Asure Software Inc (ASUR) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to Asure's third quarter 2026 earnings conference call. Joining us for today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop. (Operator Instructions)

下午好，歡迎參加 Asure 2026 年第三季財報電話會議。今天與會的有董事長兼執行長 Pat Goepel、財務長 John Pence，以及投資人關係副總裁 Patrick McKillop。(接線員指示)

And I would now like to turn the call over to Patrick McKillop for introductory remarks. Please go ahead, sir. Thank you.

現在我想把電話交給 Patrick McKillop 進行開場說明。先生，請開始。謝謝。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure's third quarter 2026 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 our investor presentation.

謝謝，接線員。各位下午好，感謝各位參加 Asure 2026 年第三季財報結果電話會議。在市場收盤後，我們已發布財務結果。財報新聞稿可在美國證券交易委員會（SEC）網站以及我們的投資人關係網站 investor.asuresoftware.com 查閱，您也可在該網站找到我們的投資人簡報。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors in understanding our business and exclude the impact of certain items. A description and timing of these items, along with a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

在今天的電話會議中，我們將提及非 GAAP 財務衡量指標；我們認為這些指標有助於投資人理解我們的業務，並排除特定項目的影響。這些項目的說明與發生時點，以及非 GAAP 指標與最可比 GAAP 指標之間的調節表，均可在我們的財報新聞稿中找到。

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.

今天的電話會議也將包含前瞻性陳述，涉及未來事件，因此存在一定風險。我們會使用例如「預期」、「相信」及「可能」等字眼來表示前瞻性陳述，並鼓勵您查閱我們向 SEC 提交的文件，以取得更多可能導致實際結果與我們目前預期出現重大差異之因素的資訊。

I'll hand the call over to Pat in a moment, but I wanted to take a moment to remind people of some upcoming investor relations activities. On November 17, we will participate in the Craig-Hallum Alpha Select Conference in New York. On November 18, we will attend the Stephens Annual Investment Conference in Nashville, Tennessee, as well as the ROTH Conference in New York. On November 19, we will participate in the Seventh Annual Needham Virtual Tech Conference. And finally, on December 16, we will attend the Northland Capital Markets Virtual Growth Conference.

我稍後會把電話交給 Pat，但我想先提醒大家一些即將進行的投資人關係活動。11 月 17 日，我們將參加在紐約舉行的 Craig-Hallum Alpha Select Conference。11 月 18 日，我們將出席在田納西州納什維爾舉行的 Stephens 年度投資會議，以及在紐約舉行的 ROTH 會議。11 月 19 日，我們將參加第七屆 Needham 虛擬科技會議。最後，12 月 16 日，我們將出席 Northland Capital Markets 虛擬成長會議。

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.

投資人外展對 Asure 非常重要，我也要感謝所有協助我們與投資人建立連結的夥伴。

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.

最後提醒各位，本次電話會議將被錄音，並會透過我們網站投資人關係專區提供的連結供回放收聽。

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

接下來，我想把電話交給董事長兼執行長 Pat Goepel。Pat？

Thank you, Patrick, and welcome, everyone, to Asure's third quarter 2026 earnings results call. I'm joined on this call by our CFO, John Pence, and we will provide a business update for third quarter 2026 results as well as our updated outlook for the remainder of the year.

謝謝你，Patrick，也歡迎各位參加 Asure 2026 年第三季財報結果電話會議。今天與我一同出席的還有我們的財務長 John Pence。我們將就 2026 年第三季的業務表現提供更新，並分享我們對今年剩餘期間的最新展望。

Our third quarter revenues came in at $40 million, representing a growth of 10% compared to the third quarter of 2025. Growth was strong and broad-based with payroll benefits and HR compliance among the key contributors, and we're reaping the benefits of the investments we have made in the business over the last few years.

我們第三季營收為 4,000 萬美元，較 2025 年第三季成長 10%。成長強勁且涵蓋面廣，其中薪資與福利以及人資合規是主要貢獻來源；我們也正在收穫過去幾年對業務投入的投資成果。

Our organic growth rate for third quarter 2026 was 9% compared with 4% in the third quarter 2025, an increase of 500 basis points and up 5% in second quarter 2026. Organic recurring revenue growth for the third quarter was 14%, which is a continued acceleration driven by the launch of Asure Central a year ago and continued payroll tax management momentum.

2026 年第三季的有機成長率為 9%，相較 2025 年第三季的 4% 提升 500 個基點，且較 2026 年第二季提高 5%。第三季的有機經常性收入成長為 14%，在一年前推出 Asure Central 以及薪資稅務管理動能持續的帶動下，成長持續加速。

The positive feedback for our products continues to grow, and this is supported by our recent G2 awards announced this fall, where we were rated a high performer in several categories as well as a momentum leader and a leader in the small business segment.

市場對我們產品的正面回饋持續增加，並由我們今年秋季公布的 G2 獎項所支持；我們在多個類別中被評為高績效者，同時也被評為動能領導者，以及小型企業市場的領導者。

Building on the 9% organic growth and the 14% reoccurring organic growth we delivered this quarter, we continue to intensely focus in driving double-digit organic growth in the future and increased cross-sell activities while continuing to grow the embedded tech business.

在本季交出 9% 的有機成長與 14% 的有機經常性成長之上，我們仍將高度聚焦於未來推動雙位數有機成長、提升交叉銷售活動，同時持續擴大嵌入式科技（embedded tech）業務。

During the third quarter, we meaningfully expanded the distribution of our Payroll Tax Management solution, which already represents nearly 20% of Asure's revenue. In August, we announced the co-selling arrangement for our Payroll Tax Management solution on the AWS marketplace, and we began to actively co-sell into its 330,000 customers in September.

在第三季期間，我們大幅擴展了薪資稅務管理（Payroll Tax Management）解決方案的通路覆蓋；該方案目前已占 Asure 營收近 20%。8 月，我們宣布在 AWS Marketplace 上針對薪資稅務管理解決方案的共同銷售安排，並於 9 月開始積極向其 33 萬名客戶展開共同銷售。

AWS customers can procure sure through the existing purchasing processes, including unused AWS spend and our sales team co-sells alongside AWS sales teams against our ideal customer profile. Streamlining, contracting, and private offers can shorten the typically long enterprise sales cycle in September.

AWS 客戶可透過既有採購流程購買 Asure（包括使用未動用的 AWS 支出額度），而我們的銷售團隊也會與 AWS 銷售團隊並肩共同銷售，鎖定我們的理想客戶輪廓。簡化流程、合約簽訂與私有報價（private offers）可縮短通常較長的企業銷售週期（在 9 月）。

We also made Payroll Tax Management available on Oracle Marketplace integrated with Oracle Fusion Cloud human capital management. Organizations running Oracle can add multijurisdiction payroll tax filings, funding and money movement without migrating their payroll system of record. They can then use the payroll system of record as we file across federal, state, and local jurisdictions on their behalf.

我們也已在 Oracle Marketplace 上提供薪資稅務管理服務，並與 Oracle Fusion Cloud 人力資本管理（HCM）整合。使用 Oracle 的組織可在不遷移其既有薪資主系統（system of record）的情況下，新增跨多司法管轄區的薪資稅申報、資金撥付與資金移轉。之後，他們仍可使用該薪資主系統，而我們將代表其在聯邦、州與地方等各層級司法管轄區進行申報。

Together, the AWS and Oracle marketplaces open up new opportunities for Payroll Tax Management. Indeed, in the Payroll Tax Management business, we have already won approximately 30 major enterprise accounts for payroll tax management and these partnerships will continue to help grow that segment of the business.

AWS 與 Oracle 兩大 Marketplace 的合作，為薪資稅務管理帶來新的機會。事實上，在薪資稅務管理業務方面，我們已贏得約 30 家大型企業客戶採用薪資稅務管理服務，而這些合作夥伴關係將持續協助我們擴大該業務區塊。

In September, at our annual reselling training event, we launched Asure Central to our reseller network and took our first resellers live on the platform, which we believe will unlock significant cross-sell for our human capital management suite as we have done in the direct business.

9 月，在我們年度的轉售商培訓活動中，我們向轉售商網路推出 Asure Central，並讓首批轉售商在該平台上線；我們相信，這將如同我們在直銷業務中所做到的那樣，為我們的人力資本管理套件帶來顯著的交叉銷售動能。

Asure Central brings single sign-ons, whose are provisioning will base access together with payroll, tax, HR, recruiting, time and attendance, 401(k) benefits in Luna all-in-one environment and resellers can white label the experience with their own logo.

Asure Central 提供單一登入（SSO）、使用者佈建與以角色為基礎的存取權限，並將薪資、稅務、人資、招募、工時與出勤、401(k) 福利等整合於一體化環境中；轉售商也可用自家標誌進行白標（white label）呈現。

The number of clients purchasing multiple products has increased by 7% versus the third quarter 2025. With the increase in attach rates, we're also experiencing an uptick in our retention rates versus the second quarter. And we will share updated retention metrics in our 1-year year-end 2026 release. We remain focused on moving clients from an average of a little more than two products per client relationship towards four or more products for clients over time.

購買多項產品的客戶數量較 2025 年第三季增加 7%。隨著附加率（attach rates）提升，我們也看到相較第二季留存率有所上升。我們將在 2026 年年終財報發布時分享更新後的留存指標。我們仍專注於將每段客戶關係平均略高於兩項產品的採用，逐步提升至長期每位客戶採用四項或以上產品。

Now a brief update on Asure Works, our administrative services outsourcing offering, which lets clients delegate key payroll and HR compliance processes to Asure. The momentum we saw at launch continued into the third quarter.

接著簡要更新 Asure Works——我們的行政服務外包（ASO）產品，讓客戶可將關鍵的薪資與人資合規流程委託給 Asure。我們在推出時看到的動能延續到第三季。

Our pipeline and new clients continue to grow and set new records. The reception across the target buyers includes small hotel chains, restaurants, HVAC companies, as an example, and remains very, very strong. These are main street businesses that need payroll and HR compliance support, but lack the internal resources to manage it themselves.

我們的銷售管線與新客戶持續成長並創下新高。目標買方的反應非常正面，例如小型連鎖旅館、餐廳、暖通空調（HVAC）公司等，整體回饋仍然非常、非常強勁。這些是主街型（Main Street）的中小企業，需要薪資與人資合規支援，但缺乏內部資源自行管理。

We are continuing to train more reps for Asure Works every day and build out that effort. Clients who adopt Asure works typically represent up to 5 times the revenue of payroll-only clients. And because it is not a PEO model, there is no co-employment risk, which makes it a compelling and flexible alternative for clients constrained by the cost and rigidity of a traditional PEO.

我們每天都在持續訓練更多 Asure Works 的業務代表，並擴大相關投入。採用 Asure Works 的客戶，其營收貢獻通常可達僅使用薪資服務客戶的最高 5 倍。而且由於這不是 PEO（專業雇主組織）模式，因此不存在共同僱傭（co-employment）風險；對於受制於傳統 PEO 成本與僵化性的客戶而言，這使其成為一個具吸引力且更具彈性的替代方案。

On the sales front, we made significant progress in hiring reps we're confident in hitting our target of 150 by year-end. The efforts of our recruiters and our sales managers really have paid off, and we're excited to have these new reps on board. These are full solution sellers who can sit down with a business owner and present our entire product suite and that consultative needs-based approach is central to driving both new logo acquisition and multiproduct cross-sell within our existing base.

在銷售方面，我們在招募業務代表上取得了顯著進展，我們有信心在年底前達成150人的目標。我們招募團隊與銷售主管的努力確實獲得回報，我們也很高興迎接這些新業務代表加入。這些業務代表是全方位解決方案型銷售，能與企業主坐下來介紹我們完整的產品組合；而這種以諮詢式、需求導向的方法，是推動新客戶（new logo）取得，以及在既有客戶基礎內進行多產品交叉銷售的核心。

The new type of rep we hire, typically ramps faster than when we have experience with prior reps. Our existing to new customer logo split in the third quarter was approximately 47% to 53%, an improvement versus a year ago of 36% to 64%, but similar to the second quarter of this year, where we continue to drive towards our 35% new logo, 65% base expansion mix over time.

我們所招募的新型態業務代表，通常比我們過去的業務代表更快進入狀況並提升產能。第三季既有客戶與新客戶（logo）的占比約為47%對53%，相較一年前的36%對64%有所改善；但與今年第二季相近。我們仍持續朝著長期35%新logo、65%既有客戶擴張的組合目標推進。

Our contracted backlog is now $86.6 million, and we expect to convert approximately 46% of that backlog over the next 12 months. We continue to operate in a positive selling environment as small and midsized businesses need the products and solutions to share offers to help them navigate the complex world of payroll and compliance.

我們的已簽約待履行訂單（contracted backlog）目前為8,660萬美元，預期未來12個月可轉換約46%。我們持續處於正向的銷售環境，因為中小企業需要相關產品與解決方案來提供優惠方案，協助他們在複雜的薪資與法規遵循世界中前行。

In our forecast, we conservatively model flat head count growth for our clients. We haven't seen any dramatic shifts in the sales cycle process.

在我們的預測中，我們保守地假設客戶端的人頭數成長持平。我們尚未看到銷售週期流程出現任何劇烈變化。

On the M&A front. After quarter end in October, we acquired a human capital management payroll processing company based in the Southeastern United States for an aggregate purchase price of million. The company serves mid-market organizations with cloud-based HR, payroll and talent tools, expanding our exposure to the small and mid-market segment, and adding a developed technology that will be used to update some of our product offerings. We have an active pipeline of potential reseller acquisitions, and we'll continue to pursue those opportunities.

在併購（M&A）方面。在10月、季度結束後，我們以總計收購價百萬美元收購了一家位於美國東南部的人力資本管理薪資處理公司。該公司為中型市場組織提供雲端HR、薪資與人才管理工具，擴大我們在小型與中型市場區隔的布局，並新增一項成熟技術，將用於更新我們部分產品服務。我們有一條活躍的潛在經銷商收購管線，並將持續追求這些機會。

Also, in October, we closed a new credit facility, which gives us some more flexibility to pursue our strategy, and John will share more details in a moment.

此外，在10月我們完成了一項新的信貸融資安排，讓我們在推動策略上更具彈性；John稍後會分享更多細節。

On AI, our view hasn't changed. Payroll and HR compliance isn't software a generic AI can replace. We hold money transmitter licenses interface directly with the IRF state and local agencies and manage compliance where the margin of error is effectively zero. That makes Asure a system of record and our expertise are real mall.

關於AI，我們的看法沒有改變。薪資與HR法規遵循並不是通用型AI可以取代的軟體。我們持有資金傳輸（money transmitter）執照，直接與IRS、州與地方機關介接，並管理幾乎零容錯的法規遵循。這使得Asure成為記錄系統（system of record），而我們的專業能力是真材實料。

At the same time, AI is a meaningful accelerator for us. Luna conversations grew about 25% in the quarter to more than 26,000. And in her first year, Luna has completed more than 15,000 AI actions for our customers. At the start of fourth quarter, we released the time import agents, bringing Luna directly into the payroll run with humans in control at every decision point.

同時，AI對我們而言是重要的加速器。本季Luna對話量成長約25%，超過26,000次。在她上線的第一年，Luna已為客戶完成超過15,000項AI動作。在第四季初，我們發布了工時匯入代理（time import agents），讓Luna直接進入薪資跑批流程，並在每個決策節點都由人類掌控。

I also want to take a moment to recognize congratulate our Chief Technology Officer, Yasmine Rodriguez, a pioneer in payroll tax technology and the compliance infrastructure behind it who has been named to Women, We Admire, Top Women Chief Technology Officers in 2026. Yasmine, congratulations, and thank you for everything you do for Asure and our clients.

我也想花點時間表揚並恭喜我們的技術長（CTO）Yasmine Rodriguez。她是薪資稅務技術以及其背後法規遵循基礎架構的先驅，並獲選為Women, We Admire於2026年評選的「頂尖女性技術長」。Yasmine，恭喜你，也感謝你為Asure與我們客戶所做的一切。

So with that, I'd like to turn the call over to John to discuss our third quarter financial results in more detail and provide an update on our 2026 guidance, along with our outlook for 2027. John?

那麼接下來，我想把電話會議交給John，請他更詳細說明我們第三季的財務結果，並更新我們2026年的財測指引，同時分享對2027年的展望。John？

Thanks, Pat. As Patrick noted, several figures discussed today are on a non-GAAP or adjusted basis. Reconciliations are available in our earnings release and our investor presentation at investor.asuresoftware.com.

謝謝，Pat。如Patrick所提到，今天討論的若干數字是以非GAAP或調整後基礎呈現。對帳表可在我們的財報新聞稿以及投資人簡報中取得，網址為investor.asuresoftware.com。

Third quarter total revenues were $40 million compared to $36.3 million in Q3 of 2025, representing growth of 10% year over year. Recurring revenue for Q3 2026 was $36.9 million compared to $31.8 million in Q3 of 2025, an increase of 16% year over year. Recurring revenue represented approximately 92% of total revenue in the quarter versus 88% a year ago.

第三季總營收為4,000萬美元，較2025年第三季的3,630萬美元成長10%（年增）。2026年第三季經常性收入為3,690萬美元，較2025年第三季的3,180萬美元年增16%。本季經常性收入約占總營收的92%，高於一年前的88%。

Professional services, hardware, and other revenue was $3.1 million in Q3 of 2026 compared to $4.4 million in Q3 of 2025. The decline versus prior year was primarily due to reduced professional services provided as part of large tax deals in the prior year.

2026年第三季專業服務、硬體及其他收入為310萬美元，較2025年第三季的440萬美元下降。相較前一年下滑主要是因為前一年大型稅務交易所包含的專業服務提供量較高，而本期相對減少。

Gross profit for Q3 2026 was $27.8 million compared to $23.5 million in Q3 2025. GAAP gross margin for Q3 2026 was 70% compared to 65% in Q3 2025. Non-GAAP gross margin for Q3 2026 was 75% compared to 70% in Q3 2025. Net loss for Q3 2026 was $0.6 million compared to net loss of $5.4 million in Q3 2025.

2026年第三季毛利為2,780萬美元，較2025年第三季的2,350萬美元增加。2026年第三季GAAP毛利率為70%，高於2025年第三季的65%。2026年第三季非GAAP毛利率為75%，高於2025年第三季的70%。2026年第三季淨損為60萬美元，較2025年第三季淨損540萬美元改善。

EBITDA for Q3 2026 was $7.9 million compared to $3.9 million in Q3 2025. Adjusted EBITDA for Q3 2026 was $10.5 million compared to $8.1 million in Q3 2025, an increase of 29% year over year. Adjusted EBITDA margin for Q3 2026 was 26% compared to 22% in Q3 2025, an increase of approximately 400 basis points.

2026年第三季EBITDA為790萬美元，較2025年第三季的390萬美元增加。2026年第三季調整後EBITDA為1,050萬美元，較2025年第三季的810萬美元年增29%。2026年第三季調整後EBITDA利潤率為26%，較2025年第三季的22%提高約400個基點。

We ended the third quarter with cash and cash equivalents of $16.8 million and total debt of $64.7 million as of September 30, 2026. Subsequent to quarter end, on October 15, we closed a new senior credit facility of up to $115 million with a syndicate of five banks led by the MUFG Bank Ltd.

截至2026年9月30日，我們在第三季末的現金及約當現金為1,680萬美元，總負債為6,470萬美元。在季度結束後的10月15日，我們與由MUFG Bank Ltd.領銜、五家銀行組成的聯貸團簽訂新的優先信貸融資，額度最高可達1.15億美元。

The facility has an $85 million term loan, all of which was drawn at closing, a $10 million 5-year revolving credit facility and a $20 million delay draw term loan facility. Term loan currently carries a rate of SOFR plus 3%. This suggests periodically based on our consolidated net leverage ratio and could be as little as SOFR plus 2.75% and will not exceed SOFR plus 3.5%.

該融資包含8,500萬美元的定期貸款（term loan），並已於交割時全數動用；另有1,000萬美元、5年期的循環信用額度，以及2,000萬美元的延後動用定期貸款額度。定期貸款目前利率為SOFR加3%。該利差將依我們的合併淨槓桿比率定期調整，最低可至SOFR加2.75%，且不會高於SOFR加3.5%。

We used $62.6 million of the gross proceeds to repay in full our existing credit agreement with MidCap Financial Trust.

我們使用總募集款項中的6,260萬美元，全額償還與MidCap Financial Trust既有的信貸協議。

Turning to the Southeastern US-based payroll acquisition. Pat mentioned. The aggregate purchase price was $26.5 million, paid as follows: $13.5 million in cash at closing, a promissory note in the amount of $3 million to secure the indemnity applications and other adjustments and the issuance of shares valued at $10 million. The purchase price is subject to customary working capital adjustments.

接著談到位於美國東南部的薪資業務收購案。如Pat所提。總收購價為2,650萬美元，支付方式如下：交割時支付1,350萬美元現金；開立300萬美元本票，用於擔保賠償請求及其他調整；並發行價值1,000萬美元的股份。收購價將依慣例進行營運資金調整。

Based on the current positive momentum in our business, we are updating our Q4 2026 and full year 2027 guidance. Please note that the guidance incorporates the recent acquisition we completed in October 2026. We anticipate revenue of $42 million to $44 million and adjusted EBITDA of $10 million to $12 million for Q4 2026. This implies full year 2026 guidance of $162 million to $164 million in revenue and adjusted EBITDA of $40 million to $42 million.

基於我們業務目前的正向動能，我們正在更新2026年第四季以及2027年全年財測指引。請注意，該指引已納入我們於2026年10月完成的近期收購案。我們預期2026年第四季營收為4,200萬至4,400萬美元，調整後EBITDA為1,000萬至1,200萬美元。這意味著2026年全年指引為營收1.62億至1.64億美元，調整後EBITDA為4,000萬至4,200萬美元。

Next year, our preliminary guidance for 2027, we anticipate revenue to be in the range of $183 million to $187 million, and adjusted EBITDA margin to be in the range of 26% to 28%. We expect our cost structure, including capital expenditures and capitalized software development costs to remain relatively stable on a dollar basis.

明年，針對 2027 年的初步指引，我們預期營收將落在 1.83 億至 1.87 億美元之間，調整後 EBITDA 利潤率將落在 26% 至 28% 之間。我們預期我們的成本結構（包括資本支出以及資本化軟體開發成本）以美元金額計將維持相對穩定。

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

接下來，我把電話交回給 Pat 作結語。

Thanks, John. Stepping back, I think the third quarter tells a clear story. We grew revenue 10% to $40 million, and adjusted EBITDA grew 29% to $10.5 million with adjusted EBITDA margin expanding approximately 400 basis points to 26%. Recurring revenue organic growth continues to accelerate, reaching 14%, and we forecast it to be in the double digits again in the fourth quarter.

謝謝，John。退一步來看，我認為第三季傳達了一個清楚的故事。我們的營收成長 10% 至 4,000 萬美元，調整後 EBITDA 成長 29% 至 1,050 萬美元，調整後 EBITDA 利潤率擴大約 400 個基點至 26%。經常性收入的有機成長持續加速，達到 14%，我們預估第四季也將再次維持在雙位數。

We're really starting to hit our stride, but we're not slowing down. Our sales team is larger and more productive. Our clients are buying more of our core payroll and human capital management products, our unified technology platform enables us to cross-sell, which drives improved retention, and we can scale organically.

我們確實開始進入佳境，但我們不會放慢腳步。我們的銷售團隊規模更大、效率更高。我們的客戶購買更多我們的核心薪資與人力資本管理產品；我們的統一技術平台讓我們能進行交叉銷售，進而提升留存率，並且我們可以透過有機方式擴張規模。

We have a very active pipeline of opportunities for Payroll Tax Management and the new distribution capabilities of Oracle and AWS will help build further opportunities. Asure works, is gaining traction. And our recent Q2 awards reflect the positive feedback our clients have about our products.

我們在薪資稅務管理（Payroll Tax Management）方面有非常活躍的商機管線，而 Oracle 與 AWS 的新分銷能力將有助於建立更多機會。Asure Works 正在獲得市場動能。我們近期第二季獲得的獎項也反映出客戶對我們產品的正面回饋。

Just a few years ago, we laid out a goal of $180 million to $200 million in revenue and with today's forecast for 2027 of $183 million to $187 million, we are close to crossing the goal line. We've worked hard and executed and all of our metrics are trending up. Margin expansion and improving profitability are two important characteristics of our model and AI is helping us lower our cost to serve while improving the client experience. We're proud of the progress this quarter and even more excited about what's ahead. Thank you for your continued support and for joining us today.

就在幾年前，我們提出 1.8 億至 2 億美元營收的目標；以今天對 2027 年 1.83 億至 1.87 億美元的預測來看，我們已接近跨越終點線。我們努力耕耘並確實執行，所有指標都在走升。利潤率擴張與獲利能力提升是我們模式的兩個重要特徵，而 AI 正在協助我們降低服務成本，同時改善客戶體驗。我們為本季的進展感到自豪，對未來更感到振奮。感謝各位持續的支持，也謝謝今天與會。

Before we open the call for questions, I want to take a moment to acknowledge the recent loss of Dick Strong, a longtime supporter of Asure and a good friend. Dick was a very smart, talented kind person, and he'll be greatly missed. On behalf of everyone at Asure, we offer our heartfelt condolences to his family and Dana.

在我們開放提問之前，我想花一點時間悼念近期辭世的 Dick Strong；他長期支持 Asure，也是我們的摯友。Dick 非常聰明、有才華且為人和善，我們將非常想念他。我謹代表 Asure 全體同仁，向他的家人與 Dana 致上最深切的哀悼。

Thank you for your continued support and for joining us today. I will now turn the call back to the operator for questions and answers. Operator?

感謝各位持續的支持，也謝謝今天與會。我現在把電話交回給接線員，進行問答環節。接線員？

(Operator Instructions)

（接線員指示）

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Congrats on nice posting here guys. A couple for me first. Pat, maybe on the employee per month, where are you now is a full suite purchase right now tally to? And where do you think that can evolve to over time?

恭喜各位交出很不錯的成績。我先問兩個問題。Pat，關於每位員工每月（per employee per month）的指標，你們目前完整套裝（full suite）購買大概累計到多少？你認為隨著時間推進，這個數字可以演進到什麼程度？

We publish the art as a possible, which is $100-plus per employee per month. A specific number, we'll start to get a little bit more color in 2027. But if you add brokerage and you add all those kind of products and services as much as 180, we're continuing to sell more products and services, and we're training for that. And then we have Asure software through Asure Central or we'll do it for you with the sure work.

我們盡可能公布可達到的上限，大約是每位員工每月 100 美元以上。至於更具體的數字，我們會在 2027 年開始提供更多細節。但如果把經紀（brokerage）以及各類產品與服務都加進來，最高可到 180（美元）；我們持續銷售更多產品與服務，也正朝那個方向訓練與布局。另外，我們也透過 Asure Central 提供 Asure 軟體，或是透過 Asure Works 提供「我們替你做」的服務。

So we're still in the middle of a movie, and there's different sample sizes with different training. We'll lay out probably a metric around that in 2027. But right now, suffice to say, it keeps going up this past quarter. revenue per unit in the payroll business was somewhere up 57%. And which was really a nice progression of what we're trying to do.

所以我們仍在「電影進行中」，不同的樣本規模與不同的訓練階段會有差異。我們可能會在 2027 年提出並揭露一個相關指標。但目前可以說的是，這個數字在上一季持續上升。薪資業務的單位收入（revenue per unit）大約成長了 57%。這正是我們想要推動方向的一個很好的進展。

I think in 2027, as we get more mature, I think we can establish that metric and publish that.

我認為到 2027 年，隨著我們更成熟，我們就能建立並公布該指標。

Okay. Got it. And then the Southeastern reseller, a bit larger than your typical reseller purchase. I heard in the script, there's maybe some incremental capabilities there as well that might stand up. Maybe just a second more on what you're getting there with that purchase.

好的，了解。另外，東南部的經銷商（reseller）這筆收購似乎比你們一般的經銷商收購規模更大。我在講稿中也聽到，可能還有一些額外能力可以建立起來。能否再多談一點，這筆收購你們究竟獲得了哪些東西？

Yes. First of all, the technology is obviously like a reseller acquisition, so very simple in integration, et cetera. They had some kind of unique front ends that we think will help us advance the whole business on some verticals. So we're excited about that. We think that there's some growth in selling.

是的。首先，從技術面來看，這顯然是一筆經銷商型的收購，因此整合等方面都很簡單。他們有一些相對獨特的前端（front ends），我們認為這將有助於我們在某些垂直領域推進整體業務。所以我們對此感到興奮。我們也認為在銷售方面還有成長空間。

We also think from an integration perspective, this is what we do. So we think we could add scale and capability, add to growth. And frankly, we thought it was a pretty attractive acquisition for us to do.

此外，從整合的角度來看，這正是我們擅長的事。因此我們認為可以增加規模與能力，並帶動成長。坦白說，我們認為這對我們而言是一筆相當有吸引力的收購。

And then maybe, John, just a couple of quick numbers questions. And as I look at Q4 and the '27 outlook, what organic growth is embedded in those two numbers? And then this reseller, can you give us a little dial it in a bit closer in terms of what reseller itself brings in terms of Q4 revenue and next year's revenue?

接著，John，我再問幾個快速的數字問題。我看第四季以及 2027 年展望時，這兩個數字中隱含的有機成長是多少？另外，這家經銷商能否請你們再具體一點說明：就第四季營收與明年營收而言，該經銷商本身大概能帶來多少？

Yes. I say when we bought the business, it was probably at about around $10 million run rate. So I would expect a couple of million in this quarter to be realized. We think, obviously, there's some upside to what they were doing historically when we put our sales team behind it and when you start to maximize some of the technologies they've built out. So in terms of next year, I think the guide kind of in the midpoint implies kind of 13%, 14%.

好的。我會說我們收購該業務時，它的年化營收（run rate）大約在 1,000 萬美元左右。因此我預期本季大概會認列幾百萬美元。我們認為，當我們把自家銷售團隊投入其中，並開始最大化他們已建置的部分技術時，相較於他們過去的表現，顯然還有上行空間。至於明年，我認為指引在中位數大致隱含約 13% 到 14%。

I would say right now that majority of that is going to be organic just in terms of the guide for next year.

我會說，就明年的指引而言，其中大部分將會是有機成長。

Okay. And if I could sneak one last in there. Just on free cash flow. I appreciate the '27 outlook. Is there just a real quick bridge?

好的。如果我可以再塞最後一個問題。關於自由現金流。我很感謝你們提供 2027 年展望。能否很快提供一個銜接（bridge）？

I keep a close eye on. Just curious what that guide implies in terms of free cash flow for '27.

我一直密切關注這個。只是好奇這份指引對 2027 年自由現金流的意涵是什麼。

Well, again, we have a little bit of this, and we can talk about it off. But the way we think about it, Jeff, is always thinking about the adjusted EBITDA less the cost of finance. So I think with this new loan, we're expecting probably around $8 million of interest costs for the year, roughly $2 million a quarter, I think. So if you factor that off and then, again, if you want to take software cap off the table, that's going to be really consistent. So I think we'll probably be in about the $14 million range next year on that.

嗯，再次說明，我們這裡有一些內容，也可以私下再談。但我們的思考方式一向是：調整後 EBITDA 減去融資成本。因此，隨著這筆新貸款，我們預期全年利息成本大約 800 萬美元，約每季 200 萬美元。所以把這部分扣掉之後，再者，如果你想把軟體資本化支出（software cap）先排除，那部分會非常一致穩定。因此我認為明年大概會落在約 1,400 萬美元的水準。

So I think midpoint of what we guided towards is in the 40s, mid-40s. So back up the software cap back off the -- and I think we're in the low 20s, what it's also done from our perspective.

所以我認為我們指引的中點大概落在40多，約45左右。因此把軟體資本化再回調一些——我認為我們目前在20出頭，從我們的角度來看也是這樣的結果。

Richard Baldry, ROTH Capital.

Richard Baldry，ROTH Capital。

If I look year over year, and I add your cost of goods sold in your OpEx, the number are very flat, while revenues were up decent. Can you talk about the pieces of that sort of cost savings? Is it integration, AI or just scale leverage efficiencies, sort of break down, seeing a lot of companies across my space, noting that AI can drive material cost savings? Sort of wondering how far along that spectrum you feel like you are.

如果我看年對年，並把你們的銷貨成本加上營業費用（OpEx），這個數字非常持平，但營收卻有不錯的成長。你能談談這類成本節省的組成嗎？是整合、AI，還是單純規模帶來的槓桿效率？能否拆解一下？我看到我所覆蓋領域的很多公司都提到，AI 可以帶來實質性的成本節省。想請教你們覺得自己在這個光譜上走到哪個階段了。

I'll give you my perspective first, Rich, and then Pat will obviously have his. I think we're just in the early innings. We've always said really consistently as long as I've been here, that this is a scale business, and we're now starting to see the benefits of it. So that was pre-AI. So I think what you're seeing right now is the pre-AI scale part of the business, we are implementing AI throughout the business.

Rich，我先分享我的觀點，接著 Pat 當然也會補充他的看法。我認為我們還在非常早期的階段。只要我在這裡，我們一直很一致地說這是一門規模型生意，而我們現在開始看到規模帶來的好處。那是在 AI 之前。所以我認為你現在看到的是 AI 之前、由規模驅動的那部分業務；我們正在把 AI 導入整個公司。

We've got it in ops with our call centers. We're using it in the finance area. Our sales guys are going into it as well with gone and just some of the other tools that they're using.

我們已經在營運端的客服中心使用它。我們也在財務領域使用它。我們的業務團隊也開始導入，包括使用 Gong 以及他們正在使用的一些其他工具。

So I think early, early stages of us getting AI benefits. I think what you're seeing right now is just a pure scale part of the business. So that's my perspective. And I think there's a lot of opportunities in the future to take more cost out.

所以我認為我們才剛開始、非常非常早期地獲得 AI 的效益。我認為你現在看到的主要還是業務純粹的規模效應。以上是我的看法。我也認為未來還有很多機會可以進一步降低成本。

Yes. I would echo what John exactly that. I think the next wave here is a lot of -- I always say that the end-end process starts with the customer goes to our office and then comes back to the customer. I think in the area of workflow, we still have a lot of AI opportunity to take cost out and improve all the way around. I think there's some other things around marketing, where marketing and sales and customer acquisition, again, with workflow the work that we're doing internally, I think we're just getting a productivity factor here every quarter.

是的。我完全呼應 John 的說法。我認為接下來的一波會有很多——我常說端到端流程是從客戶到我們辦公室，然後再回到客戶。在工作流程（workflow）方面，我們仍有很多 AI 的機會可以降本並全面提升效率。另外在行銷方面也有一些機會；行銷、銷售與客戶獲取（customer acquisition），同樣結合工作流程與我們內部正在做的工作，我認為我們每一季都在獲得生產力提升。

So we'll continue to work in those areas in 2027. And I would say a lot of it's come with scale, but definitely AI is top of mind in how we do business and how we become a better company.

所以我們會在 2027 年持續在這些領域推進。我會說其中很大一部分來自規模，但 AI 絕對是我們如何經營、以及如何成為更好公司的首要重點。

Yes. And I didn't even touch on Luna just in terms of the customer experience, right? So -- and their ease of use of the software. So I think there's just, again, lots of opportunities still.

是的。而且我甚至還沒提到 Luna，就客戶體驗而言，對吧？所以——以及他們使用軟體的便利性。所以我認為同樣地，仍然有很多機會。

Okay. Then if I look at the fourth quarter specifically, the adjusted EBITDA guide of $10 million to $12 million, at the low end of it, it'd be actually down a little bit sequentially obviously, the upper end would step up pretty good. Can you talk about sort of the variables to do that? The acquisition and organic growth in tend to drive some sequential top line growth. So how do we look at that range and where we'd expect to end up?

好的。那如果我特別看第四季，調整後 EBITDA 指引為 1,000 萬到 1,200 萬美元；在低端其實會較前一季略為下滑，而高端則會有相當不錯的上升。你能談談造成這種區間的變數嗎？併購與有機成長通常會帶動營收逐季成長。那我們該如何看待這個區間，以及你們預期會落在哪裡？

I think from my perspective, Rich, we've talked about it throughout the year. We've been running behind in terms of where we want to be in the sales headcount. I think we're finally starting to catch up. So that's one of the headwinds. Headwinds good, bad in terms of we were finally getting fully staffed on that team.

Rich，以我的角度來看，我們今年一直在談這件事。我們在銷售人力編制上一直落後於我們想達到的水準。我認為我們終於開始追上了。所以這是其中一個逆風。逆風也好壞參半，因為我們終於讓那個團隊接近滿編。

I do think that there's going to be a little bit of integration work to with the acquisition. So I'm not I'm expecting really good fall-through from that acquisition in terms of EBITDA contribution, but not necessarily in the front end. So I do think there's going to be some work rationalizing that business. So I think I feel good about the guide, and I do think that there's a little bit of headwind just with some of the things I mentioned in the fourth quarter.

我也確實認為，針對這次收購會有一些整合工作要做。所以我預期這筆收購在 EBITDA 貢獻上會有很好的落袋（fall-through），但不一定會在前端立刻體現。因此我確實認為需要做一些業務合理化（rationalizing）。所以我對這個指引感覺良好，但我也認為第四季會因為我提到的一些事情而有些許逆風。

I'm sorry, John. Yes, if I look at it around fourth quarter, first of all, there's a jumping off point on continued spend in the sales and marketing area. We feel like we've done a lot of work with technology in the operations. And from a sales marketing perspective, we're close to the 150 target of salespeople. We're going to go up again next year in salespeople.

抱歉，John。是的，如果我看第四季，首先，銷售與行銷領域的持續投入會形成一個起跳點。我們覺得在營運端的技術方面已經做了很多工作。而從銷售行銷的角度，我們已接近 150 名銷售人員的目標。明年我們還會再增加銷售人員。

So fourth quarter implicit in that is some ramp costs in sales for '27.

所以第四季的隱含因素之一，是為 2027 年的銷售擴編所產生的一些爬坡成本（ramp costs）。

Then the other thing is if you look at the mix in the guide, reoccurring revenue is growing over nonrecurring revenue to the tune of a little over $2 million in the fourth quarter. So the quality of your revenue is super high. And then the integration that John spoke of operationally, we're continuing to sell more and more products per customer. And we're spending some calories on integration between departments and workflows and customer products that we think will benefit in '27 and beyond. And -- but in the immediate quarter, we want to make sure we get those processes right, so we're spending money.

另外，如果你看指引中的組合，經常性收入相對於非經常性收入的成長，在第四季大約多出 200 多萬美元。所以你們的營收品質非常高。再來是 John 提到的營運整合，我們持續讓每位客戶購買越來越多產品。我們也在跨部門整合、工作流程以及客戶產品之間的整合上投入一些心力，我們認為這會在 2027 年及之後帶來效益。而——但在當下這一季，我們希望確保這些流程做對，所以我們正在花錢。

Yes. And just to put a finer point out, I mean, I think midpoint of the guide is about 10%, a little under year-on-year growth for next quarter. It's going to be, I think, a similar story as this quarter in terms of the mix of recurring and recurring. We're adding a lot more recurring. We had a lot of pro services last year as it relates to some of the big tax deals.

是的。再更精確一點說，我認為指引中點大約是 10%，也就是下一季年對年成長略低於 10%。我認為在經常性與非經常性收入的組合上，會和本季是類似的故事。我們正在增加更多經常性收入。去年我們有不少專業服務（pro services），與一些大型稅務交易相關。

So we're not expecting that same volume of nonrecurring. But we're really excited about the mix in terms of the organic growth that's outpacing the nonrecurring that's falling off.

所以我們不預期會有同樣規模的非經常性收入量。但我們對這個組合非常興奮，因為有機成長正在超越逐步消退的非經常性收入。

Jared Levine, TD Cowen.

Jared Levine，TD Cowen。

I was hoping to get an update in terms of the SMB HCM demand environment more broadly here. What are you seeing? Has there been any macro impacts or changes as you kind of look at over the course of this year in terms of a demand progression in terms of what you're seeing on pipeline volumes or even sales cycles?

我想請你們更新一下更廣泛的 SMB HCM 需求環境。你們看到了什麼？今年以來，從需求演進的角度來看，在管線量（pipeline volumes）甚至銷售週期方面，有沒有任何總體環境（macro）的影響或變化？

Yes. Pipeline is really good. Pipeline has gone up, and we anticipate a really good fourth quarter, first quarter sales. Pipeline is strong. I would say the multi product continues to be a focus, whether it's the managed service or software.

是的。管線非常好。管線已經上升，我們預期第四季與第一季的銷售會非常強勁。管線很強。我會說多產品（multi product）仍然是重點，不論是代管服務（managed service）或軟體。

A small business want fewer vendors, a little bit more simplicity. They want a partner that they can hang their hat on with multiple products and services. So those trends, I think, will continue.

小型企業希望更少的供應商、更高的簡化程度。他們希望有一個可以信賴的合作夥伴，能提供多種產品與服務。所以我認為這些趨勢會持續下去。

As far as staff, ,clearly, they want access to capital. They want access to people. They want the easy button, so they can focus on growth and a vendor that can provide more and more of those services. And then, also, they want the vendor to have a point of view. So in the area of compliance, we're seeing that broader pipeline of HR, payroll, compliance, all the way through the stack.

就員工層面而言，很明顯，他們想要取得資本。他們想要取得人才。他們想要那個「一鍵搞定」的按鈕，讓他們能專注於成長，並希望有一家供應商能提供越來越多這類服務。另外，他們也希望供應商能有自己的觀點。因此在合規領域，我們看到更廣的管線，從人資、薪資、合規，一路延伸到整個技術堆疊。

And then where there's more pressure with the Secure 2.0 Act around 401k, especially in the states that have legislated that. We see that as a big demand focus as well.

此外，隨著《Secure 2.0 Act》在 401(k) 方面帶來更大壓力，特別是在那些已立法的州。我們也把這視為一個很大的需求焦點。

Great. And then for my follow-up here, I wanted to touch on float revenue. Just given the recent 25 basis point increase, can you remind us kind of a framework in terms of how to think about that? I know you do take some duration in terms of a laddering strategy, but just how to think about that benefit from that recent 25 basis point increase as we kind of look over the next four quarters or so.

很好。接著我想追問一下浮存金收入（float revenue）。考量到最近上調了 25 個基點，你能否提醒我們一個思考框架，該如何看待這件事？我知道你們會透過階梯式配置策略（laddering strategy）承擔一些存續期間（duration），但就未來大約四個季度來看，該如何理解這次 25 個基點上調帶來的效益？

Yes. I think from my perspective, it's worth for us roughly $0.5 million a year every quarter point, right now with our current balances. And that's a simple way to think about it at a high level.

是的。以我這邊的角度來看，以我們目前的餘額水位，每上調 0.25 個百分點（也就是每 25 個基點），大約相當於每年增加 50 萬美元的價值。從高層次來看，這是一個簡單的估算方式。

So again, we talked to Goldman at least once a quarter, but we had our quarterly update with them last week, and their current view is that there's another 0.25 point coming in December meeting as well as another cut point in March. So going into next year, we probably will see another 0.5 point, at least on their current view of rates. So hopefully, that's $1 million of upside to this current year in terms of low.

另外，我們至少每季會跟高盛（Goldman）溝通一次；上週我們也跟他們做了季度更新，他們目前的看法是：12 月的會議還會再來一次 0.25 個百分點，並且在 3 月還會再有一次調整。所以進入明年，至少依照他們目前對利率的看法，我們大概還會再看到 0.5 個百分點的變動。因此希望就今年的低基期而言，這能帶來約 100 萬美元的上行空間。

And then Jared -- sorry, go ahead, Jared.

然後 Jared——抱歉，你先說，Jared。

I wanted to say, in terms of your guidance for next year, you're just assuming the one hike that has been announced to date.

我想確認一下：就你們對明年的指引而言，你們目前只假設了迄今已宣布的那一次升息。

Yes. I mean we have not overestimated the flow. But yes, so there's -- that's -- and the current guide is just what's in the current rates right now.

是的。我的意思是，我們沒有高估浮存金（float）。但對，現在的指引就是以目前現行利率水準為基礎。

Jared, in the queue is our laddering strategy as well.

Jared，另外我們的階梯式配置策略（laddering strategy）也在排程中。

Eric Martinuzzi, Lake Street.

Lake Street 的 Eric Martinuzzi。

Had a nice uptick in the gross margins in Q3. I was curious, obviously, you've given us a view of revenue and EBITDA margins for 2027. But what's implied as far as gross margin, was that Q3 just kind of an outlier? Or is there a change in the longer-term gross margin expectation?

第三季毛利率有不錯的上升。我想請教，顯然你們已經給了我們 2027 年的營收與 EBITDA 利潤率展望。但就毛利率而言，隱含的假設是什麼？第三季只是某種離群值（outlier）嗎？還是長期毛利率預期有所改變？

So I think on a GAAP basis, I think we're probably in the 70% range for the year. And I think we'll probably get 2 points or so next year on a GAAP basis. There's usually about a 5-point spread between the GAAP and the non-GAAP. So if you think 70 this year, it's probably 75-ish non-GAAP. And I would say next year, I think we're shooting for about 72% GAAP and about 76%, 77% non-GAAP.

我認為以 GAAP 口徑來看，今年我們大概會在 70% 左右。而我認為明年在 GAAP 口徑下大概還能再提升約 2 個百分點。GAAP 與 non-GAAP 之間通常大約有 5 個百分點的差距。所以如果你把今年視為 70%，那 non-GAAP 大概就是 75% 左右。至於明年，我們的目標大概是 GAAP 約 72%，non-GAAP 約 76% 到 77%。

Got it. And what is behind that? Is that just the efficiencies in the workforce? Is that -- I'll let you answer the question.

了解。那背後的原因是什麼？是人力配置效率提升嗎？還是——我讓你來回答這個問題。

Yes. I mean I think it's a little bit of what I was talking about with Rich. It's not anything extraordinary except that we expect our people to continue to be able to ramp with the tools we're giving them with more and more. So it's just kind of implied in the model.

是的。我想這有一部分就是我剛才跟 Rich 談到的內容。沒有什麼特別不尋常的因素，只是我們預期在我們提供的工具支持下，我們的人員能持續更快上手、效率持續提升。所以這基本上就是模型中隱含的假設。

And if you think about it, we've had this slide in the IR deck for, I don't know, for years where we kind of talked about the break points of the model at different scale levels. I think it's been out there for quite a while at $200 million, we're expecting to be at 30% in adjusted EBITDA and it scales from there. So there was some modeling behind that. It wasn't just aspirational. And so it's -- the model is kind of playing out the way we were hoping it, too.

而且如果你回頭看，我們在投資人關係（IR）簡報裡有一張投影片，我不知道，可能放了好幾年了，裡面談到在不同規模水位下，模型的損益平衡點（break points）。我想那張投影片已經公開很久了：在 2 億美元營收規模時，我們預期調整後 EBITDA 能到 30%，並且會從那裡繼續擴張。所以背後是有一些建模依據的。並不只是願景式的目標。因此，模型的實際走勢也正如我們所希望的那樣在發展。

And then, Eric, just at the average customer revenue per unit going up and the adoption of more products and the attach rate going up that's allowing us to have a better gross margin tick up over time.

另外，Eric，隨著每單位的平均客戶收入提升、更多產品被採用，以及附加銷售率（attach rate）提高，這也讓我們的毛利率能隨時間逐步上升。

Congrats on the numbers and the outlook.

恭喜你們的業績表現與展望。

Brett Huff, Stephens.

Stephens 的 Brett Huff。

This is Colby Stanford on for Brett Huff. Nice to finally be covering you all. So last quarter, you described the enterprise payroll tax pipeline is really strong. Since then, you've been at Workday, HR Tech Conference, Oracle, embedded payroll tax management to the Oracle marketplace and now AWS as well. So what are you hearing from your enterprise buyers and our ERP partners at these events?

我是代 Brett Huff 提問的 Colby Stanford。很高興終於開始覆蓋你們。上個季度你們提到企業端薪資稅（payroll tax）管線非常強勁。從那之後，你們參加了 Workday、HR Tech Conference、Oracle，並把嵌入式薪資稅管理（embedded payroll tax management）上架到 Oracle marketplace，現在也上了 AWS。所以在這些活動上，你們從企業買方以及我們的 ERP 夥伴那邊聽到什麼回饋？

And kind of how should we think about these marketplace announcements and how they will generate new leads for you all?

另外，我們應該如何看待這些 marketplace 的公告，以及它們將如何為你們帶來新的潛在客戶線索（leads）？

Yes. I think, first of all, our team has been in Las Vegas three weeks in a row at a busy time, and I was joking with our President and Chief Revenue Officer, Eyal Goldstein, he was taken residents up into bad, we've got a lot of really good feedback. Our product teams worked really hard.

是的。首先，我們的團隊在一個很忙的時段連續三週都在拉斯維加斯；我還跟我們的總裁兼首席營收長（Chief Revenue Officer）Eyal Goldstein 開玩笑說，他都快在那裡「落戶」了——我們確實收到很多非常好的回饋。我們的產品團隊也非常努力。

The strategy of the foundation lever level for us around embedded payroll, tax filing, treasury, et cetera, is a great foundation for us to be because it allows us to play up and down the enterprise clients to the medium and small clients. But frankly, also other payroll companies because they use some of our foundation tools.

對我們而言，以嵌入式薪資、報稅申報（tax filing）、資金管理（treasury）等作為基礎層（foundation layer）的策略，是一個很好的立足點，因為它讓我們能在企業客戶到中型與小型客戶之間上下延伸。但坦白說，也包括其他薪資公司，因為他們也會使用我們的一些基礎工具。

So the feedback has been really positive. I was on calls even this morning. and this afternoon right before earnings with a number of different clients and opportunities and partners that really like our monetization strategy in this area and that those tools perhaps were underserved by other players in the past, and we have that capability.

所以回饋非常正面。甚至今天早上我還在通話。而且在財報發布前的今天下午，我也跟多個不同的客戶、商機與合作夥伴通話；他們很喜歡我們在這個領域的變現策略（monetization strategy），也認為過去其他業者可能沒有充分服務好這些工具，而我們具備這樣的能力。

So I think our time is right now and our time is sometimes luck is preparation to meeting opportunity. We are prepared for this moment. And I think you're going to see a lot of growth here in that area. Well, you've already seen it, but in '27, '28, I think you're going to see strong growth in that area.

所以我認為現在就是我們的時機；而所謂的時機，有時候就是「準備」遇上「機會」。我們已經為這個時刻做好準備。我想你會看到我們在這個領域有很多成長。嗯，你其實已經看到了，但在 2027、2028 年，我認為你會看到這個領域的強勁成長。

Awesome. Super helpful. And I appreciate it. If I could just sneak one more in there. So a larger competitor of all has been leaning a little bit more into the PEO, moving some of their clients out of management solutions into that PEO business and having their sales team refer some deals into it.

太棒了。非常有幫助。謝謝你。如果我可以再塞一個問題。有一家更大的競爭對手似乎更積極切入 PEO（專業雇主組織）業務，把部分客戶從管理解決方案（management solutions）轉到 PEO，並讓他們的銷售團隊把一些案子轉介到那邊。

So just curious if you're feeling any of that new logo deals in your client base and just any change in the competitive landscape recently with some of your competitors and just the AI natives?

所以只是好奇，您在客戶群中是否感受到任何新的標誌性合作/品牌標誌（logo）交易帶來的影響？以及最近在競爭格局上，包含一些競爭對手與那些 AI 原生（AI natives）公司方面，有沒有任何變化？

Yes. I think from our perspective, I used to run a CEO, and I was the CEO of a PEO, and that's an environment that can get complicated quickly. I personally think we have all the capabilities of the model. If we choose to do that, we would have the capability to build into that base.

有的。我想從我們的角度來看，我以前當過 CEO，而且我也曾是 PEO 的 CEO，而那是一個很快就會變得複雜的環境。我個人認為，我們具備該模式的所有能力。如果我們選擇那樣做，我們就有能力在那個基礎上建構進去。

As far as I look, we have the capability and kind of what we're doing, you don't have to have things like group insurance and all that where you can unbundle that and we have kind of best-in-class tools and managed services without the PEO. I happen to like that position.

就我所看到的，我們具備相應能力，而就我們正在做的事情而言，你不一定需要像團體保險之類的東西；你可以把那些拆分（unbundle）出來，而我們在沒有 PEO 的情況下，也有同級最佳的工具與託管服務。我剛好喜歡這樣的定位。

As far as the competitive environment, I think, all in all, it's going to be a changing environment. We're a better company with AI and software, not one or the other. And I think other competitors feel that there's opportunities, too. And for us, it's an exciting time to be part of a human capital management space, and we think there's market share opportunity to go after. And we're pleased to report a really good quarter because of that.

至於競爭環境，我認為整體而言，它會是一個持續變動的環境。我們是一家同時具備 AI 與軟體能力的更好公司，而不是二選一。我也認為其他競爭對手同樣覺得存在機會。對我們而言，能參與人力資本管理（HCM）領域是個令人興奮的時刻，我們認為有可爭取的市占機會。也因此，我們很高興能報告一個非常好的季度。

So I think the trend towards multiple products, multiple solutions, having tools not only around breadth of products, but also workflow within products is where a good solution looks like. And then agentic AI with the workflows gives more power to the user on a quicker basis and make good decisions, and we're leaning into that strategy as well.

所以我認為，趨勢正朝向多產品、多解決方案；好的解決方案不僅要有產品廣度的工具，也要有產品內部工作流程（workflow）的工具。接著，具代理能力的 AI（agentic AI）結合工作流程，能更快地賦能使用者、做出更好的決策，而我們也正在朝這個策略方向加碼。

(Operator Instructions)

（接線員指示）

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

Congrats on the quarter. I wanted to ask regarding those strengthened positions, one within the Oracle ecosystem, but also payroll tax management available there in the relationship with AWS. Could you maybe speak to the response you're seeing so far at this point as it relates to the opportunities with those networks or potential customer bases?

恭喜本季表現。我想問一下，關於你們強化的幾個布局：一個是在 Oracle 生態系內，另外是在與 AWS 的合作關係中提供薪資稅務管理。你能否談談截至目前你們看到的回應，特別是就這些網路或潛在客戶基礎所帶來的機會而言？

Greg, it's so early days. What I would say, and I was at two of the trade shows. I was -- I didn't have a chance to go to work just with timing of earnings. But our team was there. I'll give you an idea.

Greg，現在還非常早期。我想說的是，我去了其中兩個展會。我——因為財報時程的關係，沒能親自去到 Workday（大會）。但我們的團隊有在現場。我給你一個概念。

Last year, we were at the Workday conference. So I think our lead volume was probably triple last year, and it's just a progression of us having a lot of success stories and taken market share and there's been a good buzz there. So the lead flow was really good. HR Tech, very similar.

去年我們參加了 Workday 的大會。所以我認為我們的潛在客戶線索量（lead volume）大概是去年的三倍；這反映出我們一路走來的進展——我們有很多成功案例、持續拿下市占，現場也有不錯的口碑與熱度。所以線索流入真的很不錯。HR Tech 也非常類似。

From the feedback I'm getting at Oracle really good opportunities, some good serious buyers. And there's an opportunity with the modernization of the work we've done people really want to engage with us. And that's right where we want to be.

就我從 Oracle 那邊得到的回饋來看，機會非常好，也有一些很認真的買家。而且，隨著我們已完成的現代化（modernization）工作，大家真的很想與我們接觸合作。那正是我們想要的位置。

And so the early returns are real positive, but a lot of these announcements are over the last days or so. And a lot of this activity has been in the last 30 or so. We'll continue to progress here, but it's probably just a little bit early, but initially, a lot of excitement.

所以早期回饋非常正面，但其中很多公告其實就是最近幾天才發布。而很多活動也都集中在最近大約 30 天內。我們會持續推進，但現在可能還稍微早了一點；不過一開始就有很多令人振奮的反應。

Okay. That's fair. And with respect to the payroll processor you acquired, I think you mentioned some verticals or capabilities that add an incremental opportunity to where Asure sits today. And I wonder if you could maybe expand on those. And then should we think about the purchase price being pretty close to your 2 times revenue target?

好的。這很合理。另外，關於你們收購的薪資處理商，我想你提到了一些垂直領域或能力，能為 Asure 現有定位帶來額外的機會。我想請你能否再多展開說明一下。以及，我們是否可以把收購價格視為相當接近你們「營收 2 倍」的目標？

Yes. I think purchase price was about 2.6 times revenue. We disclosed that. And how I look at it is we've got a nice size, nice capability. The the staff is really strong.

是的。我想收購價格大約是營收的 2.6 倍。我們已經揭露過了。而我看待這件事的方式是：我們取得了不錯的規模與能力。他們的團隊非常強。

They know our products and services. We know their products and services really well. So the learning curve is not a long pot. It's a real easy pot for us. And then when I look at some of the vertical markets they've done and some of the capability I think some of the scheduling capability and kind of time opportunity there in addition to some of the reporting, we think was a nice add to some of our product family and service family.

他們了解我們的產品與服務。我們也非常了解他們的產品與服務。所以學習曲線不會很長。對我們來說整合起來很容易。此外，當我看他們所服務的一些垂直市場與能力時，我認為其中一些排班（scheduling）能力，以及與工時（time）相關的機會，再加上一些報表能力，我們覺得能很好地補強我們的產品組合與服務組合。

And so that we're going to act going forward.

因此，我們接下來會據此推進。

At this time, I would like to turn the call back over to management for closing comment.

此時，我想把電話交回管理層作結語。

So anyway, I just seeing up the team at anything. Hey, third quarter was an outstanding quarter for us. Good momentum, reoccurring revenue going up. We're excited about it. We think that will pay dividends as we finish the year of 2026 in a strong way. And in '27, it sets us up for really good growth.

總之，我就把話題交給團隊補充。嘿，第三季對我們來說是非常出色的一季。動能很好，經常性收入（recurring revenue）持續上升。我們對此感到很興奮。我們認為，這將在我們以強勁態勢完成 2026 年時帶來回報。而在 2027 年，這也讓我們具備非常好的成長基礎。

And John mentioned that in the IR deck, I think it was three years ago, we kind of pointed the $180 million to $200 million. We're in that sweet spot. It's been very predictable for us that scale wins. The AI, good fortune. We're embedding that in a lot of things we do, which is helping our software changes afoot in human capital management.

John 在投資人關係（IR）簡報中提到，我想那是三年前，我們大概指引到 1.8 億到 2 億美元的規模。我們現在正處在那個甜蜜點。對我們而言，「規模帶來勝利」一直非常可預測。AI 也是一個好機運。我們正把它嵌入到我們做的很多事情中，這也正在幫助我們——在人力資本管理領域，軟體變革正在發生。

Our people are a tip of sphere leading change. We've got a lot of pipeline of opportunities. And I think we're a story to watch here.

我們的人才正站在引領變革的最前線。我們有大量的機會管線（pipeline）。我認為這是一個值得關注的故事。

And I've been here a long time, really, really excited. And from an investor perspective, we lost a good one, strong, and I want to, again, wish my sentiment to the family -- but right now, I think it's a real good time to look at Asure again because we got a lot of stuff going on. So I really appreciate your time, and have a good day.

我在這裡很久了，真的非常興奮。從投資人的角度來看，我們失去了一位很優秀、很堅強的人，我也想再次向家屬致上哀悼之意——但就目前而言，我認為現在是重新關注 Asure 的一個非常好的時點，因為我們有很多事情正在推進。非常感謝各位的時間，祝各位有美好的一天。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。