Orlando, Florida (October 5, 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 set a Managed Services bookings record for the best quarter in company history. Managed Services bookings in Q3 of 2021 increased 181% year over year to $11.3 million as compared to Q3 of 2020, which were $4.0 million. The managed services bookings bests the previous record of $11.1 million set in Q2 2021. IZEA added a variety of new influencer marketing customers within the quarter, including multiple Fortune 500 brands.
Bookings are a measure of all sales orders minus any known cancellations or refunds in the same time period 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 adjustments. Revenue from Managed Services bookings is typically recognized over a 9-month period on average, though larger contracts may be recognized over more extended periods of time. IZEA recognizes Managed Services revenue based on a percentage of completion.
“2021 has been a year of incredible growth and momentum for team IZEA,” said Ted Murphy, IZEA’s Chairman and CEO. “We have been making substantial investments across the organization and those new resources are beginning to have a material impact on our top line performance. Our marketing and sales efforts have resulted in increased opportunities and conversions with new customers across both Managed Services and SaaS offerings. We are also benefitting from expansion of programs with existing clients.”
“The changes that we made to our SaaS licensing plans and aggressive new price points at the end of Q3 last year continue to have a positive impact on increasing customer counts,” continued Murphy. “The total active software customer base reached record numbers again in Q3 and has more than doubled since September of last year. Software customer counts were largely driven by IZEAx Discovery, although Unity Suite new customer counts also saw an uptick from Q2 2021.”
IZEA’s net income and cash flow results will be announced along with the rest of its financial performance when it announces Q3 earnings, which is tentatively scheduled for November 10, 2021. IZEA’s Managed Services bookings represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors – including the amount of revenue recognized within the quarter, the cost of sales, and other operating expenses.