InnerWorkings Announces Fourth Quarter and Full-Year 2015 Results
Friday, February 19, 2016
Press release from the issuing company
Fourth quarter revenue grew 15% in constant currency; full year operating cash flow was a record $43.4 million
CHICAGO - InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced financial results for the year ended December 31, 2015. For all Non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.
"2015 marked the best year in our company's history in terms of both profitability and new client wins," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "Our technology, reputation, and global platform distinguish us as the premier provider to execute marketing campaigns for the world's most successful companies."
Fourth Quarter 2015 Highlights
Full-Year 2015 Highlights
"We exceeded our adjusted EBITDA guidance for 2015 and ended the year on a very strong note," said Jeffrey P. Pritchett, Chief Financial Officer of InnerWorkings. "I am confident we can continue to improve our returns on invested capital through cost discipline and operating leverage as we onboard a growing list of enterprise clients in 2016 and beyond."
Fourth quarter non-GAAP diluted earnings per share were $0.08 and GAAP net loss per share was $0.75. The largest component of the difference between the GAAP and non-GAAP earnings per share was a noncash goodwill impairment charge in the amount of $37.5 million, or $0.70 per share, related to the historical performance and future expectations for a portion of the Company's international operations. The global realignment strategy announced in December 2015 will drive stronger integration of the Company's global platform to more efficiently meet client needs while improving financial results, with at least $3.0 million in profit improvement expected to be realized during 2016.
The Company expects 2016 annual revenue to range between $1.06 billion and $1.08 billion, representing growth of 3% to 5% compared to 2015 (6% to 8% compared to 2015 on a constant currency basis and excluding two operations we are exiting, one in Venezuela and another in a small European market). Non-GAAP adjusted EBITDA is expected to be between $58.0 million and $62.0 million in 2016, representing growth of 12% to 19% compared to 2015 on a reported basis and 16% to 24% growth on a constant currency basis. The Company forecasts non-GAAP diluted earnings per share to be $0.30 to $0.33, representing growth of 20% to 32% compared to 2015 on a reported basis and 30% to 43% on a constant currency basis.
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