InnerWorkings Announces Record Third Quarter 2015 Results
Friday, November 06, 2015
Press release from the issuing company
Adjusted EBITDA grows 58% in constant currency; new wins add to record year for new contracts
CHICAGO - InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced record revenue and record Non-GAAP earnings for the three months ended September 30, 2015. For all Non-GAAP references, please refer to the Non-GAAP reconciliation table below for more information.
Third Quarter Highlights
"The record-breaking results we announced today illustrate the momentum we are seeing in our strategy to grow our enterprise business," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "Including the two new Fortune 1000 client wins that we're announcing today, the new enterprise accounts signed during this calendar year are expected to deliver over $115 million in annual revenue once implemented. We are very pleased with the significant growth in our enterprise accounts and expect a strong finish to the year."
InnerWorkings continues to win new enterprise contracts and has signed significant contract renewals and scope expansions with several of its largest clients. Two new clients include:
"The strong earnings and top-line growth achieved in the quarter underscore the strength of InnerWorkings' service offerings, the ongoing commitment of our teams and our discipline in ensuring we maintain the appropriate margins to mitigate fluctuations in international currencies," said Jeffrey P. Pritchett, Chief Financial Officer of InnerWorkings. "We remain on track to achieve our growth targets and deliver earnings within the previously articulated ranges."
The Company reaffirms its revenue guidance of 8% to 11% growth over 2014 in constant currency. The Company also 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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