Log In | Become a Member | Contact Us


Leading printing executives into the future

Connect on Twitter | Facebook | LinkedIn

Featured:     European Coverage     Production Inkjet Analysis

Innerworkings Reports 18% Revenue Growth in Q1, Reaffirms Guidance

Tuesday, May 13, 2014

Press release from the issuing company

Announces 18% revenue growth and reaffirms annual guidance

CHICAGO - InnerWorkings, Inc., a leading global marketing supply chain company, today reported results for the three months ended March 31, 2014.

Highlights

  • Revenue of $241.5 million was up 18%, compared to $204.6 million in the first quarter of 2013.
  • Non-GAAP Adjusted EBITDA of $8.5 million was up 26%, compared to Non-GAAP Adjusted EBITDA of $6.8 million in the first quarter of 2013. Please refer to the non-GAAP reconciliation table below for more information.
  • 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. Please refer to the non-GAAP reconciliation table below for more information.
  • 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. Please refer to the non-GAAP reconciliation table below for more information.
  • 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, Chief Executive Officer 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% over the prior-year period.
  • The North America segment accounted for 69% of revenue and international segments accounted for 31%, compared to an 80% / 20% 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% 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, Chief Financial Officer 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."

Revenue Growth - Comparing 2014 to 2013      
 

Q1 $(MM) Change

 

Q1 % Change

Organic Enterprise Account Growth $24     12 %
Loss of Spend from Large Customer 1 ($9 )   (4 )%
Acquisitive Growth $23     11 %
Total Revenue Growth $37     18 %
1 Includes loss of spending from large retail customer announced in April 2013.

Outlook

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.

Full Release

 

Post a Comment

To post a comment Log In or Become a Member, doing so is simple and free

 

SHARE

Email Icon Email

Print Icon Print

Become a Member

Join the thousands of printing executives who are already part of the WhatTheyThink Community.

Copyright © 2016 WhatTheyThink. All Rights Reserved