Q1 2024 IZEA Worldwide Inc Earnings Call Transcript
Key Points
- Managed services bookings saw a 53% increase year-over-year, reaching $9.3 million.
- New opportunity dollar amount was up 105% year-over-year, indicating strong future growth potential.
- Nonrecurring customer revenue grew 32.2% from the prior year quarter.
- Record number of active SaaS customers, with a positive trend continuing into the second quarter.
- No debt on the balance sheet, providing financial stability and flexibility for future acquisitions.
- Total revenue for Q1 2024 was approximately $7 million, down 20.4% from the prior year quarter.
- Net loss increased to $3.3 million, or $0.20 per share, compared to a loss of $2.8 million, or $0.18 per share, in the prior year quarter.
- Adjusted EBITDA was negative $2.8 million for Q1 2024, compared to negative $2.2 million in the prior year quarter.
- Sales and marketing costs increased by 27.1% year-over-year, impacting overall profitability.
- General and administrative costs rose by 11.1% year-over-year, driven by higher human capital and noncash stock-based compensation costs.
Good afternoon, everyone, and welcome to IZEA's earnings call covering the first quarter of 2024. I'm Ryan Schram, President and Chief Operating Officer at IZEA. And joining me on the call are the Chief Financial Officer, Peter Biere, and IZEA founder, Chairman and Chief Executive Officer, Ted Murphy. Thanks for being here with us today.
Earlier this afternoon, the company issued a press release detailing IZEA's performance during Q1 2024. If you'd like to review those details, all of our investor information can be found online on IZEA's Investor Relations website at izea.com/investors.
Before we begin, please take note of the Safe Harbor paragraph included in today's press release covering IZEA's financial results and be advised that some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially.
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