IZEA(US:IZEA)2024-05-16 00:15Financial Data and Key Metrics Changes - Managed Services bookings increased by 53% year-over-year, totaling $9.3 million compared to $6.1 million in the prior-year quarter, marking the highest total in seven quarters [9][10] - Total revenue for Q1 2024 was approximately $7 million, a decrease of 20.4% from the prior-year quarter; however, excluding revenue from a non-recurring customer, revenue grew by 32.2% [12] - The net loss for the current quarter was $3.3 million or $0.20 per share, compared to a loss of $2.8 million or $0.18 per share in the prior-year quarter [18] Business Line Data and Key Metrics Changes - Managed Services revenue totaled $6.7 million, down 21.2% from the first quarter of 2023; however, when excluding the non-recurring customer revenue, it increased by 33.3% [14] - SaaS Services revenue was $0.3 million, reflecting a 9.1% increase from the prior-year quarter, driven by the acquisition of Zuberance and subscriber expansion [15] Market Data and Key Metrics Changes - The Managed Services backlog was $14.5 million as of March 31, 2024, an increase of $2.6 million from the previous quarter [13] - The company reported a record number of active SaaS customers at the end of Q1, a trend that has continued into Q2 [15][29] Company Strategy and Development Direction - The company aims to diversify its revenue streams and customer base, focusing on a balanced approach across various sectors and geographies [24] - An acquisition strategy is in place to expand global reach and customer diversification, starting with smaller transactions [27] - The company has filed a $75 million shelf registration to provide financial flexibility for future acquisitions [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching $76 million in annual revenue by 2026, despite current trading near cash value [28] - There is optimism regarding organic growth in Managed Services and a recovery cycle in SaaS, with positive trends continuing into Q2 [30] Other Important Information - The company had $60.8 million in cash and investments as of March 31, 2024, with no debt on the balance sheet [19][20] - Interest earned on investments was $666,305, reflecting a 16.5% increase over the prior year [19] Q&A Session Summary - The Q&A session was not detailed in the provided content, and thus no specific questions or answers are available for summary.