ORLANDO, FL (April 10, 2023) - IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of online marketing technology, data and services for the world's leading brands, today announced that its Managed Services team has been awarded contract bookings totaling $6.1 million in the first quarter of 2023, down from $12.1 million in the first quarter of 2022.
"We saw a year-over-year decline in overall bookings in the first quarter, in part due to the closing of business with a large customer who made a significant impact in the first quarter of last year," said Ted Murphy, IZEA's chairman and chief executive officer. "While overall bookings are down, it's worth noting that the number of opportunities we won in the first quarter of 2023 is at its highest level since the first quarter of last year. This volume is on par with this time last year.
"Overall sales were strong this quarter, but total bookings were impacted by a decrease in average deal size. Compared to last year, we saw a reduction in client budgets this year," Murphy continued. "Building new client accounts will be key to achieving future growth, as many of our historical clients have been impacted by layoffs and budget cuts over the past several quarters. We are focused on building a broader custodial services client base, which will diversify our account concentration risk while increasing our gross margin over time. We are making progress toward this goal with operations across multiple industries and geographies."
Bookings are a measure of all sales orders minus any known or expected cancellations or refunds associated with 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 may be subject to future adjustment. Escrow service booking revenue is typically recognized on average over a nine-month period.
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IZEA Worldwide, Inc. ("IZEA") is a marketing technology company that provides software and professional services that enable brands to collaborate and transact with the full range of today's socially influential online KOLs and content creators. The company is a pioneer in the evolving commercialization of content, enabling self-publishers to create value through their content, creativity and influence. IZEA launched the industry's first influencer content marketing platform in 2006 and has since facilitated nearly 4 million transactions between online brand buyers and influencer content creators. Leading brands and agencies worldwide have partnered with IZEA to drive social media engagement rates, diversify brand voice, expand content production and drive measurable return on investment.
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