Asure Software Q2 2024 Earnings Call Transcript

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Provided by Quartr
August 1, 2024

There are 10 speakers on the call.

Operator

Good afternoon, and welcome to Asure's Second Quarter 2024 Earnings Conference Call. Joining us today on today's call are Chairman and CEO, Pat Geppel Chief Financial Officer, John Pence and Vice President of Investor Relations, Patrick McKillop. Following the 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 your host, Patrick McKillop, for introductory remarks. Please go ahead.

Speaker 1

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure's Q2 2024 earnings results call. Following the close of the markets, we released our financial results. The earnings release is available on the SEC's website and our Investor Relations website at investor. Asuresoftware.com, where you can also find the investor presentation.

Speaker 1

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

Speaker 1

I will hand the call over to Pat in a moment, but I just wanted to take a moment to remind folks of our upcoming Investor Relations activities. On September 12, we will be hosting 1 on 1 meetings at the Barrington Fall Conference, which is being held virtually. Also, the team will have a member attending the Lake Street Conference in New York that same day. We are planning on some non deal roadshows for September October. Also in November, we are hosting 1 on 1 meetings at the Needham SaaS Conference, which is being held virtually.

Speaker 1

We anticipate more conference participation during the fall months based on last year's schedule look forward to connecting with all of you soon. Investor outreach is very important to Asura, and I would like to thank all of those that assist us in our efforts to connect with investors. Finally, I would like to remind everyone that this call is being recorded and it will be made available for replay via a link available on the Investor Relations section of our website. With that, I would now like to turn the call over to Pat Geppel, Chairman and CEO. Pat?

Speaker 2

Thank you, Patrick, and welcome everyone to Asure Software's Q2 2024 Earnings Results Call. I am joined on this call by our CFO, John Pence, and we will provide a business update for our Q2 20 24 results as well as our outlook for the rest of 2024. Following our remarks, we will be available to answer your questions. Our 2nd quarter revenues were very solid coming in at $28,000,000 and our reoccurring revenues were up 18% during the quarter which is a nice improvement. Our revenues were driven by strong contributions from our Assure marketplace offering, payroll tax management and interest earned from funds held for clients, which we refer to as flow.

Speaker 2

During Q2, we are pleased to see our organic growth rates increase to 7% from 3.5% during Q1, and we believe that we will deliver double digit growth in the back half of twenty twenty four. In 2023, you may recall we raised money to make acquisitions, improve our technology, rollover ERTC revenues and deliver double digit growth. We have executed this plan very well in the first half of twenty twenty four. We remain excited about the opportunities that lie at for our business and are very pleased with the continued momentum of our payroll tax management business as evidenced by the recent deal we announced with Venture. Our deal with Venture, the largest privately held organization in the HR technology and service sector for our payroll tax management solution will deliver comprehensive payroll tax management for Prism HR clients and Venture's internal operation.

Speaker 2

This is a significant win for our Payroll Tax solution and coupled with the wins in the enterprise space with providers of Workday and SAP clients, we expect that over time as this business grows, it will contribute to growing our float balances as well. Our pipeline for this solution remains robust and we look forward to potentially announcing more deals in the future. We have also recently formed a partnership with My HR Screens, a premier provider of background screening services. This collaboration aims to expand access to a comprehensive background screen solutions for small and midsized businesses, facilitating a safer and more efficient hiring process. Additionally, in July, we acquired an applicant tracking system technology company, which enhances Asure's product suite for small and medium sized businesses.

Speaker 2

This highly rated applicant tracking system features an automated simple all in one hiring tool, which includes services such as job, ad writing powered by AI, automated interview scheduling and auto submission to major job posting sites. The technology has good growth and creates a very good cross sell opportunity for us, plus it is complementary to our existing HR compliance solution. Our portfolio of products and partnerships continues to grow in addition to others previously announced like HRLogix for tax credits and proactive health management program for health management tools and services. These partnerships are great additions that really enable Assure to offer more solutions in addition to our payroll processing for small and medium sized businesses. Our sales teams now have a broader product offering in their arsenal to help win new business as well as upsell existing clients.

Speaker 2

Strategic sales initiatives such as bumbling our payroll services with our 401 offering allow us to continue to win new clients and they continue to see positive results. The need for small businesses to offer 401 plans is driven by many states mandating such plans as there is funding available to small businesses to set up these plans through tax credits from the Secured 2.0 Act from the U. S. Government. Assure has the expertise to help small businesses navigate this process successfully.

Speaker 2

Our sales efforts during the Q2 resulted in 131% increase in new bookings versus the prior year. We continue to work on expanding our sales force headcount, which we are projecting to go to about 130 reps by year end 2024. Also, we continue to make use of digital marketing efforts to support the sales team with sales leads and help increase productivity. Based on our current business trends, we're updating our full year 2024 revenue guide to a range of $123,000,000 to $129,000,000 and we still expect adjusted EBITDA margins of between 20% 21%. The forward guidance range of 2024 is the result of variability of timing of closing and implementing both large enterprise arrangements and anticipated acquisitions.

Speaker 2

Our guidance in 2024 implies a very healthy double digit growth rate if we exclude ERTC from 2023 revenues for comparison. Now I'd like to hand it off to John to discuss our financial results in more detail as well as our quarter 3 guidance. John? Thanks, Pat. As Patrick mentioned

Speaker 3

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

Speaker 1

You will

Speaker 3

find a description of these GAAP to non GAAP reconciliations in the earnings release that was made available earlier today. The reconciliations themselves are included in our most recent investor presentation posted in the Investor Relations section of our website at investor. Asuresoftware.com. Now on to the 2nd quarter results. 2nd quarter revenues were $28,000,000 down $2,400,000 or 8 percent year over year, owing to a $6,500,000 reduction in ERTC revenue.

Speaker 3

However, excluding ERTC, total revenues were up 18% from prior year. Recurring revenues for the 2nd quarter grew 18% versus the prior year to $27,100,000 Recurring revenues accounted for 96% of our total revenues in the quarter. 2nd quarter recurring revenues grew on the strength of increased revenue from our payroll tax management solutions and increased float revenues with an average client balance of approximately $220,000,000 throughout the quarter, combined with revenues from new customers obtained through acquisitions. Net loss for the Q2 was $4,400,000 versus a net loss of $3,800,000 during the prior year. Gross margins for the Q2 decreased to 67% from 72% in the prior year.

Speaker 3

Non GAAP gross margins in the 2nd quarter decreased 73% from 77% in the prior year. The decrease in gross margins for the Q2 is primarily attributable to the decrease in total revenue. We continue to believe there is substantial margin upside over the longer term as business scales. EBITDA for the 2nd quarter was 1,300,000 dollars down from $3,300,000 in the prior year. Adjusted EBITDA for the 2nd quarter decreased to $4,100,000 from $6,100,000 in the prior year consistent with the decrease in revenues.

Speaker 3

And our adjusted EBITDA margin was 15% in the quarter compared with 20% in the prior year. We ended the 2nd quarter with cash and cash equivalents of $21,000,000 and we have debt of 6,000,000 dollars Now in terms of guidance for the Q3 of 2024, we are guiding 3rd quarter revenues to be in the range of $30,000,000 to 33,000,000 dollars and adjusted EBITDA for the 3rd quarter is anticipated to be between $6,000,000 $7,000,000 We are updating our 2024 guidance to be in the range of $123,000,000 to $129,000,000 with full year adjusted EBITDA margins of between 20% to 21%. As Pat mentioned in his comments earlier, the expanded guidance range figures for 2024 is the result of variability in the timing of closing, recognition of revenue from and implementing both large enterprise arrangements and anticipated acquisitions into our organization. Organic growth improved nicely from 3.5% in Q1 to 7% in Q2 and we expect to deliver double digits in the back half of this year. We feel good about how we have executed our acquisition strategy with $15,000,000 in annual recurring revenue being acquired so far over the last 10 months and the average prices being paid have been consistent with our model coming in at between 2x and 3x revenues.

Speaker 3

We continue to assume a combination of organic and inorganic growth in our current year guidance.

Speaker 2

The outlook for

Speaker 3

the core products we believe remains robust as evidenced by the strong increases in recurring revenue in the last two quarters. Our recurring revenue as a percentage of revenue this quarter was 96% versus 75% in last year's Q2, which is very impressive improvement as we are replacing one time ERTC revenue with high value recurring revenue. In conclusion, we are optimistic about the remainder of 2024. We believe we have executed well against our plans as we move past ERTC. The ERTC headwinds will die down as we go

Speaker 4

through the back half of 2024 and enter 2025. Our focus

Speaker 3

remains on growing the business and delivering compelling solutions to our customers. With that, I will turn the call back to Pat for closing remarks.

Speaker 2

Thanks, John. We are pleased to have delivered solid results in the Q2 of 2024. Our Q2 was very active with our recurring revenues growing 18% year over year plus the combination of completing acquisitions and launching more products as we build Assure to be in a strong position for future and partnerships to be able to offer more valuable services to our clients in addition to our payroll services. Small and medium sized business owners with more than just payroll. Our ability to offer products to help them uncover tax credits that they may be eligible for proactive health management programs, which can aid in lowering health care premiums My HR screens, for example, which can aid them in performing pre employment background checks and an applicant tracking technology to aid them in their hiring practices are all very important tools that these business owners need to succeed.

Speaker 2

Our HR compliance offering is another example where we can help small business owners navigate all the complex laws regarding employment such as minimum wage laws, which have grown exponentially over the years. Harassment training and family leave acts are also difficult for small business owners to manage. The growth of Assure marketplace is expected to continue and our recent momentum with payroll tax management has also great potential as evidenced by our recent deal with Venture. The pipeline for payroll tax management is robust and we believe we will potentially announce more deals in the future. In summary, we're very pleased to have delivered another solid performance in Q2 against the backdrop of some unfavorable year over year comparisons due to ERTC.

Speaker 2

We believe we're executing extremely well on the plans we have laid out previously, which have included raising capital to make acquisitions, improve our technology and grow double digits and we've done exactly that. Over the last 10 months, we've made 9 acquisitions, which bring in approximately $15,000,000 in annual reoccurring revenue, improved our technology with the recent launch of best in class employee self-service, role based identity access and more. Our recurring revenues grew at double digit rate of 18% in this quarter and we believe that there will be more double digit growth in the future. Recurring revenue as a percentage of our revenues has increased from 75% in last year's 2nd quarter to 96% in this quarter, which is very impressive stat as we're replacing one time ERTC revenue with more valuable reoccurring revenue. Our backlog balances have more than doubled versus last year as we continue to bring on new clients both large and small.

Speaker 2

We look forward to providing more detail on our 2025 outlook when we issue guidance during our next earnings release in November. The headwinds from ERTC are now starting to dissipate and we look forward to the remainder of 2024 and continue to deliver positive results. We will continue to provide innovative human capital management solutions that help small businesses drive human capital management providers grow their base and large enterprises streamline tax compliance. Thank you for listening to our prepared remarks. So with that, I'll send the call back to the operator for the question and answer session.

Speaker 2

Operator?

Operator

Our first question comes from Joshua Riley with Needham and Company. Please proceed with your question.

Speaker 4

Yes. Thanks for taking my questions and nice job on the quarter here. So maybe just starting off, if we look at the wider range of guidance for 2024 revenue, can we just review your thoughts on what's different this quarter versus the prior quarter, whether it's changed assumptions around M and A, float income or the macro? And what is this comment around timing of large enterprise deals? I assume that refers to some payroll tax opportunities.

Speaker 2

Yes, thanks for the question. First of all, John Kents, myself and Al Goldstein, our President, are available for questions. But just on that, Josh, first of all, we feel really good about what we did the first half of the year. As we look at the second half and primarily it's around the enterprise deals and tax, We want a bunch and some of them have phased installs, some of them have start dates that could push a month or a quarter. So lining those up sometimes are difficult.

Speaker 2

And then we've had even the Q2, we had a large successful deal that started a month later. So when we're looking at that, we just want to give ourselves enough flexibility. It's not a question of if, it's a question of when. And we feel really good about sales, really good about the backlog. We just want to make sure we land we stick to landing on some of these

Speaker 4

enterprise deals that are

Speaker 2

relatively new to us. And I'll give you some color, and it And it was supposed to start in January. It's probably going to start here August 1. That's one example. Another we have a new partnership with 1 of the enterprise ERP systems and it's over 250,000 employees and it's supposed to start the back half of the year, could it slip to January?

Speaker 2

It's not a question of selling, it's a question of installing it. So for those reasons and then even acquisitions by nature sometimes it's when you convert some of the revenue in some cases. So again, it's not a question of if, it's a question of when. We want to make sure we give ourselves some flexibility. And I would say what's different than last quarter, not much and just that we continue to execute on the plan.

Speaker 4

Got it. And if you look at that $15,000,000 in ARR now that you've acquired, I guess that's in the last 12 months versus year to date. Is that consistent with what you would have expected entering the year? And does that is the amount of revenue you're actually going to recognize from those acquisitions in the current calendar year pretty consistent with what you expected entering the year? Thanks guys.

Speaker 3

Yes, I think so. And just to be clear, that's 10 months. So it's kind of October of last year through July or through yesterday. So it gives you some sense as to the timing. And yes, it is pretty consistent with what we were expecting and we still got some more I think in the pipeline that we're hoping to close in the next few months.

Speaker 3

But, yes, it's pretty consistent with what we were hoping for, if not a little bit more.

Speaker 4

Got it. I'll get back in the queue. Thanks guys.

Speaker 5

Thank you, Josh.

Operator

Our next question comes from Bryan Bergin with TD Cowen. Please proceed with your question.

Speaker 2

Hi, thank you. This is Gareth on for Bryan. I was just wondering if you could comment on the demand environment relative to prior quarters, maybe compare across your offerings or how the topical activity is looking year over year? Thank you. Yes.

Speaker 2

No, I appreciate it. I think demand environment is very strong both on the small business marketplace as well as some of the tax opportunities, etcetera. I might get

Speaker 6

customers, In fact, we've seen an uptick in new payroll customers that we're bringing on. So that's really healthy. Our tax business that Pat's been mentioning and John's been mentioning is we're seeing much higher increased activity there. And so I would say that one has gone up significantly from a pipeline perspective, but overall very strong and across all the different businesses.

Speaker 2

Great. Thank you.

Operator

Our next question comes from Eric Martinuzzi with Lake Street Capital. Please proceed with your question.

Speaker 5

Looking for a little more color on the applicant tracking company that you acquired in July. Just what did we pay for that? So kind of what would pro form a cash balance be for the month ending July? And then what could we expect revenue contribution there?

Speaker 3

Yes, I mean, I think we're going to talk about kind of acquisitions in aggregate. I believe there is some subsequent disclosure in the Q on that one just in terms of because just size and the materiality of it. But in general, really obviously don't want to talk about Q3 since we're just talking about Q2 right now. But I think you can get some color with respect to the purchase price on that one. And again, we want to try to talk about the acquisitions in aggregate, just because we've got some that are lots of different multiples, lots of different structures, but trying to get some sense as a relative size of the overall portfolio of acquisitions.

Speaker 2

And then just on the applicant tracking company, first of all, we were attracted to that business. It's a technology that we didn't have in house. We feel it's an easy we go to market with 3 value propositions, basically access to capital, compliance and access to people. We've been looking for the right company and the culture around that is really strong. We're not telegraphing the name of that quite yet just as we're in the process of working through all the client notifications, etcetera.

Speaker 2

But feel really good about the business scalability of it. And then we also think there's a tremendous opportunity to cross sell, because as we look at our small business owners and what they need is access to people, we allow for kind of personalized websites around the people, job board integration, etcetera. We think this will be an area of business that will double here in a very short order. And so we feel really good about that. Any other thoughts or follow ups, Eric?

Speaker 5

Yes. Separate topic here. You talked about the good pipeline here and some large enterprise arrangements that may slip a little bit to the right. But what about the installed base, specifically the churn of your existing customers in Q2 versus prior quarters?

Speaker 2

Yes. All in, we're about 90% or 91% on a retention. That's pretty consistent with where we've been. So we don't feel good about that. As far as kind of the customer base, fine.

Speaker 2

We're somewhere around a fifty-fifty split. In some quarters, we've been as high as 70% new logos, 30% base sales. So obviously, the cross sell demand is pretty strong and some of it just we're coming out with more and more products as we improve the technology and go to market with more products. So happy customers buy more and we feel like we're in a pretty good shape here as we enter into the second half.

Speaker 5

Got it. Thank you.

Speaker 2

Thanks, Eric.

Operator

Our next question comes from Jeff Van Rhee with Craig Hallum Capital Group. Please proceed with your question.

Speaker 7

Great. Thanks, guys. So a couple from me. Just on the acquisition front, first of all, applicant tracking bringing some incremental capabilities looks like a nice fit. In terms of the pipeline and what you look at acquiring the rest of the year, is it predominantly resellers or are you seeing other technologies, just kind of the mix of acquisitions to come?

Speaker 2

Yes, almost all will be resellers. We have one kind of one more product capability at some point in time here. But if I were to look at the rest of the year, I think the resellers will probably be more dominant.

Speaker 7

Okay. And then on the acquisitions, not to split hairs here, but the 10 months timeline, I mean, the way we built the model, at least for us, you're call it 7 months in on a 7 month period, where are you on the 10 to 15? Are we talking like $12,000,000 or can you dial

Speaker 1

it in a little closer?

Speaker 2

Yes. I

Speaker 3

think it's about right. I think there was a 3 or so we did in the Q4 of last year. So I think that's fair. But again, trying to it gets me a little hard to parse this because when you think about, we did give organic versus inorganic growth stats for Q2. So I think it was 7 organic, 11 inorganic.

Speaker 3

And then again in our guide for the 3rd and 4th, we're pretty consistent in terms of our messaging here. I think it's going to be a similar type of complement of both organic and inorganic in the 3rd Q4. So just trying to get directions, I mean it's hard to kind of nail these things to the percentage, but I think directionally that's what you'll see for the balance of the year too.

Speaker 2

Yes, Jeff, maybe and John and I were talking about it ahead of the call, but we did 18% or so, 3rd quarter to low and the high imply a 23% year over year improvement to a 35%. 4th quarter, the guide implies a 32% to 44% on the low and the high. And I would say we're right on pace on acquisitions. The turn from ERTC to organic growth, as expected, it might be 1% or 2% lower coming out of the gate, but we feel really good about where we are. And then the back log is more than double.

Speaker 2

So as we slot that in, the organic growth will definitely be over double digits here. So our plan is going pretty close to expected.

Speaker 7

Yes. Okay, helpful. And then two last quick ones, if I could sneak them in. John, the W-two revenue, can you just remind me what that was in Q1? And then second, around the rev rec for the Venture deal, just as an example, what would a deal like that, how would that play out from a rev rec standpoint?

Speaker 7

We're talking falls in 1 quarter, period like ratable over time, just refreshment how the deals like that, They tend to be larger, obviously. How is that going to play in rev rec? Thanks.

Speaker 3

Yes. At a high level, it's a multiyear deal. There's some upfront cash component, but what will happen is despite the upfront cash, we will amortize some of that upfront cash payment over the life of the agreement. So it gets more blended in even though the cash flows might not exactly match up. So we get some cash upfront that then ultimately amortizes in as we provide the service.

Speaker 3

To your question on W-2s for the Q1 is about $5,000,000

Operator

Our next question comes from Vincent Colicchio with Barrington Research. Please proceed with your question.

Speaker 8

Yes. Pat, the bookings growth number you cited, was that adjusted for ERTC bookings in the year ago period?

Speaker 3

It was. The other thing

Speaker 2

I guess we ought to

Speaker 3

be clear to is back to that comment that Jeff just had. There is some kind of one time money in that, that, again, it'll get amortized into revenue, but we still have to pay commissions on the fact that the cash is coming in earlier. So anyway, so it's a number that has both recurring as well as some one time revenue in it, but it does have ERTC out to answer your question best.

Speaker 8

And then a macro question. So if you look at your client base, are they expanding at a healthy clip, a modest clip or not at all?

Speaker 2

The client base and I'll talk to let Yale answer a couple of questions here. But on the client base in general, I think the client headcount, if you will, is about flat. So we're not seeing appreciable growth. There's still more jobs and people, especially in the areas of, let's say, the trade organizations and restaurants and stuff like that. What we are seeing though is cross sell opportunities and some of it's our capability and some of it's the client buying patterns that they want to buy more.

Speaker 2

Al, anything else on your end?

Speaker 6

Yes, I would just say another big thing we're seeing, especially with the acquisition of the recruiting piece is customers are looking for ways to find more employees. So there definitely are open positions. They're looking to grow. It's not massive like what it was, but there is a need to find good candidates and a healthy amount of candidates across our customer base right now.

Speaker 8

Thanks for all that color. That's it for me. Thanks.

Speaker 2

Thanks, Feds.

Operator

Our next question is from Greg Gibas with New Orleans Securities. Please proceed with your question.

Speaker 9

Hey, thanks for taking the questions guys. Good afternoon. Regarding the doubling of your backlog year over year, great to see that. I wanted to kind of dive in a little deeper on kind of the drivers there. Would you say it's mostly just improving demand for products?

Speaker 9

Would you say there's kind of better go to market approach? And is there any impact just from longer implementation or time to deploy for some of your larger enterprise type clients?

Speaker 2

Yes, Craig, I think that's a thoughtful question. And I think first of all, on tax, we're winning more in the enterprise space, which is very positive. Some of these pursuits are longer term deals too. And so, for example, something like 37% of the log is this is in the year kind of, if you will, revenue and then you have multi year deals as well. So some of it is a little bit of demand environment based on newer products that we're offering and being very aggressive.

Speaker 2

We have integration opportunities that we previously announced with Workday and SAP And we have another one here that we haven't announced yet that you'll recognize that name as well as an integration opportunity. So we're pretty excited about that. That's driving some of the backlog. And then some of the things that we've talked about on other relatively new. Book to bill is probably longer than I would like at this point in time.

Speaker 2

And in fact, we're on some calls today even that we're driving those book to bill numbers down in the second half and next year. And some of it's just we're brand new and offering some of these services. So there's a little combination of book to bill, elongating a bit in some of the new products, but the bulk of it is really tax filing and our presence in the enterprise marketplace that's driving it.

Speaker 9

Great. That's helpful, Pat. And if I could just clarify too on your comments on kind of organic growth in the back half. I guess what's implied in guidance, did you kind of say that roughly equal contributions from organic versus growth in that position?

Speaker 2

Yes, that's what I heard.

Speaker 3

I mean, you say that's been kind of our consistent message. It's hard to predict exactly it's going to be fifty-fifty, but it will be a healthy combination of

Speaker 2

both. Yes. And Greg, what I would say just in general, all along if you think about it, we have one time revenue last year kind of attributed to ERTC. When we built the plan, the big theme here was we're replacing repetitive revenue or excuse me, replacing non repetitive revenue with repetitive revenue. The Q1, we had about 3.5% organic growth.

Speaker 2

This quarter now it's 7%. But if you look at what we started, let's say in May June and even July, we had a really good payroll units were at a very strong July. So the organic engine is building momentum. I mentioned the low end guidance of 23% in 3rd quarter, 4th quarter between 32% 44%. We kind of did implied guidance of half of it being organic, half of it being inorganic.

Speaker 2

We won't get it all perfect, but you could see it's an accelerating business story. And that's really to me the story that I want investors and yourself to take away from.

Speaker 9

I think that's a good point, Pat. Thanks for

Speaker 2

clarifying. Thank you.

Operator

Our next question is from Robert Galvin with Stifel. Please proceed with your question.

Speaker 1

Hi, this is Rob on for Brad. Thanks for taking the question. I was wondering if the updated FY 'twenty four guide factors in any assumptions on rate cuts in the back half of the year for the forward interest or if it assumes rates remain consistent today? Thanks.

Speaker 3

Yes, we priced in we have our long term portfolio managed by Goldman Sachs. And so we had a call with them, I guess it was last week ahead of our Board meeting and we did that quarterly. When we kind of took their advice, what they're predicting is kind of a quarter in September and a quarter in December. So we kind of ran that through our model and that's kind of implicit in the guide. So it's not a huge impact to us, but we did factor in 2 cuts and 1 in September and 1 in December.

Speaker 1

Great. Thank you.

Speaker 2

Thank you.

Operator

There are no further questions. At this time, I'd like to turn the call back over to management for closing comments.

Speaker 2

Yes. And I won't speak too long here, but Pat Keppel here. Really feel good about the momentum of the business. I think we were thinking about last year in the 3rd, Q4 and how we've grown past the RTC and some questions around that. We've outlined a plan and we've executed to the plan.

Speaker 2

We feel really good about that. In some cases, we're even ahead of the plan and ahead of the sales adoption. As we get the book to bill, the increasing level of growth, we start to lap compares. We think that will pop out. We have 2025 guidance coming up.

Speaker 2

We'll do that as usual in the November call. But we're a company on the move. We appreciate your interest and appreciate you taking time today.

Operator

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

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Asure Software Q2 2024
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