InnerWorkings Announces Financials; $130M in New Client Contracts for 2017
CHICAGO - February 27, 2018 - InnerWorkings Inc., the leading global marketing execution firm, announced select preliminary and unaudited fourth quarter and full-year 2017 results, and provided guidance for 2018. The company also announced that it has rescheduled its fourth quarter and full year 2017 earnings release and conference call to allow additional time to complete the company's 2017 financial close and audit. The extended timeframe for closing 2017 is due to resource demands associated with implementing new revenue recognition standards effective January 1, 2018.
"The fourth quarter rounded out a solid year of growth for InnerWorkings in 2017," said CEO Eric Belcher. "With $130 million in client contracts signed last year, plus another $31 million signed in January with three global brands, we enter 2018 highly confident in our financial expectations for this year."
Select Preliminary Unaudited Fourth Quarter 2017 Highlights
- Gross revenue is expected to be between $303 million and $308 million in the fourth quarter, an increase of 12% to 14% compared with $270.4 million in the fourth quarter of 2016.
- Gross profit (net revenue) is expected to be between $74 million and $75 million in the fourth quarter, an increase of 8 to 9% compared to $68.7 million in the same period of 2016.
Select Preliminary Unaudited Full Year 2017 and Recent Highlights
- Gross revenue is expected to be between $1,138 million and $1,143 million in 2017, an increase of 4 to 5% compared with $1,090.7 million in 2016.
- Gross profit (net revenue) is expected to be between $281 million and $282 million, a 7% increase compared to $263.5 million in 2016.
- InnerWorkings signed new client contracts during 2017 totaling $130 million of annual revenue at full run-rate. This growth is a blend of expansions with existing accounts as well as the addition of a number of first time clients.
- InnerWorkings also signed new client contracts in January 2018 totaling $31 million of annual revenue at full run-rate.
The company expects 2018 annual gross revenue to range between $1,195 million and $1,230 million. Non-GAAP adjusted EBITDA is expected to be between $74 million and $77 million in 2018. The Company forecasts 2018 non-GAAP diluted earnings per share to be $0.56 to $0.59.
Rich Stoddart, incoming CEO, added, "With the strength of our current backlog and pipeline of opportunities for growth in the future, now is an exciting time to be joining InnerWorkings. We have a compelling value proposition for customers, and I'm looking forward to a successful 2018 and beyond."
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.