Asure Software Inc

Good afternoon and welcome to Assure's first quarter 2020 earnings conference call. Joining us today for today's call are Assure's CEO, Pat Goepel, CFO, Kellyanne Bannon, and Vice President of HR, Sheryl Tribula. With that, I'd like to turn the call over to Sheryl for introductory remarks. Sheryl?

Thank you, operator, and good afternoon, everyone. Before we start, I'd like to mention that some of the statements made by management during today's call might include projections, estimates, and other forward-looking information. This will include any discussion of the company's business outlook or guidance. These particular forward-looking statements and all of the statements that may be made on this call that are not historical are subject to a number of risks and uncertainties that could affect their outcome. Thank you for joining us today. Finally, I would note that we have posted some slides on our investor relations website regarding our COVID response. Please refer to the events and presentations section on our IR website. With that, I would now like to turn the call over to Pat Goepel, CEO. Pat?

Thank you, Cheryl, and thank you all for being on the call today. We'd like to welcome everyone for the first quarter 2020 earnings call. I appreciate your interest, whether you're an employee or a client, investor, investor, Analysts or interested third party. First of all, our thoughts and prayers go out to those who have been or know someone who's been impacted by COVID-19. We sympathize with the small businesses faced with unavoidable reductions in their workforces and the people who have lost their jobs. I'd also like to recognize the SURE employees for rising to the challenge and delivering exceptional service to our 60,000 small business clients despite the challenging circumstances they've had to face. To them, I want to say thank you. I do want to refer, and Cheryl mentioned it, that we have a COVID deck on our IR website. I'm going to spend the first part of the call talking about Thank you very much. in significant economic and operational headwinds, including higher unemployment and higher out-of-business rates, as well as lower same-store sales, lower client fund balances, and lower interest rates. We are making tactical adjustments to effectively navigate these challenging times. We remain optimistic about our long-term strategy and will be positioned well once the macro environment and our clients' operations normalize. We took multiple decisive actions in response to these unprecedented circumstances, and I'll categorize our responses into three categories, people, clients, and financial. If you're following along on the deck, particularly slides four and seven, I would focus on, first of all, on our people. We successfully executed our business resiliency plan while transitioning 98% of our workforce to a work from home model. We also made the difficult decision to right size our overall workforce really related to the workspace management sale and we implemented temporary salary cuts to some of our higher paid employees and benefit reductions and then we furloughed some of our valued personnel. Still, we are growing and hiring Thank you very much. for customer and non-customer small businesses alike and significantly increase customer engagement. We also redirected development resources to integrate new legislation into our products, including the CARES specific reports designed to help small businesses apply for and receive PPP loan forgiveness. To give you a magnitude of our efforts, I want to provide you with some stats. We had daily internal and external call down activities reaching our 10,000 direct clients and approximately 200 resellers to our indirect small business clients. More than 5,000 webinar attendees, over 5,000 hours of compliance programming, our thought leadership groups were taking and helping Thank you very much. as well as progress in growing our sales force and cross-selling, we increased our human capital management quota carrying reps to 45 from 33 at the start of the year. First quarter revenue was 18.9 million. Non-GAAP EPS was 21 cents. Both exceeded street expectations despite unexpected interest rate cuts and an unemployment spike in March related to the pandemic. Bookings were up 11% year-over-year through February, demonstrating clear success in our initiatives, but we were down 3% for the quarter due to COVID impacts in the second half of March. We expect to fully complete the workspace business transition this month. I had a plan which enabled us to realize the cost synergies we talked about sooner than expected. Thank you for joining us. of a well-rounded human capital management company. With that, before we go any further, I'd like Kellen to talk about the financial results. Kellen?