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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Asure Software Inc | NASDAQ:ASUR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.54% | 7.41 | 7.10 | 7.60 | 7.515 | 7.38 | 7.44 | 107,564 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
74-2415696
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
3700 N. Capital of Texas Hwy #350
|
|
|
Austin, Texas
|
|
78746
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
☐
|
Accelerated filer
☒
|
Non-accelerated filer
☐
|
Smaller reporting company
☐
|
Emerging growth company
☐
|
|
|
|
|
|
Page
|
|
|
Number
|
PART I - FINANCIAL INFORMATION
|
||
|
|
|
Item 1.
|
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
Item 2.
|
24
|
|
Item 3.
|
29
|
|
Item 4.
|
29
|
|
|
|
|
PART II - OTHER INFORMATION
|
||
|
|
|
Item 1.
|
30
|
|
Item 1A.
|
30
|
|
Item 2.
|
30
|
|
Item 3.
|
30
|
|
Item 6.
|
30
|
|
|
|
|
31
|
|
March 31, 2018
|
December 31, 2017
|
||||||
Assets
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
25,808
|
$
|
27,792
|
||||
Accounts receivable, net of allowance for doubtful accounts of $465 and $425
at March 31, 2018 and December 31, 2017, respectively
|
13,881
|
13,361
|
||||||
Inventory
|
719
|
509
|
||||||
Prepaid expenses and other current assets
|
3,418
|
2,588
|
||||||
Total current assets before funds held for clients
|
43,826
|
44,250
|
||||||
Funds held for clients
|
66,773
|
42,328
|
||||||
Total current assets
|
110,599
|
86,578
|
||||||
Property and equipment, net
|
6,308
|
5,217
|
||||||
Goodwill
|
90,998
|
77,348
|
||||||
Intangible assets, net
|
48,665
|
33,554
|
||||||
Other assets
|
15,234
|
614
|
||||||
Total assets
|
$
|
271,804
|
$
|
203,311
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of notes payable
|
$
|
7,816
|
$
|
8,895
|
||||
Revolving line of credit
|
2,379 | - | ||||||
Accounts payable
|
2,743
|
1,912
|
||||||
Accrued compensation and benefits
|
3,236
|
2,477
|
||||||
Other accrued liabilities
|
1,832
|
862
|
||||||
Deferred revenue
|
12,152
|
13,078
|
||||||
Total current liabilities before client fund obligations
|
30,158
|
27,224
|
||||||
Client fund obligations
|
66,773
|
42,328
|
||||||
Total current liabilities
|
96,931
|
69,552
|
||||||
Long-term liabilities:
|
||||||||
Deferred revenue
|
1,074
|
1,125
|
||||||
Notes payable, net of current portion and debt issuance cost
|
106,772
|
66,973
|
||||||
Other liabilities
|
2,354
|
1,887
|
||||||
Total long-term liabilities
|
110,200
|
69,985
|
||||||
Total liabilities
|
207,131
|
139,537
|
||||||
Commitments (Note 13)
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value; 1,500 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, $.01 par value; 22,000 and 11,000 shares authorized; 12,968 and 12,876 shares issued,
12,584 and 12,492 shares outstanding at March 31, 2018 and December 31, 2017, respectively
|
130
|
129
|
||||||
Treasury stock at cost, 384 shares at March 31, 2018 and December 31, 2017
|
(5,017
|
)
|
(5,017
|
)
|
||||
Additional paid-in capital
|
347,640
|
346,322
|
||||||
Accumulated deficit
|
(278,020
|
)
|
(277,597
|
)
|
||||
Accumulated other comprehensive loss
|
(60
|
)
|
(63
|
)
|
||||
Total stockholders’ equity
|
64,673
|
63,774
|
||||||
Total liabilities and stockholders’ equity
|
$
|
271,804
|
$
|
203,311
|
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
|
|||||||
|
2018
|
2017
|
||||||
Revenues:
|
||||||||
Cloud revenue
|
$
|
16,437
|
$
|
7,836
|
||||
Hardware revenue
|
719
|
1,088
|
||||||
Maintenance and support revenue
|
1,173
|
1,102
|
||||||
Professional services revenue
|
975
|
701
|
||||||
Total revenues
|
19,304
|
10,727
|
||||||
Cost of Sales
|
5,557
|
2,438
|
||||||
Gross margin
|
13,747
|
8,289
|
||||||
|
||||||||
Operating expenses
|
||||||||
Selling, general and administrative
|
10,709
|
7,043
|
||||||
Research and development
|
1,423
|
769
|
||||||
Amortization of intangible assets
|
1,597
|
847
|
||||||
Total operating expenses
|
13,729
|
8,659
|
||||||
|
||||||||
Income (Loss) from operations
|
18
|
(370
|
)
|
|||||
|
||||||||
Other income (loss)
|
||||||||
Interest expense and other
|
(1,760
|
)
|
(547
|
)
|
||||
Total other loss, net
|
(1,760
|
)
|
(547
|
)
|
||||
|
||||||||
Loss from operations before income taxes
|
(1,742
|
)
|
(917
|
)
|
||||
Income tax provision
|
(183
|
)
|
(142
|
)
|
||||
Net loss
|
$
|
(1,925
|
)
|
$
|
(1,059
|
)
|
||
Other comprehensive income (loss):
|
||||||||
Foreign currency translation gain (loss)
|
3
|
(34
|
)
|
|||||
Other comprehensive loss
|
$
|
(1,922
|
)
|
$
|
(1,093
|
)
|
||
|
||||||||
Basic and diluted net loss per share
|
||||||||
Basic
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
||
Diluted
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
||
Weighted average basic and diluted shares
|
||||||||
Basic
|
12,583,000
|
8,628,000
|
||||||
Diluted
|
12,583,000
|
8,628,000
|
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
|
|||||||
|
2018
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(1,925
|
)
|
$
|
(1,059
|
)
|
||
Adjustments to reconcile net loss to net cash provided by (used in) operations:
|
||||||||
Depreciation and amortization
|
2,264
|
1,180
|
||||||
Provision for doubtful accounts
|
76
|
-
|
||||||
Share-based compensation
|
194
|
54
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(535
|
)
|
(366
|
)
|
||||
Inventory
|
(229
|
)
|
(43
|
)
|
||||
Prepaid expenses and other assets
|
(2,182
|
)
|
(1,004
|
)
|
||||
Accounts payable
|
666
|
598
|
||||||
Accrued expenses and other long-term obligations
|
2,040
|
(29
|
)
|
|||||
Deferred revenue
|
(1,265
|
)
|
(516
|
)
|
||||
Net cash provided by (used in) operating activities
|
(896
|
) |
(1,185
|
)
|
||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Acquisitions net of cash acquired
|
(37,253
|
)
|
(8,076
|
)
|
||||
Purchases of property and equipment
|
(566
|
)
|
(21
|
)
|
||||
Software capitalization costs
|
(828
|
)
|
-
|
|||||
Net change in funds held for clients
|
576
|
1,540
|
||||||
Net cash provided by (used in) investing activities
|
(38,071
|
)
|
(6,557
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from notes payable
|
36,750
|
5,000
|
||||||
Payments on notes payable
|
-
|
(6,069
|
)
|
|||||
Proceeds from revolving line of credit
|
2,379
|
- | ||||||
Debt financing fees
|
(1,577
|
)
|
(100
|
)
|
||||
Payments on capital leases
|
-
|
(46
|
)
|
|||||
Net change in client fund obligations
|
(576
|
)
|
(1,485
|
)
|
||||
Net cash provided by (used in) financing activities
|
36,976
|
(2,700
|
)
|
|||||
|
||||||||
Effect of foreign exchange rates
|
7
|
(37
|
)
|
|||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(1,984
|
) |
(10,479
|
)
|
||||
Cash and cash equivalents at beginning of period
|
27,792
|
12,767
|
||||||
Cash and cash equivalents at end of period
|
$
|
25,808
|
$
|
2,288
|
||||
|
||||||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
1,529
|
$
|
411
|
||||
Income taxes
|
-
|
-
|
||||||
Non-cash Investing and Financing Activities:
|
||||||||
Subordinated notes payable –acquisitions
|
3,942
|
2,090
|
||||||
Equity issued in connection with acquisitions
|
$ |
1,200
|
946
|
|
As of and for the
Three Months Ended
|
Balance Using Previous
|
Increase
|
|||||||||
Balance Sheet
|
March 31, 2018
|
Standard
|
(Decrease)
|
|||||||||
Assets
|
||||||||||||
Prepaid expenses and other current assets
|
$
|
3,418
|
$
|
3,410
|
$
|
8
|
||||||
Total current assets before funds held for clients
|
43,826
|
43,818
|
8
|
|||||||||
Total current assets
|
110,599
|
110,591
|
8
|
|||||||||
Other assets
|
15,234
|
13,614
|
1,620
|
|||||||||
Total assets
|
$
|
271,804
|
$
|
270,176
|
$
|
1,628
|
||||||
Liabilities and stockholders’ equity
|
||||||||||||
Accumulated deficit
|
(278,020
|
)
|
(279,648
|
)
|
1,628
|
|||||||
Total stockholders’ equity
|
64,673
|
63,045
|
1,628
|
|||||||||
Total liabilities and stockholders’ equity
|
$
|
271,804
|
$
|
270,176
|
$
|
1,628
|
||||||
|
||||||||||||
Income Statement
|
||||||||||||
Operating expenses
|
||||||||||||
Selling, general and administrative
|
10,709
|
10,835
|
(126
|
)
|
||||||||
Total operating expenses
|
13,729
|
13,855
|
(126
|
)
|
||||||||
Gain (Loss) from operations
|
18
|
(108
|
)
|
(126
|
)
|
|||||||
Loss from operations before income tax
|
(1,742
|
)
|
(1,868
|
)
|
(126
|
)
|
||||||
Net Loss
|
$
|
(1,925
|
)
|
$
|
(2,051
|
)
|
$
|
(126
|
)
|
|||
Other comprehensive loss
|
$
|
(1,922
|
)
|
$
|
(2,048
|
)
|
$
|
(126
|
)
|
Level 1:
|
Quoted prices in active markets for
identical
assets or liabilities;
|
Level 2:
|
Quoted prices in active markets for
similar
assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities; and model-driven valuations whose significant inputs are observable; and
|
Level 3:
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Fair Value Measure at March 31, 2018
|
|||||||||||||||
|
Total
|
Quoted
|
Significant
|
|||||||||||||
|
Carrying
|
Prices
|
Other
|
Significant
|
||||||||||||
|
Value at
|
in Active
|
Observable
|
Unobservable
|
||||||||||||
|
March 31,
|
Market
|
Inputs
|
Inputs
|
||||||||||||
Description
|
2018
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
25,808
|
$
|
25,808
|
$
|
-
|
$
|
-
|
||||||||
Total
|
$
|
25,808
|
$
|
25,808
|
$
|
-
|
$
|
-
|
|
Fair Value Measure at December 31, 2017
|
|||||||||||||||
|
Total
|
Quoted
|
Significant
|
|||||||||||||
|
Carrying
|
Prices
|
Other
|
Significant
|
||||||||||||
|
Value at
|
in Active
|
Observable
|
Unobservable
|
||||||||||||
|
December 31,
|
Market
|
Inputs
|
Inputs
|
||||||||||||
Description
|
2017
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
27,792
|
$
|
27,792
|
$
|
-
|
$
|
-
|
||||||||
Total
|
$
|
27,792
|
$
|
27,792
|
$
|
-
|
$
|
-
|
Assets Acquired
|
TelePayroll
|
Pay Systems
|
Savers Admin
|
Total
|
||||||||||||
Cash & cash equivalents
|
$
|
197
|
767
|
160
|
$
|
1,124
|
||||||||||
Accounts receivable
|
9
|
54
|
67
|
130
|
||||||||||||
Fixed assets
|
10
|
121
|
-
|
131
|
||||||||||||
Other assets
|
91
|
49
|
12
|
152
|
||||||||||||
Funds held for clients
|
8,520
|
10,976
|
5,525
|
25,021
|
||||||||||||
Goodwill
|
4,428
|
8,273
|
865
|
13,566
|
||||||||||||
Intangibles
|
7,870
|
7,240
|
1,870
|
16,980
|
||||||||||||
Total assets acquired
|
$
|
21,125
|
27,480
|
8,499
|
$
|
57,104
|
||||||||||
|
||||||||||||||||
Liabilities assumed
|
||||||||||||||||
Accounts payable
|
55
|
107
|
45
|
207
|
||||||||||||
Accrued other liabilities
|
347
|
951
|
94
|
1,392
|
||||||||||||
Deferred revenue
|
356
|
-
|
-
|
356
|
||||||||||||
Client fund obligations
|
8,520
|
10,976
|
5,525
|
25,021
|
||||||||||||
Total liabilities assumed
|
9,278
|
12,034
|
5,664
|
26,976
|
||||||||||||
|
||||||||||||||||
Net assets acquired
|
$
|
11,847
|
15,446
|
2,835
|
$
|
30,128
|
|
TelePayroll
|
Pay Systems
|
Savers Admin
|
Total
|
||||||||||||
Purchase price
|
$
|
12,000
|
15,724
|
2,850
|
$
|
30,574
|
||||||||||
Working capital adjustment
|
36
|
(217
|
)
|
38
|
(143
|
)
|
||||||||||
Adjustment to fair value of Asure’s stock issued
|
(7
|
)
|
-
|
-
|
(7
|
)
|
||||||||||
Debt discount
|
(182
|
)
|
(61
|
)
|
(53
|
)
|
(296
|
)
|
||||||||
Fair value of net assets acquired
|
$
|
11,847
|
15,446
|
2,835
|
$
|
30,128
|
Assets Acquired
|
CPI
|
PMSI
|
PSNW
|
iSystems
|
Compass
|
ADS
|
Total
|
|||||||||||||||||||||
Cash & cash equivalents
|
$
|
126
|
131
|
53
|
211
|
207
|
124
|
$
|
852
|
|||||||||||||||||||
Accounts receivable
|
22
|
347
|
111
|
951
|
241
|
-
|
1,672
|
|||||||||||||||||||||
Restricted cash
|
-
|
-
|
-
|
200
|
-
|
-
|
200
|
|||||||||||||||||||||
Fixed assets
|
-
|
130
|
7
|
681
|
38
|
4
|
860
|
|||||||||||||||||||||
Other assets
|
-
|
17
|
17
|
699
|
33
|
1
|
767
|
|||||||||||||||||||||
Funds held for clients
|
2,809
|
-
|
6,294
|
-
|
-
|
5,091
|
14,194
|
|||||||||||||||||||||
Goodwill
|
1,190
|
2,295
|
1,579
|
42,330
|
2,023
|
1,474
|
50,891
|
|||||||||||||||||||||
Intangibles
|
1,563
|
2,646
|
1,879
|
15,070
|
3,470
|
1,780
|
26,408
|
|||||||||||||||||||||
Total assets acquired
|
$
|
5,710
|
5,566
|
9,940
|
60,142
|
6,012
|
8,474
|
$
|
95,844
|
|||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities assumed
|
||||||||||||||||||||||||||||
Accounts payable
|
51
|
19
|
28
|
392
|
65
|
18
|
573
|
|||||||||||||||||||||
Accrued other liabilities
|
-
|
197
|
40
|
868
|
45
|
30
|
1,180
|
|||||||||||||||||||||
Deferred revenue
|
-
|
370
|
-
|
1,073
|
-
|
-
|
1,443
|
|||||||||||||||||||||
Client fund obligations
|
2,754
|
-
|
6,294
|
-
|
-
|
5,091
|
14,139
|
|||||||||||||||||||||
Total liabilities assumed
|
2,805
|
586
|
6,362
|
2,333
|
110
|
5,139
|
17,335
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net assets acquired
|
$
|
2,905
|
4,980
|
3,578
|
57,809
|
5,902
|
3,335
|
$
|
78,509
|
|
CPI
|
PMSI
|
PSNW
|
iSystems
|
Compass
|
ADS
|
Total
|
|||||||||||||||||||||
Purchase price
|
$
|
3,000
|
5,000
|
3,610
|
55,000
|
6,000
|
3,400
|
$
|
76,010
|
|||||||||||||||||||
Working capital adjustment
|
-
|
42
|
-
|
202
|
55
|
-
|
299
|
|||||||||||||||||||||
Adjustment to fair value of Asure’s stock issued
|
(54
|
)
|
-
|
-
|
2,880
|
-
|
28
|
2,854
|
||||||||||||||||||||
Debt discount
|
(41
|
)
|
(62
|
)
|
(32
|
)
|
(273
|
)
|
(153
|
)
|
(93
|
)
|
(654
|
)
|
||||||||||||||
Fair value of net assets acquired
|
$
|
2,905
|
4,980
|
3,578
|
57,809
|
5,902
|
3,335
|
$
|
78,509
|
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
2018
|
FOR THE
THREE MONTHS ENDED
MARCH 31,
2017
|
||||||
|
||||||||
|
||||||||
Revenues
|
$
|
19,304
|
$
|
18,766
|
||||
Net income (loss)
|
$
|
(1,251
|
)
|
$
|
(2,381
|
)
|
||
Net income (loss) per common share:
|
||||||||
Basic and diluted
|
$
|
(0.10
|
)
|
$
|
(0.23
|
)
|
||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic
|
12,583
|
10,403
|
||||||
Diluted
|
12,583
|
10,403
|
Balance at December 31, 2017
|
$
|
77,348
|
||
Goodwill recognized upon acquisitions of Telepayroll, Pay Systems and Savers Admin
|
13,566
|
|||
Adjustment to Goodwill associated with acquisitions of Compass, ADS, iSystems and PMSI
|
81
|
|||
Foreign exchange adjustment to goodwill
|
3
|
|||
Balance at March 31, 2018
|
$
|
90,998
|
|
March 31, 2018
|
|||||||||||||||
Intangible Assets
|
Weighted Average
Amortization
Period (in Years)
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||
|
||||||||||||||||
Developed Technology
|
6.7
|
$
|
11,925
|
$
|
(5,446
|
)
|
$
|
6,479
|
||||||||
Customer Relationships
|
9.4
|
52,896
|
(14,394
|
)
|
38,502
|
|||||||||||
Reseller Relationships
|
7.00
|
853
|
(792
|
)
|
61
|
|||||||||||
Trade Names
|
11.4
|
3,765
|
(953
|
)
|
2,812
|
|||||||||||
Noncompete
|
5.1
|
1,022
|
(211
|
)
|
811
|
|||||||||||
|
8.9
|
$
|
70,461
|
$
|
(21,796
|
)
|
$
|
48,665
|
|
December 31, 2017
|
|||||||||||||||
Intangible Assets
|
Weighted Average
Amortization
Period (in Years)
|
Gross
|
Accumulated
Amortization
|
Net
|
||||||||||||
|
||||||||||||||||
Developed Technology
|
6.7
|
$
|
11,925
|
$
|
(5,010
|
)
|
$
|
6,915
|
||||||||
Customer Relationships
|
9.5
|
37,096
|
(13,142
|
)
|
23,954
|
|||||||||||
Reseller Relationships
|
7.0
|
853
|
(761
|
)
|
92
|
|||||||||||
Trade Names
|
10.4
|
2,915
|
(884
|
)
|
2,031
|
|||||||||||
Noncompete Agreements
|
6.1
|
692
|
(130
|
)
|
562
|
|||||||||||
|
8.8
|
$
|
53,481
|
$
|
(19,927
|
)
|
$
|
33,554
|
Calendar Years
|
||||
2018 (April to December)
|
$
|
5,542
|
||
2019
|
6,697
|
|||
2020
|
5,862
|
|||
2021
|
5,420
|
|||
2022
|
5,328
|
|||
2023
|
4,496
|
|||
Thereafter
|
15,320
|
|||
|
$
|
48,665
|
Notes Payable
|
Maturity
|
Stated Interest
Rate
|
Balance as of
March 31, 2018
|
Balance as of
December 31, 2017
|
||||||||||
Subordinated Notes Payable- PMSI acquisition
|
4/30/2018
|
2.00
|
%
|
1,125
|
1,125
|
|||||||||
Subordinated Notes Payable- CPI acquisition
|
4/30/2018
|
-
|
%
|
500
|
500
|
|||||||||
Subordinated Notes Payable- PSNW acquisition
|
4/30/2018
|
2.00
|
%
|
600
|
600
|
|||||||||
Subordinated Notes Payable- iSystems acquisition
|
5/25/2019
|
3.50
|
%
|
5,000
|
5,000
|
|||||||||
Subordinated Notes Payable- Compass acquisition
|
5/25/2022
|
2.00
|
%
|
1,474
|
1,500
|
|||||||||
Subordinated Notes Payable- ADS acquisition
|
10/1/2019
|
2.00
|
%
|
1,122
|
1,122
|
|||||||||
Subordinated Notes Payable- TelePayroll acquisition
|
01/01/2020
|
2.00
|
%
|
1,800
|
-
|
|||||||||
Subordinated Notes Payable- Savers Admin acquisition
|
01/01/2020
|
2.00
|
%
|
570
|
-
|
|||||||||
Subordinated Notes Payable- Pay Systems acquisition
|
01/01/2019
|
2.00
|
%
|
1,572
|
-
|
|||||||||
Term Loan – Wells Fargo Syndicate Partner
|
5/25/2022
|
10.55
|
%
|
52,500
|
34,125
|
|||||||||
Term Loan - Wells Fargo
|
5/25/2022
|
5.55
|
%
|
52,500
|
34,125
|
|||||||||
Total Notes Payable
|
|
$
|
118,763
|
$
|
78,097
|
|||||||||
Short-term notes payable
|
|
$
|
8,012
|
$
|
8,895
|
|||||||||
Long-term notes payable
|
|
$
|
110,751
|
$
|
69,202
|
Notes Payable
|
Gross Notes Payable at
March 31, 2018
|
Debt Issuance Costs and Debt Discount
|
Net Notes Payable at
March 31, 2018
|
|||||||||
Notes payable, current portion
|
$
|
8,012
|
$
|
(196
|
)
|
$
|
7,816
|
|||||
Notes payable, net of current portion
|
110,751
|
(3,979
|
)
|
106,772
|
||||||||
Total Notes Payable
|
$
|
118,763
|
$
|
(4,175
|
)
|
$
|
114,588
|
Notes Payable
|
Gross Notes Payable at
December 31, 2017
|
Debt Issuance Costs
|
Net Notes Payable at
December 31, 2017
|
|||||||||
Notes payable, current portion
|
$
|
8,895
|
$
|
-
|
$
|
8,895
|
||||||
Notes payable, net of current portion
|
69,202
|
(2,229
|
)
|
66,973
|
||||||||
Total Notes Payable
|
$
|
78,097
|
$
|
(2,229
|
)
|
$
|
75,868
|
Year Ended
|
Gross Amount
|
|||
December 31, 2018 (April to December)
|
$
|
6,963
|
||
December 31, 2019
|
5,383
|
|||
December 31, 2020
|
4,896
|
|||
December 31, 2021
|
4,889
|
|||
December 31, 2022
|
96,632
|
|||
Gross Notes Payable
|
$
|
118,763
|
·
|
$263 beginning on June 30, 2018 and the last day of each fiscal quarter thereafter up to March 31, 2020, plus an additional amount equal to 0.25% of the principal amount of all delayed draw term loans;
|
·
|
$656 beginning on June 30, 2020 and the last day of each fiscal quarter thereafter up to March 31, 2021, plus an additional amount equal to 0.625% of the principal amount of all delayed draw term loans; and
|
·
|
$1,313 beginning on June 30, 2021 and the last day of each fiscal quarter thereafter, plus an additional amount equal to 1.25% of the principal amount of all delayed draw term loans.
|
·
|
amends our leverage ratio covenant to increase the maximum ratio to 6.50:1 at March 31, 2018 and June 30, 2018, 6.00:1 at September 30, 2018 and December 31, 2018 and then stepping down each quarter-end thereafter;
|
·
|
amends our fixed charge coverage ratio to be not less than 1.25:1at March 31, 2018 and each quarter-end thereafter; and
|
·
|
removes the TTM recurring revenue covenant.
|
|
Foreign Currency Items
|
Accumulated Other
Comprehensive Loss Items
|
||||||
Beginning balance, December 31, 2017
|
$
|
(63
|
)
|
$
|
(63
|
)
|
||
Other comprehensive loss before reclassifications
|
3
|
3
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
—
|
||||||
Net current-period other comprehensive loss
|
3
|
3
|
||||||
Ending balance, March 31, 2018
|
$
|
(60
|
)
|
$
|
(60
|
)
|
|
Three Months Ended March 31, 2018
|
|||||||||||
|
Before Tax
|
Tax Benefit
|
Net of Tax
|
|||||||||
Foreign currency translation adjustments
|
$
|
3
|
$
|
—
|
$
|
3
|
||||||
|
||||||||||||
Other comprehensive loss
|
$
|
3
|
$
|
—
|
$
|
3
|
|
Three Months
|
Three Months
|
||||||
|
Ended March 31,
|
Ended March 31,
|
||||||
|
2018
|
2017
|
||||||
Net loss
|
$
|
(1,925
|
)
|
$
|
(1,059
|
)
|
||
Weighted-average shares of common stock outstanding
|
12,583,000
|
8,628,000
|
||||||
Basic and diluted net loss per share
|
$
|
(0.15
|
)
|
$
|
(0.12
|
)
|
|
|
FOR THE THREE
MONTHS ENDED
March 31,
|
|
|||||
|
|
2018
|
|
|
2017
|
|
||
Revenues
|
|
|
100
|
%
|
|
|
100
|
%
|
Gross margin
|
|
|
71.2
|
|
|
|
77.3
|
|
Selling, general and administrative
|
|
|
55.5
|
|
|
|
65.7
|
|
Research and development
|
|
|
7.4
|
|
|
|
7.2
|
|
Amortization of intangible assets
|
|
|
8.3
|
|
|
|
7.9
|
|
Total operating expenses
|
|
|
71.1
|
|
|
|
80.7
|
|
Total other loss, net
|
|
|
(9.1
|
)
|
|
|
(5.1
|
)
|
Net loss
|
|
|
(10.0
|
)
|
|
|
(9.9
|
)
|
|
FOR THE THREE
MONTHS ENDED
March 31,
|
|||||||||||||||
Revenue
|
2018
|
2017
|
Increase (Decrease)
|
%
|
||||||||||||
Cloud revenue
|
$
|
16,437
|
$
|
7,836
|
$
|
8,601
|
109.8
|
|||||||||
Hardware revenue
|
719
|
1,088
|
(369
|
)
|
(33.9
|
)
|
||||||||||
Maintenance and support revenue
|
1,173
|
1,102
|
71
|
6.4
|
||||||||||||
Professional services revenue
|
975
|
701
|
274
|
39.1
|
||||||||||||
Total revenue
|
$
|
19,304
|
$
|
10,727
|
$
|
8,577
|
79.96
|
|
March 31,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
Working capital
|
$
|
13,668
|
$
|
17,026
|
||||
Cash and cash equivalents
|
25,808
|
27,792
|
|
For the Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2018
|
2017
|
||||||
Net Cash provided by (used in) operating activities
|
$
|
(896
|
)
|
$
|
(1,185
|
)
|
||
Net Cash used in investing activities
|
(38,071
|
)
|
(6,557
|
)
|
||||
Net Cash provided by (used in) financing activities
|
36,976
|
(2,700
|
)
|
|
Payments Due by Period
|
|||||||||||||||||||
|
||||||||||||||||||||
|
Total
|
Less than 1 Year
|
1 to 3 Years
|
3 to 5 Years
|
More than 5 Years
|
|||||||||||||||
|
||||||||||||||||||||
Debt obligations (a)
|
$
|
118,763
|
$
|
8,012
|
$
|
10,182
|
$
|
100,569
|
$
|
-
|
||||||||||
|
||||||||||||||||||||
Interest obligations (b)
|
35,071
|
8,562
|
25,068
|
1,441
|
-
|
|||||||||||||||
Capital /Financing lease obligations
|
227
|
141
|
86
|
-
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Operating lease obligations
|
9,967
|
2,322
|
3,782
|
2,683
|
1,180
|
|||||||||||||||
|
||||||||||||||||||||
Total
|
$
|
164,028
|
$
|
19,037
|
$
|
39,118
|
$
|
104,693
|
$
|
1,180
|
(a)
|
These amounts represent the aggregate principal amounts of our debt obligations. See Note 6 to the accompanying condensed consolidated financial statements for details of our debt obligations.
|
(b)
|
These amounts represent the aggregate interest obligations of our debt. See Note 6 to the accompanying condensed consolidated financial statements for details of our interest obligations.
|
EXHIBIT NUMBER
|
|
DESCRIPTION
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101*
|
|
The following materials from Asure Software, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in XBRL (Extensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Comprehensive Loss, (3) the Condensed Consolidated Statements of Cash Flows, and (4) Notes to Condensed Consolidated Financial Statements.
|
|
ASURE SOFTWARE, INC.
|
|
|
|
|
|
|
|
|
|
|
May 10, 2018
|
By:
|
/s/ PATRICK GOEPEL
|
|
|
|
Patrick Goepel
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
May 10, 2018
|
By:
|
/s/ KELYN BRANNON
|
|
|
|
Kelyn Brannon
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
1 Year Asure Software Chart |
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