InnerWorkings Q4 EPS In-Line, $20M Buyback Plan
Friday, February 13, 2015
Press release from the issuing company
CHICAGO - InnerWorkings, Inc., the leading global marketing execution firm, today reported results for the fourth quarter and fiscal year ended December 31, 2014. For all Non-GAAP references, please refer to the Non-GAAP reconciliation table below for more information.
Fourth Quarter Highlights:
Fiscal Year Highlights:
"2014 was a very successful year for InnerWorkings as we drove double digit revenue growth again and improved our profitability profile significantly during the year," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "We reached an important milestone as we crossed the one billion dollar revenue mark, and more importantly, we leveraged our newer capabilities, added depth to our global management team, and shifted our focus to long-term organic growth."
Share Repurchase Authorization
InnerWorkings also announced today that its Board of Directors authorized a share repurchase program. Under the program, InnerWorkings is authorized to repurchase up to $20 million of its outstanding common stock over the next two years. The timing and amount of any share repurchases will be determined based on market conditions, share price and other factors, and the program may be discontinued or suspended at any time. Repurchases will be made in compliance with SEC rules and other legal requirements.
"The share repurchase program gives us the option to capitalize on opportunities provided by the market to create additional shareholder value, while maintaining the flexibility to invest in our growth," Belcher commented.
The Company expects 2015 annual revenue to range between $1.04 billion and $1.06 million, representing growth of 4% to 6% over 2014 (8% to 11% over 2014 on a constant currency basis). 2015 Non-GAAP Adjusted EBITDA is forecasted to be between $49 million and $51 million, representing growth of 14% to 19% over 2014. 2015 Non-GAAP diluted earnings per share, which exclude contingent liability impacts, are expected to be $0.25 to $0.27, representing growth of 25% to 35% over 2014.
Belcher concluded, "In the year ahead, we will continue our focus on driving organic growth by acquiring new customers and expanding existing relationships, while demonstrating increased operating leverage as we grow our profitability faster than the top-line. We are proud of the many new Fortune 500 clients that have adopted our solution, and we are very excited about the opportunity ahead."
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