Asure Software (ASUR) 2 May 242024 Q1 Earnings call transcript

Company Profile

Participants

Patrick McKillop	executive
Patrick Goepel	executive
John Pence	executive
Joshua Reilly	analyst
Bryan Bergin	analyst
Eyal Goldstein	executive
Richard Baldry	analyst
Jeff Van Rhee	analyst
Vincent Colicchio	analyst
Eric Martinuzzi	analyst

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to Asure's First Quarter 2024 Earnings Conference Call.

Joining us today for today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop. [Operator Instructions] I would now like to turn the call over to Patrick McKillop for introductory remarks. Please go ahead.

Patrick McKillop

Thank you, operator. thank Earnings joining Results and First for everyone, XXXX Quarter Call. afternoon, you us for Asure's Good

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

to risks. of be with certain today, and from and differ statements exclude use investors expects, earnings that reconciliation factors information refer but we and moment, And On call the call financial Annual attend also we XXth some items.A our will XXnd Minneapolis. as that filings Conference to moment in over York.On XX, June we investors. review Asure, statements, measures most forward-looking additional we to and on very remind XX, will reference Summit in the cause Cross assist that the We Media, may like Capital Annual to On expectations.I non-GAAP will XX, the Conference I to on Needham efforts Virtual contain thank future along May to indicate Annual encourage Telecom Investor in the I the Conference will actual Today's folks such believes Pat measures, in release. want Jefferies May materially New you attend the Markets comparable in can May XXst Northland outreach impact Cowen useful X, and Craig-Hallum attend of those a of June Stifel we to we the important we Boston. our which participate in with Media, to of on will non-GAAP Tech, York. our to us upcoming Conference finally, Investor During just York. GAAP May our forward-looking call connect a all XX. Growth hand could with And Relations activities. will those will XX, our is we a will be current Tech, in Conference our in description timing take we believe items, TD would words as Sector On to Insight attend their will and the New such, HCM for to Consumer attend found New to SEC measures events to involve in results

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

Patrick Goepel

earnings this to Patrick, a update I on results joined by XXXX First and Pence, our am for you, our welcome, quarter Quarter call first Software's Thank for XXXX. as results we'll outlook as CFO, provide business XXXX well our John Asure everyone, call. and

questions. be remarks, we available to our will your Following answer

artificial and or is contributions our at our partnerships more employer-based strategic great retirement from revenues held Act start. coming Also, XXXX, the Asure have as initiatives float. initiatives were for funds around X.X year, legislation been leading our our for and retirement offer to that enhancements, new U.S. the The a which We and Advancing our states retirement of strategy.Small acquisitions, the of by bundling XXX(k) and in small to U.S. believe resources products business, Currently, plan. solutions. grow mandating to the to intelligence, we're continues million.Our Payroll or including XXX(k) to additions with such legislation were not United in to part Our drive offering, employee first to in the government sales businesses. as participation our through there in off momentum clients, be Management businesses new our from revenues have refer XX will aims payroll by quarter technology driven strong, earned SECURE introduced of plans are had traditionally plans. interest Tax core not we and $XX.X strategic from increase our client offering mandated plans throughout more Marketplace many these XXX(k) tax support States setup credits that have the business

strong highlighted our help PartnerEdge us that we solutions really team. today's payroll press to win states the as Workday. set Workday the this the multistate opportunities these live we up business and each client to after client, enterprise-level with has with League and to Ecosystem which excited went release, Tax of of team the plan.Our is they a Workday the our multiple certification, with Open and need advancing more clients. receiving the week.We're incur look technology announcements members joining achieving liabilities the SAP Asure This Major validation more in first are Payroll forward and example will with an certification is partnerships complexity of Baseball and staff In

the remain about us Payroll Tax our Payroll SAP for existing system by Tax excited which with clients. engine also enhance integrating our We allows partnership processes and to SAP, our SAP with streamlining

firm, that partnership credit business HR recently of, tax small tax work tax such credits our development many credit with opportunity unaware will and small access as identifying employer with help Logics, with have will overall owners also clients research business provide to which formed credits, programs. We are tax a a partnership capital.The and

revenue growth drive helped for the bookings sales quarter. repetitive and Our

we and our enhance strong product Our pipeline portfolio technology. grow our is as

efforts reiterating our productivity higher of margins leads drive in business $XXX and of supporting with on adjusted We million trends, believe EBITDA and marketing, level XX%. will of digital sales $XXX and current sales our with guidance we revenue are our XXXX XXXX.Based million, XX% to we're

include but reminder, our this plans filings, to any a excludes and potential acquisitions does make ERTC As continue contribution XXXX to grow organically. guidance from

results we well a for if revenues guidance. detail rate our to in more implies our hand for John? exclude QX growth as it XX% John XXXX from to I ERTC as guidance financial off comparison.Now like to would discuss Our XXXX

John Pence

Thanks, Pat.

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

investor.asuresoftware.com.Now by reconciliations recent prior relative Relations revenues a first Reconciliations find these to earnings made also will to GAAP of quarter our posted year. included today. Presentation to in release section are results; description website You earlier most first themselves the non-GAAP X% the were decreasing million, the that in in was our available $XX.X of quarter at on Investor Investor

revenues grew X% versus first prior And million. from to However, quarter excluding prior prior in the ERTC total year excluding revenues were ERTC, from Recurring year. revenues were up X% XX% the up year. $XX.X recurring

the year. decrease margins quarter quarter for Non-GAAP XX% is XX% prior in from first throughout for to our primarily HR solutions, Marketplace decreased the quarter strength $XXX,XXX the our margins on a and First loss quarter the in gross to for XX% year. $XXX,XXX the margins to of recurring Gross was prior Assure in from year. the XX% decrease compliance approximately increased interest in first quarter.Net the net first revenues $XXX ERTC gross revenues balances tax prior client quarter revenue. of solutions, the average The attributable million nonrecurring during with grew versus the of for first income decreased

ended margin was the first business adjusted in EBITDA $XX.X EBITDA equivalents the million our substantial in continue year, have first the is XX% cash believe with of compared $X.X XX% million. EBITDA margin year. longer with we the and over We from for to for down prior and $X.X million million prior the and $X.X was from term quarter of as $X.X the scales. quarter million decreased prior the upside in debt We the cash $X.X first quarter in the quarter year.Adjusted there million, to

quarter of $X terms for in million million for range second revenues between $XX quarter the are guidance we and anticipated to $XX in million. of is Now to EBITDA XXXX, the $X the second to be second be of quarter million.Adjusted guiding

adjusted $XXX XX% margins revenue XX%. $XXX be the are EBITDA reiterating XXXX between of of We our range to to to million, guidance million with in

As Pat organic these growth. assume inorganic combination exclude comments ERTC and revenues, guidance contribution but earlier, mentioned figures from in his a any of

the our and new balances and of outlook pipeline Payroll look and our about remainder also such implemented call strong, core will initiatives in the confident value.With and for float client as In for XXXX a and across feel shareholder products, the about drive have resulting acquisitions such I turn remain fund the numerous for that, Pat our to being growth are well of for sustainable Asure XXX(k) recently great objectives.We about as closing XXXX conclusion, remains remarks. additional excited with potential to leveraging the reaching year Our create the growth potential driving brings Tax we revenues launched, as as initiatives which forward profitable back business excited offering, as we to the solution. we

Patrick Goepel

John. will enterprise new positive for happy into our is difference growth embedding solutions complex in last assist access solutions Thanks, and reflected we're our and Management inquiries role-based remain first self-service our and The delivered multistate to over Payroll compliance XXXX. efforts. a few few products impressions the a to is platform, years ongoing, from best-in-class in pleased our launching We clients. examples recent our a employee example solid the improvement quarter include make see committed of We're of is to which technologies continuous results improvement business, our identity and Tax of agent client base.The of a by of that our tax have software, another being creating the AI

our demand doing complexity internal supplement can with day-to-day.We've and of forward. added of compliance be who with HR and U.S. to multiple offering, challenge in offering Management resources. has business to and the healthy for payroll growth core XXX(k) Asure navigate and to will business their Asure seek increasingly to tasked that drivers been we're benefit the the demand to and We external Payroll the businesses to multiple solutions Marketplace, have continue put acquisitions.Small solutions the expect business navigate all Our them to time addition going capabilities experts enormous these regulations grow owners tuck-in are insurance business our their in over Marketplace, as capabilities years, the owners help our in ease in anticipate place increasing trying Tax in an business, we

evidenced ahead Management great as and Major Our business. team what has lies potential, live, League news client, Workday Payroll our Tax of about remain the recent we this first excited going Solution for a Baseball by also

away expect we are of enter We X.X to and in initiative be healthier of lift to the implies backdrop solid to our The guidance rates many next which the payroll comparisons achieve revenues in for the organic we we're plus as with another businesses we view growth, more plans helps growth. and business, against future.Our at our our is feel base unfavorable small unfavorable will year-over-year summary, plans, help will human which SECURE goals, for inorganic future we performance and will you reflects in their has we solutions year-over-year us ERTC, enter be Act more compliance. the large be grow XXX(k) have especially management now, quarters. streamlined sales and capital thrive mandates reception. XXXX. the positive We'll into with some human expectations for a continue very excluding states comparisons, strong hope We operator pass against XX% for and our provide Our listening allow the pleased in the potential QX of much combination XXXX that, call Operator? send And will the When continued to now guidance as growth. move tax the delivered bundling the we few and session. delivered XXXX back assuming to we gotten and for a ERTC. core XXX(k) mandating remainder to growth to innovative start grow capital success exit with providers XXXX.In to implement continue Q&A expect that from QX our illustrate Thank to prepared QX, that we on for discussion up the today I'll rightsized remarks.So as business management our rate enterprise to the for

Operator

Needham comes Reilly & Thank Our Joshua with question first Company. you. [Operator Instructions] from

Joshua Reilly

valuations Nice you to update laid job where how relative are you've the give on inorganic many how And we out now the [ quarter are Can in made right. here. All ] year-to-date, acquisitions assumptions the year? an on that revenue guide the for you initially you trending?

Patrick Goepel

acquisitions, process Goldstein, Eyal good by as make as as questions. and President first But Officer, in our way, made the -- similar to with really second very enough well just progress the fortunate help Yeah, in And far Josh. we're the quarter and have to we to Chief us a answer quarter. anticipate Revenue

probably what's if closed know track, track are done if say not handful I ahead would to noise of of too think get here. not.What on to we of have We on is I slightly I acquisitions want absolutely suffice the around a much and maybe about don't acquiring. we into what's

as done we've so well of Now, small track Xx. we're And We're have that some very and some so. in it's What say just far. them I it combination and been deals on some implement under probably slightly equity with a But purchase either price that. purchase as price, month cash of implement doing where quickly amount on to a takes of loans. would and very, the we're thrilled some or right equity kind

So but well. for plan, of the year, first we're bullish half say, integration gone not year, to and have the the suffice our about really very, of very the those only

Joshua Reilly

it. was the the same consistent or then would income in interest last compared give could it maybe And is it up on Just details, there helpful. in helpful. the to what some was what more year? year year-over-year And quarter. Got last the quarter some details is That's with be and more yield float balances we

John Pence

John. is this Josh,

little have but So that to balances of kind last rough up roughly a you the about numbers, as balances client The on year, we what progressed. X.X% a of order bit, ticked is rough gives funds X.X%. year, that's how magnitude this earned

Joshua Reilly

And Do for helpful. potential follow-up yield or the That's X.X% it. on increase. you to last the of the Got then there just be maybe more that. year it expect rest for is to upside

John Pence

Yes.

Josh, if forecast or decrease factored So a what know came Obviously, was we with our But that's point midyear. of to year, up the our assuming going numbers, were we into when kind X.X a don't happen not. we we point. X.X for

be what on there So the depending happens model upside little a our on might into balance.

Operator

Bergin Our next TD Bryan from Cowen. question comes with

Bryan Bergin

going good your a the a obviously, term? business solutions potential on Workday us So emphasis of potential the a scale thinking comments you prepared you're client live. company over hear that on first sense about in to about tax big as the mix and Can of the and growth medium how tax give the overall the

Patrick Goepel

or enterprise enterprise I just -- I reseller if -- about perspective, deals, have of first acquired But of mix well we we roughly as PTM, I and as from And our these SAP payroll both XX% kind other are businesses thought were think Workday. of all, float. talking the when as it as our so our we was and then deals, John the opportunities in well. day

growing fees So thrilled tax, of as part big and a of smiles, we that. since PEO really we're longer we Tax of certainly, a you it's the value part business. our in guide to even It addition have in and grow and a plan, I last grow and What finish enterprise about sticky.And small where our tax Prism if standalone bit time is on revenue. proposition.Now over year, of and a I bit. so quarter, in that's can multiyear is all out are XX% guidance, XX%s. growing some or XX%. than we'll started little and But suffice XX%. of our with year, business, our these to that implicit partners about will, then, and say these in Float this we our be and value repetitive spent would some calories revenue reflecting part it's to we've But going profitable, ERTC, as we tax tears of flow, was were the business. book-to-bill repetitive high some proposition. say all we quite repetitive around will partner clients the think we're This enterprise It's a revenue, mixture

the finish filing than value Tax think and going our based of stronger guidance, that be part numbers. to on proposition. about is going you If just much the that we're to year lead

there's So year will this multiyear, be but opportunity, huge and also as we this growth be well. think will it

John Pence

And those to Pat on was finer point put about this I'll sure bit probably we client business. tax what fund clear. XX% just just about it little a think make When balances, to specific are

it's key strategy. a So part of the

the have part part a some other important it right? it's and of nuanced that, recurring as So revenue that's payroll that price relative So as don't how product of part little of of go-to-market strategy. is that thing I companies really to that we a think bit their because

Bryan Bergin

sense. versus market? kind characterize how would pricing My follow-up of Right. three detail. well competitive as environment the in as overall you months the dynamics ACM guess, makes Good environment I here, That and so the demand ago,

Patrick Goepel

And were anyway. but a is jump bit to ERTC was bundles, capital this some what into value And well from What evidence and up thrilled is proposition, to to say the as We've be that I value in quarter you services. of want proposition we value if leaned you value as part first the right into away our you some we're pivoted from grow. around And to last really year. can proposition would compliant. Yes. right products of around new ERTC. we've we always XX% people I'll its payroll get let that Eyal the leaned over just sales in I pivoted general, proposition, good And specifically if but work that think getting access

that maybe comments sweat your but of it Now There's whole into Eyal, for on execute. Eyal the mean sound just market. goes easy lot a I to that

Eyal Goldstein

Pat. Thanks, Yeah.

pricing for upsells we're pressures specifically, around any so for any within customer our deals or not and new seeing Bryan, base. issues pricing So

we're seeing our said a are great of We continue more competitors, more growth. and up-market. and decided they've to they've to Listen, lot it, -- go

market that us we're there. continue underserved deal helpful XXX not just cycle to time pressure an that's deals. employee on more So under and see to seeing we But for ability win the in specifically pricing terms range, and of any

Operator

Our Baldry from question with ROTH is MKM. next Richard

Richard Baldry

you like deeper your how do goals in concentration are year? And pretty now Maybe comfortable any or of is capacity tenure increase is vertically sales plans or hiring maybe XX% talk Can the throughout sales sales you How payroll or looking geographically broad there feel with you inside year-over-year. that trending? at the that that? was about

Patrick Goepel

Yeah.

think sales I'm the pleased I just my level, with from very execution.

I us think to the we pivot And quarter. to What the say the hire, about so. is ability quarter the referenced new about ability elongated, probably a took would areas, or or I standalone is think the tax book-to-bill in I XXX(k), the to then grow, is a sell. probably some ability

you think if think throughout very that see very about But I done from But team how and maybe, probably Eyal year, has Eyal's little we want hire people. a a today. as anticipate talk many around you We're that? XXX. judicious we the Eyal, maybe hiring, bit about well. We're we're under I who -- to

Eyal Goldstein

the Pat that payroll Rich, growth area. And unit, just of was what from about to almost numbers And XXX% the some Yes. XXX growth mentioned get the quota sales. the a by it's new I'm really happy end to year. payroll the with of would those XX% be in in goal carriers pivot,

and that live, come pivot to grow marketplace quickly a it's great go some customers come the They these right?So to with those offering the and and accelerate. So with to ability once much healthy our business add-ons. that ability that mix healthier only are of have then it's that come core year-over-year, with additional going great, more tax. XXX(k), They to the and cross-sell XXX(k) to ARR we they bookings

week from with really HCM that sales ERTC but as credit productivity So perspective, good continue really, us we get some the have payroll really year reps announced That's XXX(k), without grow ERTC with the doing ARR we leading basically of with to for doing core it. could we capitalize people tax fantastic. solutions with on we where with are just well it par people productivity that more going high just get comfortable more this and that's to this earlier comfortable on a

Richard Baldry

can area, to build like to tax the How with switch that I just of look side there's Maybe be the now, know back two with end space would Workday may market on early don't a way at those some you obviously, wins, about sort is about SAP players? referenceability. big their like if push think once or to it size move side what your referenceable really in growth deals your they to sellers types the that? what's on of and from ability dial of would sort ARPU the go-to-market those then is will deal a the build some basis, think look

Patrick Goepel

Yes.

an that tell well we tax opportunity management PEO treasury in as and two doesn't spreadsheet partners business, In have which is that your Eyal somewhere phrase is in But deals. There both this mean just over enterprise software sometimes you hear the million exciting be a two-comma don't could it's two-comma you, think $X,XXX filing.And sale not group. I really world-class time, a deals. Group, in $XXX has small a is as you companies. business. We're the should pursuits, two-comma some little are where Over there's here, I 'XX. And average us. that for will

-- of feel we have about good we're of development high. our of interest level etcetera. the We then some treasury is that doing, really, bundling filings, tax And management really really

over time. want And we're don't if just [ So it this Eyal, you started. to by anything. is in $XXX itself ] getting a I business million know highlight

Eyal Goldstein

is of specifically and the like with what sale which have very, And is probably well. deals. landscape opportunities extremely Pat got X-figure We fully would times the that's to And a about done the multiple rather excited We're then very of year-over-year. type our end I end, the you of CTO ways on side we're lower on always platform that in, competitive a And modernization normal see. sales this sold have before. and is the payroll I mentioned, And -- on into staffed that in on than individual confident very our folks higher from am an understand the we've then -- contributor has what pipeline, frankly, lot refreshing pulled that Xx, today. our solution. deal perspective. we're The pushing the direct [indiscernible], size, Xx deal team getting

Patrick Goepel

brought leader we in staff. and business an lastly, operational I in in operational personnel, with million-plus then staff. worked beefed He's $XXX ], the really tax Volkel And and [ past. Bill up the run we

technology the we at people, the So salespeople have right the right time. right market operations, right and then the the right

So growth and this opportunity. a and sales It is enterprise going because to we're be item. take on really while of but because book-to-bill will a foundational their bullish growth, this

Richard Baldry

know sort number. Because of base we internal don't the

lot by to down sustainability like to rate of comparisons Sort a would the sales payroll of XX% year-over-year, of to at up keep or organic curious the were time? come clip tough number imply little the a XX% that definition, that a without if kept is this faces sort longer-term up bit a but over commitment growth

John Pence

perspective, give I'll that it's is going as it scale. us think and to my going that I don't you this strategy be know combination to We claimed to a organic be the a going that organic Rich. roll-up get business. was XX% of we've to ever

when be do achievable. combine you side we're a that's say at the would be we inorganic I here, the with since organic to we've house consistently I'm think we'll not So been been I sure going think think double-digit I the of grower. XX% level. pretty But I've

Patrick Goepel

then organic XXs I'd accelerate we're implicit in thing acquisitions where we we're going in only high the a of launch lot growth then be clearly guide really that and a to say but And 'XX, it's position growth, we'll nice as with year, into Yeah. repetitive coming through the and momentum. the is in

So that's we're up we're ]. how for, and planning that's what [ setting

Operator

Rhee next Jeff Craig-Hallum Our Group. Van question from Capital with comes

Jeff Van Rhee

just the sales is quarter? I total what the you want clarify, -- you to for bookings typically quote XX% on number are comparable Several, your is that increase, payroll year-over-year to a

Patrick Goepel

especially -- ERTC. of three compares with out, we these ERTC we're in some noise we everything Jeff, have this just quarters, No, that of said had first rather some with all -- and kind than Yeah. we year parse the

and something This good XXX(k) I is that a because bundles, think emphasis a have people wanted it's the business, good it's revenue. some our that we We some have. We about. payroll clearly highlight didn't of And whatever. with or that products it's obviously, we're new majority bundles to that's our -- of feel just whether an really

Jeff Van Rhee

prior ahead revenue to then $XX was I Are thought on annual million little It you're to the And acquired where you'd acquired revenue? bit $XX in Okay. expecting sounded still said to be. like you target you a was you million $XX of million, unclear. running that million be $XX of

Patrick Goepel

we first range. of Absolutely. very that, we've say just had end -- anybody a quarter, acquire very the I would strong if Those start, low first to didn't half. after the we'd be close to

we're on to But pace. into acquire this. yeah, continue we'll So

John Pence

a Pat add to Eyal I'll and and it. this, on quick comment make can

opportunistic industry, the states a think, we've saying a payroll of regulated for in a It's some I talked with now it, on the There's kind of businesses think I that to regulatory unique these bank. right? on lot situation about calls the of changing need of previously. landscape, But processing like us. are going be kind

I so And were, decided we Difficulty].But early we I would to and we pretty say thought we think, ago, pretty [Technical think resisted years it it. that embrace three was on, because I aggressive it

Management afford [Technical Difficulty]. compliance. something continue to with, people think natural Solution. of get some And out to they why lot our of a the again, launched a I the a on in to smaller want licensed. resellers hard so of that we are path that Treasury lot is It's we're it That's But trying we decide to for going players, the be to found

arms. the I to going kind a opportunities think of people have take into lot of our we're coming to over months

another backdrop to just as kind of acquisitions. that's So regards

Jeff Van Rhee

was obviously, also. John. SECURE helpful, in of Yeah, on I area the Act treasury know, good good an I focus path. been that a definitely XXX(k) has

bookings counts, a -- those can in you on those two areas? the any deal two other of quantification pipeline? give Just Just give sense in any qualification us avenues, ramp

John Pence

and treasury I'll with speak Pat J.P. this to of launched Morgan. speak We partnership XXX(k). let a kind I'll with to then

We of them we it holding now. buy [indiscernible] right we have it's make off people get from that want before them as up on. We're to sure just running. us We kind want put to and

So just a demand, And let so But -- that on with up product. think little talk -- demand I that getting launched. think for I we're -- good XXX(k). unsolicited bit Pat it holding then almost there's I'll can our

Patrick Goepel

now, first think right? of a Yeah, or very just We sales motion we plan, quickly. we're -- I really and of up but right the but I two, the starting would -- on been XXX(k) a we launched couple marketing I'd probably moved we're perspective, had all, to pace. week cleaning marketing behind we're very, like be almost to into this where pivoted pick on motion sales and months say

say, It's on number and four somewhere to On a time, for like would around is a start about new XXX in behind. about business do to But bring able XXX(k). probably based months right be now. I sell just Probably, that XX to us it's three, we're I'd the book-to-bill, we over want what days.

muscle that through memory, are the just where get where process. go and in but exactly and as learn the we So that's we we'll grow

Operator

Barrington with Our Colicchio next Vincent from question comes Research.

Vincent Colicchio

they that Yeah. look Pat, can base? like? does your you Are characterize curious, What employee currently? hiring

Patrick Goepel

number. In business capital access they're in some our would say would Our or in holding. I I areas, the they're issue. probably employee obviously at flattish. to looking employee is we're say basically biggest some clients, still the We're base base, small areas, that the hiring

a are But the regional is people aren't a rates of same concern. the getting banks still quality high. and on bit token, lending Some interest little

because still flattish. I'd been X% they unable there I are exactly we I get it's or businesses, do to to shot it's people love connect to is perspective, up where but demand. to say been got X% -- they've would high-rate think to execute that's the small more my as capital go the unable it's grow, today. to or we from need a say So

Vincent Colicchio

existing did and new bookings clients? down between your How break

Patrick Goepel

well, Eyal, but go We're let I'll answer were ahead. -- you we believe -- I that,

Eyal Goldstein

and of business is XX% right the still cross-sell. around bookings We're new Yeah. is XX%

is So the cross-sell for again, side, huge opportunity but new still majority on us business. the

Patrick Goepel

we to marketing like be really some highlight is as user of common going allows Management our in in go marketplace, the that's a did And event-driven around as from release into our where technology interface the that good us Identity It is big for This get initiatives. to want with to far adoption with us I'd way. to and cross-sell. around Access

from So a growth over we lot anticipate time. that of

like learnings ultimately quarter is and we this we're next.But or take over as more get what maybe sales with some I'd do rolling reverse really that, there'll new Now out, solid be so to to XX%-XX% and here this it.

exactly technology not subsequent that Now that's that's events, the that's to happen introduced going we we of this but think I this the And foundation where going. and have. we're opportunity overnight, quarter some

we we are. feel point. So good about while strong to And new we then very that has the get where logos been

Operator

Our next question is Street. Eric from Lake with Martinuzzi

Eric Martinuzzi

end that? quarter QX you quarter from bridge the Can QX decline Curious to cash balance end in $X.X were million. down me help the on

John Pence

Yeah.

I happened. couple of think a things

you we be annual December, kickoff. by that those at the it'd the that revenues. sales a the pay always first we first W-X lot or and quarter. defer events -- we also, We whether have funds -- in And we impacted we usually seasonally As bonuses first of quarter recognize in have a that happened collect know, is in revenue revenue quarter,

of some And so the abnormal spent because cash obviously, always coming that in. quarter first a on then, usually in happens that then bit well. we little there's acquisitions quarter. some spending is money as the fourth W-X And inflated some And

Eric Martinuzzi

you QX? the in How acquisitions on much spend did

John Pence

have don't front me. that right I of in

from I my Difficulty] going memory. [Technical was [indiscernible] million from bucks of couple order think it a

Patrick Goepel

there more No, because we all that strategy But the people deal, had in an was in. component was it equity that.

So one. the vendor's spend. of that in And specifically, we And that events the that two have was come is this have then piece renewals the annual We due do first some other in where quarter. quarter, had we normally it. thing

and are do as we with the the little better -- first then that quarter, go bit typically, through cash year. we're we pleased of this a but cash drain we quarter So

Eric Martinuzzi

Last year $X was I'm between QX this million. up year, just your being million and $X not. QX and down cash

Patrick Goepel

it to take Eric. Happy Yes. offline,

John Pence

receivable a was there think I yet.

have come memory. from would in if I'm ERTC -- from think going I last the government might year

first been have might that the think unusual I the an So It's dynamic. quarter. year for quarter last

Patrick Goepel

was million. remember can if close $X to John, correctly, that And I

John Pence

That's right.

Patrick Goepel

Yeah.

[indiscernible] So right Eric, that's a there.

Eric Martinuzzi

we acquisitions QX? in have And closed any

John Pence

one yesterday. we there's events that think subsequent I closed disclosed in the

Operator

the end have reached now to like comments. over to We would of Pat closing for the session. call question-and-answer I turn the Goepel back

Patrick Goepel

here. on hope you. quarter, all We lot soon. you Yeah, time of outreach to we at appreciate here we Patrick it's investor next mentioned time see great lot a have Asure, the everybody's I and appreciate of over to be going a A today.

So thank you.

Operator

conference. concludes This today's

this You may we lines at your participation. you your disconnect and time, for thank

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.