Company Continues Expansion of Customers in Regulated Industries
Orlando, Florida (November 1, 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 first time contract for a Fortune 100 financial services company. The mid-six figure contract is for managed influencer marketing services and expected to be completed by the end of 2021.
“Our team has done an incredible job establishing and expanding relationships with leading brands throughout 2021,” said Ted Murphy, Founder, Chairman and CEO of IZEA. “I am particularly proud of the progress we have made in regulated and complex industries. We have seen new business in banking, insurance, and alcohol, along with the award of contracts to promote governmental agencies. These relationships often require more time, resources, and persistence to initially navigate, but are also material in size and long-term opportunity for IZEA. We are delighted to add another Fortune 100 company to our client roster and excited by the potential to expand the relationship in 2022 and beyond.”
IZEA recently announced that it set a Managed Services bookings record for the best quarter in company history during Q3. 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. 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 scheduled for November 10, 2021.
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.