InnerWorkings Reports Spike in Revenue, Record-Level Enterprise Account Growth
CHICAGO—Nov. 8, 2012—InnerWorkings Inc., a leading global marketing supply chain company, reported results for the three months ended Sept. 30, 2012.
- Revenue of $199.8 million, an increase of 27 percent compared to $157.8 million in the third quarter of 2011. Organic revenue growth in the quarter was 19 percent.
- Record new enterprise account growth of $29 million, an increase of 18 percent compared to the third quarter of 2011. Year-to-date, new enterprise account growth has reached $77 million, an increase of 17 percent over the same period last year.
- Non-GAAP Adjusted EBITDA was $11.3 million, an increase of 21 percent compared to $9.4 million in the year-earlier period.
- Operating income totaled $7.6 million, an increase of 28 percent compared to $5.9 million in the year-earlier period.
“We hit two significant milestones this quarter. First, we signed yet another large client contract, our fourth major enterprise deal in the last 12 months. Second, our inside sales team secured its 1,000th middle market business client,” noted Eric D. Belcher, CEO of InnerWorkings. “Given this recent success, we believe we are well positioned to maintain our momentum in 2013 and beyond.”
Additional third quarter 2012 highlights include the following:
- Eighty-one percent of the company’s revenue was generated from domestic sales, while 19 percent was derived from international sales activity.
- Enterprise clients accounted for 75 percent of sales with middle market clients accounting for 25 percent of sales.
- As of Sept. 30, 2012, InnerWorkings had an outstanding balance of $74 million on its $150 million bank credit facility and retained cash and short-term investments of $9.5 million.
“We continue to execute against our strategy while investing to support our growth,” said Joseph M. Busky, chief financial officer. “We are able to leverage our model across the globe which provides us with significant organic growth opportunities.”
The company is maintaining its previously stated 2012 guidance of $780-$810 million in revenue.
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, IL, employs approximately 1,300 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.