Count of New Managed Services Customers Doubles Compared to Q3 2020
Orlando, Florida (September 14, 2021) – IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, announced today that it has been awarded a variety of contracts from both new and existing clients, propelling IZEA’s Managed Services Bookings to top 115% growth in Q3 2021 to date, as compared to Q3 2020. Managed Services Bookings for the quarter are currently $8.5 million as compared to $4.0 million in 2020, already making it the best Q3 in company history with half the month of September remaining. This is IZEA’s third consecutive quarter of triple digit growth for Managed Services Bookings.
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. Bookings are not always an indicator of revenue for the quarter and could be subject to future adjustment. Revenue from Managed Services bookings are typically recognized over a 9-month period on average, though larger contracts may be recognized over longer periods of time. IZEA recognizes Managed Services revenue based on a percentage of completion.
“We continue to see strong sales momentum for IZEA’s influencer marketing services,” said IZEA Founder and CEO Ted Murphy. “We are signing up more new customers – and those new customers are spending more per customer on average as compared to the same quarter last year. The count of new customers signed in the third quarter of 2021 thus far has more than doubled from the same quarter last year, and the dollars booked from new customers has more than tripled.”
“At the same time, many of IZEA’s existing customers have expanded their influencer marketing programs this year,” continued Murphy. “Bookings from existing customers are $5.2 million so far in Q3, and make up about 62% of total bookings within the quarter. This is a healthy balance of expansion within current customer relationships while aggressively adding new accounts with room for future growth.”