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

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