Company Increases Q2 Managed Services YoY Bookings Growth Outlook from 25%+ to 40%+
Orlando, Florida (June 25, 2020) – IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, provided an operations update to investors today. The company has revised and increased its Q2 2020 Managed Services bookings outlook from 25%+ to 40%+ following a series of new customer wins and renewals from existing customers. In addition to previously announced contract wins, the company has seen the return of another Global Fortune 500 customer, an electronics manufacturer, since the last update the company provided.
“Managed Services has seen meaningful year over year growth in Q2 despite the customer impacts surrounding COVID-19,” said Ted Murphy, IZEA’s Chairman and CEO. “I am incredibly proud of what our team has been able accomplish during a time of unprecedented global change. Many businesses are seeing dramatic decreases in sales and disruption of operations. The ability to deliver growth in these times underscores our adaptability and customer sector diversification. We also believe that COVID-19 has accelerated the shift in marketing spend for large advertisers, with the influencer marketing category being a net beneficiary. We are still very much so monitoring the changing landscape as it relates to COVID-19, but we are optimistic given the recovery of the core business since the effects of the pandemic were first felt.”
Bookings are a measure of all sales orders, minus any known or expected cancellations or refunds with respect to such sales orders or refunds. Management uses bookings to inform expectations of total sales activity. Subsequent revenue recognition and effective margins vary by revenue stream, and bookings are not always an indicator of revenue for the quarter and could be subject to future adjustment.
IZEA previously announced that it temporarily closed all offices and chose not to renew the lease on its headquarters, which expired in April. The company expects to remain 100% remote through at least Q3 2020. IZEA will not be signing any new leases until such time that management feels employees would be safe and comfortable in an office environment. Travel and entertainment expenses have also been virtually eliminated at this time.
At-the-Market Offering Program
To date, IZEA has sold $15.15 million dollars of common stock at an average price of $2.26 a share. The company paid a 2% commission on the gross proceeds.