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InnerWorkings Q2 Revenue Grows, Earnings Shrink

Friday, August 09, 2013

Press release from the issuing company

New Enterprise Business Momentum Continues to Position the Company for Long-term Growth

CHICAGO - InnerWorkings, Inc., a leading global marketing supply chain company, today reported results for the three months ended June 30, 2013.

Quarterly Highlights:

  • Revenue was $210.9 million, compared to $201.4 million in the second quarter of 2012.
  • Non-GAAP Adjusted EBITDA was $5.4 million, compared to $11.9 million in the same period last year, due to a previously-announced loss of a portion of a significant client, lower inside sales profitability, and lower profitability in the EMEA region. Please refer to the Non-GAAP reconciliation table below for more information.
  • GAAP diluted earnings per share were $0.04, compared to GAAP diluted earnings per share of $0.09 in the second quarter of 2012.
  • Non-GAAP Adjusted Operating Cash Flow was $3.9 million, compared to Non-GAAP Adjusted Operating Cash Flow of $0.8 million in the second quarter of 2012. Please refer to the non-GAAP reconciliation table below for more information.
  • New organic enterprise account growth was $19.9 million in the second quarter.

“As expected, this wasn’t a particularly strong quarter by our standards,” said Joseph M. Busky, Chief Financial Officer of InnerWorkings. “However, we expect growth will accelerate in the second half of the year due to recent new enterprise wins, contributions from acquisitions, and the overall seasonality of our business.”

Additional second quarter 2013 financial and operational highlights include the following:

  • 77% of the Company’s revenues were generated from the enterprise channel, with the remaining 23% derived from the middle market channel.
  • Today, a major new enterprise agreement was announced with Mondelez, one of the world’s largest snack companies. The long-term partnership encompasses $45 million of annual spending in Brazil and represents one of the largest agreements in the Company’s history.
  • Other new client agreements were recently signed with a large publisher, as well as with a Fortune 1000 financial services firm, both headquartered in North America.

"We continue to add new blue-chip clients in many regions around the world, as evidenced most recently by the new commitment from Mondelez,” said Eric D. Belcher, Chief Executive Officer of InnerWorkings. “Further, our multinational clients are taking advantage of our new global scale by expanding with us into additional markets. This is a trend we expect will drive significant long-term growth for us.”

Full Release

 

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