IZEA Worldwide, Inc. (NASDAQ:IZEA) Q2 2024 Earnings Conference Call August 14, 2024 5:00 PM ET
Company Participants
Ryan Schram - President and COO
Peter Biere - CFO
Ted Murphy - Founder, Chairman and CEO
Conference Call Participants
Ryan Schram
Good afternoon everyone and welcome to IZEA's Earnings Call covering the Second Quarter of 2024. 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. Thanks for being with us today.
Earlier this afternoon, the company issued a press release detailing IZEA's performance during Q2 2024. If you'd like to review any of 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 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.
And with that, I'd now like to introduce and turn the call over to IZEA's Chief Financial Officer, Peter Biere. Peter?
Peter Biere
Thank you, Ryan and good afternoon everyone. I'll review operating results for the quarter ended June 30, 2024 compared to the prior year's quarter and discuss certain balance sheet highlights.
We saw a strong demand from Managed Services during the second quarter of 2024, resulting in a 40% lift in bookings over the prior year quarter and the highest total in eight quarters. This demand is expected to be reflected in revenues over the coming quarters and we believe it indicates a strong potential for our growth.
Managed Services bookings for the second quarter of 2024 totaled $10.3 million compared to $7.3 million in the prior year's quarter, a 40.3% increase. The increase was largely attributable to a robust sales pipeline that has continued to develop over the past several quarters. As a reminder, IZEA reports bookings net of cancellations and refunds issued within the quarter.