ASUR - Earnings call transcript Q2 2020

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Operator

Good afternoon and welcome to Asure’s Second Quarter 2020 Earnings Conference Call.

Joining us for today’s call are Asure’s CEO, Pat Goepel; CFO, Kelyn Brannon; and Vice President of HR, Cheryl Trbula. [Operator Instructions] I would now like to turn the call over to Cheryl for introductory remarks. Please go ahead.

Cheryl Trbula

Thank you, operator. thank earnings joining call. and second for everyone XXXX quarter afternoon, you us for our Good After financial results. market the close, we released our earnings investor.asuresoftware.com, on Investor The the available website are our and investor the presentation. Relations you where SEC's at also find website materials available also and our teleconference be is internet will broadcast being This IR the website. over and archived on

encourage certain timing investors non-GAAP believe to we these our call During expectations. and the events, with of measures, actual our exclude financial filings a you call description our in Today's will GAAP current earnings today, additional their future contain non-GAAP with the refer we and which can items SEC forward-looking release. on cause impact involves statements along items measures of could from useful be for factors found of most will to such that materially and our to We to that as measure reference reconciliation information be comparable to results review also risks. differ to some

I section that, like everyone turn available call the and the Relations over be recorded Pat a website. our made that will now replay in like remind be Finally, will it link available our to Goepel. Investor this I for to would With of would via call to Pat?

Pat Goepel

second to business leadership on our call Board today. earnings the client, Thank welcome changes our employee, start all key XXXX I'll or update COVID-XX you, interested highlights quarter you metrics Cheryl reviewing you’re team. quarter to We’d recent response today's appreciate senior our I party. call. like to call your before third thank and analyst, and being our some for on for to second interest the an and investor, with an and everyone whether

in business review strong as encouraged uncertainty capital financial management businesses, questions. Kelyn the for we'll Next second take created human are quarter. by the then results COVID-XX our bookings Despite and our small will obvious we

accelerating after strategic innovation make Workspace on reductions the provided sale. expense as to business including continues to we're responding update investments, our our we progress product of on the COVID-XX. an Asure business our April, initiatives, while and go-to-market impacts In

do about especially Since an in paid sales in but we in key late to metrics. not productivity our We employees May, beginning had returning the of how it's as increase provide We monthly our also reopening as improving COVID customers metrics they've experienced quarter returned. to increase and our mentioned had and improve On of began on in X,XXX usually little in and began and time, our we and a that trending headwinds that April a over investors steady call, metrics the recovers. well a detailed key businesses a the basis, talked throughout the direct delayed understand leads as important work. a We as quarter. our because been XX,XXX started economy continued we employees, sales to to think XXX

have little a over XXX Now returned.

reinstated encouraging as Starts important States growth. We exceeded July. and an from in both sales X%. Same-store that tick view slight down just basis, losses a on June increased May, we're and Translating to July with some also new closures. but each is in April about year-over-year. line pleased Still revenue number had July So down on and units sales other, reoccurring XX% down Though monthly our year-over-year, and path we're milestone metrics substantially. this roughly a other clients of the the on the is as exceeded double-digit July of the in process hand in June losses. these June

the strong few continue to revisiting COVID Looking new for it's on return tailwinds combined a revenue our these continue reoccurring think months businesses monitor a said, improving. we we with prudent and expect That providing small customers rehiring guidance. more keep trends before to starts, return to as bookings forward, and to

We customers the changes with navigate them in providing valuable business our legislation. during been partner to information small to pandemic, a have complicated business

clients solutions Our as of adapting in to begin business. workforce were reopen the invaluable get they to back to remote a environment new to and

COVID-XX Our than business resource benefited launch. have webinars, small since in center and more particular, XX,XXX attendees

service the could webinars by who to our employees high. all-time exceptional deliver them ongoing and are for our this Furthermore, We Our rising to customers to Vannoy I have safety. clients. led continues delivering of workforce excellence changing More work the going ever not in remotely their ensure at we business continue has our that to XX% thank an employees the excel well. to without webinar dedication very to our an to been this environment. and small challenge want to commitment Mike than of

to clients need businesses they small the technology thrive COVID-XX stop with it's economic our over. While and have support due experienced never and unprecedented when providing headwinds pandemic, crisis survive service, we'll to

XX,XXX environment small cuts helping progress customers strong such, expenses. and unemployment bookings strategy impacted business we remain while innovation at make grow the quarter. second We once the in quarter These our to new expect well-positioned small rates Asure second go-to-market controlling as adversely to macro As the indirect business our Nonetheless, March, continue investments, rate investments and expected, XX,XXX our our challenging as operations go-to-market Still, product including basis strategic initiatives, client's remains performance. direct in heightened essential also long-term an this business be committed and XXX on optimistic resulted in in and financial point environment. normalize. in about to Asure's

was highlights. $X.XX cents, Revenue EPS exceeded second Street Wall to expectations. Turning million was both quarter $XX.X , financial the non-GAAP

our second in the XX% year-over-year, bookings New quarter demonstrating success in grew initiatives.

carrying Our from Human the the Capital stand with. now year Management significantly we at up quota XX XX, began reps

Shifting strategy to and we positioned launched We senior leadership that tripling Capital to our the our businesses. announced We non-GAAP also Board small developers Management We the meet Board revenue Management services the deliver and doubling in business. optimally on changes only client we addition December in transition in Human X of requirements people EBITDA. Capital while Human sale to Directors believe In goal salespeople, today. hired for and change the leadership over with years, changes the these Workspace of completed of June. Asure service

Asure's Chairman plans an elected David Investor. down, Sandberg, was -- to has Independent step who to remain

David's for thankful loyal past are the XX We dedicated service for and years.

Workspace valuable of elected Directors Chief growth Powers, board years the am current the of and year. Chief end a CEO, Gill than who execution Eyal's in contributions his some our a publicly We also accounting Independent appointed several Kelyn the much brought Furthermore, resides the global able and our where me Chairman on Asure business. for focus transition Brannon, leadership to who's knowledge a to some will President management finance the Jay has of truly experience Revenue assume XX succeeding growth to role NetSuite years the operations. Kelyn and creating important he leader be of welcome want will and to consult Dan made She and In Asure and as to additional to finance business. for Lead through the experience placed certain trust technology than forward Officer, in expanded as Jay addition Dan now. outstanding more value. Eyal Financial responsibilities team works. to together efforts thank included of Goldstein my of working Austin, majority when implementation Officer. to I and the more leadership financial fellow and for been in as while with who role promoted he's and focus source Workspace systems on strategic thank of the success, have on insurance greater team. the and member, has to the to companies want and instrumental in some they been very at honored enhance I'd Asure's overseeing I shareholder Asure's been Jay the have our was team takes like Director. Texas, with company Board concentrate traded the with to finance of Directors of look in our of

future Kelyn that, Lee, human as brings before two resources further, brings and and financial to we really her Ben of and talk President companies. With any Grace welcome we'd Board and her look of of years about Asure's miss experience and diversity Allen also like dozen to CEO multiple detailed a And absolutely Ben go members. We’ve over have industry experience and Kelyn Grace Kelyn? contributions. the immense results. their exceptional wish to added will well like Board I'd on expertise leading forward We wealth endeavors. to and

Kelyn Brannon

you, and good everyone. Pat, afternoon, Thank

of exited revenue XXXX numbers HCM restated we customer XXXX. purposes, and we exclude comparison have December non-core businesses contracts For provided that non-strategic in

state usual, a as I And non-GAAP from non-revenue today will them GAAP revenue figures reconciliation to I release. discuss restated numbers find measure. results all in GAAP you a As financial and press today's will non-GAAP are unless

XXXX adjusted as XX% During of compared QX and related the shutdown. increased to Recurring to second in by competitive remain QX XX% Revenue million confident driven XX due with. further. the to check year-over-year well experienced profit $XX.X lower we decreased and Still, at We representatives the year our the quarter XXXX. increased look XX.X% sales a July, from impactful represented a an XX return forward of be second the our quarter, QX as in adjusted from bookings COVID XX%. They revenue in last revenue end employees half up began for customers gradual position million fewer processing revenue, normal paid We and into as XX% to about declines and year. financial and payrolls, primarily of year in result adjusted fewer in to this total we operating conditions. of EBITDA, more of volumes with gross $XX.X an of will

$XX.X a non-GAAP our was $X.X This profitability equating to million non-GAAP XX.X%. of XX.X% margin discuss QX XXXX. I'll gross margin Next of million a compares metrics. in to gross gross QX of or profit

revenue in million sheet, the balance At $XX.X end. our as the end In Shifting at performance. XXXX. million, XXXX, second quarter client was first second and cash focused taking XXX in $XXX,XXX of for gross our $XXX,XXX June margin, between is from quarter, deferred our expect accurately to million the We and $XXX,XXX on down loss was which guidance Total quarter $XX Interest balance feel for million of non-GAAP QX. QX seller $X.X actual more $X.X the equivalents and are days to QX stand of and year the we debt, for DSO still QX XX, payable non-GAAP year. We level from continue unchanged our tax loan from XXXX, at $XX.X including be This both was $X down to second be exceeded to EBITDA the from and on carry long-term this the gears XX, of X% of short-term term cash the ago XXXX. XX of currently for up client $XXX,XXX funds million. we up expectations combined gross XXXX. in million, actions effective up as improvement. XXXX, quarter at second XXXX. in quarter. in at from at drive amounts interest are was operating the still the million remains Overall, XX laser in measures remained Net notes. $XX.X million in $X million sheet quarter we on quarter on from of had rate the funds days $X.X XXXX June forwards headcount

During was negative quarter, second a $XXX,XXX. operations from the cash generated

over Now Pat, back Pat? I'll to turn call the

Pat Goepel

Kelyn. Thanks,

value in of market large reoccurring proposition the strong experience and to success opportunity is sales solution we Our combined efforts. and our continue with business our

Q&A today, I'd words, turning to Jay a say Before to Jay? few like

Jay Powers

the forward creation a our Board, CFO rest profitability, employees excellent for me look working with and the and to management Pat. privilege for It's closely Thanks, accept to the shareholders. value dedicated team, to of Asure's I great growth, role. drive

Pat Goepel

questions. to that, it Operator? open With we'll

Operator

Our Ryan McDonald. first from question is

Your line open. is

Ryan MacDonald

slightly new future the about afternoon, that Good first some best June. for you into in talked Can and nice guess Kelyn, than that there. July? we’re it talk commentary July albeit off, Thanks it off slightly that Yes. there's again you be welcome July, off down. as if June Pat, payrolls Little Thanks. some of closed taking Jay. saw booking more of maybe and mix fewer seeing my trends questions. or about, saw maybe here may you what in there I lower Was slowing things everyone. was just a luck fall more

Pat Goepel

getting we're what Yes, I'm it, sales momentum starts increasing and a Ryan. from losses. appreciate signaling I No, here fewer in Yes. perspective, and sales

is through in a What the pay. So clients say right would about that's end saw down it What a really albeit Memorial same-store July, ticked June, positive the I around X.X%. we people they a sales would of on are the Day X% starting or that development. went I say

metrics encouraging. little feedback. over I had from have That's staying think PPP system companies a say company seen [ph] system cetera. open. there's based bringing or I've maybe a really money around And person money. then And goes But et gone the anecdotally customers that how X,XXX plus, are drive on two away hours, PPP some or XXX interpreting I'm on we and back. process, left some around the can now what the were it It's over really companies of the is as uncertainty a keeping our we on really would I a a little our

Ryan MacDonald

Excellent. follow-up, organic about the you of I of I'm that's year, into you acquisition. Thanks. acquisition, all inorganic, reseller. on since first mid-July, I about in Can you're if as how That's the think mix really changed about at announced helpful. a the back the assuming half guess quarter? you're thinking an And looking the small talk then versus of

Pat Goepel

for we COVID, our of define Yes, think cetera, know is to we with in our and continue I employees I our strategic really and et them our kind look network. we'll focus far look big reseller the more the getting say companies will than see on you'll as we And is don't we're What lose or well and at on acquisitions. with a too each month. HCM think field organic customers outside would go network. really focused I growth, space go bringing we clients, us

where a We to of starts then et add the in having back success hiring again, and cetera, people growth. only to as great this come COVID start are line tailwind doing the of organic that'll that, certainty and

And think active So environment. that'll far as but too be as front, acquisition will be especially don't opportunistic then I this on development. a positive the be we'll we in

Ryan MacDonald

in back jump again. I'll Thanks the Excellent. queue.

Pat Goepel

Thank you, Ryan.

Operator

Thank you. Wood Derrick The next question from Cowen. from is

is open, line Your sir.

Derrick Wood

would luck it taking welcome the and you. you questions. and Great. Pat, year-on-year, were the in vehicle at job quarter up, you in on And key XX% set environment. I in that Thanks good a kind when new great I'm this Good that growth? quite in mean, seems growth certainly what that's work Nice look new with center Jay. my been you've if to was response for for generation. contributors of say COVID-XX that improving your Kelyn, curious endeavors bookings new new customer

Pat Goepel

when all Yes, I done Goldstein really was to of difficulty] think where in Day, [technical the team Chief I it marketing, of an they people about the Officer, our we're that about needed Eyal to And helping we're Lucas We're call go-to-market just just we're about small webinar they've a draws the And small get think I lot and that Mike so -- money. Revenue payroll interest HR, job a outstanding and helping XX sale. Vannoy time them, and survive. March thinking most. a businesses getting it our at as much not not Memorial how really was or or businesses thinking a businesses helping thousand

with XX and people the providers -- people. we hired PPP stay help have to a also then I then and people, acquisitions XX. and is, not et we've And some think of doesn't say sales market there've there now problems finally, And move. that marketplace only a a And at but We're they been space able their business. have a get from hired as what some higher that some business, and would I them we with clients us employees good really been then stay could very maybe current then have in good result level, in get the we talented those. cetera, was funds, their up some rewarded at

a it's I up our it feel here. a set time what just good long combination was think is and success good time. And I for And focus, we're for people so about of

Derrick Wood

I country, certain about a on hoping reverse And the of for of four some Thanks guidance, there's and I bit have how little weeks is going think in we what bit PPP a reinstating not you're the of over rest areas air the color the seen last from And of color. kind do to was get the up about here. what thinking quarter. the to you're so -- guess

curious, think thinking you just the retention do what of rest the quarter? or a about So should dollar how through trend you're

Pat Goepel

of I June we good in Yes. No, some why We perspective. into we've in, let went a it. me increase saw that's from I -- appreciate talk what seen July. sales When and drill

driving have to I we're think some we're to going I sales going keep success. and think

loss a client keep perspective, you the focused them I do from bigger good them, if a think think with you're I clients, to on servicing job pandemic. things because they're going

it I Where retention is don't because hires you'll companies is will the us them. and issue think I some bring new I on you same-store to in somebody think with What mentioned pandemic, want the hiring. then be pause and the strong. invest or is see they be think will sales the to So reluctant our

and an on if is they'll be in little do there little they from cost will more work a bit they'll get overtime what So a perspective, hiring. business need,

nice an to same-store V that going get sales it, if the of steady got from What cetera. slight to of improvement half a And we're kind kind we've will what and modeled. smarter we is it's modeled predict individual. that's lot And don't I a improvement et of kind year, a what be be If second us. then [technical to economy here. tailwind the whether to we the be on banking of it's difficulty] as W can I Now in or

We're would Now from thousand in call another started us that payroll, shut companies closure, off with encouraging. pause if haven't have over bounds given modeled us. it's that. have paused, over XXX over -- our then or a many restart date. you, a a have what so really I seeing a we're completely we What that little XXX so have daily encouraged another or a not And say that's little of perspective,

pandemic what of on can kind remains now. decisions, be restart little bit I that's much slid you back seen to it further color right but date Now as a give gets based as

Derrick Wood

in will, get back Thanks. the queue I I'll Great. too.

Pat Goepel

Derrick. Thanks,

Operator

[Operator The Street. Instructions] Martinuzzi from is from next question Eric Lake

open. it Your Martin's line we lost And is Baldry The question is seems from from ROTH line. that have next Capital. Richard

is line open. Your

Richard Baldry

sure good. somehow bookings, Thanks. curious if, seems I covered to of were backend not how almost can and that XQ quarter? May, up I'm so loaded been? for bit book I'm stops or so where But this. pretty pattern talk the able had a might've XX% broke of if a pretty second, April, you about be you sort you're strong, the throughout to June dead heavily

Pat Goepel

the since momentum. we're through good July really I seeing think, Memorial And continued timeframe quarter. and accelerated that would Day Bookings to was Xst Yes.

Richard Baldry

moves on then of side, me hiring lot any seems the that reticent to do And It come to Okay. make about these people right can now. from? are you people talk where a

in-house -- sort entity. So you're or will where they salespeople you actually able to, developed from they veterans another do away were of, they be

Pat Goepel

BenefitMall the didn't have just really exit to board we'd They acquisitions mentioned them business the customer sold but CompuPay, people. and were I sold one decided acquisitions. couple and in the from because of those some ADP, to take the payroll a and were There marketplace members

benefit in for did but a from think there experience And make experienced, were cases was I a to that salespeople some Benefit where chose the Benefit were some maybe change. competing pretty us. that also have sales with been liked And So, -- that folks getting model competition. can instead we gets are territory, they there's the And of coupled people could for veterans of other opportunity the that sales, or then a Benefit whole a city, for you They additional where the they saw instead really that get industry could changes XXXth they get the city, of partnering sales. themselves of in and industry bigger where people momentum. the with payroll where record in folks there's some payroll with found the with broker process been partner they rewarding some

So were the can in hit quantity the away. ground productive cases, people they running experience up our many picking right known and

that excited So about we're opportunity.

Richard Baldry

for thing And Can while the short-term it can to of talk willing talk you and be the pipeline to maybe to any of they're that pick stage terms you of of around that independent fears what the extent think seeing Are up. about in reasons. you're the to or because about when of to people. more about mix consideration acquisitions valuations terms expectations slower to pay trying last sort think of of paced to may change back stay obvious starts in us Thanks. earlier for you

Pat Goepel

Rich. people just Yes. the XX, you February the hit I'm right of They know execute. because a what didn't they in lot understand means. and And Thanks, to April what think sure face say I XX they them know pandemic options this to between wanted would their not want we're I and talking,

their normal a I [indiscernible] like. what getting bit the think people new could and kind look little of are understanding

do commit a of search for or said, lot a kind of options ultimately not. of there's being lot there's ambiguity. and kind when ambiguity And then that still of Now people they

ultimately I kind be right be our think platform, acquire the the people think to time some or though, want we with are which the burning From good people valuations sure going for at capitalized, will of forward. lower not to and I of going facing degree us. right where we make are certainty right perspective, valuations

as active, we'll do we'll certainly go. right. timing that the we are valuations think is going but really my to be And sure so, and from right make we're perspective, I And

companies and are we're the to focused improving We the each companies have bringing we're that some and on. we're it bringing encouraged really and of about on the less day losses own business worry our than on we're with

to of acquisitions. be we execute And opportunistic continue think to there's the going strategy opportunities beginning there XXXX second So to later importantly, that do And more the that be think and value half. the drive and to results. in on continue there I we'll

Richard Baldry

Thanks.

Operator

you. Instructions] next from Your from Colicchio Research. [Operator Vincent Thank Barrington is question

is Your line open.

Vincent Colicchio

curious or mostly cycle to certain in us? term I'm that Pat, clients, a are you is where terms Yes. past of financial the in negotiating better

Pat Goepel

Vince, that’s really I people good it question. March on figure February trying it early think or think just out. were I May, in to really call to

think you or provide the where just conscious, if want I now to think terms? Have are people And confident what can is not have to help are supportive certainty they by them have value they through in really, It's of a will going more seeing but think a Pricing some can model? the I'm good about, area world. they Do we I that, be value. we that things I and that and an through them partner payroll on going of certain, right first partners? value concessions get especially do can the out focus they worked much, frankly. inkling same business continue. in they're token their financial a do you lot and have uncertain We're good they hey, help that,

Vincent Colicchio

in from competitors? there the is any aggressive landscape, And competitive behavior particularly

Pat Goepel

their No, to I provide think everybody is clients. to value trying

model. business trying they're to the understand I think

some think are them I in. focused of

we're models, have opportunities look to people probably which play their really a too. understand then and then at share there's offense more inward helping a that seeing want I market that helping thing on the world focused And exist. make at a I what maybe folks are business people look clients think so some there'll But is the sure I clients, little post-COVID little get to great their and think do to to be they bit, think is offsets. for

bring for I and customers that they get workspace keep customers. Kelyn what clarity with to the of they to our and were business. want growth. salespeople, going year strategic focused transitioning to were great on need organically we we do. folks. to our grow did They They hire know We're they organic a know plan new have one going know on off. job think to got They into heading provided

our And on think growth. that's been I just can focus here. So our the success of good recipe a organization beginnings for honestly

Vincent Colicchio

in the quarter. Nice you. Okay. job Thank

Pat Goepel

you Thank

Operator

question [Operator Jeff Instructions] next Capital. is Your from Rhee Craig-Hallum Van from

is open. line Your

Jeff Van Rhee

Thank of Pat, here. a you. Great. lot changes personnel

me lot of mean, Why right to time? point? about obviously these talent, talk is a moving why here. -- Board Why What this now? this happen the timing, seats Just I the all at did

Pat Goepel

Yes.

early, As and company. a December we're Management we becoming January, announced in Human Capital

board we So, about talked leaving. members

I think we Capital Human And a signaled a We've company HCM how for we're now the talked into reshape multi-product. small about company. company then, do we that's a that. not Management global We're business.

member now's to an COVID lot years, ready he but here and it's So had from the TSA and the to of done has together perspective, ready outstanding I to so board leave. think ended, he been and time. And think a XX was June and I a hit, the David it, me all timing job go signaled a coming plan

whether could experience decades have done. Carl Reynolds, operators it's You Ben Human see and or what even prior specialists of or and they that Management Capital Grace recruited, Lee been people Allen in Drew they've they've Bjorn the or

if us think I kind of from like Francisco And of just in got now. for felt job So here and know and timing then time all you has with right. his Eyal she's right very And was and to, makes and it of a San accomplished years Austin been decision has a in company. then add don't there. a four global the the a to make be house a to was platform Kelyn growing I done and then it then, Kelyn, the team, nice He CFO really with she's shine it Jay have anything sense. lives here management

Kelyn Brannon

right. that’s No, exactly

Jeff Van Rhee

year-over-year others lot plus the at sort levels than assuming suggest compare better a sales of now, or whatever of at XX% obviously the does does two this trend we're capacity, get the What worse. adding the Pat pipeline bookings at pipeline we’re We sustain helpful. That's get ability to growth? does Okay. -- in the point, COVID doesn't

Pat Goepel

from growth. to hiring that'll is perspective, Yes, And with marketing and a the a won't. get would to drive I growth, the our we'd we sales because seen to want to to salespeople when not quarter Xwe get guidance to then will the we're we say additional changed shake then of whether we are continue that. when I from COVID we're mission opportunistic remains out, pretty hasn't and what leading it's here but sales going It organic to indicators double-digit want the positive, numbers get said to we be to and give bigger first that XXXX. think in But organic be continue going perspective. mission that in all had and

Jeff Van Rhee

last of then QX, that the on us a baseline makes wise And about to front, not good build cost sequentially? off expense you. Thank anything

Kelyn Brannon

No, margin keep down not We downs of really. our at needed look all was building gross perspective. does. what of see those It's therefore you came -- was CRS so still and lower revenue, processed. our costs our that because or as dip in from but no being in to runs if off nothing AWS feel place employees customer QX. customer you folks, as, would revenue in there expense COGS unusual I -- are facing of there would There that and very kind number comfortable But still of AWS check service and keeping an of

Pat Goepel

add thing about our the bit sure we're I'd talent in that some market early. investments developers and and are making only have us of salespeople is, been Yes. to little And we our talked acquisitions that we that getting some perhaps the a making

the So reps goal the fortunate be of to XX at now. I at originally of XX sales XX end year. by We're were to think we a

to bring also So a and of we're place little those good in where early in efficiency second costs them, we're we pretty efficiency some but need have programs for half. some to starting bit then the drive we trying

Kelyn Brannon

was QBSS, change XX that and [ph]. QX was with modeling started XX. ended of QBSS thing and XX QX have XX anything if year We June about we're biggest the -- could So with about I remember could like we the that thinking at now QX XX in QX, the

So you'll total we hire, uplift. QX sequential organization. but you QBSS, also the as our around and increase our of kind And modeling to in if you're the comp will a an all primarily see continue development benefits, see

Jeff Van Rhee

best my there, Great. taking Thanks wishes and for Kelly. questions

Kelyn Brannon

Thank you.

Pat Goepel

Jeff. Thanks

Operator

from Eric Lake Your next Martinuzzi question Instructions] Street. from is [Operator

open. Your is line

Eric Martinuzzi

Thanks, on at my Pat. sure what wanted perspective. outlook I Not different go the around. first happened from a to bit little come

bookings it revenue is QX, safe that in Given we're sequentially in on good to assume QX? up the

Pat Goepel

appreciate, -- I question. think Eric, Yes, I the

we'll guidance. August more really and than do there. then I The that area. in when perspective, I we you our look same-store would not ready to outline we We some from July also difficulty] want tick. institute think what guidance, X%, to took think to yet. but September, say trends we in declare But in I we're and model metrics that model X.X% we're sales, We're or losing. starting resume at and is victory though favorable have were [technical see ready a same-store down not

Eric Martinuzzi

difficulty] the Okay. And you around [technical think or then July that of Xst an I did announced as you management. difficulty] of [technical acquisition Xth close it July Xth make

anticipated either year revenue a think an the contribution from of there maybe a, if LTM give I remainder you the what's expectation. us could or

Kelyn Brannon

now absorbing be of piece means repapering. there right an the processing just midst was is PTM necessarily primarily payroll. and going the of indirect asset in tax business. which does not it, the transaction, that the a This to We're They're

that paperwork a new lot things customer on power there's working with of with getting the So of with them. base and attorneys new -- going with

And through through not. or X to X that so as how months. to want process is just this which and work between don't see you wait Pat, add I their and right know if now we'd rather TSA, we

Pat Goepel

going we'll Yes, on that ready be on comment we comment guidance as think to forward. I

Eric Martinuzzi

comfortable Okay. all workspace can sale. and with. right. I That as share And safely you Board think was been I then than targeting more know the have lastly, management had oldest the ever describe was the you we are levers much maybe it I since guys

have Xx banker's safely to targeting a still a three kind under if that the ratio. at going that times from it that right to -- look here. safe be based now, assumption coverage perspective safe we is the you're to of debt that ratio You've one -- a been were Xx you on

Pat Goepel

looking Human be way I think look a We're we when with at to to highly sole focus. not the banking, we're much business Capital we Management, in the tighter looking -- the levered. being grow

assume but to you'll So to to have we X at or to highly to a get X whether is, out level. all. to X.X X to X think that safe it's it's whatever, normalcy levered think some debt going don't or of I provide not actual think COVID, I see coming we'll I we're or X as What the X us X number

Eric Martinuzzi

taking my questions. for Thanks Okay.

Operator

the or no [Operator Instructions] right. you. And Goepel to time, am additional would turn for I Thank showing closing like to at CEO remarks. I questions back conference this All Pat further

Pat Goepel

just some much predict the point and and think I really bring very personally, month there's forward want efforts company He all I'm the job done done Grace She's want and has people salute I to want has Chief Goldstein. appreciative job thank different to really welcome Lead job times. Jay then since the -- to He's back. a can just the that thankful. getting keep our an and And as to be I to of going contribute David moved no welcome detail job the Eyal here. into what All efforts. Also do we Independent appreciate that, to nice get and joining can I Board her want day-to-day, understand doing here a we an the Dan the welcome in that'll a to have years or and day are XX served wind perspective, a really Gill nice Kelyn, start each to think has a and our We I want and it's want as He Yes. his of on an clients things we're or I to hiring, without good confident We as From over. the outstanding outstanding we done of COVID great I him. business think Director. And [indiscernible] investor I more If Financial playing done V,W level salute whether roles. they're brought people very Officer. success. years Sandberg. same-store job nice happen. want Powers, has be And to we to then I on I'm is. sales we a going business. we on some issue and Asure. uncertain Ben. we don't count to can lose X

here, to Thank So no the heavy to question to the to with there's talking getting appreciate luck and forward third, really we look really, early part we And quarter the this do do, I signals there's and and your lifting and well. but some to you. we're going think second in you patience trough point soon.

Operator

today's gentlemen, and and concludes this call. Ladies your Thank conference participation a for wonderful have day. you

Asure Software (ASUR) 10 Aug 202020 Q2 Earnings call transcript