- Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to Asure's Third Quarter 2022 Earnings Conference Call.

Joining us for today's call are Asure's Chairman and CEO, Pat Goepel; Asure's Chief Financial Officer, John Pence; and Head of Investor Relations, Randal Rudniski.

Following their prepared remarks, there will be a question-and-answer session for the analysts and investors. I would now like to turn the call over to Randal Rudniski for introductory remarks. Please go ahead.

Randal Rudniski

operator. you, Thank and third everyone, for us joining Good XXXX thank earnings Asure's quarter call. for afternoon, you

Following the website close The of the investor.asuresoftware.com, markets, we released also can is Investor website find on where our you earnings presentation. our available the on SEC's and investor Relations at release financial results.

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

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

Patrick Goepel

fiscal financial begin an over of with and I CFO, other partner, then update business a or Randall, Pence and today's your remainder you, and investor, for our Thank welcome, you're our to the will Asure's our an outlook more XXXX XXXX John party. earnings detailed of and I'll turn everyone years. and employee, presentation for I strategy it on review interested appreciate quarter to interest whether results highlights third call. analyst

the growth strong real grew are your levels to quarter then showed revenues EBITDA a basis EBITDA We quarter. third and margins confidence the quarter Organic from growth to to rising in beginning X.X%. XX% and with results we as roughly year third relative many adjusted guidance, with XX% revised session us in that our We by you prior quarter by in questions. with have revenue XXX nicely real can expect growth we had performance higher initiatives conclude the points X% organic in progress. our giving Momentum time guidance. in the will see revenue improving to revenue the answer adjusted revenue see business the is XX% our and fourth organic We by to fourth quarter of in come annually at undertaken was building XXXX

believe and will margin the third be accelerated In all very prior a EBITDA. enable including bookings Our as new strong of activities high XXXX growth, us payroll revenues XXXX integration recorded as our have We're of on logos in through quarter XX% important new revenue bundled quarter for revenues backlog we and also But about revenue robust XX% digit in very well adjusted payroll third XXXX, in driving and tax and to moment. with our in has as a increase in have carry of double XX% efforts relative the that XXX% our proportion introducing marketplace, to pipeline sales convert organic enhancements efficiency healthy. anticipate in prior as sales recurring new platform, to including strong we as economic year sales strength that continued sales relative focused the our adjusted revenue bookings to strong progressed. sales expected to year in business, tax In growth as are payroll There initiatives momentum have and compliance by unbundling we We add earned In many demand and attachment driven is been suite retention XXXX the a prior size HR strong will with compliance expect very segment, in talk the will to enhanced EBITDA growth, HR focus grew margin finishing gains, in the well that solutions. the year, improvement of solutions. XXXX. These improvements our compliance to products growth solutions to added well with by and parts these good average new a is been driving enhancement other booking increase new with introduction streams. remain credit as and environment year compliance cross off. is relative effectively current tax I'll year. HR Demand payroll sell solutions. revenue the across more bookings we our In really utilizing the HR plus paying our payroll. include

our existing HR the compliance tax solutions and bundling more base can reoccurring leading the client just generate efforts revenue with surface in and are way.. We scratching from our

a allows to margin revenue be to clients to automation, enhances next we time and culmination XXXX and to as important management reduces our will integration our payroll sales in and XX% of Its overall with our complimentary, and Equifax and to of of it verification. focus value integration enable XX% our proportion could the clients New automation capital believe core drive and and XXXX an retirement is Integration made solutions represent to ownership reduce couple revenues employees secure us through forward on key provide attendance, human cost of will on was announced to We with leverage technology. marketplace income that such efforts compensation. part and and them revenue going It costs integrations proposition. tax, the quicker will services increasing October, and their Asure's partnerships their Asure's In integration initiative and capitalize more marketplace employment provides the of workman's with which upgrade years. streams. of our businesses, launch over This marketplace to with contributors initiative are expected new growth. data be our also to clients high

In to very addition, integration revenue the Equifax can to and integrations future are actively solutions growth working of access, we about expand wage for while tax retirement our We're Asure. reconciliation, the that driving marketplace benefit benefits bring clients earn preparation. to and excited

those solutions that other which demonstrate consolidating We clients that for strength new us solutions flexible them market August, segments to tax clients. new and engine, of increasing these launched solutions opportunities future PEO up for will some now centralized to of leading in an working automates Another In our returns in payroll facilitate into software to our manner. our tap clients Capital This and integrations. by small look tax for tax paying see that want primarily discussing marketplace. and introduced a excited area open we to enhancing for we two efficiently a and an tax efficient introducing unique filing key been on working market and HR our technology for enabling I the preferred efforts back in enterprise We a Human tax provider position believe efficiency agreement in this market. new processes a we're to prepare for to on and office our to of deliver ecosystem is new portal of will single is be tax us the announced a platform ability businesses we're leading to to platform recognition the initiative and segments offer tax enhancements a We we've initiatives platform. platform tax ERTC Management And highlight initiatives include new new These to to provider technology quarters. off amended in capitalize the PrismHR, recently forward are stimulus. claiming our in enabling tax allow October, making to Efforts services on. turn leverage the about. professionals,

initiatives to and while area of operations client service. are centralization enhance designed Our delivering exceptional this in standardization our

is it's to delivering plan accelerate of our a complete. as rate. leverage communications to state-of-the-art have process convert fully see XXXX producing solutions once Human client Our These infrastructure. it's a driving development include and - funds well enabling to to Management Capital and us efforts through product to already savings million benefits in of Fed providing for centralization across efficiency with the $X adjusted us us implemented fund robotic and work be efforts process EBITDA. our are approximately underway standardization, and organization streams deliver give efforts These Project the reduce operations annual in flexibility development, through increases enhance expected platform, to revenue efficiency, growth consolidation to higher upgrades greater the business increased proportion our also to costs gains we automation

Our and efficiency enable also support future expedite for acquisition initiatives synergies and timelines us to strategy assets. our integrating

two you they on delivered that we had Turning to on complete we year and recall time reseller are Their have last expectations. last businesses October, our budget. and acquisitions, acquired may to integrations now

acquired, affect means essentially will were be all in businesses comparisons that our beginning XXXX, they not will September which in those organic. QX As activity year-over-year

additional year-over-year can client in None momentum as drive continue with quarter's our across fit higher and our lines. right up, the of backlog, wrap XX% and new product within for our retention see XXXX, and increase revenue, the sales of several improvements is assets value contemplated To no M&A sales and rates opportunities that really that forward on our revenue has to in we and investment looking been as that For evaluate bookings building acquisition shareholders. well third model reflecting now, business, increased imminent we'll creation balances strongly guidance. impact

outlook Our performance XXXX confidence guidance our our in preliminary XXXX. remainder gives for us the for and today of

double-digit growth initiatives QX and we have organic expect XXXX, we driven the discussed. by For revenue

reflect we been XXXX believe, in very [technical integrated the operations. impact for strong in contributors our marketplace, and We've EBITDA such margins to a significantly we that in going with streams. our forward. solutions as also several our revenue building be introduced of strength Asure, important XXXX deliver portfolio difficulty] active business, efforts expect product will efficiency of adjusted on growing year has a expanded We in new will sales, performance

well made received which significant the being businesses our by market. also enhancements We solution and are our compliance HR tax to

edge and is to to be solutions midsize clients trusted the drive partner for and businesses. to value most that leading commitment provide our Our small

they Our business. innovative dynamic through our can this solutions so their core customers on focus guide environment help

detail. Now, I'd in John results discuss more like to hand John? to off our to financial

John Pence

Thanks, Pat.

at discussed on several of figures basis. mentioned Randall the beginning today non-GAAP this the financial a are given As of call,

recent most You to reconciliations in made our earnings themselves today. release that relations website investor a non-GAAP of also the posted the will our find in investor.asuresoftware.com. presentation The reconciliations description section investor earlier these GAAP included are was of at available on

now So the are with performance results, that on third third pleased with quarter quarter. in to we financial the our

some of quarter year-on-year the both quarter. growth, X% highlights. did third Here million recurring relative by in the had and revenues quarter-over-quarter comparisons majority Acquisitions generated XX% Revenues prior reached $XX.X the strong the year the affect non-recurring relative of are gains. the prior sequential but not to to and rising

rose we bundle As as strong processing as we a new clients product as revenues Pat increasingly discussed, and solutions tax Compliance Marketplace. for prior as ERTC becoming had organically such that well HR with offerings the grew demand revenue and cost. HR Integration includes overall strong success from operating to good by bundling sale is EBITDA saw by products to revenues efficiencies Overall X% year. and such driven Compliance, payroll Adjusted relative XX% relative $XX.X processing. continued million on focus by growth, year to prior as

by where last to margins growth equivalents and flow XXX We to higher adjusted proportion basis reached reached we margins. adjusted cash points believe $XX.X point scale Our the quarter, and improvements have EBITDA year. relative revenue will X.X% quarter the of business the of ended technological the rising in EBITDA million. cash in We with enable to the

the quarter, under million We $X.X remainder with also senior credit had $XX.X draw acquisitions. the from of comprised facility, we seller $XX notes. up paid notes of made down which our of seller In million million is of debt,

$X still hope next receivable, tax have few quarters. a million we We collect in also to the which

for This guidance uncertainty double-digit Turning market. for which reflects offered in bolstered adjusted by our backdrop this expectation increases growth our now dynamic for to some is economic the rates. revenues of guidance interest has a continued in EBITDA, and recent preliminary guidance remainder of guidance the XXXX and organic in and XXXX, labor

disclosures. the non into guidance GAAP quarter the to go I mention results, want that our of I discussion, Before made we the presentation some third to changes with

it call it's been have EBITDA industry change. what we and EBITDA changes adjusted EBITDA to non-GAAP methodology There Firstly, calculating previously relabeled adjusted the simply a we practices. of now consistent called name with common no

to providing one-time disclosure are related into by breaking categories. increased them we discrete Secondly, expenses out

non-GAAP adjustment non-GAAP Lastly, we due conform are of rate calculation for to longer income to and industry at no common taxes including more net our X% EPS practices. and

fourth range Now, million. back guidance $XX.X $XX.X $XX of of are $XX raising to the quarter a full guidance for revenue million range guidance our to a XXXX, we for year million to to million to

quarter, For anticipate growth XX%, between all the revenue we of and is XX% virtually fourth organic. which

We have the growing momentum business seen XXXX. in in directly

sales enhancements, As have execution. logical introducing improved we introduced products technical new and

give strong We XXXX. rising contribute rates. revenues both as a a to banking footprint fourth consolidate interest anticipate heading will our our will positively efforts anticipate higher performance this and levels into of also momentum of our to and result quarter interest We

approximately implies adjusted quarter range guidance XX%. fourth be EBITDA adjusted EBITDA will margins Our

product While all to to growth solutions, our prior client million and of revenues gains combination to for a The XX%, of drive Between we in XXXX to million, segments. a our be to calls margins of would guidance gains to a Compliance, XXXX processing growth $XXX reflecting which driven in and to approximately differentiation midpoint Improvements introducing those approximately for will showing on strong relative XXXX, EBITDA range tax demand. by preliminary XXXX anticipated quarter revenues, guidance primarily is XXXX technology XX% full XX% margins revenue rise XX%. organic. our reach be in focus to Revenue and year. are positive both we in continued for $XX XXXX strong in to have of HR introductions new be adjusted

integration XXXX increase to as increase the anticipated revenues contribute well pursuing and our as marketplace, Interest increasing profile in our also to the and are we our We as numerous in to expect revenue in are balances. partnership meaningfully with additional beyond. opportunities success due XXXX rates to investible

for million model X.X% average the to anticipate social balances rates $XXX Fed we of approximately rising XXXX. early XXXX, For fund and that in

higher this our We and investment expect returns area consolidate to interest continue banking environment. rising rate we the efforts and footprint from our in

process anticipate a operational We continued focus in positive of on churn improvement. trends our result also revenue as continued

are XXXX, where remarks. We is significant anticipate I are revenue for also a XXXX increasing to strong represents continued for momentum that, the which we the adjusted achieved, be our expansion efficiency both of parts we about. the delivered will introducing anticipated look which revenue margins XXXX, a XXXX 'XX, With and have of strong from technology of which our Pat we over calls offset already growth the perspective. made margin as as in for closing EBITDA a These When well Margin the investments a back items call a to margin adjusted the will XX% be to year impact to EBITDA progress expansion guidance at business period return of by prior we platforms XX% range our more Salesforce. additional year. several the growth across by scale the to in initiatives is and generated in anticipated and relative driven spoke the than expansion that Pat

Patrick Goepel

These increases and in XXX% investable compliance. introduced sales seeing the implementing. of rising rising of Thanks, today's sense conclusion, logos new marketplace, well responding have revenues several quarter and are as I have enthusiasm impact sense contributors is year-over-year, third XXXX call you are we're give efforts. new HR positively up our that generate I a initiatives positive John. also year-over-year new payroll past many In revenues efforts beginning meaningful tax a that our accelerating of the launch On platform, given the expected to investment We're backlog XXXX. enhancements in include revenues assets. believe enhancements as be driven to of of repositioning business to going of we've to hope These our added and that you XX% our remainder calls, and forward. and XX% We from solutions for the bookings will of a the we integration up to year-over-year. rates higher

For XXXX, growth digit a adjusted anticipate we performance. strong EBITDA double organic revenue and delivering

momentum the Interest and also reflecting tax integrated Our increase such revenue solid expected solutions, Revenue in from upgrades solutions due to the rise guidance revenues with are come contribution and marketplace. anticipates to we've balances. revenue new HR is compliance as made. also to anticipated our meaningfully investable rates

products by process automation, EBITDA adjusted make will using operations efforts. differentiation about business We're growth efficient a ahead We streams, more XXXX. These about and development This to revenue market and human progress significantly and pleased driving management the business collection we be of include capital also enable margin revenue our and new of platform improve of our of excited positive to much stakeholders. efficiency create and through unique our and our of driven expect assets to year impact our our our our clients, the organic in our to development made initiatives. consolidation in we're our the

So a the for session. Operator? operator send with will callback that, the to I question-and-answer

Operator

you, Please Pat. question. comes session. Our time, Bergin will with question the Cowen. Instructions] this from first At Thank conduct we your [Operator proceed Bryan of question-and-answer

Bryan Bergin

within any can assumptions Hi, imminent slowdown? I'll macro you just KPIs macro but would you. one making what -- guys. outlook? with recessionary Are sound into are that first. Good guys you dig just that doesn't Thank suggest are XXXX And start like behavior the you Maybe it, you afternoon. Pat, seeing or underlying

Patrick Goepel

for environment not the daily - seeing strong. we're our on thanks Brian, frankly is watching I we're calls. think We're not question. Right demand now,

hiring more obviously business are people, Small management right well now. still up. operational - have We going than people more calls. rates jobs daily as calls, Interest as daily there's

seeing any at just key all. behavior drivers the not to recessionary So us we're

a - but are increases to a as we're there projected As did also Fed are a model of We around rate. float keep be assumptions, but we going on on far recession. model funds current the the assumptions didn't kind should decreases projected

far to in far business, as visibility As environment, monitor continue healthy. as for small we as pretty going visibility is street think clients. main our feel demand to We're that but of the we confident us, the really

Bryan Bergin

know a you good. standpoint that. And possible, kind Can have was there projected. a did you about then call from very board biggest drivers? you across the segregate better And there? cost from contribution things Okay, single standpoint, list versus we what I can really float talk is the of just the that if you'd a biggest? of the think do What in you margin you

John Pence

There's we Yes. better September, of obviously get expect of some our with kind going of incremental into uplift quarter. rates float negotiated We rates balance the 'XX. in QX huge and this didn't some we better kind till of do really one banks

general, that's of we a So you tell I helps. numbers obviously in the through, year. so rough would XXX% in in XXX-ish, follow terms of headcount were last that XXX But after just kind acquisitions

think not but I the precise, XXX, ending low in of around XXX. kind quarter of that we're kind

to to actually add then our them get it. been the headcount top keep steady, acquisitions, only these reducing integrated, we've obviously what other the So do those and but and is make able line acquisitions initiatives not with

kind see perspective through improvements. pretty the And we're that's I So of you in I of margin revenue. the EBITDA those kind It's good contribution showing fall about guidance, my the year a we for think implicit. next where think from terms think as incremental in of biggest

of us in again, I really cost the model the given that think idea is we is so operating feel we've and that's got terms And stable an comfort structure. some pretty that

Patrick Goepel

That the commentary, a some software, of consolidation to accounts, Is the it's getting probably we're some bring were higher year. also margin. Yes, think as our of that XXX flow of reason XX here just of some whether I us get going of revenue of approaching it's margin add ago you're than scale fall incremental jump point but as through not more through I'm seeing bank scale it's instances internally. he's that's to the would specifically, well example an we I'll costs whether in and initiatives. we're where a whether some about we kind the of break year with they out as of why then float thing talked and end less float, the the John dollars the the as the marketplace, on. only John's spot streams, I out about we can float on consolidation

for win-win all a of it's So us.

that's So just it. example of an

Bryan Bergin

Thank very Okay. much. you

Operator

Thank you, Bryan.

Josh, question you Our comes floor. have next from Joshua of Needham. the Reilly

Joshua Reilly

taking going organization here. organic think questions. today you. of change of new sales Thank to your upselling right. given in All customer that at focus relative does what's we the of Thanks my kind on forward growth of up these have the you then about kind forward terms optimal all Nice How quarter sell? base? targets all to going the should And job And XX%. acquisition products versus the the for of hit mix

Patrick Goepel

job Yes, been I all, an continue new Eyal has we'll think team bundling. done logo. time. logo logos Josh, positive. the good XX% of to cross-sell up is question. new a We'll drive over the of of outstanding I doing of really first to targeting on, and really We're increase good The lot focus continue have of mean, strong.

I up our revenue, XX and to really bookings mean, the if those bookings percent look to at reoccurring sales from XX flow you we're gone I think confident to projection feel through. increased year. have we odd going XX% sales through odd percent just reoccurring get frankly of have

a rent we some a feel have logos We'll of We to revenue will of big good be bundle formula. in addition So we streams the in and we like continue part strategy. success. new feel other have to cross-sell like the

the sales go out us to in and to on We'd So to we'll right team now year. see we're about, up that. cylinders, continue per XX% hitting like all invest grow XX%

not going drive headcount compromise to on to continue sales to framework. from We're quality. that going Some of perspective a we're - the that though, within

a good forward. plan have I we So going feel

We far plan have so year. a this execution great

to be the into a there's excited, year, motivated, are Josh? people next halo and going we think effect Our

John Pence

even you Yes, doesn't sale, of the got know, that some I we've couple right. contemplated growth points, require think

the implicit about in gets if model, this start us next some think the getting for uplift So you just QX. some incremental about out the and - stream, revenue you think this to going about new marketplace, year that float, and so revenue we're stream of comfort about

Joshua Reilly

And follow-up, maybe when at improved a margin was the you XXXX kind difference in here, including look versus in is improvements? full of or the then interest when versus what helpful. of that's end was the for due And at, you timeline now consensus year million new how to model guidance EBITDA at a much on the income XXXX some it, Got where of did Thanks, $X of efficiency was these internal the say guys. the XXXX? you the

John Pence

some the efficiency, that marketplace a of drive in developers, what just continue about. baked. Yes, million sell process. months, the million is flow through dollars, fully that come really does, to reoccurring But the let's the performance, of is the say, just revenue, salespeople XX the dollars over, want some I will that some we'll as improvement float general, goes touchless talked probably well we of as $X plan that through real about We'll invest you cross- and we'll to caution that in just kind of $X invest the

a start to float share. funds went there'll been plan, half the these increasingly starting in So They're was a August, already those live bigger the baked marketplace three dollars are Obviously, initiatives of kind year making. zero. ago, in year some the a have a the to rate and hit, for the Fed short-term in be of example,

so there. call let's see now know, you the You X.XX% to X%, could you is that it already know, momentum

of gives lot confidence, a So Josh. it us

Joshua Reilly

guys. Thanks,

Patrick Goepel

had a make to the shout have Stafford], on who Josh, Ferry XX birdie friend, out to Korn tour. a Yes mutual we [Frankie a

that to me exciting see. for So was

Joshua Reilly

very Yes, we're excited, great. awesome stuff

Patrick Goepel

Thanks, Josh.

Next question operator.

Operator

you comes right, of our Capital Lake Street All floor. Martinuzzi Eric, Eric Markets. have the next from question

Eric Martinuzzi

from retention Eric wanted figures. it's Markets, Capital into to Lake Hi, the Street look

them You Do have number as versus talked quarters? a far the about QX as prior retention improving? you

John Pence

and basis we're you providing an we're and say point, close Eric, say I couple would years. it's know, or up X% is last year-over-year number been let's been improvement, year-to-date, And what to Yes, XXX that's to XX%. annualized a going

from around, know, XX%. you but So, somewhere science, it's to XX% going perfect not

Eric Martinuzzi

Okay, direct up the reseller you and then, from customers the thought is same on are a the feel assuming bookings? versus yes. sales maybe But the you're business midsize just the get customers that reps? you XX%? the Obviously, smaller your I'm from your getting I'd know, new bookings for message partners getting answer being

Patrick Goepel

Yes and the reseller perfect not - a correlation. it's

First all, and the an devoting is resellers resources the cases, organic are product we the some in that increasing. to service certainly But of not they're good are sale.

a quite much well as out not but and that it's clients me, them correlation, starting more to line been So the in perfect investing as am add and I we of have. more to business, as top resellers not very are pleased our COVID employees coming of all in invest

making certainly but bit, really little good a trailing progress. probably they're So

Eric Martinuzzi

as for we're here was then QX? plus project pleased is midpoint to on lumpy in organic a worth about guidance double-digit are growth kind talked QX there there double-digit up 'XX. jumping XX.X% that the know foot far XX% What for Is it X%. I'm know I FY here of then as sales of whatever not one-time QX? in as see you for professional - to QX used And well there, is you And seeing or to accelerator as growth is the Okay. in services? number the a you there

John Pence

really rates. coming all been of about at it's once, mentioned, different really, lot strong. talked of about. float, kind a all that the a We've right? together talking again, of fact combination of sales what we got Now, things Pat It's kind have So we just this into quarter, offerings interest were HR Compliance good And that's to there's got ramp that additional look in like. pretty as there's going And rise to coming what we've products - some kicked visibility off earnest the marketplace and digital in a to to then that. visibility integration

So I of that. lot what's think a that's driving

or all of them So all just lot at one hitting one stream, not just of once. kind it's a product

Patrick Goepel

add, zero. in quarter, small almost higher XX would revenue some percentage. second immediate turning you Eric, booked it I days churned now if or in did August, and float although increase John mentioned, Yes was the that reoccurring was in ARR it's plus, and or into the marketplace, bookings, only I depending as bookings at our of really it business increasingly know, then the XXs bookings XX% when to a thing in The float some hit to XX at start going of was up. the days. third, first apologize, the is you look starting revenue is XX And was And

So it's the the a right you we over it some of was third every revenue the over zero quarter, hit over in have first little really quarter, organic combination, live second, different not fourth away, was four, quarter, from good streams zero goes a booking little a beach, growth in the visibility. the know,

be forward. lumpiness is token, on as view the So see feel going And et same prudent we a this don't I our that then that momentum business, all. at with environments, about, By to and guide guide potential the thoughtful the initial we want we a, guidance, recessionary cetera. going

John Pence

of know, would prior the on I yes, calls. about you some we say, it talked And

But that doing, there's think, processing once. we again, have, things all of the know, excited on the some of at and ahead credit about. momentum just us. you processing of haven't processing We that work feel touched And opportunities we tax it's some lot different we're that tax significant then, even the of interesting pretty a tax some we some with

overnight like it's success, know, You right.

Patrick Goepel

sometimes success years is overnight the the Yes, making. in

Eric Martinuzzi

cross seeing thanks questions. to you million forward my right, looking ring mark. for I'm the and when bell $XXX no guys taking Yes, you All

Patrick Goepel

Operator? Eric. Thanks,

Operator

All floor. ROTH Capital. Richard, Baldry right, from have the next Richard you call comes of

Richard Baldry

Thanks.

that I own more much that comments you over push flush work who a end the opportunities marketplace can years, attracting bit fast obviously or sort opportunity would partners adoption, of will either more could more how to - just as spearheads that the XX% talk next of how out your for integration you think user be how sort you be into to revenues XX% the ramp. to that go as kind years. of over have you One much of, of Could through of little marketing efforts, few few sales about many sort next a about those, know, you is, which your thought pretty

Patrick Goepel

located Yes, of an website. deck good as we - and And have - kind in it's highlight we'll our well this on Rich investment - IR we question. our

So all, the at Excuse give that I you to is iterations first that but our example companies one future encourage it, well you me, of and as look if you of Equifax about spearheaded marketplace. which think of of that. an

as doesn't the well to this the of field to level have company their they they to want an they the to case, both you XX minutes their employee available. a loan through then those go they're If And value available monetizing kind want you employer want that we process some don't and their And data data. appreciate loan and opting-out, that knows most for and have sometimes, time XX apply a think data opting-in as get process. a They at touch is a about they then want we know, questions, employees of then necessarily and money then process. in employee and but the take proposition, interviewed outside get of for employer and loan. day to do want the to The call for applying employer phone minutes to doesn't Equifax - that's people

process. of kind the that's So

have categories you of Now think if everybody's the best that. interest in that

The put return. they W-Xs, W-X You employees W-X. tax loves difficulty] turn or for can don't where of H&R paperwork a into They that actual it see can get recreate available. more to intuit block. it, you They could because [technical or personal get kind the example, have have the

issues. number a different of there's So

paid a business sometimes work You to I'll of, the hi, especially weeks concept understand three environment or they to they don't today, money get saying, to that in of idea wait Millennials an lot away. where like have the need a take sign-in savings. paid, today. a they small two the right get might might have get not where They paid see babysitting babysitting,

us. So beneficial there's of series be categories a believe that whole to could we

a advisor take their the could the that. that help they quits to or to the can or trusted XXX(k) to have Fidelity they and do leaves over would love can that a talk XXX(k) clients being idea Putnam if They don't find their paperwork to Let's to IRA be human alike employees roll company and do provider. able interest that in somebody that they or and to they whomever

a a Eyal a and our wagons. Rodriguez, this. the and [Tobblevsky] series good Goldstein, circling opportunities. this technology spearheading has of really CTO; perspective operationally job there's So have our providing from and President really his a done job done Yasmine nice

but some will more points. on So it, come this multiyear a add good really proof be to strategy, we've

Richard Baldry

that of Does these think help And middle can they of are then functionality do that broader base. upmarket? headcount? lower climbing competitive because that sort sort start customer of sort maybe average wins, more features new your available into feature Thanks. at that to market you Or on you extend higher all that gets

John Pence

sure off just these people. installed base. necessarily our a the think I'm buying of for nice that's not stream in it's I incremental decision revenue

So something this necessarily looking I payroll that incremental think is it's registering is their that evaluate could my at an have trying wrong. don't when just providers think that opportunities, they off that installed other at somebody to tend base. to that impression these that I that's least they're be but isn't

Patrick Goepel

I'd have the Rich, strategy only we us. strategy, And deliberate Yes. around of kind thing a a say,

focused. of good We're a -- I And think we'll line over think want time, to just our We increase really our do yes, we it but to we'll drive rush necessarily to time. have stay good We'll continue to we but growth. get market. aperture, in right really a over now some not sight that.

Richard Baldry

Thanks. Great.

Patrick Goepel

Thanks, Rich.

Operator

Rich. you, Thank

Craig Hichman] Daniel, have from the Group. Hallum Next you question comes [Daniel Capital floor. of

Unidentified Analyst

this for Hi, Daniel on is Jeff.

marketplace, timeline question timeline get about quick XX%. us on on XX%, a several the when to Just year talking we're to for

around Just margins out margins kind now? of that that a you're this thoughts Thanks. where in right bookings how of and XXXX, we also mean? what about as incremental any think then that business thinking seeing just XXXX, And percent affecting ballparks you're of years on several

Patrick Goepel

Yes.

'XX, question, your right Just first on into Dan, 'XX we're now. not going to get

we'll But just the we on as provide guidance. it kind in provide throughout you We're more updates future. we're will of the but color year. kind right We on go go, initial focused multi-year telling could where of now,

core as process, that will our more the breaking technology be through, flow see higher once as you reflect and margin it absolutely in the you'll starts set it forward business. the guidance well. going that to time. does that as margin far think now, the far than As But as stuff But we up do out right

Unidentified Analyst

[technical then And difficulty]. Okay.

Operator

Colicchio. comes from Research. question last is Vincent And right And go Vincent ahead. our now And Barrington from

Vincent Colicchio

Pat. Hi, Nice quarter.

Patrick Goepel

Thanks.

Vincent Colicchio

Yes, just it, of you and break have clients? here. missed growth questions down a bookings I couple new existing may your but did between

Patrick Goepel

about had good we overall logos, so new ARR. progress existing. think I was new XX% Really XX% Yes, versus logos or in

XXX%. up was think I

very good way So nice thought did bookings the I around, we all our performance. bookings with a job. pleased

Vincent Colicchio

you And the labor like that in then is there any any seeing attrition, wage market, improvements is direction -- in we'd to see? trending inflation, are

Patrick Goepel

see. say Yes. always success. Well, which internally, We're we're our rates success. improving, is I'd We people getting appropriately. success retention like good to rewarding feel breeds

positive thing. a So always that's

is I think the client the tight. labor market retention, still As as far

tell still about, I there America, from coming. is think Street you, my some unemployment are recession perspective, worried low. a is I'll Main people little a

them potential company XXX(k). of It people layoff. due to it's a workforce. of now might the of workforce preretirement. that some their due And to bigger think out recession due think actually were back bring a I of kind homeschooling, a kind that to is I the COVID, to kind drives XXX(k)

a think actually I what see but positive, we will that today. be slight So that's

Vincent Colicchio

you are some just like X had terms if the are you've on next some confident how disappointment months? XX in million of where the curious automation the the targets of over past? the hitting areas that in I'm And elements

Patrick Goepel

confident in the say, really No, I feel I'd team.

-- to the business you're seven this years infrastructure. I think build in hiring we years ago got we're continuing good six weren't people. up it. Certainly, ago, We're we or when

We have plans. the

it third, guidance guidance in EBITDA that through the the second, fourth even up. performance have to see going the initial year, fact You quarter flow for we next

maybe we we're the forward, hit sold initiatives are out improvement like of we we starting some benefits multi-year importantly, the space out the going ability just business, see feel business predict We're COVID, as successes. think coming that now us have we we're We scale going of hit I more improve. the COVID. uncertain -- the to stack you to going up And forward. to approach not

Vincent Colicchio

quarter. Pat. Thanks, Nice

Patrick Goepel

Thank you, Vince. Appreciate it.

Operator

Vincent. you, Thank

Patrick Goepel

Asure Software (ASUR) 8 Nov 222022 Q3 Earnings call transcript