Business
IZEA Reports Q1 2020 Financial Results
ORLANDO, Fla., May 14, 2020 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and
About this update from Izea Worldwide, Inc.
[{"type":"text","content":"ORLANDO, Fla., May 14, 2020 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, reported its financial and operational results for the first quarter ended March 31, 2020.\n\n \n \n \n \n \n \n \n \n \n \n \n The 14 day moving average for bookings is now above the average from Jan-Mar 15 PRE COVID-19.\n \n \n \n \n \n \n \n \n\n Q1 2020 Financial Summary Compared to Q1 2019 Total revenue was the same at $4.8 million in each quarter.Managed Services revenue increased 7% to $4.1 million, compared to $3.9 million.SaaS Services revenue decreased 36% to $583,000, compared to $913,000.Total Gross Billings* decreased 22% to $6.1 million, compared to $7.8 million.Total costs and expenses were $10.9 million, compared to $6.5 million. Increase driven by a $4.3 million impairment of goodwill in Q1 2020.Net loss was $6.2 million, compared to a net loss of $1.8 million.Adjusted EBITDA* was $(1.2) million, compared to ($874,000). Q1 2020 Operational Highlights Completed TapInfluence platform integrationLaunched BrandGraph® social intelligence platformExecuted managerial and departmental restructuring along with other cost cutting initiatives * Total Gross Billings and Adjusted EBITDA are non-GAAP financial measures. Refer to the definitions and reconciliations of these measures under “Use of Non-GAAP Financial Measures”. Management Commentary “In the weeks leading up to the issuance of stay-at-home orders being issued across the country due to COVID-19, our team had really hit its stride on both sides of the business,” said Ted Murphy, IZEA’s Chairman and CEO. “We saw strong bookings in Managed Services and had record new SaaS customer starts on IZEAx Unity Suite in Q1. For the six weeks following March 13th, we noted declines in new business sales, with the 14-day average run rate trendline for Managed Services bookings bottoming out at the end of March.” “In mid-April, we began to see a remarkable resurgence of bookings due to the hard work and perseverance of our team. I have never been prouder of this organization and what we have been able to accomplish in one of the most challenging business environments imaginable. As of today, the 14-day average bookings trendline is now above our 14-day Pre COVID-19 average and we are gaini...