World News: 11:48 GMT Friday 9th November 2018. [Asure Software Inc via Globe Newswire via SPi World News]
AUSTIN, Texas, Nov. 09, 2018 (GLOBE NEWSWIRE) -- a leading provider of Human Capital Management (HCM) and workspace management software, reported results for the third quarter ended September 30, 2018.
“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.
U.S. dial-in: 877-853-5636International dial-in: 631-291-4544Conference ID: 1389800
The conference call will be broadcasted live and available for replay via the investor section of the company's .
Non-GAAP EBITDA differs from GAAP net loss in that it excludes things such as interest, tax, depreciation, amortization, stock compensation, and one-time expenses. Asure Software is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Asure Software has not provided guidance for GAAP net loss or a reconciliation of the foregoing forward-looking Non-GAAP EBITDA guidance to GAAP net loss.
Management uses both GAAP and non-GAAP measures when planning, monitoring, and evaluating the company's performance.
The primary purpose of using non-GAAP 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 disclosure with non-GAAP disclosure 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 non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the company's relative performance against other companies that also report non-GAAP operating results.
Specifically, management is excluding the following items from its non-GAAP earnings per share, as applicable, for the periods presented in the third quarter 2018 financial statements and for its non-GAAP estimates for 2018:
The risks and uncertainties referred to above include -- but are not limited to -- risks associated with possible fluctuations in the company's financial and operating results; the company's rate of growth and anticipated revenue run rate, including the company's ability to convert deferred revenue and unbilled deferred revenue into revenue and cash flow, and ability to maintain continued growth of deferred revenue and unbilled deferred revenue; foreign currency exchange rates; errors, interruptions or delays in the company's services or the company's Web hosting; breaches of the company's security measures; domestic and international regulatory developments, including the adoption of new privacy laws; the financial and other impact of any previous and future acquisitions; the nature of the company's business model, including risks related to government contracts; the company's ability to continue to release, gain customer acceptance of and provide support for new and improved versions of the company's services; successful customer deployment and utilization of the company's existing and future services; changes in the company's sales cycle; competition; various financial aspects of the company's subscription model; unexpected increases in attrition or decreases in new business; the company's ability to realize benefits from strategic partnerships and strategic investments; the emerging markets in which the company operates; unique aspects of entering or expanding in international markets, including the compliance with United States export control laws, the company's ability to hire, retain and motivate employees and manage the company's growth; changes in the company's customer base; technological developments; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; unanticipated changes in the company's effective tax rate; factors affecting the company's outstanding convertible notes, term loan, and revolving credit facility; fluctuations in the number of company shares outstanding and the price of such shares; collection of receivables; interest rates; factors affecting the company's deferred tax assets and ability to value and utilize them; the potential negative impact of indirect tax exposure; the risks and expenses associated with the company's real estate and office facilities space; and general developments in the economy, financial markets, credit markets and the impact of current and future accounting pronouncements and other financial reporting standards.
Further information on these and other factors that could affect the company's financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Information section of the company's website at investor.asuresoftware.com.
Asure Software assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
© 2018 Asure Software, Inc. All rights reserved.
Carolyn Bass, PartnerMarket Street Partners415-445-3232
Globe Newswire: 11:48 GMT Friday 9th November 2018
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