The following is a summary of the IZEA Worldwide, Inc. (IZEA) Q1 2024 Earnings Call Transcript:
Financial Performance:
IZEA's Q1 2024 saw a rise in Managed Services bookings by 53%, totalling $9.3 million.
Total revenue for the same quarter was around $7 million, a 20.4% dip from Q1 2023, although when excluding non-recurring customers, there was a 32.2% growth.
Managed Services revenue stood at $6.7 million, down 21.2% from Q1 2023, but when non-recurring customers are discounted, there was a 33.3% growth.
SaaS Services revenue increased by 9.1% compared to Q1 2023, hitting $0.3 million.
Total cost of revenue for Q1 was $4 million, 57.1% of revenues, a decrease from the previous year's $6 million or 68.2%.
The company reported a net loss of $3.3M and Adjusted EBITDA of negative $2.8 million in Q1 2024.
As of the end of March 2024, the company's financial standing included $60.8 million in cash and investments.
Business Progress:
In Q1 2024, IZEA saw firm demand and anticipates a growth rebound.
The backlog of Managed Services rose to $14.5 million by the end of March 2024, showing a $2.6 million increase from Q4 2023.
The company successfully acquired Hoozu and Zuberance in December, with promising synergies expected.
A record number of active SaaS customers was reported, due to the intake of new Managed Services customers and retention of existing ones.
The company secured future financial flexibility by filing for a $75 million shelf registration and aims to exploit creator economy acquisition opportunities within the next three years.
The company has set a target to achieve $76 million in annual revenue by 2026.
More details: IZEA Worldwide IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.