InnerWorkings Announces Fourth Quarter and Full Year 2014 Results
InnerWorkings Inc., Chicago, reported results for the fourth quarter and fiscal year ended Dec. 31, 2014.
Fourth Quarter Highlights
- Revenue of $246.6 million, an increase of 2 percent year-over-year (4 percent on a constant currency basis).
- Record Non-GAAP Adjusted EBITDA of $12.5 million, an increase of 127 percent year-over-year (129 percent on a constant currency basis).
- Non-GAAP diluted earnings per share of $0.07 on a reported and constant currency basis, up from a $0.02 loss in the fourth quarter of 2013.
- Non-GAAP Adjusted Cash Flow of $3.6 million, compared to $27.1 million in the same period last year, primarily attributable to timing of accounts payable.
Fiscal Year Highlights
- Record revenue of $1.0 billion, an increase of 12 percent on a year-over-year basis (13 percent on a constant currency basis). Over two thirds of the revenue growth in 2014 was organic.
- Record Non-GAAP Adjusted EBITDA of $42.8 million, an increase of 59 percent compared to $26.9 million in 2013 (60 percent growth on a constant currency basis).
- Non-GAAP diluted earnings per share of $0.20, an increase of 122 percent over 2013. Full year Non-GAAP diluted earnings per share on a constant currency basis were $0.21.
- Non-GAAP Adjusted Cash Flow of $9.7 million, compared to $33.5 million in 2013, primarily attributable to timing of accounts payable.
"2014 was a very successful year for InnerWorkings as we drove double-digit revenue growth again and improved our profitability profile significantly during the year," said Eric Belcher, CEO of InnerWorkings. "We reached an important milestone as we crossed the one billion dollar revenue mark, and more importantly, we leveraged our newer capabilities, added depth to our global management team, and shifted our focus to long-term organic growth."
Last week, the company announced a new four-year client agreement signed in January 2015 with a Fortune 500 consumer packaged goods company. With this addition, InnerWorkings is under long-term contracts with seven of the largest CPG companies in the world.