Q2 2016 Bookings Up 10% to $6.8 Million; First Half Bookings Up 36% to $14.3 Million
ORLANDO, FL (July 12, 2016) – IZEA, Inc. (NASDAQ: IZEA), operators of IZEAx, the premier online marketplace connecting brands and publishers with influential content creators, reported bookings for the second quarter of 2016 of $6.8 million, up 10% from the same year-ago quarter, with Sponsored Social comprising 66% of bookings.
Bookings increased 36% to $14.3 million in the first half of 2016 from the same year-ago period. For the trailing twelve months ended June 30, 2016, bookings increased 80% to $28.3 million.
“In Q2, bookings continued to grow at a double-digit rate, primarily driven by strong demand for Sponsored Social and, to a lesser extent, our larger salesforce,” said Ted Murphy, Chairman and CEO of IZEA. “During the quarter, average deal size and new opportunity pipeline reached all-time record levels. However, the increase in average deal size was accompanied by increased transaction complexity and lead times, shifting some bookings to the third quarter.”
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During the second quarter, the company added 10 sales representatives, bringing the total number of sales representatives to 50. “We are currently onboarding the new sales reps that were added in the quarter, and expect them to gain traction beginning in the fourth quarter,” said Murphy.
“Over the last three years, the majority of our bookings have been in the second half of the year,” continued Murphy. “Given this bookings trend, our expanded sales force, and record new opportunity pipeline, we believe we are on track to achieve record bookings this year.”
IZEA reiterates its outlook for the full year of 2016. Bookings in 2016 are expected to range between $33 million and $35 million, which would represent an increase of 35% to 43% from 2015. Based on historical bookings and current large opportunities in the pipeline, the company expects 30% to 35% of 2016 annual bookings to be recognized in the fourth quarter of 2016.
The company plans to provide full financial results for the second quarter of 2016 on August 11, 2016.
