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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

  • Revenue was $264.7 million as reported and $283.3 million in constant currency, reflecting 12.6% growth in constant currency compared with$251.7 million in the third quarter of 2014.
  • Gross profit for the quarter was $63.6 million as reported and $68.0 million in constant currency, reflecting 19.1% growth in constant currency compared with $57.1 million in the third quarter of 2014.
  • Non-GAAP Adjusted EBITDA was $17.6 million as reported and $19.4 million in constant currency, reflecting 57.8% growth in constant currency over $12.3 million in the third quarter of 2014.
  • Non-GAAP diluted earnings per share were $0.11 on a reported basis and $0.14 in constant currency, compared to Non-GAAP diluted earnings per share of $0.07 in the third quarter of 2014.
  • Non-GAAP adjusted operating cash flow was $(9.5) million on a reported basis, compared to Non-GAAP adjusted operating cash flow of $(11.3) million in the third quarter of 2014.

"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."

Operational Highlights

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:

  • A Fortune 1000 services provider to businesses and consumers that signed a multi-year agreement through which InnerWorkings will provide marketing execution services, including direct mail and marketing collateral, to support the company's business in North America.
  • A Fortune 1000 grocery chain with 160+ locations that signed a multi-year agreement through which InnerWorkings will execute marketing activities, including direct mail, loyalty programs, point-of-sale displays and circulars.

"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."

Outlook

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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