Q2 2024 IZEA Worldwide Inc Earnings Call Transcript
Key Points
- Managed services bookings increased by 40% compared to the prior year's quarter, reaching $10.3 million.
- SaaS services revenue more than tripled from the prior year quarter, driven by subscriber expansion and revenue from Zuberance's customer base.
- Record number of active SaaS customers, with many utilizing IZEA AI tools.
- No debt on the balance sheet, with $56.5 million in cash and investments.
- Recent acquisitions of 26 Talent and The Reiman Agency are expected to diversify revenue and strengthen the client portfolio.
- Total revenue for the second quarter of 2024 was approximately $9.1 million, a 14.9% decrease from the prior year quarter.
- Managed services revenue decreased by 16.6% compared to the second quarter of 2023.
- Net loss for the current quarter was $2.2 million, compared to a net loss of $1 million in the prior year quarter.
- Adjusted EBITDA was negative $1.6 million for the second quarter of 2024, compared to negative $0.6 million for the prior year quarter.
- Expenses other than the cost of revenue increased by 11.4% from the prior year quarter, driven by higher sales and marketing costs and general and administrative expenses.
Good afternoon, everyone, and welcome to IZEA's earnings call covering the second quarter of 2024. I'm Ryan Schram, President and Chief Operating Officer at IZEA. And joining me on the call are IZEA's Chief Financial Officer, Peter Biere; and IZEA Founder, Chairman and Chief Executive Officer, Ted Murphy. Thanks for being with us today.
Earlier this afternoon, the company issued a press release detailing IZEA's performance during Q2 2024. If you'd like to review any of those details, all of our investor information can be found online on our 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. We encourage you
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