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InnerWorkings Announces Revenue Growth in Q1

Friday, May 08, 2015

Press release from the issuing company

Revenue climbs 6% and Adjusted EBITDA grows 13% in constant currency; four new enterprise client agreements signed

CHICAGO - InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today reported results for the three months ended March 31, 2015. For all Non-GAAP references, please refer to the Non-GAAP reconciliation table below for more information.

First Quarter Highlights

  • Revenue was $242.1 million as reported and $256.7 million in constant currency, reflecting 6% growth in constant currency over $241.5 million in the first quarter of 2014.
  • Non-GAAP Adjusted EBITDA was $9.5 million as reported and $9.6 million in constant currency, reflecting 13% growth in constant currency over $8.5 million in the first quarter of 2014.
  • Non-GAAP diluted earnings per share were $0.03, compared to Non-GAAP diluted earnings per share of $0.02 in the first quarter of 2014. GAAP diluted earnings per share were $0.02, compared to GAAP diluted earnings per share of $0.01 in the first quarter of 2014.

"We are pleased to announce we have added four new enterprise clients in recent weeks, which brings the expected value of new enterprise agreements signed in 2015 to over $40 million of future annual revenue," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "With our expectation to add several more new clients in the near-term, 2015 is shaping up to be one of our strongest years in terms of new enterprise client wins."

Additional Highlights

  • A new enterprise client agreement was signed with the leading brand of children's clothing, gifts and accessories in the U.S. The agreement includes in-store signage and direct mail, supporting all 800+ owned stores nationwide.
  • A new enterprise agreement was signed with an international children's charity to manage the direct mail marketing efforts associated with their fundraising campaign.
  • A new enterprise agreement was signed with a large pizza chain franchisor and operator with over 1,400 locations in the U.S. to manage in-store marketing materials.
  • A new enterprise agreement was signed with a large financial services company operating over 300 retail locations in the U.S. to manage signage, point of sale materials, direct mail, an e-store, warehousing and fulfillment.

"Our bottom-line results reflect our ongoing efforts to improve our operating margins, a trend we expect will continue as we add new enterprise clients," said Ryan K. Spohn, Interim Chief Financial Officer of InnerWorkings. "While the strengthening dollar has impacted our reported revenue growth, we are encouraged by our growing client base and confident in our constant currency projections."

Outlook

The Company reaffirms its 2015 revenue guidance of 8% to 11% growth over 2014 in constant currency. The Company reaffirms its 2015 Non-GAAP Adjusted EBITDA guidance of $49 million to $51 million and Non-GAAP diluted earnings per share guidance of $0.25 to $0.27 in reported terms.

 

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