IZEA Worldwide, Inc. (NASDAQ:IZEA) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET

Company Participants

Ryan Schram - President, COO & Director

Peter Biere - CFO & Treasurer

Edward Murphy - Founder, Chairman & CEO

Conference Call Participants

Operator

Good afternoon, ladies and gentlemen and welcome to IZEA Worldwide, Inc., Third Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded.

I will now turn the conference over to Ryan Schram, President and Chief Operating Officer. Thank you. You may begin.

Ryan Schram

Good afternoon, everyone, and thanks for joining us for IZEA's earnings call covering the third quarter of 2022. I'm Ryan Schram, President and Chief Operating Officer at IZEA. And joining me on the call are IZEA Chief Financial Officer, Peter Biere; and IZEA Founder, Chairman and Chief Executive Officer, Ted Murphy. We're glad to have you with us today.

Earlier this afternoon, the company issued a press release detailing our pertaining to our third quarter of 2022. If you'd like to review 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 the company's financial results and be advised that some of the statement 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 to consider the disclosures contained in our SEC filings for a detailed discussion of these factors.

Our commentary today will also include the non-GAAP financial measure of adjusted EBITDA. Reconciliation between GAAP and non-GAAP metrics for our reported results can also be found in our earnings release issued earlier today as well as in our publicly available filings.

And with that, I'm pleased to introduce IZEA's Chief Financial Officer, Peter Biere. Peter?

Peter Biere

Thank you, Ryan, and good afternoon, everyone. I'd like to review operating results and provide additional context for the quarter. Revenue for the third quarter of 2022 totalled $10.8 million, 40% higher than in Q3 of 2021. Managed services revenue totalled $10.5 million during the quarter growing 44% over the prior year quarter. We recorded $350,000 in net revenue from our SaaS offerings during the current quarter down 23% from the prior year quarter.