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InnerWorkings Reports 29% Increase in Revenue

Friday, August 10, 2012

Press release from the issuing company

InnerWorkings, Inc., a leading global marketing supply chain company, today reported results for the three months ended June 30, 2012.

Quarterly Highlights:

  • Record revenue of $201.4 million, an increase of 29% compared to $155.6 million in the second quarter of 2011. Organic revenue growth in the quarter was 19%.
  • Non-GAAP Adjusted EBITDA was $11.9 million, an increase of 22% compared to $9.7 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information.
  • Net income was $4.5 million, an increase of 21% compared to $3.7 million in the year-earlier period. Excluding proceeds from the sale of Echo Global Logistics stock in both periods, earnings per diluted share in the second quarter of 2012 were $0.09 compared to $0.06 per diluted share in the second quarter of 2011. Please refer to the non-GAAP reconciliation table below for more information.
  • Year-over-year enterprise revenue growth of 30% and middle market revenue growth of 27%. Organic revenue from new enterprise accounts was a record $25.4 million in the second quarter.

"We achieved record revenue results for the seventh consecutive quarter, driven by the ramp from recent large enterprise wins and our success at expanding client relationships to new geographies,” said Eric D. Belcher, chief executive officer of InnerWorkings. “Further, we added talented new leaders in Brazil and EMEA and we continued to rapidly build out our Inside Sales division to accelerate the strong growth opportunities in front of us.”

Additional second quarter 2012 financial and operational highlights include the following:

  • 75% of the Company's revenue was generated from sales to enterprise clients, with the remaining 25% derived from sales to middle market clients.
  • As of June 30, 2012, the Company had an outstanding balance of $73.0 million on its $150 million bank credit facility and retained cash and short-term investments of $12.8 million.

“The Company’s financial position is strong and continues to be supported by robust organic revenue growth,” said Joseph M. Busky, chief financial officer of InnerWorkings. “Despite the investments we are making to broaden the Company’s platform and support large new clients, both domestically and internationally, we remain well positioned to generate additional leverage as the year progresses.”

The Company is maintaining its previously stated 2012 guidance of $780 million to $810 million in revenue and $0.42 to $0.45 in earnings per share.

Conference Call
A conference call will be broadcast live on Friday, August 10, 2012, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The live webcast discussion, which will include a Q&A session, will be hosted by Eric D. Belcher, Chief Executive Officer, and Joseph M. Busky, Chief Financial Officer.

To access the conference call by telephone, interested parties may dial (877) 771-7024. Interested parties are also invited to listen to the live webcast by visiting the Investor "Events & Presentations" section of InnerWorkings' website at investor.inwk.com/events.cfm. A replay of the webcast will be available later that day in the same section of the website.


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