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IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, announced today its Managed Services team secured contract bookings totaling $9.3 million in the first quarter of 2024, a 53% increase from $6.1 million in the first quarter of 2023.
"In the first quarter of 2024, Managed Services bookings experienced a resurgence in year-over-year growth, propelled by an impressive sales pipeline from the fourth quarter of 2023 and an all-time record-setting pipeline in the opening quarter of this year," said Ted Murphy, Founder, Chairman and CEO of IZEA. "More than 90% of the bookings this quarter have been organic, meaning they were not derived from acquisitions but rather from our own internal growth efforts."
"The organic growth of the Q1 pipeline is significant not only in monetary value but also in the sheer increase in the number of opportunities, which aligns with our strategy for diversifying revenue streams. This highlights our ability to expand and attract new business through our own initiatives and strategies, which we intend to bolster with additional acquisitions."
"Managed Services continues to contribute the lion's share of our revenue, but there's also positive news on the SaaS front," continued Murphy. "After experiencing a low point in the third quarter of 2023, SaaS revenue continues to recover. We concluded the previous year with a historic high in active SaaS customers, a positive trajectory that has extended into the first quarter of 2024 with our highest count of SaaS customers ever."
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 adjustments. Revenues from Managed Services bookings are typically recognized over a seven to nine-month period on average.
Posted In: IZEA
