InnerWorkings' Q1 2015 Results Includes the Announcement of Four New Enterprise Clients
CHICAGO—May 8, 2015—InnerWorkings Inc., a leading global marketing execution firm, has reported results for the three months ended March 31, 2015.
First Quarter Highlights
- Revenue was $242.1 million as reported and $256.7 million in constant currency, reflecting 6 percent growth in constant currency over $241.5 million in the first quarter of 2014.
- Non-GAAP Adjusted EBITDA was $9.5 million as reported and $9.6 million in constant currency, reflecting 13 percent growth in constant currency over $8.5 million in the first quarter of 2014.
- Non-GAAP diluted earnings per share were $0.03, compared to Non-GAAP diluted earnings per share of $0.02 in the first quarter of 2014. GAAP diluted earnings per share were $0.02, compared to GAAP diluted earnings per share of $0.01 in the first quarter of 2014.
"We are pleased to announce we have added four new enterprise clients in recent weeks, which brings the expected value of new enterprise agreements signed in 2015 to over $40 million of future annual revenue," said Eric Belcher, CEO of InnerWorkings. "With our expectation to add several more new clients in the near-term, 2015 is shaping up to be one of our strongest years in terms of new enterprise client wins."
- A new enterprise client agreement was signed with the leading brand of children's clothing, gifts and accessories in the United States. The agreement includes in-store signage and direct mail, supporting all 800+ owned stores nationwide.
- A new enterprise agreement was signed with an international children's charity to manage the direct mail marketing efforts associated with their fundraising campaign.
- A new enterprise agreement was signed with a large pizza chain franchisor and operator with over 1,400 locations in the United States to manage in-store marketing materials.
- A new enterprise agreement was signed with a large financial services company operating over 300 retail locations in the United States to manage signage, point of sale materials, direct mail, an e-store, warehousing and fulfillment.
"Our bottom-line results reflect our ongoing efforts to improve our operating margins, a trend we expect will continue as we add new enterprise clients," said Ryan Spohn, interim CFO of InnerWorkings. "While the strengthening dollar has impacted our reported revenue growth, we are encouraged by our growing client base and confident in our constant currency projections."
The Company reaffirms its 2015 revenue guidance of 8 percent to 11 percent growth over 2014 in constant currency. The Company reaffirms its 2015 Non-GAAP Adjusted EBITDA guidance of $49 million to $51 million and Non-GAAP diluted earnings per share guidance of $0.25 to $0.27 in reported terms.
InnerWorkings Inc. (NASDAQ: INWK) is the leading global marketing execution firm serving Fortune 500 brands across a wide range of industries. As a comprehensive outsourced enterprise solution, the Company leverages proprietary technology, an extensive supplier network and deep domain expertise to streamline the production of branded materials and retail experiences across geographies and formats. InnerWorkings is based in Chicago, employs approximately 1,600 individuals and maintains 67 global offices in 30 countries. Among the many industries InnerWorkings serves are: retail, financial services, hospitality, consumer packaged goods, not-for-profits, healthcare, food and beverage, broadcasting and cable, and transportation.