ASURE SOFTWARE INC

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

ASUR$10.28-1.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2023	2022
Cash flows from operating activities:
Net loss	$(9,214)	$(14,466)
Adjustments to reconcile loss to net cash provided by operations:
Depreciation and amortization	19,135	18,708
Amortization of operating lease assets	1,481	1,702
Amortization of debt financing costs and discount	820	718
Non-cash interest expense	1,471	—
Net accretion of discounts and amortization of premiums on available-for-sale securities	(119)	280
Provision for expected losses	2,047	803
Provision for (recovery of) deferred income taxes	225	(92)
Loss on extinguishment of debt	990	—
Net realized gains on sales of available-for-sale securities	(2,257)	(1,221)
Share-based compensation	5,430	3,179
Loss on disposals of long-term assets	132	25
Change in fair value of contingent purchase consideration	175	(1,245)
Adjustment to intangibles	—	18
Changes in operating assets and liabilities:
Accounts receivable	(4,126)	(7,618)
Inventory	97	(14)
Prepaid expenses and other assets	5,101	2,993
Operating lease right-of-use assets	546	(3,020)
Accounts payable	376	1,611
Accrued expenses and other long-term obligations	87	3,828
Operating lease liabilities	(1,118)	2,023
Deferred revenue	(2,379)	5,462
Net cash provided by operating activities	18,900	13,674
Cash flows from investing activities:
Acquisition of intangible assets	(7,651)	(2,289)
Purchases of property and equipment	(1,585)	(2,318)
Software capitalization costs	(7,027)	(4,228)
Purchases of available-for-sale securities	(27,647)	(37,232)
Proceeds from sales and maturities of available-for-sale securities	14,385	10,068
Net cash used in investing activities	(29,525)	(35,999)
Cash flows from financing activities:
Payments of notes payable	(35,627)	(1,688)
Debt extinguishment costs	(250)	—
Payments of contingent purchase consideration	—	(130)
Net proceeds from issuance of common stock	46,800	497
Capital raise fees	(338)	—
Payments made on amounts due for the acquisition of intangibles	(311)	—
Net change in client fund obligations	13,931	(11,055)
Net cash provided by (used) in financing activities	24,205	(12,376)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	13,580	(34,701)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	164,042	198,743
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$177,622	$164,042

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

	Year Ended December 31,
	2023	2022
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents and restricted cash	$30,317	$17,010
Restricted cash and restricted cash equivalents included in funds held for clients	147,305	147,032
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$177,622	$164,042
Supplemental information:
Cash paid for interest	$3,140	$3,397
Cash paid for income taxes	$432	$233
Non-cash investing and financing activities:
Acquisition of intangible assets	$357	$—
Notes payable issued for acquisitions	$1,209	$411
Shares issued to settle contingent consideration	$2,543	$—

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