 209 Total long-term liabilities 15,687 10,873 Total liabilities 239,323 252,213 Stockholders’ equity: Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding — — Common stock, $0.01 par value; 44,000 shares authorized; 26,671 and 25,382 shares issued, 26,671 and 24,998 shares outstanding at December 31, 2024 and December 31, 2023, respectively 267 254 Treasury stock at cost, zero(1)and 384 shares at December 31, 2024 and December 31, 2023, respectively — (5,017)Additional paid-in capital 504,849 487,973 Accumulated deficit (307,226) (290,440)Accumulated other comprehensive loss (575) (1,115)Total stockholders’ equity 197,315 191,655 Total liabilities and stockholders’ equity$436,638 $443,868 (1) The aggregate Treasury stock of prior repurchases of the Company's own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders' Equity for the impact of this transaction. ASURE SOFTWARE, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(in thousands, except per share amounts) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Revenue: Recurring$28,521 $24,985 $114,471 $99,734 Professional services, hardware and other 2,271 1,279 5,321 19,348 Total revenue 30,792 26,264 119,792 119,082 Cost of sales 9,864 8,425 37,685 33,545 Gross profit 20,928 17,839 82,107 85,537 Operating expenses: Sales and marketing 6,945 6,422 28,316 28,734 General and administrative 9,940 9,747 40,499 39,333 Research and development 2,103 1,739 7,807 6,846 Amortization of intangible assets 4,432 3,694 16,222 13,623 Total operating expenses 23,420 21,602 92,844 88,536 Loss from operations (2,492) (3,763) (10,737) (2,999)Interest income 151 326 913 1,342 Interest expense (362) (302) (1,024) (5,639)Loss on extinguishment of debt — — — (1,517)Other income (expense), net (2) (1) 8 (292)Loss from operations before income taxes (2,705) (3,740) (10,840) (9,105)Income tax expense (benefit) 499 (158) 933 109 Net loss (3,204) (3,582) (11,773) (9,214)Other comprehensive income (loss): Unrealized gain (loss) on marketable securities (565) 1,581 540 1,368 Comprehensive loss$(3,769) $(2,001) $(11,233) $(7,846) Basic and diluted loss per share Basic$(0.12) $(0.14) $(0.45) $(0.42)Diluted$(0.12) $(0.14) $(0.45) $(0.42) Weighted average basic and diluted shares Basic 26,602 24,907 26,054 22,138 Diluted 26,602 24,907 26,054 22,138 ASURE SOFTWARE, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net loss$(11,773) $(9,214)Adjustments to reconcile loss to net cash provided by operations: Depreciation and amortization 22,142 19,135 Amortization of operating lease assets 1,386 1,481 Amortization of debt financing costs and discount 726 820 Non-cash interest expense 298 1,471 Net accretion of discounts and amortization of premiums on available-for-sale securities (377) (119)Provision for expected losses 46 2,047 Provision for deferred income taxes 884 225 Loss on extinguishment of debt — 990 Net realized gains on sales of available-for-sale securities (2,609) (2,257)Share-based compensation 6,444 5,430 Loss on disposals of long-term assets — 132 Change in fair value of contingent purchase consideration — 175 Changes in operating assets and liabilities: Accounts receivable (3,998) (4,126)Inventory (41) 97 Prepaid expenses and other assets (1,886) 5,101 Operating lease right-of-use assets — 546 Accounts payable (1,206) 376 Accrued expenses and other long-term obligations (1,103) 87 Operating lease liabilities (1,555) (1,118)Deferred revenue 2,010 (2,379)Net cash provided by operating activities 9,388 18,900 Cash flows from investing activities: Acquisition of intangible assets (13,256) (7,651)Purchases of property and equipment (692) (1,585)Software capitalization costs (10,187) (7,027)Purchases of available-for-sale securities (15,643) (27,647)Proceeds from sales and maturities of available-for-sale securities 20,522 14,385 Net cash used in investing activities (19,256) (29,525)Cash flows from financing activities: Proceeds from notes payable, net of issuance costs 4,995 — Payments of notes payable (420) (35,627)Debt extinguishment costs — (250)Net proceeds from issuance of common stock 1,370 46,800 Capital raise fees (132) (338)Payments made on amounts due for the acquisition of intangibles (1,513) (311)Net change in client fund obligations (26,342) 13,931 Net cash provided by (used in) financing activities (22,042) 24,205 Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (31,910) 13,580 Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 177,622 164,042 Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period$145,712 $177,622 ASURE SOFTWARE, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)(in thousands) Year Ended December 31, 2024 2023 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance SheetsCash and cash equivalents$21,425 $30,317 Restricted cash and restricted cash equivalents included in funds held for clients 124,287 147,305 Total cash, cash equivalents, restricted cash, and restricted cash equivalents$145,712 $177,622 Supplemental information: Cash paid for interest$— $3,140 Cash paid for income taxes$18 $432 Non-cash investing and financing activities: Acquisition of intangible assets$5,338 $357 Notes payable issued for acquisitions$3,107 $1,209 Shares issued for acquisitions$9,125 $2,543 ASURE SOFTWARE, INC.RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES(unaudited) (in thousands)Q4-24Q3-24Q2-24Q1-24Q4-23Q3-23Q2-23Q1-23Revenue(1)$30,792 $29,304 $28,044 $31,652 $26,264 $29,334 $30,420 $33,064 Gross Profit to non-GAAP Gross Profit Gross Profit$20,928 $19,704 $18,868 $22,607 $17,839 $21,280 $22,018 $24,400 Gross Margin 68.0% 67.2% 67.3% 71.4% 67.9% 72.5% 72.4% 73.8% Share-based Compensation 44 44 43 40 32 28 46 31 Depreciation 1,190 1,232 1,145 1,110 921 984 1,309 1,009 Amortization - intangibles 50 50 50 50 50 50 50 268 One-time expenses Settlements, penalties & interest 25 2 3 — (6) 8 — 4 Acquisition and transaction costs 221 367 264 39 — — — — Other non-recurring expenses 84 — — — — — — — Non-GAAP Gross Profit$22,542 $21,399 $20,373 $23,846 $18,836 $22,350 $23,423 $25,712 Non-GAAP Gross Margin 73.2% 73.0% 72.6% 75.3% 71.7% 76.2% 77.0% 77.8% Sales and Marketing Expense to non-GAAP Sales and Marketing ExpenseSales and Marketing Expense$6,945 $6,680 $6,924 $7,767 $6,422 $6,597 $8,515 $7,200 Share-based Compensation 251 269 237 243 180 210 149 124 Depreciation — 1 — 1 1 — — — One-time expenses Settlements, penalties & interest 78 (5) 5 18 6 30 4 11 Acquisition and transaction costs 9 68 37 11 — — — — Other non-recurring expenses 52 — — — — — 180 — Non-GAAP Sales and Marketing Expense$6,555 $6,347 $6,645 $7,494 $6,235 $6,357 $8,182 $7,065 General and Administrative Expense to non-GAAP General and Administrative ExpenseGeneral and Administrative Expense$9,940 $10,378 $10,118 $10,063 $9,747 $9,294 $10,336 $9,956 Share-based Compensation 1,081 1,187 1,122 1,535 980 936 1,298 1,142 Depreciation 269 264 256 251 225 200 234 210 One-time expenses Settlements, penalties & interest 142 377 304 98 284 101 432 102 Acquisition and transaction costs 282 371 245 57 51 — — — Other non-recurring expenses 220 253 — 86 53 — 453 — Non-GAAP General and Administrative Expense$7,946 $7,926 $8,191 $8,036 $8,154 $8,057 $7,919 $8,502 Research and Development Expense to non-GAAP Research and Development ExpenseResearch and Development Expense$2,103 $1,973 $1,962 $1,769 $1,739 $1,803 $1,325 $1,979 Share-based Compensation 87 90 86 85 69 76 89 40 One-time expenses Settlements, penalties & interest 21 — 27 31 — — — — Acquisition and transaction costs 153 195 369 147 — — — — Other non-recurring expenses 29 — — — — — — — Non-GAAP Research and Development Expense$1,813 $1,688 $1,480 $1,506 $1,670 $1,727 $1,236 $1,939 (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period. ASURE SOFTWARE, INC.RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.)(unaudited) (in thousands)Q4-24Q3-24Q2-24Q1-24Q4-23Q3-23Q2-23Q1-23Revenue(1)$30,792 $29,304 $28,044 $31,652 $26,264 $29,334 $30,420 $33,064 GAAP Net (Loss) Income to Adjusted EBITDAGAAP Net (Loss) Income$(3,204)$(3,901)$(4,360)$(308)$(3,582)$(2,206)$(3,765)$339 Interest expense, net 211 109 (53) (156) (24) 782 1,593 1,944 Income taxes 499 170 231 33 (158) (123) 627 (237)Depreciation 1,460 1,497 1,402 1,361 1,148 1,185 1,542 1,219 Amortization - intangibles 4,482 4,345 4,096 3,499 3,743 3,384 3,343 3,570 EBITDA$3,448 $2,220 $1,316 $4,429 $1,127 $3,022 $3,340 $6,835 EBITDA Margin 11.2% 7.6% 4.7% 14.0% 4.3% 10.3% 11.0% 20.7% Share-based Compensation 1,463 1,591 1,488 1,902 1,260 1,251 1,582 1,337 One Time Expenses Settlements, penalties & interest 266 375 339 147 283 140 436 117 Acquisition and transaction costs 665 1,001 914 254 51 — — — Other non-recurring expenses 385 253 — 86 53 — 633 — Other expense (income), net 2 — — (10) 1 1,800 93 (83)Adjusted EBITDA$6,229 $5,440 $4,057 $6,808 $2,775 $6,213 $6,084 $8,206 Adjusted EBITDA Margin 20.2% 18.6% 14.5% 21.5% 10.6% 21.2% 20.0% 24.8% (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period. Investor Relations ContactPatrick McKillopVice President, Investor Relations617-335-5058patrick.mckillop@asuresoftware.com

Asure Announces Fourth Quarter and Full Year 2024 Results

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