InnerWorkings Announces Second Quarter 2017 Results
Tuesday, August 08, 2017
Press release from the issuing company
Record second quarter gross profit (net revenue) increased 8%; Year-to-date new signings reach $75 million
InnerWorkings, Inc., the leading global marketing execution firm, today announced financial results for the three months ended June 30, 2017. For all Non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.
Financial and Business Highlights
"Our second quarter results reflect strong execution of our strategy," said Eric D. Belcher, Chief Executive Officer of InnerWorkings. "We continue to win more business with new and existing clients on the strength of our global capabilities and our technology. Our business is improving its mix of high value-add services leading to stronger bottom-line performance."
"We continue to see robust growth in net revenue, which we believe is the most important sales growth indicator for our business," said Jeffrey P. Pritchett, Chief Financial Officer of InnerWorkings. "Our net revenue and earnings outlook remain on track with additional profit improvement expected in the second half of the year, though we have moderated our gross revenue expectations for the second half of 2017."
The Company is revising its guidance for 2017 gross revenue. InnerWorkings expects 2017 annual gross revenue to range between $1.115 billion and $1.145 billion, compared to previous guidance of a range of $1.155 and $1.185 billion. The reduction in expected gross revenue is offset by higher expected profitability, and therefore the Company is maintaining its guidance for non-GAAP adjusted EBITDA to be between $65.0 million and $68.0 million, and raising the low end of its non-GAAP diluted earnings per share guidance to be $0.46 to $0.49, compared to previous guidance of $0.45 to $0.49.
Eric D. Belcher, Chief Executive Officer, and Jeffrey P. Pritchett, Chief Financial Officer, will host a conference call to discuss the results today at 4:30 p.m. Central time (5:30 p.m. Eastern time).
The phone number to access the conference call is (877) 771-7024. A live audio webcast of the call will be available through InnerWorkings' website at http://investor.inwk.com/events.cfm. A replay of the webcast will be available later today at the same location.
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