InnerWorkings Again Posts Record Quarterly Financial Results
CHICAGO—May 3, 2012—InnerWorkings Inc., a leading global marketing supply chain company, reported results for the three months ended March 31, 2012.
- Record revenue of $188.5 million, an increase of 30 percent compared to $145.2 million in the first quarter of 2011. Organic revenue growth in the quarter was 21 percent.
- Two of the contracts signed in the quarter are expected to become the company's largest enterprise relationships.
- Non-GAAP Adjusted EBITDA was $9.6 million, an increase of 31 percent compared to $7.3 million in the year-earlier period.
- Net income was $3.7 million, an increase of 32 percent compared to $2.8 million in the year-earlier period.
- Year-over-year enterprise revenue growth of 35 percent and transactional revenue growth of 15 percent.
- Revenue from new enterprise accounts was a record $23.2 million in the first quarter.
"Our business momentum continues to grow, as we delivered record revenue for the sixth consecutive quarter, were awarded what we expect to be our two largest ever enterprise contracts and raised our revenue guidance for the year," said Eric D. Belcher, CEO of InnerWorkings. "The investments we are making to win large global print management contracts and gain share in the middle market are driving the innovation curve in our industry."
Additional first quarter 2012 financial and operational highlights include the following:
• 79 percent of the Company's revenue was generated from sales to enterprise clients, with the remaining 21 percent derived from transactional clients.
• As of March 31, 2012, the company had an outstanding balance of $71.4 million on its newly amended $150 million bank credit facility and retained cash and short-term investments of $16.6 million.
"We continued to execute effectively against our goals, generating strong operational and financial results," said Joseph M. Busky, chief financial officer of InnerWorkings. "We also amended our credit facility, which lowers our borrowing costs by 20 percent, and also provides the company with additional liquidity to continue growing the business."
The company is raising its 2012 revenue guidance to $780 million to $810 million from $770 million to $800 million.
InnerWorkings Inc. is a leading global marketing supply chain company servicing corporate clients across a wide range of industries. With proprietary technology, an extensive supplier network and deep domain expertise, the Company procures, manages and delivers printed materials and promotional products as part of a comprehensive outsourced enterprise solution. InnerWorkings is based in Chicago, employs approximately 1,100 individuals, and maintains 44 global offices. Among the many industries InnerWorkings services are: retail, financial services, hospitality, non-profits, healthcare, food & beverage, broadcasting & cable, education, transportation and utilities.
Source: InnerWorkings Inc.