IZEA Tops 100% Year over Year Growth in Q1 Managed Services Bookings

Rhea-AI Summary

IZEA Worldwide has secured a second expansion of its military contract for influencer marketing, nearly doubling its size since the initial award in November 2020. This growth has led to a remarkable 100% increase in Managed Services for Q1 2021 compared to Q1 2020, building on a prior 48% rise in bookings during Q4 2020. The company emphasizes that bookings—reflecting sales orders minus cancellations—are not always indicative of quarterly revenue, as revenue is typically recognized over a 6-month period.

Positive

• Secured a second expansion of military contract nearly doubling its size.
• Achieved 100% growth in Managed Services for Q1 2021 versus Q1 2020.
• 48% increase in Managed Services bookings in Q4 2020 compared to Q4 2019.

Negative

• None.

Company Awarded Second Expansion of Military Contract for Influencer Marketing

Orlando, Florida, March 29, 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 second expansion of its previously announced mid six-figure contract with a branch of the U.S. military, which has now nearly doubled in size from the original award in November of 2020. The new contract, combined with a variety of other influencer marketing contracts that IZEA has recently been awarded, have propelled IZEA’s Managed Services to top 100% growth in Q1 2021, as compared to Q1 2020. The year over year bookings growth for Managed Services builds upon IZEA’s record Q4 2020 bookings. IZEA previously reported that its Managed Services bookings increased 48% in Q4 of 2020, as compared to Q4 2019.

Bookings are a measure of all sales orders minus any known or expected 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 6-month period on average.

“We are excited to see the second expansion of this military contract within a two-month period,” said Murphy. “Our team is immensely proud of the work our ecosystem of influencers has been producing on behalf of the armed forces. The creativity and performance of their collective effort is being rewarded with an expansion of the program that will create more opportunity for additional creators moving forward.”

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: 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 expansion did IZEA announce?

IZEA announced a second expansion of its military contract for influencer marketing, nearly doubling its size since the original contract awarded in November 2020.

How much growth did IZEA's Managed Services achieve in Q1 2021?

IZEA's Managed Services experienced a 100% growth in Q1 2021 compared to Q1 2020.

What was the bookings growth for IZEA in Q4 2020?

IZEA reported a 48% increase in Managed Services bookings in Q4 2020 compared to Q4 2019.

How are bookings defined by IZEA?

Bookings are defined as all sales orders minus any known or expected cancellations or refunds, used to inform expectations of total sales activity.