Capital intensity has moderated significantly, with CapEx as a percentage of revenue declining to 0.5% in 2026Q1 compared to the 36.1% peak observed in 2023Q4.
Asure Software, Inc. (ASUR) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Dec'95 |
|---|
| Cash from Operations | 24.25M | 22.22M | 9.39M | 18.9M | 13.67M | 1.38M | 2.23M | -4.12M | -7.13M | -36K | -2.01M | 3.35M | 2.71M | 2.02M | 2.81M | 3.35M | -939K | -4.62M | -13.31M | 19.88M | -1.25M | -7.97M | 458K | 2.32M | 10.63M | -4.94M | 43.94M | -10.7M | 19.75M | -15.2M | 1.5M |
| Operating CF Margin % | - | 15.81% | 7.84% | 15.87% | 14.27% | 1.81% | 3.41% | -5.63% | -8.01% | -0.07% | -5.66% | 12.47% | 9.95% | 7.95% | 14.07% | 30.65% | -9.36% | -45.98% | -130.75% | 49.21% | -8.36% | -80.44% | 2.62% | 4.31% | 18.14% | -12.93% | 32.72% | -7.06% | 10.99% | -7.96% | 1.92% |
| Operating CF Growth % | 428.59% | 136.66% | -50.33% | 38.22% | 892.31% | -38.34% | 154.29% | 42.25% | -19702.78% | 98.21% | -159.97% | 23.98% | 33.63% | -27.91% | -16.22% | 457.08% | 79.67% | 65.31% | -166.96% | 1697.03% | 84.38% | -1839.74% | -80.28% | -78.14% | 315.34% | -111.23% | 510.69% | -154.17% | 229.95% | -1113.33% | -28.57% |
| Net Income | -8.42M | -13.13M | -11.77M | -9.21M | -14.47M | 3.19M | -16.31M | 30M | -7.55M | -5.72M | -972K | -1.76M | -262K | -1.66M | -3.03M | -649K | -1.14M | -9.73M | -12.71M | 12.25M | -3.56M | -10.01M | -21.21M | 9.38M | 9.29M | -14.5M | 2.3M | -15.6M | 2.78M | -52.1M | 3.7M |
| Depreciation & Amortization | 29.18M | 28M | 23.53M | 20.62M | 20.41M | 17.82M | 16.17M | 18.16M | 12.93M | 6.06M | 3.61M | 3.01M | 2.82M | 2.95M | 2.29M | 1.05M | 1.02M | 1.24M | 1.15M | 93K | 711K | 927K | 13.35M | 1.34M | 4.68M | 8.63M | 12.71M | 12M | 8.87M | 12.9M | 3.6M |
| Stock-Based Compensation | 8.27M | 7.74M | 6.44M | 5.43M | 3.18M | 2.99M | 2.37M | 2.27M | 1.69M | 593K | 226K | 409K | 226K | 160K | 88K | 81K | 53K | 78K | 107K | 152K | 144K | 41K | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 124K | 652K | 884K | 225K | -92K | 707K | 551K | -1.19M | -7.08M | 0 | 265K | 100K | 48K | -133K | 672K | 0 | -582K | 189K | -129K | -129K | -161K | -41K | -41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.88M | 2.9M | -1.92M | 3.26M | -622K | -8.54M | 1.33M | -54.45M | 1.04M | 495K | 94K | 32K | 440K | 433K | 548K | 617K | -109K | 54K | 7.12M | 170K | 177K | 19K | 1.73M | 1.43M | 810K | 3.11M | 15.08M | 500K | 120K | 4.2M | 100K |
| Working Capital Changes | -7.77M | -3.95M | -7.78M | -1.42M | 5.26M | -14.79M | -1.87M | 1.1M | -8.15M | -1.46M | -5.24M | 1.56M | -567K | 280K | 2.24M | 2.25M | -180K | 3.56M | -8.85M | 7.35M | 1.44M | 1.1M | 6.59M | -9.82M | -4.14M | -2.17M | 13.86M | -7.6M | 7.98M | 19.8M | -5.9M |
| Change in Receivables | 1.41M | 3.19M | -4M | -4.13M | -7.62M | -1.29M | 528K | -1.45M | -1.72M | -4.1M | -3.4M | 524K | -1.42M | -899K | 1.09M | 192K | 274K | 139K | -57K | -329K | -343K | 8.37M | 9.01M | 0 | 0 | 0 | 0 | 0 | 3.3M | 0 | 0 |
| Change in Inventory | 1.48M | 750K | -41K | 97K | -14K | 142K | 150K | -1.58M | -2.95M | -17K | 297K | -615K | -93K | 177K | -150K | -5K | 24K | 71K | -74K | 0 | 0 | 0 | 0 | 26K | -792K | 206K | 820K | -1.3M | 10.76M | 7.1M | -1.7M |
| Change in Payables | -35K | 335K | -1.21M | 376K | 1.61M | -725K | -676K | -3.17M | 1.59M | -254K | -1.1M | 1.12M | -136K | -1.01M | 692K | 377K | -456K | 2.54M | -8.21M | 7.17M | 2.09M | -1.25M | -1.72M | 0 | 0 | 0 | 0 | 0 | -3.1M | 0 | 0 |
| Cash from Investing | -92.07M | -86.68M | -19.26M | -29.52M | -36M | -36.97M | -19.41M | 85.63M | -107.23M | -58.49M | -18.77M | -1.39M | -4.2M | -435K | -10.98M | -10.5M | -141K | -3.02M | -8.12M | -2.1M | 1.45M | 4.42M | -2.62M | 3.22M | -7.68M | 21.89M | -33.78M | -4.6M | -10.64M | 23.3M | -61.9M |
| Capital Expenditures | -866K | -787K | -692K | -1.58M | -8.84M | -29.8M | -857K | -1.02M | -5.79M | -3.06M | -436K | -1.41M | -807K | -445K | -1.25M | -121K | -141K | -314K | -311K | -490K | -62K | -63K | -692K | -136K | -1.14M | -2.76M | -4.57M | -8.8M | -16.82M | -18.8M | -9.5M |
| CapEx % of Revenue | 0.56% | 0.56% | 0.58% | 1.33% | 9.22% | 39.18% | 1.31% | 1.39% | 6.51% | 5.62% | 1.23% | 5.23% | 2.97% | 1.75% | 6.29% | 1.11% | 1.41% | 3.13% | 3.05% | 1.21% | 0.42% | 0.64% | 3.96% | 0.25% | 1.94% | 7.24% | 3.4% | 5.8% | 9.36% | 9.84% | 12.16% |
| Acquisitions | 0 | -37.5M | 0 | 0 | 6.52M | 29.67M | -13.14M | -7.44M | -66.98M | -45.39M | -12M | 18K | -3.44M | 0 | -9.8M | -10.4M | 0 | 0 | -7.38M | 0 | 0 | 44K | -2.32M | 7.35M | 82K | 56K | 0 | 1.4M | -724K | 11.2M | 1.8M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -65.59M | -29.4M | -23.44M | -14.68M | -6.52M | -29.67M | -2.78M | 94.09M | -34.45M | -10.04M | -6.34M | 18K | 47K | 10K | 428K | 26K | 0 | 0 | 164K | -67K | 23K | 3.44M | -961K | -2.87M | -8.5M | -552K | -4.51M | -7.4M | 1.09M | 2.9M | -11.4M |
| Cash from Financing | -38.83M | 83.45M | -22.04M | 24.2M | -12.38M | -90.65M | 208.1M | -68.02M | 101.79M | 73.54M | 32.3M | -1.14M | -2.15M | 170K | 9.25M | 7.23M | -158K | -38K | 8K | -455K | 138K | 348K | 18K | -1.16M | -887K | -8M | -10.99M | 8M | 1.48M | -5.1M | 59.1M |
| Debt Issued (Net) | -2.23M | 50.76M | 4.58M | -35.63M | -1.69M | 14.77M | -3.38M | -89.97M | 29.51M | 36.67M | 10.98M | -1.66M | -1.27M | -2.97M | 9.23M | 7.22M | -48K | -40K | -15K | -543K | -106K | -4K | -186K | -508K | 566K | -648K | -13.38M | 9.4M | 0 | -10.66M | 3.8M |
| Equity Issued (Net) | 302K | 1.34M | 1.37M | 46.8M | 497K | 678K | 21.39M | 820K | 0 | 0 | 0 | 587K | 0 | 3.43M | 0 | 0 | -110K | 2K | 23K | 88K | 244K | 352K | 204K | -872K | -1.45M | 67K | 2.24M | -1.4M | 1.5M | 5.58M | 65.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 305K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -110K | 0 | 0 | 0 | 0 | -89K | -495K | -1.37M | -2.74M | -108K | 0 | -2.3M | 0 | -3.74M | 0 |
| Other Financing | -36.91M | 31.36M | -27.99M | 13.03M | -11.19M | -106.1M | 190.08M | 21.13M | 72.28M | 36.87M | 21.32M | -75K | -873K | -295K | 20K | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.42M | 150K | 0 | -24K | -21K | -10.1M |
| Net Change in Cash | -106.66M | 18.99M | -31.91M | 13.58M | -34.7M | -126.24M | 190.93M | 13.38M | -12.35M | 15.03M | 11.61M | 838K | -3.62M | 1.76M | 1.11M | -3K | -1.19M | -7.69M | -21.46M | 17.32M | 345K | -3.19M | -2.15M | 3.96M | 1.39M | 8.98M | -937K | -7.4M | 10.43M | 2.9M | -1.3M |
| Free Cash Flow | 10.96M | 21.43M | -14.75M | 2.64M | 4.84M | -28.42M | -14.54M | -8.96M | -12.92M | -3.09M | -2.45M | 1.95M | 1.9M | 1.58M | 1.55M | 3.23M | -1.08M | -4.93M | -13.62M | 19.39M | -1.31M | -8.03M | -234K | 2.19M | 9.49M | -7.7M | 39.38M | -19.5M | 2.93M | -34M | -8M |
| FCF Margin % | 7.05% | 15.25% | -12.31% | 2.21% | 5.05% | -37.37% | -22.2% | -12.25% | -14.53% | -5.68% | -6.89% | 7.24% | 6.98% | 6.2% | 7.78% | 29.54% | -10.76% | -49.1% | -133.8% | 47.99% | -8.77% | -81.07% | -1.34% | 4.06% | 16.2% | -20.17% | 29.32% | -12.86% | 1.63% | -17.8% | -10.24% |
| FCF Growth % | 780.95% | 245.32% | -659.23% | -45.51% | 117.03% | -95.43% | -62.35% | 30.68% | -317.68% | -26.39% | -225.6% | 2.63% | 20.19% | 1.67% | -51.92% | 399.26% | 78.1% | 63.8% | -170.25% | 1583.78% | 83.73% | -3332.05% | -110.7% | -76.96% | 223.31% | -119.55% | 301.93% | -764.85% | 108.63% | -325% | -166.67% |
| FCF per Share | 0.38 | 0.78 | -0.57 | 0.12 | 0.24 | -1.46 | -0.91 | -0.58 | -0.92 | -0.28 | -0.37 | 0.32 | 0.32 | 0.28 | 0.31 | 0.70 | -0.23 | -1.05 | -3.02 | 4.96 | -0.34 | -2.15 | -0.06 | 0.58 | 2.59 | -2.07 | 10.29 | -5.50 | 0.84 | -10.18 | -4.74 |
| FCF Conversion (FCF/Net Income) | -1.30x | -1.69x | -0.80x | -2.05x | -0.95x | 0.43x | -0.14x | -0.14x | 0.94x | 0.01x | 2.07x | -1.91x | -10.33x | -1.22x | -0.93x | -5.17x | 0.83x | 0.47x | 1.05x | 1.62x | 0.35x | 1.21x | -0.02x | 0.29x | -1.74x | 0.15x | 19.13x | 0.69x | 7.11x | 0.29x | 0.41x |
| Interest Paid | 1.22M | 0 | 0 | 3.14M | 3.4M | 1.41M | 1.03M | 8.9M | 7.82M | 3.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 18K | 432K | 233K | 366K | 3.66M | 126K | 91K | 23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ASUR stock.
Asure Software, Inc. (ASUR) generated $22.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Asure Software, Inc. (ASUR) generated $21.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Asure Software, Inc. (ASUR) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Operating scale and profitability
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Disconnected
As reported in recent financial statements, ASUR's operating cash flow frequently diverges from net income, with the 2026Q1 operating cash flow of $2.7 million significantly outpacing the $0.6 million net income, suggesting that non-cash charges and working capital fluctuations remain the primary drivers of reported cash generation.
The persistent gap between net income and operating cash flow indicates that GAAP earnings are not yet reflective of the company's underlying cash-generating capacity. Investors should monitor the extent to which this conversion is supported by sustainable operational improvements versus temporary shifts in accruals or deferred revenue.
Free Cash Flow Volatility Persists
Based on the provided cash flow data, ASUR's free cash flow trajectory has been erratic, swinging from a $9.8 million deficit in 2024Q3 to a $11.0 million surplus in 2025Q4, which highlights the sensitivity of the company's cash position to seasonal payroll cycles and operational scale.
The lack of consistent free cash flow generation suggests that the business model is still in a transition phase where capital requirements often outstrip internal cash generation. This volatility warrants further investigation into whether the recent positive quarters represent a structural shift or merely a temporary timing benefit.
Capital Intensity Moderating After Investment
According to historical cash flow records, ASUR has successfully reduced its capital intensity, with CapEx as a percentage of revenue dropping from a peak of 36.1% in 2023Q4 to a more sustainable 0.5% in 2026Q1, indicating a shift away from heavy infrastructure spending.
The significant reduction in capital expenditures suggests that the company has largely completed the necessary platform build-out required for its current scale. This transition may allow for improved free cash flow conversion, provided that maintenance requirements do not escalate unexpectedly in future periods.
Stock-Based Compensation Obscures Cash Reality
As indicated by the company's quarterly filings, stock-based compensation remains a material component of the capital structure, with $2.1 million recorded in 2026Q1, which effectively offsets a significant portion of the reported operating cash flow and complicates the assessment of true economic profitability.
The reliance on equity-based incentives suggests that the company is managing its cash burn by shifting compensation costs to shareholders through dilution. Analysts should carefully adjust for these non-cash expenses when evaluating the company's ability to fund its operations without recurring to external capital markets.