IZEA Worldwide, Inc. (NASDAQ:IZEA) Q3 2023 Earnings Conference Call November 14, 2023 5:00 PM ET
Company Participants
Ryan Schram - President & Chief Operating Officer
Peter Biere - Chief Financial Officer
Ted Murphy - Founder & Chief Executive Officer
Conference Call Participants
Jon Hickman - Ladenburg
Ryan Schram
Good afternoon, and welcome to IZEA's Earnings Call covering the Third Quarter of 2023. 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, Chief Executive Officer, Ted Murphy. Thanks for being with us today.
Earlier this afternoon, the company issued a press release detailing our performance for the third quarter of 2023. 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 IZEA's financial results. And be advised that some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking and such statements may involve a number of risks and uncertainties that could cause actual results to differ materially. We encourage you to consider these 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. Reconciliations between GAAP and non-GAAP metrics for our reported results can also be found in our earnings release issued earlier today and in our publicly available filings.
With that, I'm pleased to introduce IZEA's Chief Financial Officer, Peter Biere. Peter?
Peter Biere
And good afternoon, everyone. I'll review operating results for the quarter ended September 30, 2023 compared to the prior year's quarter and discuss our balance sheet highlights.
Total revenue for the third quarter of 2023 was $7.9 million, 27.1%, or $2.9 million lower than the prior year quarter. Our net cash loss or EBITDA was negative $1.5 million for the quarter compared to negative $0.6 million for the prior year quarter. Our net loss for the current quarter totaled $2 million, or $0.13 per share on 15.5 million shares compared to a loss of $0.9 million, or $0.06 per share on 15.6 million shares.
These share counts are adjusted for our June 2023, four for one reverse split. Managed Services bookings for the third quarter totaled $7.1 million compared to $8.2 million for the prior year's third quarter, a 14.1% decline. Earlier this year, we announced that we are parting ways with one large customer, which I'll refer to as our non-recurring customer.