InnerWorkings Announces Q4 and Full Year 2012 Results and 2013 Guidance
CHICAGO—February 13, 2013—InnerWorkings Inc., a leading global marketing supply chain company, today reported results for the fourth quarter and fiscal year ended December 31, 2012.
- Record revenue of $208.0 million, an increase of 19 percent compared to revenue of $175.2 million in the fourth quarter of 2011. Growth was driven by 16 percent organic growth in this quarter versus the fourth quarter of 2011.
- Record adjusted cash flow generated from operations of $21.9 million, an increase of 94 percent compared to $11.3 million in the fourth quarter of 2011.
- Adjusted diluted earnings per share increased by 25 percent to $0.15 per diluted share in the fourth quarter, compared to $0.12 per adjusted diluted share in the year-earlier period.
- Record adjusted EBITDA of $12.5 million, compared to $11.2 million in the year-earlier period.
Fiscal Year Highlights:
- Record revenue for fiscal year 2012 of $797.7 million, an increase of 26 percent compared to revenue of $633.8 million in fiscal year 2011. Growth was driven by 19 percent organic growth year-over-year.
- Adjusted cash flow generated from operations of $20.7 million in 2012, compared to $29.0 million in fiscal year 2011.
- Full year adjusted diluted earnings per share increased by 17 percent to $0.41 in 2012 compared to $0.35 in 2011.
- Adjusted EBITDA was $45.3 million, an increase of 20 percent compared to $37.6 million in fiscal year 2011.
- Full year 2012 enterprise account growth was 30 percent driven by the successful ramp-up of several new large enterprise client contracts and full year middle market account growth was 15 percent driven primarily by strong inside sales results.
“2012 was a record year for InnerWorkings, driven by over $100 million of organic revenue from new enterprise clients,” said Eric D. Belcher, CEO of InnerWorkings. “We invested wisely in our global platform last year, built up our inside sales business, and added the necessary leadership across our international organization to drive our future growth. We enter this year with a strong sense of confidence in our ability to win new large contracts that will again drive strong organic growth in 2013 and beyond.”