IZEA Worldwide, Inc, the premier provider of influencer marketing technology, data, and services for the world’s leading brands, announced that its Managed Services team secured contract bookings totaling $7.9 million in the fourth quarter of 2022, down from $10.6 million in the fourth quarter of 2021.
“In Q4, we began the process of parting ways with a singular large client whose bookings equated to margins at forty to fifty basis points lower than the core business paired with no meaningful future growth potential,” said Ted Murphy, IZEA’s Chairman and CEO. “This decision led to lower Managed Service bookings during Q4, and will continue to impact bookings in the short-term.”
“We are carrying approximately $7.8M in revenue backlog for this customer into 2023, which we expect to complete by the end of the year,” continued Murphy. “As we progress into 2023, we expect to see our average margins improve to historical levels through a more diversified client base to balance growth with profitability.”
Also Read: 5 Tips To Plan And Manage Your Marketing Budget For 2023
“Toward that goal, IZEA’s core clientele bookings sans the aforementioned client grew both within the quarter and the year at our desired margin profile range. In addition, our Managed Service sales personnel generated record Q4 new opportunity pipeline during the quarter.”
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 nine-month period on average.
SOURCE: GlobeNewswire
Comments are closed.