Press release from the issuing company
Fourth quarter gross profit (net revenue) increased 10% compared to prior year; record $140 million in new enterprise contracts signed in 2016 positions company for strong 2017
CHICAGO - InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced financial results for the three months and year ended December 31, 2016. For all non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.
"2016 was another record year of profitable growth and new client wins," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "The success of our strategy in developing global scale across a full suite of marketing execution solutions has yielded improving margins and we expect this trend to continue in 2017."
Fourth Quarter 2016 Highlights
Full-Year 2016 Highlights
"We ended the year on a very strong note, exceeding our revenue and non-GAAP diluted earnings per share guidance for 2016, even after raising our expectations in November," said Jeffrey P. Pritchett, Chief Financial Officer of InnerWorkings. "We enter 2017 well positioned to execute against our plan, with a robust backlog of new contractual revenue and a very strong balance sheet."
Outlook
The Company expects 2017 annual revenue to range between $1.155 billion and $1.185 billion, representing growth of 6% to 9% compared to 2016. Non-GAAP adjusted EBITDA is expected to be between $65.0 million and $68.0 million in 2017, representing growth of 10% to 15% compared to 2016. The Company forecasts 2017 non-GAAP diluted earnings per share to be $0.44 to $0.47, representing growth of 16% to 24% compared to 2016.
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