InnerWorkings Records 18 Percent Q1 Revenue Growth, Reaffirms Annual Guidance for 2014
CHICAGO—May 13, 2014—InnerWorkings Inc., a leading global marketing supply chain company, has reported results for the three months ended March 31, 2014.
- Revenue of $241.5 million was up 18 percent, compared to $204.6 million in the first quarter of 2013.
- Non-GAAP Adjusted EBITDA of $8.5 million was up 26 percent, compared to Non-GAAP Adjusted EBITDA of $6.8 million in the first quarter of 2013.
- GAAP diluted earnings per share were $0.01, compared to a GAAP diluted loss per share of ($0.06) in the first quarter of 2013. Non-GAAP diluted earnings per share were $0.02, compared to Non-GAAP diluted earnings per share of $0.04 in the first quarter of 2013.
- Non-GAAP Adjusted Operating Cash Flow of ($8.4) million, compared to Non-GAAP Adjusted Operating Cash Flow of $0.1 million in the first quarter of 2013.
- The company recently announced new significant client agreements with Callaway, Novartis and Pizza Hut.
"We executed against our plan in the first quarter and generated 12 percent organic enterprise revenue growth,” said Eric D. Belcher, CEO of InnerWorkings. “With a heightened focus on our core enterprise business and a growing contribution from our international segments, we expect to increase our operating leverage and improve our profitability as the year progresses.”
Additional financial and operational highlights include the following:
- Organic enterprise account growth was $24 million in the first quarter, up 12 percent over the prior-year period.
- The North America segment accounted for 69 percent of revenue and international segments accounted for 31 percent, compared to an 80 percent/20 percent mix in the first quarter of 2013.
- The company has deployed its new technology into over 300 retail locations of a Fortune 500 partner serving small and mid-sized businesses. The progress represents nearly 20 percent of the full rollout plan, which is on track to be completed by the third quarter.
“Our new enterprise accounts are ramping up well,” said Joseph M. Busky, CFO of InnerWorkings. “Along with the progress we have made to restore our Productions Graphics business, we remain well positioned to hit our revenue and profit targets for the year.”
To view InnerWorkings revenue growth—comparing 2014 to 2013—click on the chart to the left below.
The company reaffirms its 2014 revenue guidance of $965 million to $1 billion, which reflects 8 to 12 percent growth over 2013. The company also reaffirms its 2014 Non-GAAP diluted earnings per share guidance of $0.23 to $0.27, compared to $0.09 in 2013.
InnerWorkings Inc. (NASDAQ: INWK) 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 1,500 individuals, and maintains 67 global offices in 30 countries. Among the many industries InnerWorkings services are: retail, financial services, hospitality, non-profits, healthcare, food and beverage, broadcasting and cable, education, transportation and utilities.