Asure Software Inc (ASUR) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Asure's second-quarter 2025 earnings conference call. Joining us for today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and VP of Investor Relations, Patrick McKillop. Following their prepared remarks, there will be a question-and-answer session for the analysts and investors.

下午好，歡迎參加 Asure 2025 年第二季財報電話會議。參加今天電話會議的有董事長兼執行長 Pat Goepel、財務長 John Pence 和投資者關係副總裁 Patrick McKillop。在他們準備好的發言之後，將為分析師和投資人安排問答環節。

I would now like to turn the call over to Patrick McKillop for introductory remarks. Please go ahead.

現在我想將電話轉給 Patrick McKillop 做開場發言。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure's second-quarter 2025 earnings results call. Following the close of the market, 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.

謝謝您，接線生。大家下午好，感謝您參加 Asure 2025 年第二季收益結果電話會議。收盤後，我們公佈了財務業績。收益報告可在美國證券交易委員會 (SEC) 網站和我們的投資者關係網站 investor.asuresoftware.com 上查閱，您也可以在該網站上找到投資者介紹。

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.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對投資者有用，並且排除了某些項目的影響。這些項目的描述和時間，以及非公認會計準則指標與最具可比性的公認會計準則指標的調節，可在我們的收益報告中找到。

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.

今天的電話會議還將包含涉及未來事件的前瞻性陳述，因此涉及一些風險。我們使用諸如預期、相信和可能等詞語來表示前瞻性陳述，我們鼓勵您查看我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們當前預期存在重大差異的因素的更多資​​訊。

I will hand the call over to Pat in a moment, but I just wanted to take a moment to remind people of our upcoming Investor Relations activities. On August 18, we will be hosting a virtual NDR with Barrington Research. During September, we will attend the Lake Street Conference in New York on September 11, and participate in the Barrington Research Virtual Conference on September 16. On November 20, we will be attending the Stephens Conference in Nashville as well as the Needham Technology Conference in New York.

我稍後會將電話交給帕特，但我只是想花點時間提醒大家我們即將舉行的投資者關係活動。8 月 18 日，我們將與 Barrington Research 合作舉辦虛擬 NDR。9月份期間，我們將於9月11日參加紐約Lake Street Conference，並於9月16日參加Barrington Research Virtual Conference。11 月 20 日，我們將參加在納許維爾舉行的史蒂芬斯會議以及在紐約舉行的尼德姆技術會議。

We also expect to schedule some additional non-deal road shows this fall. Investor outreach is very important to Asure 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 that it will be made available for replay via a link available on the Investor Relations section of our website.

我們也預計今年秋季將安排一些額外的非交易路演。投資者拓展對 Asure 來說非常重要，我要感謝所有幫助我們與投資者建立聯繫的人。最後，我想提醒大家，本次電話會議正在錄音，您可以透過我們網站投資者關係部分的連結重播。

With that, I would now like to turn the call over to Pat Goepel, Chairman and CEO. Pat?

現在，我想將電話轉給董事長兼執行長 Pat Goepel。拍？

Thank you, Patrick, and welcome, everyone, to Asure Software's second-quarter 2025 earnings results call. I am joined on this call by our CFO, John Pence, and we will provide a business update for our second-quarter 2025 results as well as our outlook for the second half of 2025. Following our remarks, we'll be available to answer your questions.

謝謝派崔克，歡迎大家參加 Asure Software 2025 年第二季收益結果電話會議。我們的財務長約翰·彭斯 (John Pence) 也參加了此次電話會議，我們將提供 2025 年第二季業績的業務更新以及 2025 年下半年的展望。在我們發言之後，我們將回答您的問題。

We're pleased to report that our second-quarter revenues were solid, coming in at $30.1 million, an increase of 7% versus our second quarter prior year and, excluding the impact of ERTC revenue growth, was 10%. Our revenues reflect continued strong performance from our Payroll Tax Management product and improving attach rates of our Human Capital Management products.

我們很高興地報告，我們的第二季度收入穩健，達到 3010 萬美元，比去年同期第二季度增長 7%，不包括 ERTC 收入增長的影響，則增長 10%。我們的收入反映了工資稅管理產品的持續強勁表現以及人力資本管理產品的附加率的提高。

On July 1, we acquired the Lathem Time Corporation and we are excited to have them as part of the Asure family. Lathem has a storied legacy as a pioneer of mechanical time clocks and a trusted name in workforce management for over a century. It was founded in 1919 by George and Louis Lathem, who began selling time clocks across the Southeast region of the United States and was still managed by the fourth generation of the family.

7 月 1 日，我們收購了 Lathem Time Corporation，我們很高興他們成為 Asure 家族的一部分。作為機械打卡鐘的先驅，Lathem 擁有悠久的歷史，並且是一個多世紀以來勞動力管理領域值得信賴的品牌。該公司由喬治和路易斯·萊瑟姆於 1919 年創立，最初在美國東南地區銷售打卡鐘，至今仍由家族第四代管理。

The company has evolved from punch clocks in early years and transformed into a modern software provider, delivering intuitive cloud-based time and attendance solutions through its flagship platform PayClock Online. We believe the combination of Lathem with our existing Time and Attendance business is a natural fit, which will allow us to achieve scale in this segment of the market. The acquisition reinforces Asure's commitment to supporting America's growing businesses with simple, effective tools to better manage their workforce and grow their business.

該公司早年從打卡鐘發展而來，現已轉型為現代軟體供應商，透過其旗艦平台 PayClock Online 提供直覺的基於雲端的時間和考勤解決方案。我們相信，Lathem 與我們現有的考勤業務的結合是天作之合，這將使我們能夠在這一細分市場中實現規模化。此次收購強化了 Asure 的承諾，即透過簡單、有效的工具來支持美國不斷發展的企業，以更好地管理他們的員工並發展他們的業務。

The target customer base for Lathem, which has approximately 14,000 clients matches well with Asure's focus on growing companies. The go-to-market strategy is very similar in nature and direct sales as well as strong reseller network is available to Asure. We view the Time and Attendance segment as a gateway to payroll processing and a rapid self-installation software used with the Lathem product, we believe we can accelerate our payroll sales and further drive the opportunity to have increased attach rates.

Lathem 的目標客戶群約有 14,000 名客戶，這與 Asure 對成長型公司的關注非常吻合。市場進入策略本質上非常相似，Asure 可以使用直接銷售以及強大的經銷商網路。我們將考勤部分視為薪資處理的入口網站和與 Lathem 產品一起使用的快速自安裝軟體，我們相信我們可以加速薪資銷售並進一步推動提高附加率的機會。

AsurePay is an example of the demand for such features such as earned wage access, where employees hours can be validated at the time clock or in the time and attendance system. We believe the clients of Lathem also are in need of many additional products Asure has to offer, such as tax, HR compliance, benefit administration, 401(k), and more. We expect the acquisition of Lathem Time Corporation to bring additional high-margin revenue to Asure.

AsurePay 就是對此類功能需求的一個例子，例如取得已賺工資，員工的工作時間可以在時間鐘或考勤系統中進行驗證。我們相信 Lathem 的客戶還需要 Asure 提供的許多其他產品，例如稅務、人力資源合規、福利管理、401(k) 等等。我們預計收購 Lathem Time Corporation 將為 Asure 帶來額外的高利潤收入。

Our Payroll Tax Management product has continued its momentum as we go live with more clients each and every day, and our team has an active pipeline of new opportunities. AsurePay is a multiyear initiative continues to make very good progress in its launch with thousands of cards ordered by our clients and more being activated every day. In just a few years, we've accomplished quite a bit as we have been busy building our capabilities with acquired point solutions.

隨著我們每天與更多客戶合作，我們的薪資稅管理產品持續保持強勁發展勢頭，我們的團隊也擁有大量新的機會。AsurePay 是一項多年的計劃，在推出後取得了非常好的進展，我們的客戶訂購了數千張卡，而且每天都有更多卡被激活。在短短幾年內，我們一直忙於利用所獲得的點解決方案來建立我們的能力，從而取得了相當大的成就。

We're investing capital to integrate these point solutions for an improved client experience, which we expect to drive our attach rates higher and ultimately drive improved organic growth. While we're in the early innings of these efforts, we have seen some positive indicators such as improved attach rates during Q2 with an increase of 400 basis points versus the year ago period. Our suite of Human Capital Management products is now stronger than ever and includes a well-rounded offering to meet the needs of growing businesses with payroll tax, HR compliance, insurance, 401(k), time and attendance.

我們正在投入資金來整合這些點解決方案，以改善客戶體驗，我們期望這將提高我們的附加率並最終推動有機成長。雖然我們正處於這些努力的早期階段，但我們已經看到了一些積極的指標，例如第二季度的附加率有所提高，與去年同期相比增加了 400 個基點。我們的人力資本管理產品套件現在比以往更加強大，包括全面的產品，以滿足不斷增長的企業對工資稅、人力資源合規、保險、401（k）、考勤等方面的需求。

The total addressable market for our products is very large. And we're working to capture increased wallet share. We feel our efforts can lead us to better service our client base of over 100,000 with the best experience in the human capital management industry, whether it's small growing businesses or an enterprise-level business. We want to be the provider of choice for our clients offering everything they need from the first day of hire all the way through an employee's retirement.

我們產品的總目標市場非常大。我們正在努力爭取更多的錢包份額。我們相信，我們的努力可以讓我們更好地為超過 100,000 名客戶群提供服務，無論是小型成長型企業還是企業級企業，都能獲得人力資本管理行業的最佳經驗。我們希望成為客戶的首選供應商，從員工入職第一天起直至員工退休，提供他們所需的一切服務。

Our bookings for the second quarter declined by 53% year over year, primarily due to large enterprise deals which were booked in the second quarter of 2024. Excluding those from comparison, we saw bookings increase 15% for the quarter. Our contracted revenue backlog is $82 million, up 68% versus a year ago and remains at record levels.

我們第二季的訂單量年減了 53%，主要是因為 2024 年第二季預訂了大型企業交易。排除那些比較對象，我們發現本季的預訂量增加了 15%。我們的合約收入積壓為 8,200 萬美元，比去年同期成長 68%，仍處於創紀錄水準。

Based on our current business trends, we're increasing our full-year 2025 revenue guidance to a range of $138 million to $142 million in revenue, with adjusted EBITDA margins of between 22% and 24% from prior guidance of $1.34 to $1.38 in revenue with adjusted EBITDA margins of between 23% and 24%. This guidance includes the anticipated impact of the Lathem Time acquisition.

根據我們目前的業務趨勢，我們將 2025 年全年營收預期從先前的 1.34 美元至 1.38 美元上調至 1.38 億美元至 1.42 億美元，調整後的 EBITDA 利潤率將介於 22% 至 24% 之間，調整後的 EBITDA 利潤率將介於 24%3% 至 24%3% 之間。該指引包括了 Lathem Time 收購的預期影響。

Now, I would like to hand it off to John to discuss our financial results in more detail as well as our Q3 guidance. John?

現在，我想讓約翰更詳細地討論我們的財務表現以及第三季的指引。約翰？

Thanks, Pat. As Patrick mentioned at the beginning of this call, several of the financial figures discussed today are given on a non-GAAP or adjusted basis. You will find a description of these GAAP to non-GAAP reconciliations in the earnings release that was made available earlier today. The reconciliations themselves are also included in our most recent investor presentation posted in the Investor Relations section of our website at investor.asuresoftware.com.

謝謝，帕特。正如帕特里克在本次電話會議開始時提到的那樣，今天討論的幾個財務數據都是按照非公認會計準則或調整後的基礎給出的。您可以在今天早些時候發布的收益報告中找到這些 GAAP 與非 GAAP 調整的描述。這些對帳表本身也包含在我們最新的投資者介紹中，該介紹發佈在我們網站 investor.asuresoftware.com 的投資者關係部分。

Now on to the second quarter results. Second quarter total revenue was $30.1 million, increasing by 7% compared to the prior year period. Excluding ERTC revenues, we're up 10% from prior year period. Recurring revenues for the same quarter grew 6% versus the prior year to $28.6 million and over 95% of our total revenue in the quarter. With 7% total revenue growth in the quarter, our revenue results reflect favorable year-over-year comparisons driven by Payroll Tax Management and Applicant Tracking products.

現在來看看第二季的業績。第二季總營收為 3,010 萬美元，比去年同期成長 7%。不包括 ERTC 收入，我們的收入比去年同期成長了 10%。本季經常性收入較上年同期成長 6%，達到 2,860 萬美元，佔本季總營收的 95% 以上。本季總收入成長 7%，我們的收入結果反映了受工資稅管理和申請人追蹤產品推動的同比良好增長。

As we discussed last quarter, HR compliance still faces some headwinds owing the ERTC-related bundling activity in 2023. And this negativity impacted our growth in the second quarter. Also, Professional Service revenue was a little bit weaker than we forecasted, though as we discussed on past earnings calls, this revenue can be impacted by the timing of enterprise implementations. Our organic growth was 1%. However, excluding the 4% downward pressure from HR compliance revenue issues, organic was 5%.

正如我們上個季度所討論的那樣，由於 2023 年與 ERTC 相關的捆綁活動，人力資源合規性仍然面臨一些阻力。這種負面因素影響了我們第二季的成長。此外，專業服務收入略低於我們的預期，但正如我們在過去的收益電話會議上所討論的那樣，該收入可能會受到企業實施時間的影響。我們的有機成長率為1%。然而，排除人力資源合規收入問題帶來的 4% 下行壓力，有機成長率為 5%。

Summing up our buckets of growth, which are organic, enhanced organic, and strategic inorganic, our growth was 13.5%, excluding the 4% impact to the organic I just mentioned. We believe that the second quarter was the low point for the impact of HR compliance ERTC-related issues. Float revenue was down slightly versus prior year period due to previous rate reductions made to the federal funds rate. However, increased average fund balances have mitigated most of that impact.

總結我們的成長點，包括有機成長、增強型有機成長和策略性無機成長，我們的成長率為 13.5%，不包括我剛才提到的 4% 的有機成長影響。我們認為，第二季是人力資源合規 ERTC 相關議題影響的最低點。由於先前聯邦基金利率下調，浮動收入較上年同期略有下降。然而，平均基金餘額的增加減輕了大部分影響。

We continue to model conservatively for three more interest rate cuts this year. Our cross-selling efforts are continuing to show good results with our attach rates, which measures clients that take more than one product, growing again by 400 basis points versus the prior year, second quarter. This will be a continued focus for us during the remainder of 2025. And with the recent acquisition of Lathem Time, we believe this will continue to help us drive acceleration of these attach rates.

我們繼續保守預測今年還會有三次降息。我們的交叉銷售工作持續取得良好效果，我們的附加率（衡量購買多種產品的客戶）與去年第二季相比再次成長了 400 個基點。這將是我們在 2025 年剩餘時間持續關注的重點。隨著最近對 Lathem Time 的收購，我們相信這將繼續幫助我們推動這些附加率的加速。

Gross profit for the second quarter increased slightly to $19.9 million versus $18.9 million in the prior year second quarter. Gross margins for the second quarter were 66% compared with prior year at 67%. Non-GAAP gross margin for the same quarter were 73% compared with the same quarter of prior year at 73%. We continue to believe that there is margin upside over the longer term as the business scales.

第二季毛利略有增加，達 1,990 萬美元，去年同期為 1,890 萬美元。第二季毛利率為 66%，去年同期為 67%。本季非公認會計準則毛利率為 73%，去年同期為 73%。我們仍然相信，隨著業務規模的擴大，長期來看利潤率將會上升。

Net loss for the same quarter was $6.1 million versus net loss of $4.4 million during the prior year. EBITDA for the second quarter was $1.4 million, up slightly from $1.3 million in the prior year. Adjusted EBITDA for the second quarter increased to $5.2 million from $4.1 million in the prior year and our adjusted EBITDA margin was 17% in the quarter compared with 15% in the prior year.

同一季淨虧損為 610 萬美元，去年同期淨虧損為 440 萬美元。第二季的 EBITDA 為 140 萬美元，略高於去年同期的 130 萬美元。第二季調整後 EBITDA 從去年同期的 410 萬美元增至 520 萬美元，本季調整後 EBITDA 利潤率為 17%，去年同期為 15%。

Turning now to the balance sheet. We ended the second quarter with cash and cash equivalents of $66 million and we have debt of $67.4 million as of June 30, 2025. The Lathem Time operation acquisition, which closed on July 1, 2025, was with a purchase price of $39.5 million. This was paid in the form of $37.5 million in cash provided by the mid-cap financial facility, with the remaining $2 million being paid in the form of the seller promissory note.

現在來看資產負債表。截至第二季末，我們的現金和現金等價物為 6,600 萬美元，截至 2025 年 6 月 30 日，我們的債務為 6,740 萬美元。Lathem Time 業務收購於 2025 年 7 月 1 日完成，收購價格為 3,950 萬美元。這筆款項以中型金融機構提供的 3,750 萬美元現金形式支付，其餘 200 萬美元則以賣方本票的形式支付。

Now I'd like to provide the backdrop for our updated 2025 guidance. During the first half of 2025, we invested in our technology to improve the client experience added to our sales force and invest in other areas of business to achieve our revenue and profitability goals. As we generate more revenue growth with relatively stable cost structure through 2025, we anticipate that we will experience greater operating leverage. We are modeling for higher interest expense with the newly added debt to our balance sheet.

現在我想介紹一下我們更新後的 2025 年指導的背景。2025 年上半年，我們投資了技術以改善客戶體驗，增加了銷售人員，並投資了其他業務領域以實現我們的收入和盈利目標。隨著我們在 2025 年之前以相對穩定的成本結構創造更多的收入成長，我們預計我們將獲得更大的營運槓桿。我們正在為資產負債表中新增債務帶來的更高利息支出建模。

Our third-quarter and full 2025 guidance is based on continued positive momentum in our business. Now in terms of guidance for the third quarter of 2025, we are guiding the third-quarter revenues to be in the range of $35 million to $37 million. Adjusted EBITDA for the third quarter is expected to be between $7 million and $9 million.

我們對第三季和 2025 年全年的預測是基於我們業務持續的積極勢頭。現在就 2025 年第三季的指導而言，我們預計第三季的營收將在 3,500 萬美元至 3,700 萬美元之間。預計第三季調整後 EBITDA 在 700 萬美元至 900 萬美元之間。

We are increasing our 2025 revenue guidance from $134 million to $138 million with adjusted EBITDA margins of 23% to 24% to now be in the range of $138 million to $142 million with adjusted EBITDA margins to be in the range of 22% to 24%. As Pat mentioned in his comments earlier, these guidance figures include the anticipated impact of the Lathem Time acquisition.

我們將 2025 年的營收預期從 1.34 億美元提高到 1.38 億美元，調整後的 EBITDA 利潤率將在 23% 到 24% 之間。現在，營收預期將在 1.38 億美元到 1.42 億美元之間，調整後的 EBITDA 利潤率將在 22% 到 24% 之間。正如帕特在之前的評論中提到的那樣，這些指導數字包括了收購 Lathem Time 的預期影響。

In conclusion, we are excited about the remainder of 2025 and look forward to 2025 as being a great year for Asure in driving profitable growth and leveraging the initiatives that we have implemented across the business to drive long-term sustainable growth.

總而言之，我們對 2025 年剩餘時間感到興奮，並期待 2025 年成為 Asure 推動盈利增長和利用我們在整個業務中實施的舉措來推動長期可持續增長的偉大一年。

With that, I will turn the call back to Pat for closing remarks.

說完這些，我將把電話轉回給帕特，請他作最後發言。

Thanks, John. We are pleased to have delivered solid results in the second quarter of 2025. During the first half of 2025, we achieved many accomplishments in growing the business, improving our technology, and complete acquisitions, including a strategic deal of Lathem Time Corporation. We believe we've executed well on our strategy to deliver growth and will achieve scale benefits.

謝謝，約翰。我們很高興在 2025 年第二季取得了穩健的業績。2025 年上半年，我們在業務成長、技術改進和完成收購方面取得了許多成就，包括對 Lathem Time Corporation 的策略交易。我們相信，我們的成長策略執行得很好，並將實現規模效益。

While organic growth has been hampered during the first half of 2025 due to HR compliance-related ERTC upsell activity, we believe that the HR compliance headwind will be lessened as we move through the second half of the year. We're budgeting for increased capital spending as we work to integrate the point solutions we have acquired. And going forward, we're consolidating the point solutions to one user experience.

儘管由於與人力資源合規相關的 ERTC 追加銷售活動，2025 年上半年的自然成長受到了阻礙，但我們相信，隨著下半年的到來，人力資源合規方面的阻力將會減弱。我們正在預算增加資本支出，以整合我們所獲得的點解決方案。展望未來，我們將整合各個點解決方案，以提供單一的使用者體驗。

And this will increase our per employee per month capabilities from about $15 per employee per month just a few years ago to $100 per employee per month today. The sales team is making very good progress in our efforts to cross-sell and increase our attach rates, which during the second quarter, increased by 400 basis points year over year. We believe the increased attach rates and the per employee per month capabilities over time will lead to improved organic growth.

這將使我們每位員工每月的收入從幾年前的約 15 美元提高到今天的 100 美元。銷售團隊在交叉銷售和提高附加率方面取得了非常好的進展，第二季附加率年增了 400 個基點。我們相信，隨著時間的推移，附加率和每位員工每月能力的提高將帶來有機成長的改善。

The team here at Asure remains focused on the goal of building and growing the business to achieve scale, which we believe will result in improved profitability with adjusted EBITDA margins of 30%-plus at the $180 million to $200 million revenue level. We believe that with the positive momentum that we have in our business combined with the record backlogs and recent acquisitions, we have good line of sight of reaching this goal over the medium term. We expect the business to generate positive cash flow this year, and our model suggests we could achieve the 30% level of adjusted EBITDA margins for the fourth quarter and potentially, GAAP profitability, which would be an important milestone for this business.

Asure 團隊始終專注於建立和發展業務以實現規模化的目標，我們相信這將提高盈利能力，在 1.8 億至 2 億美元的收入水平上，調整後的 EBITDA 利潤率將達到 30% 以上。我們相信，憑藉我們業務的積極勢頭，加上創紀錄的積壓訂單和最近的收購，我們很有可能在中期內實現這一目標。我們預計該業務今年將產生正現金流，我們的模型表明，我們可以在第四季度實現 30% 的調整後 EBITDA 利潤率，並可能實現 GAAP 盈利，這將是該業務的一個重要里程碑。

In summary, we're very pleased to have delivered a solid performance in Q2. Our increased guidance for the full year of 2025 reflects our expectation for continued growth in the high-teens range. We have a very healthy contracted revenue backlog of $82 million which had record levels versus last year's second quarter. We've experienced great momentum with our Payroll Tax Management product and are excited about the addition of Lathem Time to our business.

總而言之，我們很高興在第二季度取得了出色的業績。我們上調了 2025 年全年的預期，反映了我們對持續保持高十幾個百分點成長的預期。我們的合約收入積壓量非常健康，為 8,200 萬美元，與去年第二季相比創下了歷史新高。我們的薪資稅管理產品發展勢頭強勁，我們對 Lathem Time 加入我們的業務感到非常興奮。

We continue to feel the business is positioned well for the future. We'll continue to provide innovative human capital management solutions that help businesses thrive, human capital management providers grow their base, and large enterprises streamline tax compliance. Thank you for listening to the prepared remarks that we had.

我們仍然認為該業務的未來前景良好。我們將持續提供創新的人力資本管理解決方案，幫助企業蓬勃發展、人力資本管理供應商擴大其基礎、並協助大型企業簡化稅務合規流程。感謝您聆聽我們準備好的發言。

So with that, I will send the call back to the operator for the Q&A session. Operator?

因此，我會將電話轉回給接線員，進行問答環節。操作員？

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Jeff Van Rhee, Craig Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Pat, on the Payroll Tax Management, I know, obviously, the RPOs and -- you can see, you've booked a lot of business there. I know the timing around those deals have been difficult to predict. Two questions, One, where is that business now in terms of revenue? And then two, you had some big deals you've talked about, I think, Kroger, Nucor, and a number of others that were potentially seven-figure ARR. It doesn't look like those have lit up yet.

帕特，關於工資稅管理，我顯然了解 RPO 和——您可以看到，您在那裡預訂了很多業務。我知道這些交易的時機很難預測。兩個問題，第一，就收入而言，該業務現在處於什麼水平？其次，我認為您談到了一些大交易，例如 Kroger、Nucor 和其他一些可能實現七位數 ARR 的公司。看起來它們還沒亮起來。

Just catch us up on where you are now and how some of these big deals are flowing through? And if, in fact, they're all still there, has anything slipped out of the pipeline?

請告訴我們您現在的情況以及這些大交易的進展？如果事實上它們都還在那裡，那麼有什麼東西從管道中溜走了嗎？

No, not at all, Jeff. Thanks for the question. Just on tax in general, one of the things we're -- we do have competitors listening on these calls. So I want to make sure and they try to use stuff like that against us. So suffice to say, from a backlog perspective, we've made really good progress.

不，一點也不，傑夫。謝謝你的提問。就一般稅收而言，我們的一個問題是——我們的競爭對手確實在監聽這些電話。所以我想確保他們不會試圖利用這樣的事情來對付我們。因此，從積壓訂單的角度來看，我們已經取得了非常好的進展。

Some of them have been phased installs as they get one location or they get one business line and then they go to another business line. So there's been a little bit of slippage from that, but there's no deals or anything that we've lost out of the backlog. And we've had some -- actually some really good -- in fact, I talked to a number of them personally. And I think client satisfaction, we're right where we want to be. So I feel good about that.

其中一些已經分階段安裝，因為它們佔據一個位置或佔據一條業務線，然後它們轉向另一條業務線。因此，雖然出現了一些延誤，但我們並沒有因為積壓訂單而損失任何交易或任何東西。我們確實有一些很好的人——事實上，我親自和他們中的許多人交談過。我認為客戶滿意度正是我們想要達到的目標。所以我對此感覺很好。

I would say, just in -- a couple of them have phased as supposed but nothing more, nothing less than that. I think as we look at the first half and then go into the second half, we'll get those backlog installed that we have. They might be a quarter late in some cases or they're phased but we're right where I want to be from a unit perspective. From a sales perspective, I anticipate having a couple of decent deals this quarter. We didn't have anything super meaningful booked in the second quarter. But certainly a couple already, I think, are going to be signed here in the third quarter.

我想說的是，其中有幾個已經按照預期分階段實施，僅此而已。我認為，當我們回顧上半年並進入下半年時，我們會完成我們已有的積壓工作。在某些情況下，他們可能會晚一個季度，或分階段完成，但從單位的角度來看，我們正處於我想要的狀態。從銷售角度來看，我預計本季會有幾筆不錯的交易。我們在第二季度沒有預定任何非常有意義的事情。但我認為，第三季肯定會有幾份協議簽署。

So the tax business continues to make progress. And we don't break out the tax business in general, but it's increasingly more of our revenue and some of it if you include float and don't include float and as stand-alone, et cetera. So we'll keep updating you along the way.

因此稅務業務不斷取得進展。我們通常不會單獨列出稅務業務，但它在我們的收入中所佔的比例越來越大，如果包括浮動收入，或者不包括浮動收入，以及作為獨立收入等等，那麼它就是我們的收入的一部分。因此，我們會持續向您通報最新進展。

And then I think on the ERTC with HRC, our Human Resource Compliance product, there was a little bit of the miss in the first half of the year, we're trying to quantified that at 400 basis points. We are starting more than we're losing each month here in the second quarter, and we anticipate that in the third and fourth. So from a bookings retention perspective, that's in pretty good shape. We just have to -- we had to get through the cohort of the ERTC combined losses in that piece -- in that area, and we're largely past that.

然後我認為，對於我們的人力資源合規產品 HRC 的 ERTC 來說，今年上半年出現了一些失誤，我們試圖將其量化為 400 個基點。我們第二季每個月的獲利都大於虧損，我們預期第三季和第四季的獲利也將大於虧損。因此，從預訂保留的角度來看，情況相當不錯。我們必須——我們必須克服 ERTC 在該領域的綜合損失，而我們基本上已經克服了這一困難。

Understood. And on Lathem, the -- talk to us about the business itself. What kind of growth rate are you inheriting there? What has that business done in the last few years? And then what is the impact that's coming in for the second half year? What is the impact on the outlook in terms of the revenue you're expecting from that?

明白了。在 Lathem 上，請與我們討論一下業務本身。您繼承了那裡什麼樣的成長率？該企業過去幾年做了什麼？那麼這對下半年會產生什麼影響呢？就您預期的收入而言，這會對前景產生什麼影響？

Yeah. I think just a couple of things. So we think Lathem is just spot on to where we want to go. Their client base and our client base, it's a really good match. We feel really good about that. And one of the couple of things that they do is we have almost a same-day install, if you will, or a self-install so we can get client revenue moving faster. We think we can attach rates faster.

是的。我認為只有幾件事。因此我們認為 Lathem 正是我們想要去的地方。他們的客戶群和我們的客戶群非常匹配。我們對此感到非常高興。他們所做的幾件事之一就是，我們幾乎可以在同一天安裝，或自行安裝，這樣我們就可以更快地獲得客戶收入。我們認為我們可以更快地確定利率。

They've grown in the area of 10%. And some of the -- if you step back and look at the business and the purchase price, we've been very consistent on our acquisitions, somewhere between two and three times revenue. This one is like smack dab in the middle at about 2.5 times revenue. And if you think of that, it's $15 million or so and $7 million in this quarter, $8 million in the next -- excuse me, $7 million in the second half of the year, $8 million in the first half of next year.

它們已經增長了 10% 左右。如果你回顧我們的業務和收購價格，你會發現我們的收購價格一直非常穩定，大約是收入的兩到三倍。這個正好處於中間位置，大約是收入的 2.5 倍。如果你想想，這個數字是 1500 萬美元左右，本季是 700 萬美元，下個季度是 800 萬美元——對不起，下半年是 700 萬美元，明年上半年是 800 萬美元。

And then what you look at from a revenue perspective is they had some business that is onetime. For us, we're going to move more and more to a reoccurring model. So some of it's a little bit of apples and oranges. But if you think about it, it's a $15 million revenue play growing at about 10%. And then for us, it opens the door to AsurePay, it opens the door to payroll, it opens the door HR, a lot of cross-sell opportunities both ways. So we couldn't be more pleased and excited to have Lathem as part of the family.

然後從收入角度來看，他們有一些一次性的業務。對我們來說，我們將越來越多地轉向重複模式。因此，有些事情就像蘋果和橘子一樣。但如果你仔細想想，這是一個收入 1500 萬美元、成長率約 10% 的項目。對我們來說，它為 AsurePay 打開了大門，為薪資打開了大門，為人力資源打開了大門，為雙方帶來了大量交叉銷售機會。因此，我們非常高興和興奮 Lathem 能夠成為我們家庭的一員。

Got it helpful. Thank you, Pat.

覺得有幫助。謝謝你，帕特。

Thank you, Jeff.

謝謝你，傑夫。

Joshua Reilly, Needham & Company.

約書亞·賴利（Joshua Reilly），Needham & Company。

All right, thanks for taking my questions. Just following up on the Lathem acquisition here. How should we think about the penetration of time and attendance solutions within your existing base of both direct customers and indirect customers. And how does this change the dynamic in terms of your ability to further penetrate that customer -- or your existing customer base with time and attendance solutions?

好的，感謝您回答我的問題。這只是對 Lathem 收購的後續報導。我們應該如何看待考勤解決方案在您現有的直接客戶和間接客戶群中的滲透率。就您進一步利用時間和考勤解決方案滲透該客戶或現有客戶群的能力而言，這會如何改變現狀？

Yeah, great question, and I'll get John Pence into the conversation as well. But just one of the things that we improved our -- we believe we improved our IR deck, our Investor Relations deck, and it's on asuresoftware.com.

是的，這個問題問得很好，我也會讓約翰·彭斯參與談話中。但我們改進的其中一件事是——我們相信我們改進了我們的 IR 平台、我們的投資者關係平台，它在 asuresoftware.com 上。

But a couple of things. Our attach rates, we felt weren't as high as where we wanted to be, and we saw the opportunity. We felt like we had a good time and attendance solution but in some cases, it was a little bit more upmarket. And we wanted to look at that self-install, same-day install.

但有幾件事。我們感覺我們的附加率沒有達到我們想要的水平，但我們看到了機會。我們覺得我們有一個很好的考勤解決方案，但在某些情況下，它有點更高端。我們想看看那種自行安裝、當天安裝的情況。

And then how we're looking at it is in combination with earn wage access, where you can work today, get paid today, you can get credit for your time and attendance hours, et cetera. And so what we're excited about is that capability and I think attach rates can go up. And in the investor relation deck, we kind of lay out, we -- last quarter, we introduced the 25% have two or more products. We're already up to 29%. We think we can increase that.

然後，我們如何看待它與賺取工資相結合，你今天可以工作，今天得到報酬，你可以獲得你的時間和出勤時間的積分，等等。因此，我們對這種能力感到興奮，我認為附加率會上升。在投資者關係平台上，我們進行了佈局，上個季度，我們推出了 25% 擁有兩種或兩種以上產品的產品。我們已經達到 29%。我們認為我們可以增加這個數字。

And then from a PEPM model our capability at $15 a couple of years ago, now we think we have close to $100 per employee per month. In time and attendance, I'd like to see that attach rate go way up. And I think it will with the book-to-bill and the time to install being a lot quicker. So that was part of the reason for the acquisition.

然後從 PEPM 模型來看，幾年前我們的產能為 15 美元，現在我們認為每位員工每月的產能接近 100 美元。在時間和出勤方面，我希望看到附加率大幅上升。我認為訂單到出貨的時間和安裝時間會快得多。這就是此次收購的部分原因。

We have about 15,000 direct clients. Lathem, in effect, doubles that opportunity here very, very quickly. So from a payroll time perspective, we think we have hit a home run here and we're going to work right away on moving both the attach rates in both businesses as well as scaling up the PEPM journey or the per employee per month journey. John, I don't know if you had anything to add.

我們有大約 15,000 名直接客戶。實際上，拉瑟姆在這裡非常非常迅速地將這個機會翻了一番。因此，從工資發放時間的角度來看，我們認為我們已經取得了成功，我們將立即著手提高兩個業務的附加率，並擴大 PEPM 旅程或每位員工每月旅程。約翰，我不知道您是否還有什麼要補充。

Yes, a couple of things. I think you talked about the 29%, I would say probably at least half of that is our clients that have time today with us. One of the things that was interesting about the Lathem business, as we were talking and we're starting to learn about them, roughly 14,000 customers really almost the same customer base that we're serving. And when you talk to them and when you're trying to understand why they lost customers, almost all the time, they were losing customers to an integrated payroll solution, right?

是的，有幾件事。我想您談到了 29%，我想說其中至少有一半是今天有時間與我們在一起的客戶。關於 Lathem 業務，有趣的事情之一是，當我們交談並開始了解他們時，我們發現大約有 14,000 名客戶，這幾乎與我們服務的客戶群相同。當您與他們交談並試圖了解他們失去客戶的原因時，幾乎所有情況下，他們都是因為整合薪資解決方案而失去客戶，對嗎？

So we think that there's a lot of opportunity inside of that base to cross-sell into it as well as Pat mentioned the product that they've got. You can take a look at it, they've got a store on Amazon. You can see the clock they're selling. And what they've done is it's almost like a router. Everybody is taking a router home and try to set the WiFi at their house. It took a little bit of a challenge.

因此，我們認為，在該基礎上有很多機會進行交叉銷售，就像帕特提到的他們擁有的產品一樣。你可以看看，他們在亞馬遜上有一家商店。您可以看到他們正在出售的時鐘。他們所做的幾乎就像一個路由器。每個人都將路由器帶回家並嘗試在家中設定 WiFi。這需要一點挑戰。

It takes a couple of hours to playing around and hitting some buttons, but they've got the same kind of setup, right? So you take the clock delivered by Amazon and an hour or two later, you've got -- you're up and running, you put your credit card down and now you've got a subscription to their service. It's a really, really slick system.

玩一玩並按下一些按鈕需要幾個小時，但它們有相同的設置，對嗎？因此，您拿到亞馬遜送來的時鐘，一兩個小時後，您就可以開始運行了，您可以存入信用卡，然後您就可以訂閱他們的服務了。這是一個非常非常巧妙的系統。

Our install is more close to that with our current setup. So we really thought it's kind of the wave of the future in terms of ease of use. We thought that there's a really nice attachment with the payroll, so you can offer time and payroll almost real-time set up. And then the last piece that we feel like is really interesting is they've already proven this out. They proved it out in the first week after we bought them. We have this AsurePay card. And you can now take a Lathem clock and punch in using that card, right? So it recognizes that AsurePay card.

我們的安裝更接近我們目前的設定。因此，我們確實認為，就易用性而言，它是未來的趨勢。我們認為薪資單有一個非常好的配件，因此您可以幾乎即時地提供時間和薪資設定。最後我們覺得非常有趣的是他們已經證明了這一點。我們購買後的第一周他們就證明了這一點。我們有這張 AsurePay 卡。現在您可以拿一台 Lathem 時鐘並用那張卡打卡了，對嗎？所以它識別了 AsurePay 卡。

So now you have this almost vehicle to where the employees start to recognize their pay as they're punching in hourly. So we just think there's a lot of attachments here. That's a really nice overlap and it really goes back to the story that we're trying to do is build out the suite of products and continue to take the customers down a journey where they have more and more value out of our ecosystem.

所以現在你有了這個幾乎可以實現的工具，員工可以在按小時打卡時確認自己的薪水。所以我們認為這裡有很多附件。這是一個非常好的重疊，它實際上回到了我們正在嘗試做的故事，即建立產品套件並繼續帶領客戶踏上旅程，讓他們從我們的生態系統中獲得越來越多的價值。

Very helpful. Just following up here. What are you seeing in terms of core payroll unit growth over the last couple of quarters, right? Because if you look at the 1.2% organic growth in the quarter, I know that doesn't tell the full story. So is it right to assume that like the core kind of payroll units are growing closer to that 5%, which is the kind of the adjusted growth number maybe help us understand some of the moving parts.

非常有幫助。只是在這裡跟進。就過去幾季而言，您看到核心工資單位的成長如何？因為如果你看一下本季 1.2% 的有機成長率，我知道這並不能說明一切。那麼，是否可以假設核心薪資單位的成長速度接近 5%，而這種調整後的成長數字或許可以幫助我們了解一些變動因素。

Yes. I think that's exactly right. I think that's what you would see is on average, is by about 5% when you take out the impact of the headwind.

是的。我認為這是完全正確的。我認為，如果排除逆風的影響，平均而言，漲幅約為 5%。

And then maybe just to follow up, one last point. What gives you confidence or what are you seeing in the numbers that to see the trajectory that the HR compliance headwind is going to lessen in the second half? Is it that the renewals have gone through at this point, primarily or through the second quarter and that the number of renewals declined significantly for those HR compliance, ERTC deals? Or what are you seeing?

然後也許只是為了跟進最後一點。是什麼讓您有信心，或者您從數據中看到了什麼，顯示人力資源合規阻力在下半年將會減弱？是不是說此時續約已經完成，主要是在第二季度，而那些人力資源合規、ERTC 交易的續約數量大幅下降？還是你看到了什麼？

Yes. I mean, I think we talked a little bit about this last time and I'll let Pat kind of give his feelings. But we went out to market with the idea that we thought that there'd be a lot of goodwill created with -- I mean HR compliance product is really, really strong. We went to market with the idea that, hey, if we also get these customers some money from the government, these guys are going to be loyal forever. It didn't prove out to be that way.

是的。我的意思是，我想我們上次談論過這個問題，我會讓帕特表達他的感受。但我們帶著這樣的想法進入市場，我們認為這將會帶來很多商譽——我的意思是人力資源合規產品真的非常強大。我們進入市場時的想法是，如果我們也從政府那裡得到一些錢，這些人就會永遠忠誠。但事實證明並非如此。

It sounded a lot more of these transactions were transactional in nature, right? They were just there for the free ERTC money and didn't necessarily buy into the value prop that we were hoping for with HRC. So what we know now is that cohort start to roll off, right, just because ERTC is kind of in the rearview mirror. And so we're kind of behind that cohort. And so that's what gives us confidence.

聽起來這些交易本質上更多的是交易性的，對嗎？他們只是為了免費的​​ ERTC 資金而來，並不一定認同我們對 HRC 所抱持的價值主張。所以我們現在知道的是，這個群體開始減少，對吧，只是因為 ERTC 已經成為過去。因此，我們在某種程度上落後於該群體。這就是讓我們充滿信心的原因。

And Pat --

還有帕特--

Yes. No, it's nothing more than that Josh. If I look at the cohorts and if you think about when ERTC was going strong, it was in that kind of 23, 24 area. And then when you think about, as they've rolled off or 22, 23 and then you got a year or so of renewals, our average kind of renewal somewhere in close to 90% range. That cohort was probably somewhere in the 40s range.

是的。不，僅此而已，喬希。如果我看一下這些群體，如果你想想 ERTC 當時發展強勁的時候，它就處於那種 23、24 的區域。然後，當您考慮一下，隨著它們滾動或 22、23，然後您獲得一年左右的續約，我們的平均續約率接近 90％ 左右。該群體的年齡大概在 40 多歲左右。

So as that's rolled off and then we get monthly sales number, month a trip numbers, that cohort is less and less. And we're selling more than we're losing each month and so now as that snowball continues, we'll be back to normal here pretty quickly.

因此，隨著這個數字的增加，我們得到每個月的銷售數字、每月的旅行數字，這個群體越來越少。而且我們每個月的銷售額都超過了虧損額，因此，隨著銷售額的不斷增長，我們很快就會恢復正常。

Alrighty, I'll pass it along. Thank you.

好的，我會傳達的。謝謝。

Thank you.

謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

This is actually Jared Levine on for Bryan tonight. I guess to start here, how quickly can you drive revenue synergies with Lathem? And is any of that assumed in guidance?

今晚實際上是由傑瑞德雷文 (Jared Levine) 代替布萊恩 (Bryan) 出演。我想從這裡開始，您能多快與 Lathem 實現收入綜效？指導中是否假設了其中任何一項？

Now, I think we're hopeful that we can get the integration done this year. So in the next few months, where we're putting a lot of energy towards it. The guide does not consider a lot of cross-sell synergies right now. So we're going to focus on getting the product [ready], making a really good experience for the customer and then figure out what does that mean in terms of upside. But no, I don't think we've played a lot of upside in that for this part of the year.

現在，我認為我們希望能夠在今年完成整合。因此，在接下來的幾個月裡，我們將投入大量精力。該指南目前並未考慮許多交叉銷售綜效。因此，我們將專注於準備好產品，為客戶提供真正良好的體驗，然後弄清楚這在優勢方面意味著什麼。但不，我認為我們在今年的這個時候並沒有發揮出很大的優勢。

[Sure], Pat?

[當然]，帕特？

Yes. Sure. I think you'll see '26, '27 be where a lot of the revenue comes in. There were some duplicate costs that has been played in this year and some of it will be taken out. We'll do some investment as well around the integration efforts because we do feel that there's such a book-to-bill and kind of revenue synergy. That kind of integration effort probably targeting towards the end of October. So we might get small amounts and if we do great, but really, it's a '26, '27 story.

是的。當然。我認為你會看到 26、27 年將成為大量收入的來源。今年已經產生了一些重複的費用，其中一些將被取消。我們也會在整合工作上進行一些投資，因為我們確實感覺到有這樣的訂單出貨比和收入綜效。這種整合工作可能計劃在十月底完成。因此，如果我們做得很好，我們可能會獲得少量收入，但實際上，這是一個 26、27 年的故事。

Got it. And then I wanted to dig into the revenue guide update here. So you did raise the midpoint by $4 million, but Lathem was about $7 million. So in terms of that organic guide down, you did call out some Professional Services softness or coming in below plan in 2Q here. what kind of -- is that -- what's kind of contemplate for second half that drove that organic guide down? Is it more Professional Services or anything else to note there?

知道了。然後我想深入研究這裡的收入指南更新。所以你確實將中間點提高了 400 萬美元，但 Lathem 的金額約為 700 萬美元。因此，就有機指南下降而言，您確實指出了第二季度專業服務的一些疲軟或低於計劃。那是什麼樣的因素 - 是什麼樣的下半年考慮因素導致有機指南下降？有沒有更多的專業服務或是有其他需要注意的嗎？

Yes. I think they're really -- to me, there's three areas here. If we looked at -- the plan was really kind of $134 million to $138 million. If you take the $7 million out, it's $131 million to $135 million. I think the enterprise deal is moving more to a phased approach in a couple of instances is probably some aspect of it. And then obviously, the ERTC-HRC, and I don't want to give you all the acronyms, but the Human Resource Compliance that was bundled with ERTC, we were a little bit late in getting that.

是的。我認為它們確實——對我來說，這裡有三個領域。如果我們看一下——該計劃的實際金額是 1.34 億美元到 1.38 億美元。如果扣除這 700 萬美元，總額就是 1.31 億至 1.35 億美元。我認為企業交易在某些方面正在轉向分階段的方式。然後顯然，ERTC-HRC，我不想給你所有的首字母縮略詞，但是與 ERTC 捆綁在一起的人力資源合規性，我們在獲得它方面有點晚了。

When we guided last October, really getting and understanding the impact that will have this year. And then on AsurePay, actually, it's pretty good news. We have over 11,000 cards issued already. We have close to 100,000 activated -- or excuse me, 1,000 activated. And we're pretty pleased with that, but it is a kind of a net margin revenue model. So we'll have a little bit of slippage this year in that. But outside of that, I think we feel pretty good about -- we took the guide down $3 million in that core business.

當我們去年十月進行指導時，我們真正了解了今年將產生的影響。對於 AsurePay 來說，這其實是個好消息。我們已經發行了超過 11,000 張卡片。我們已經啟動了近 100,000 個——或者不好意思，是 1,000 個。我們對此非常滿意，但這是一種淨利潤收入模式。因此，今年我們在這方面會有一些下滑。但除此之外，我認為我們感覺相當不錯——我們在該核心業務上節省了 300 萬美元。

Clearly, as we get the attach rates, if we go from 400 and increase the attach rates, we think we have some upside there. The book-to-bill around Lathem will give us some upside not only in time attendance but payroll and potentially 401(k). So we think we could rightsize that.

顯然，當我們獲得附加率時，如果我們從 400 開始並增加附加率，我們認為我們會有一些上行空間。Lathem 的訂單出貨比不僅會為我們帶來出勤率的好處，還會為我們帶來薪資單和潛在的 401(k) 方面的好處。因此我們認為我們可以調整其規模。

And then as far as the guide on EBITDA, we took about $1.5 million a quarter out late in the second quarter. And then as we look at third and fourth quarter, it's really a revenue EBITDA story that we believe we can achieve 30% adjusted EBITDA margins in the fourth quarter, and we have a shot at GAAP profitability, which I think is an important milestone. And then we're really set up next year, both from a revenue growth perspective and then an EBITDA and profitability performance.

就 EBITDA 指南而言，我們在第二季末每季支出約 150 萬美元。然後，當我們展望第三季度和第四季度時，這實際上是一個收入 EBITDA 故事，我們相信我們可以在第四季度實現 30% 的調整後 EBITDA 利潤率，並且我們有機會實現 GAAP 盈利，我認為這是一個重要的里程碑。然後，我們為明年做好了準備，無論是從收入成長的角度，還是從 EBITDA 和獲利表現的角度。

Great. Thank you.

偉大的。謝謝。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Yes. Curious to know the pipeline expectations regarding the installed base. Put another way, you talked about the 14,000 Lathem customers against your 100,000 customer installed base. Do we have a sense of overlap there? Is there within that 14,000, for instance, how many are already Asure customers?

是的。好奇地想知道有關安裝基礎的管道預期。換句話說，您談論的是 14,000 名 Lathem 客戶與您的 100,000 名客戶安裝群。我們是否感覺到其中存在重疊？例如，在這 14,000 人中，有多少人已經是 Asure 的客戶？

As far as we know, Eric, based on our initial review, very little. So there's a lot of upside, a lot of greenfield opportunities for us.

埃里克，根據我們的初步審查，據我們所知，很少。因此，對我們來說，有很多好處，很多新機會。

And Eric, the only thing I would add to that -- in some of the cases, we have -- did not have an interface with Lathem. So we've already kind of cross-channel where they have Lathem and they have us, but maybe they didn't have an integration or what have you. I think there's huge opportunity in doing that. And then I also think there's some opportunity here where in certain markets, we didn't play in those markets because we had maybe a partnership solution, et cetera. We don't have to have a partnership solution anymore.

艾瑞克，我唯一想補充的是——在某些情況下，我們沒有與 Lathem 進行介面。因此，我們已經實現了跨渠道，他們有 Lathem，他們也有我們，但也許他們沒有整合，或者有什麼。我認為這樣做有很大的機會。然後我還認為這裡存在一些機會，在某些市場中我們沒有涉足，因為我們可能有合作解決方案等等。我們不再需要合作解決方案。

We can go right to the Lathem integration. So I think that will be a huge opportunity for us going forward. So right now, not a lot of crossover. There's some, but because we didn't have a formal integration, we don't track it as kind of one system, it's almost two systems. But I think going forward, that's the opportunity.

我們可以直接進入 Lathem 整合。所以我認為這對我們未來發展而言將是一個巨大的機會。所以現在，交叉不多。有一些，但是因為我們沒有正式的整合，所以我們不會將其視為一種系統，而是幾乎是兩個系統。但我認為，展望未來，這就是機會。

Okay. And then second question is with regard to macro demand for the core payroll and HCM suite. Just curious, anything changed in the last 90 days with what you're hearing from channel partners, what you're hearing from direct sales reps demand for the core product?

好的。第二個問題是關於核心工資和 HCM 套件的宏觀需求。只是好奇，在過去 90 天裡，您從通路夥伴那裡聽到的消息有什麼變化嗎？您從直銷代表那裡聽到的核心產品的需求有什麼改變嗎？

No. I think perhaps a little bit in April where you had the Liberation Day and people are trying to figure out some of that stuff. But really, to me, the demand environment has been pretty good. We have a pretty good strong pipeline. When I look at marketing, and some of the MQLs and SQLs, marketing qualified lead and sales-qualified lead, I know we had -- in a summer month here just recently, we had an all-time record that tied to some of the Big Beautiful Bill language.

不。我想也許在四月有一點，那時是解放日，人們正在試圖弄清楚其中的一些事情。但實際上，對我來說，需求環境一直都相當不錯。我們擁有相當完善的強大管道。當我查看行銷以及一些 MQL 和 SQL、行銷合格線索和銷售合格線索時，我知道我們——就在最近的一個夏季，我們創下了與《大美麗法案》的一些語言相關的歷史最高紀錄。

And any time there's change in legislation. That's usually good for a payroll company in general and the demand environment because people have to react to those changes. So as far as I can see, there wasn't much. I would say the quarter bookings was a little soft and primarily, first of all, it's a really tough compare. But then two, I'm really confident in our pipeline going forward, both really in every market, we'll continue to improve in this area. So I don't see the demand slowing down at all. I think it's been a pretty good environment.

並且任何時候立法都會改變。這通常對薪資公司和需求環境有利，因為人們必須對這些變化做出反應。所以據我所知，並沒有太多。我想說的是，本季的預訂量有點疲軟，首先，這是一個非常困難的比較。其次，我對我們未來的產品線充滿信心，無論是在哪個市場，我們都將繼續在這一領域取得進展。所以我根本不認為需求會放緩。我認為這是一個非常好的環境。

Yeah. Thanks for taking my questions.

是的。感謝您回答我的問題。

Thank you.

謝謝。

Charles Nabhan, Stephens Incorporation.

查爾斯·納布漢（Charles Nabhan），史蒂芬斯公司（Stephens Incorporation）。

I appreciate all the color around the moving pieces with the guide. Just had a quick one about the change in the margin outlook. It looks like you lowered the lower end by about 100 bps. Curious if that was attributable to a lower margin profile from the incremental Lathem revenues? Or if some of the other deals that were pushed out might have impacted that as well? Just trying to understand that movement in the guide.

我很欣賞導遊講解中移動部件周圍的所有顏色。剛剛簡單談了一下利潤前景的改變。看起來您將下端降低了約 100 個基點。好奇這是否歸因於 Lathem 增量收入導致的利潤率較低？或者其他一些被推遲的交易是否也會對此產生影響？只是想了解指南中的動作。

I think you picked it up, right. I mean the -- there's a little bit of a margin decrement we think, in the near term with regard to some of the Lathem revenue that's going to come in relative to ours. We feel really good about it over the long term, but there is some cost out that we're going to have to do over the next -- I think it's probably an 18-month process. And so that's putting a little pressure just by the nature of their business.

我想你已經明白了，對吧。我的意思是——我們認為，就我們的收入而言，短期內 Lathem 的部分收入的利潤率將會下降。從長遠來看，我們對此感到非常滿意，但接下來我們還得承擔一些成本——我認為這可能是一個 18 個月的過程。因此，從他們的業務性質來看，這給他們帶來了一些壓力。

And we've also got kind of -- we're going to be going through a process, we'd probably modify the way they sell. So historically, they would sell a piece of hardware and then they would recognize the revenue on that hardware. And then they would sell a subscription to the software. I think we're going to probably go down a path where it's more of an integrated sale where we sell the hardware and the software, but we do it over subscription for both pieces.

而且我們還會經歷一個過程，我們可能會改變他們的銷售方式。因此從歷史上看，他們會銷售一件硬件，然後他們會確認該硬件的收入。然後他們會出售該軟體的訂閱。我認為我們可能會走一條綜合銷售的道路，即我們銷售硬體和軟體，但我們對這兩部分都採用訂閱的方式。

So I mean, there's just some change in models. And so anyway, that's -- I think you picked the right point. There's a little bit of a final margin pressure from the Lathem deal.

所以我的意思是，模型只是發生了一些變化。無論如何，我認為你選擇了正確的觀點。Lathem 交易對最終利潤率帶來了一點壓力。

Got it. And as a follow-up, I wanted to drill into the new bookings from the quarter. Just get a sense for what you're seeing from a product-uptake standpoint given the broadening of your product base over the past year or so, whether you're seeing more ARPU per -- from some of the newer cohorts as well as if you're seeing anything different from a demand standpoint in terms of like the size of employers you're selling into?

知道了。作為後續行動，我想深入了解本季的新預訂情況。鑑於過去一年左右產品基礎的擴大，請從產品吸收的角度了解您所看到的情況，您是否看到一些較新的群體的每用戶平均收入 (ARPU) 有所提高，以及從需求角度來看，例如您銷售產品的雇主規模，您是否看到任何不同？

Yes. No, that's a great question. I do think you're going to see us -- we have a small business kind of focus when you have all the products and services. But clearly, as we go, let's say, our average new sale was 20 employees, I think you'll see us go up a little bit. Now we'll continue to serve that kind of under 50 marketplace, but I do think we'll walk up a little bit over time.

是的。不，這是一個很好的問題。我確實認為你會看到我們——當你擁有所有的產品和服務時，我們會專注於小型企業。但顯然，隨著我們的發展，假設我們的平均新銷售額為 20 名員工，我想你會看到我們的銷售額略有上升。現在我們將繼續服務於這種 50 歲以下的市場，但我確實認為隨著時間的推移，我們的規模將會擴大。

The capability we see from partners sometimes they might refer us a payroll tax solution. Well, now partners are saying, hey, bring payroll, tax, time, recruiting, bring benefits, bring almost everything to the party. Now we're teaching people how to sell, service that. And then from a technology perspective, one user interface, integrating it, make it easier to do business and we've rolled out already the Asure ID where we can recognize where those people are coming from and serve our products right away. That will be a continued focus.

我們從合作夥伴那裡看到的能力有時他們可能會向我們推薦工資稅解決方案。好吧，現在合夥人說，嘿，把工資、稅金、時間、招募、福利，幾乎所有的東西都帶到聚會上來。現在我們正在教人們如何銷售和服務。然後從技術角度來看，一個使用者介面，整合它，使做生意變得更容易，我們已經推出了 Asure ID，我們可以識別這些人來自哪裡並立即提供我們的產品。這將是持續關注的重點。

So in the investor deck, we said last quarter, we're going to really focus on attach rates, we went from 25% to 29%. I want to continue to drive that and this Lathem acquisition, I think, is going to be really good for us. And then on the ARPU, I think you'll see us in '26 kind of focus on that as an indicator of progress given all the products and services.

因此，我們在上個季度的投資者演講中表示，我們將真正關注附加率，我們將從 25％ 提高到 29％。我希望繼續推動這一進程，我認為此次收購 Lathem 對我們來說將非常有利。然後關於 ARPU，我想你會看到我們在 26 年重點關注這一點，將其作為所有產品和服務進步的指標。

And then from a technology perspective, continue to make it easier and serve up product led, kind of almost a touchless integration of more and more products. We're going to continue to do that. So that will be a focus for us. And then training, we're training the service people on how to service in a multiproduct environment. From a sales perspective, it goes from what I'll call a catalog sale or a product sale to a solution sale. And we're in the early innings of that, but feel that we have the right tools in place, and we've been building for this moment.

然後從技術角度來看，繼續使其變得更容易並提供以產品為主導的服務，幾乎是越來越多產品的無接觸整合。我們將繼續這樣做。所以這將是我們關注的重點。然後是培訓，我們正在培訓服務人員如何在多產品環境中提供服務。從銷售角度來看，它從我所說的目錄銷售或產品銷售轉變為解決方案銷售。我們正處於這一進程的初期，但我們感覺我們已經擁有了正確的工具，並且我們一直在為這一刻做準備。

And then finally, scale. We think we have the benefits of scale and profitability, and we think we achieved that. We mentioned in the investor deck that at $180 million to $200 million in revenues, we should be at that 30%. With any luck here fourth quarter, we're going to do that and then also achieve GAAP profitability. So we're making a lot of progress, but there's a lot of stuff in motion.

最後，規模。我們認為我們擁有規模和盈利優勢，我們認為我們已經實現了這一點。我們在投資人演講中提到，當收入達到 1.8 億至 2 億美元時，我們的佔比應該達到 30%。如果第四季度順利的話，我們將做到這一點，並實現 GAAP 盈利。因此，我們取得了很大進展，但還有很多事情正在進行中。

Got it. Appreciate all the call. Thank you, guys.

知道了。感謝大家的來電。謝謝你們。

Richard Baldry, Roth Capital Partners.

羅斯資本合夥公司的理查德·鮑德里 (Richard Baldry)。

You touched on it just a second, a little lightly, but I wanted to ask about the cost synergies with Lathem, you said it might take something like 18 months. Do you think at that point, are they a higher adjusted-EBITDA contributor because sort of the core company would absorb a lot of the G&A overhead that you don't need from them? Or do you think they're basically in line with your long-term model?

您剛才稍微提到了這一點，但我想問一下與 Lathem 的成本協同效應，您說這可能需要 18 個月左右的時間。您是否認為，在那時，他們是否會成為更高的調整後 EBITDA 貢獻者，因為核心公司會吸收大量您不需要的 G&A 開銷？或者您認為它們基本上符合您的長期模型？

No, I think they're very accretive and add to the overall. So I think they can be 50% or higher when it's all said and done in terms of actual contribution. Now, again, that's -- it's a combination, right, of taking costs out of our side as well as taking -- there's redundancies. We have a product support team supporting our product. We have engineers supporting our product, they have engineers, they have product support. So it naturally will consolidate the SKUs and the offering.

不，我認為它們非常具有增值作用，並且對整體有所貢獻。因此我認為，就實際貢獻而言，他們的貢獻可以達到 50% 甚至更高。現在，再說一次，這是 — — 這是從我們這邊削減成本以及 — — 裁員的組合。我們有一個產品支援團隊來支持我們的產品。我們有工程師支持我們的產品，他們也有工程師，他們有產品支援。因此它自然會整合SKU和產品。

So there's some really obvious ones, back office, right, G&A. I mean there's just a lot of obvious ones that I think it can be a very healthy contributor to the long-term EBITDA.

所以有一些非常明顯的，後台辦公室，對，G&A。我的意思是，有很多顯而易見的因素，我認為它可以對長期 EBITDA 做出非常健康的貢獻。

The other thing, Rich, too, is from a revenue perspective, we're pretty excited about is we have, let's say, a four-week or five-week install. This could be a day install. So you get revenue quicker. It's easier, it's more scalable. We have the ability as we look at these products and services to self-install. Then if you think about the whole concept of earn wage access, which we have AsurePay.

另一件事，Rich，從收入角度來看，我們非常興奮的是，我們有四周或五週的安裝時間。這可能需要一天的時間才能安裝完成。這樣您就可以更快獲得收入。它更加簡單，並且更具可擴展性。當我們查看這些產品和服務時，我們有能力自行安裝。然後，如果您考慮賺取工資的整個概念，我們有 AsurePay。

Now you can use the same, let's say, time card as your pay card and you have that ability where, okay, you work today, you see a four-hour shift and you want to get an advance on those four hours. You can use the same card to do that. So lot of stuff here and that's going to open up on value proposition, revenue strategy, where we're going in this marketplace and then the capability gives us a lot of shots both ways, whether it's the 15,000 direct payroll customers or the 14,000 time customers. I think we have ability to do that.

現在，您可以使用相同的時間卡作為您的工資卡，並且您有這樣的能力，好的，您今天工作，您看到四個小時的輪班，並且您想預支這四個小時的費用。您可以使用同一張卡來執行此操作。這裡有很多東西，它們將會揭示價值主張、收入策略、我們在這個市場中的定位，然後這種能力會給我們帶來很多機會，無論是 15,000 名直接工資客戶還是 14,000 名時間客戶。我認為我們有能力做到這一點。

And then John mentioned, obviously, some of the redundancies and we'll focus on that during due time. So good acquisition all the way around, a lot of potential.

然後約翰顯然提到了一些裁員問題，我們會在適當的時候關注這個問題。因此，這是一次非常好的收購，潛力巨大。

And then I'll just add one last kind of point, Rich. I mean you think about our customer, I mean, it's Main Street. We've talked about it all the time. A lot of hourly employees, the African tracking system that we bought last year, similar -- it was geared towards that same market. So I think we're not taking things that are far afield, we're -- I think we're putting together a lot of really interesting combinations of solutions that are really geared towards this type of market.

然後我只想補充最後一點，Rich。我的意思是，你想想我們的客戶，我的意思是，這是主要街道。我們一直在談論它。很多計時員工，我們去年購買的非洲追蹤系統，都是類似的——它面向同一個市場。所以我認為我們不會去做遙不可及的事情，我們會——我認為我們正在整合許多真正有趣的解決方案組合，這些解決方案真正適合這種類型的市場。

Maybe to gauge the overlap. Do you know what their -- the typical head count of a Lathem client would be sort of a range maybe? And how similar is that to your own?

也許是為了衡量重疊。您知道他們的－Lathem 客戶的典型人數大概在什麼範圍內嗎？這和您自己的有多相似？

It's -- they're like almost spot on, right? They're in the kind of low teens.

他們的判斷幾乎完全正確，對吧？他們的年齡都在十幾歲左右。

Got it. And then last for me would be, this is a little larger-scale acquisition than you've tended to do. You have done it this big before. But how does that impact sort of your near-term appetite for other acquisitions? Does it slow down? Do you look at facts or bite-size ones? How do we think about that broadly?

知道了。最後，對我來說，這是一次比你以往所做的收購規模稍大的收購。你以前做過這麼大的事。但這對您近期對其他收購的興趣有何影響？速度慢了嗎？您看的是事實還是細節？我們如何廣泛地思考這個問題？

We've still got some line of sight to someone that we want to do this year. I don't think there's anything that's going to be -- this time move the needle in terms of huge revenue impact. But yes, we're going to still be active after we consummated this transaction, we're still sitting a little bit less than $30 million of cash. So we've got room to still go do some stuff. So anyway, we're still going to be acquisitive.

我們仍然對今年想要做的事情有所期待。我認為這次不會有任何事情對收入產生巨大影響。但是的，在完成這筆交易後我們仍會保持活躍，我們仍然持有略低於 3000 萬美元的現金。所以我們還有空間去做一些事情。所以無論如何，我們還是會進行收購。

I would tell you, though, I think with this deal, we're going to probably -- we'll have some -- maybe this balance of this year, early next year, but I think we're going to also probably start to consume and integrate what we've got for a little while. I mean, I think that's -- some of what Pat mentioned earlier on some of the cost reductions as a result of literally that. I mean we've done a lot of deals over the last couple of years and trying to rationalize some of that back office expense is, I think, what we need to -- what we'll plan on doing for the next foreseeable future.

不過，我想告訴你，我認為透過這筆交易，我們可能會——我們可能會有一些——也許是在今年或明年年初的平衡，但我認為我們也可能會在一段時間內開始消耗和整合我們所擁有的東西。我的意思是，我認為這就是帕特之前提到的一些成本削減措施。我的意思是，過去幾年我們做了很多交易，我認為，我們需要做的就是嘗試合理化一些後台辦公費用——這也是我們計劃在可預見的未來做的事情。

Thanks.

謝謝。

Thanks Rich.

謝謝 Rich。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Hey, good afternoon, Pat, John. Thanks for taking the questions. I appreciate all the color on Lathem Time. One of the follow-up there in terms of maybe what's involved or the steps involved with the integration and then realizing those revenue synergies? And maybe how much investment are you aiming to put towards that integration? And then just, I guess, secondly, along Lathem Time, kind of longer-term expectations on cross-sell or the attach rate that you see with both those client bases.

嘿，下午好，派特，約翰。感謝您回答這些問題。我很欣賞 Lathem Time 上的所有色彩。後續問題之一可能是整合涉及哪些內容或涉及哪些步驟，然後實現這些收入綜效？您打算為此整合投入多少投資？其次，我想，隨著 Lathem Time 的推出，您會對這兩個客戶群的交叉銷售或附加率抱有更長期的期望。

Yes. I think -- Greg, thanks for the question. A couple of things, the longer-term attach rates on time specifically, let us get through the integration. And I think as we look at '26, we can have some pretty firm attach rate goals and numbers and we want to prove that out. Job 1, 2 and 3 really is integration of Lathem and Asure.

是的。我認為——格雷格，謝謝你的提問。有幾件事，特別是長期附加利率，讓我們能夠按時完成整合。我認為，當我們展望 26 年時，我們可以有一些相當堅定的附加率目標和數字，我們希望證明這一點。工作 1、2 和 3 實際上是 Lathem 和 Asure 的整合。

As far as the integration between payroll and time, the integration between AsurePay, 401(k), et cetera, where we can get up and running quickly and offer those products. But that's the big initiative that we're working on right away. And then I think you'll see opportunities around attach rates. And if you think about it, we have the opportunity to fulfill a client's obligations on time instead of, call it, four weeks, we call it in less than four days.

至於薪資和時間之間的整合，AsurePay、401（k）等之間的整合，我們可以快速啟動和運作並提供這些產品。但這是我們目前正在進行的一項重大舉措。然後我認為你會看到有關附加率的機會。如果你仔細想想，我們就有機會按時履行客戶的義務，而不是所謂的四周，我們稱之為不到四天。

That in itself is a big kind of move for us, both from a sales implementation process and the ability for a customer to almost self-install, if you will, we think that there's huge opportunities there. So we're excited about it. We believe that's it, I think more to come in '26. And then we introduced in the investor deck, both kind of the revenue path model and we can give a little bit more color here as we look to guide towards 2026.

這本身對我們來說是一個重大舉措，無論是從銷售實施過程還是客戶幾乎自行安裝的能力來看，如果你願意的話，我們認為這裡面存在著巨大的機會。所以我們對此感到很興奮。我們相信就是這樣，我認為 26 年還會有更多。然後，我們在投資者平台上介紹了兩種收入路徑模型，我們可以在這裡提供更多細節，以指導 2026 年的發展。

Got it. That's helpful, Pat. And then if I could, on organic revenue growth expectations in the back half, what's kind of implied there? And would you expect maybe the cadence to differ between Q3 and Q4?

知道了。這很有幫助，帕特。那麼，如果可以的話，關於下半年的有機收入成長預期，這其中暗示了什麼？您是否認為 Q3 和 Q4 之間的節奏會有所不同？

Yeah. I think just in general, if you think about how we thought about Lathem, where it's roughly $7 million in the second half or so, that would imply that, I think last year, we were -- kind of we mentioned that we would grow about half organic and half inorganic. So if you thinking of $134 million to $138 million, we were trying to achieve double digits here to second half.

是的。我認為總的來說，如果你想想我們對 Lathem 的看法，其下半年的收入約為 700 萬美元，那就意味著，我認為去年我們 - 我們提到我們將實現大約一半有機增長和一半無機增長。因此，如果您考慮 1.34 億美元到 1.38 億美元，我們正試圖在下半年實現兩位數的成長。

We do run into some tougher comparisons in the second half. But I think if you think about that single digits in the second half and as we integrate all our products and services as we're doing and get the attach rates up, we think that organic growth is the outcome of that. So we're set up to do that. I think this second half of the year, it would be in the single digits. But clearly, we're trying to grow attach rates and PEPM to get to a double-digit organic growth company.

在下半場我們確實遇到了一些更艱難的比較。但我認為，如果你考慮到下半年的個位數，並且隨著我們整合所有產品和服務並提高附加率，我們認為自然成長就是其結果。因此我們已做好準備。我認為今年下半年的成長率將達到個位數。但顯然，我們正在努力提高附加率和 PEPM，以使公司實現兩位數的有機成長。

And then finally, as we've done some acquisitions here, obviously, you have to make investments in your front end of the business to continue to grow organically and we're doing that. And one of the things we'll continue to grow kind of feet on the street. But more importantly, it's that cross-sell component because as we drive a bigger wallet share, we think that that will lead us to scalable, profitable growth.

最後，正如我們在這裡進行的一些收購一樣，顯然，你必須對業務前端進行投資才能繼續有機成長，我們正在這樣做。我們將繼續在街頭發展業務。但更重要的是，它是交叉銷售組成部分，因為隨著我們推動更大的錢包份額，我們認為這將為我們帶來可擴展的、有利可圖的成長。

And then finally, as we look at the fourth quarter, I think if we can make a marker towards profitability and whether we get there or not, we're right there. And now we have the ability then, obviously, to generate cash, grow more and more revenue organically, and then we can continue to look at scale because these businesses are scale businesses and to put a stake in the ground that we can grow in a very profitable way is important for us as the long-term health of the business.

最後，當我們展望第四季度時，我認為如果我們能夠實現盈利，無論我們是否能夠實現盈利，我們都已經實現了盈利。現在我們顯然有能力創造現金，有機地增加收入，然後我們可以繼續考慮規模，因為這些業務都是規模業務，並且奠定我們能夠以非常有利可圖的方式增長的基礎對我們來說很重要，因為這關係到業務的長期健康。

Got it. That's helpful. Thanks, Pat.

知道了。這很有幫助。謝謝，帕特。

(Operator Instructions)

（操作員指示）

Okay, operator, can I take it home?

好的，接線員，我可以把它帶回家嗎？

Yes, sir, sure.

是的，先生，當然可以。

Okay. Well, listen, a longer call today, we had a lot of news to share. I feel like we've made tremendous progress in the business. I know some of you have been long-term investors and we appreciate your interest in Asure. We're going to continue to build out and grow this business. We're making really good progress.

好的。好吧，聽著，今天的通話時間比較長，我們有很多新聞可以分享。我覺得我們在業務上取得了巨大的進步。我知道你們中的一些人是長期投資者，我們感謝你們對 Asure 的關注。我們將繼續拓展和發展這項業務。我們正在取得非常好的進展。

It's not always straight up. But I'll tell you what, we're going to continue to move. And we have some milestones in site that are pretty attractive to all of us and we want to see those to fruition. So really appreciate your time today. I look forward to talking to you soon. Thank you.

它並不總是直的。但我要告訴你，我們將繼續前進。我們在網站上已經取得了一些對我們所有人來說都非常有吸引力的里程碑，我們希望看到它們能夠實現。非常感謝您今天抽出時間。我期待很快與您交談。謝謝。

Thank you, sir. Ladies and gentlemen, the conference of Asure Software has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝您，先生。女士們、先生們，Asure Software 的會議現已結束。感謝您的參與。現在您可以斷開線路了。