IZEA Worldwide, Inc. (NASDAQ:IZEA) Q1 2022 Earnings Conference Call May 16, 2022 5:00 PM ET
Company Participants
Ryan Schram - President & Chief Operating Officer
Peter Biere - Chief Financial Officer
Ted Murphy - Founder, Chairman & Chief Executive Officer
Conference Call Participants
Jon Hickman - Ladenburg
Operator
Greetings and welcome to the IZEA Worldwide Incorporated First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Ryan Schram, President and Chief Operating Officer. Thank you, Ryan. You may begin.
Ryan Schram
Good afternoon and welcome to IZEA's Q1 2022 Earnings Call. I'm Ryan Schram, President and Chief Operating Officer at IZEA. And with me on the call today is IZEA Chief Financial Officer, Peter Biere; and IZEA Founder, Chairman and Chief Executive Officer, Ted Murphy. Thanks for joining us.
Earlier this afternoon the company issued a press release with details pertaining to our first quarter performance for fiscal year 2022. If you would like to review those details, all of our investor information can be found on IZEA's 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 during today's earnings call, our management team will discuss IZEA's business outlook and make forward-looking statements. These statements are predictions based on our team's expectations as of today that are subject to inherent risks and uncertainties and should not be unduly relied upon.
Actual events, results or trends could differ materially from our forecast due to a number of factors, including those mentioned in our most recently filed periodic reports with the SEC. The company and our management team assume no obligations to update any forward-looking statements made in today's call.
In addition, our update today will refer to a non-GAAP financial measure, adjusted EBITDA and key financial metrics, such as gross billings and bookings. A detailed explanation of these measures is included in our earnings release and in our most recent Form 10-Q.
With the appropriate disclosures taken care of, I would now like to turn the call over to my colleague and IZEA's Chief Financial Officer, Peter Biere. Peter?
Peter Biere
Thank you, Ryan, and good afternoon, everyone. I'd like to review our operating results and highlight our first quarter accomplishments. Revenue for the first quarter of 2022 totaled $8.9 million, which was 61% higher than Q1 of 2021. We recorded $518,000 in net revenue from our SaaS offerings during the current quarter, up 5% from the prior year quarter. Revenue from Managed Services improved to $8.4 million during the first quarter, up 66% over the prior year on the strength of steady quarterly bookings growth and an increase in completed campaigns during the quarter.