IZEA Announces Q4 2022 Managed Services Bookings of $7.9M
IZEA Worldwide, Inc., the leading provider of technology, data and influencer marketing services to the world’s largest brands, announced today that its managed services team has secured contracts and co-orders totaling $7.9 million in Q4 2022, compared with $10.6 million in Q4 Q4 2021.
“In Q4, we began the process of parting ways with a singular large client whose bookings equated to margins at forty to fifty basis points lower than the core business paired with no meaningful future growth potential,”
“This decision led to lower Managed Service bookings during Q4, and will continue to impact bookings in the short term.”
“We are carrying approximately $7.8M in revenue backlog for this customer into 2023, which we expect to complete by the end of the year,”
“As we progress into 2023, we expect to see our average margins improve to historical levels through a more diversified client base to balance growth with profitability.”
“Toward that goal, IZEA’s core clientele bookings sans the aforementioned client grew both within the quarter and the year at our desired margin profile range. In addition, our Managed Service sales personnel generated record Q4 new opportunity pipeline during the quarter.”
Ted Murphy, IZEA’s Chairman and CEO.
Reservations are a measure of all customer orders except for any known or anticipated cancellations or refunds on such customer orders or refunds. Management uses reservations to inform expectations about total sales. Reservations are not always an indicator of quarterly revenue and may be subject to future correction. Revenue from managed bookings is typically recognized over an average period of nine months.
