IZEA Awarded One Million Dollar Contract Expansion
IZEA Worldwide, Inc. (NASDAQ: IZEA) has received a $1 million contract expansion from a Fortune 500 consumer electronics manufacturer to enhance its influencer marketing services. This expansion contributes to a record-setting quarter for Managed Services bookings. Although revenue from this contract will primarily be recognized in Q3 and Q4, it will have little impact on Q2 revenue. CEO Ted Murphy highlighted the positive sales momentum and meaningful customer expansions as key achievements for the team.
- Awarded $1 million contract expansion to enhance influencer marketing services.
- Sets a record for Managed Services bookings in Q2.
- Expected revenue recognition from the contract in Q3 and Q4.
- Limited impact on Q2 revenue recognition from the new contract.
Orlando, Florida, June 21, 2021 (GLOBE NEWSWIRE) -- 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
Bookings are a measure of all sales orders minus any known cancellations or refunds 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 adjustment. Revenue from Managed Services bookings are typically recognized over a 9-month period on average, though larger contracts may be recognized over longer periods of time.
IZEA recognizes managed services revenue based on a percentage of completion.IZEA expects the majority of this particular contract to be recognized as revenue in Q3 and Q4, with little to no impact on Q2 revenue recognition.
“Team IZEA has continued to build upon the positive sales momentum from the past two quarters,” said Ted Murphy, Founder, Chairman and CEO of IZEA. “We are thrilled to have set a Managed Services bookings record in Q2, bolstered by a variety of meaningful customer expansions in the quarter. These expansions are a reflection of our dedication to providing best-in-class influencer marketing software and services to our partners.”
To work with IZEA as either an influencer or a marketer, visit IZEA.com.
About IZEA Worldwide, Inc.
IZEA Worldwide, Inc. (“IZEA”) is a marketing technology company providing software and professional services that enable brands to collaborate and transact with the full spectrum of today’s top social influencers and content creators. The company serves as a champion for the growing Creator Economy, enabling individuals to monetize their content, creativity, and influence. IZEA launched the industry’s first-ever influencer marketing platform in 2006 and has since facilitated nearly 4 million transactions between online buyers and sellers. Leading brands and agencies partner with IZEA to increase digital engagement, diversify brand voice, scale content production, and drive measurable return on investment.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “may,” “will,” “would,” “could,” “should,” “expect,” “anticipate,” “hope,” “estimate,” “believe,” “intend,” "likely," "projects," “plans,” "pursue," "strategy" or "future," or the negative of these words or other words or expressions of similar meaning. Examples of forward-looking statements include, among others, statements we make regarding expectations concerning IZEA’s ability to increase revenue and bookings, growth or maintenance of customer relationships, and expectations concerning IZEA’s business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: bookings failing to produce corresponding revenue; competitive conditions in the content and social sponsorship segment in which IZEA operates; failure to popularize one or more of the marketplace platforms of IZEA; our ability to establish effective disclosure controls and procedures and internal control over financial reporting; our ability to satisfy the requirements for continued listing of our common stock on the Nasdaq Capital Market; changing economic conditions that are less favorable than expected; and other risks and uncertainties described in IZEA’s periodic reports filed with the Securities and Exchange Commission. The forward-looking statements made in this release speak only as of the date of this release, and IZEA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
FAQ
What recent contract did IZEA announce?
How will the new contract impact IZEA's revenue?
What record did IZEA achieve in Q2?
Who is the CEO of IZEA and what did he say about recent performance?
What is the significance of bookings for IZEA?
