InnerWorkings’ Q1 2015 Results Include the Announcement of Four New Enterprise Clients
InnerWorkings Inc., a leading global marketing execution firm based in Chicago, last week reported results for the three months ended March 31, 2015.
First Quarter Highlights
- Revenue was $242.1 million as reported and $256.7 million in constant currency, reflecting 6 percent growth in constant currency over $241.5 million in the first quarter of 2014.
- Non-GAAP Adjusted EBITDA was $9.5 million as reported and $9.6 million in constant currency, reflecting 13 percent growth in constant currency over $8.5 million in the first quarter of 2014.
- Non-GAAP diluted earnings per share were $0.03, compared to Non-GAAP diluted earnings per share of $0.02 in the first quarter of 2014. GAAP diluted earnings per share were $0.02, compared to GAAP diluted earnings per share of $0.01 in the first quarter of 2014.
"We are pleased to announce we have added four new enterprise clients in recent weeks, which brings the expected value of new enterprise agreements signed in 2015 to over $40 million of future annual revenue," said Eric D. Belcher, chief executive officer, InnerWorkings. "With our expectation to add several more new clients in the near-term, 2015 is shaping up to be one of our strongest years in terms of new enterprise client wins."
- A new enterprise client agreement was signed with the leading brand of children's clothing, gifts and accessories in the U.S. The agreement includes in-store signage and direct mail, supporting all 800-plus owned stores nationwide.
- A new enterprise agreement was signed with an international children's charity to manage the direct mail marketing efforts associated with their fundraising campaign.
- A new enterprise agreement was signed with a large pizza chain franchisor and operator with over 1,400 locations in the U.S. to manage in-store marketing materials.
- A new enterprise agreement was signed with a large financial services company operating over 300 retail locations in the U.S. to manage signage, point of sale materials, direct mail, an e-store, warehousing and fulfillment.
"Our bottom-line results reflect our ongoing efforts to improve our operating margins, a trend we expect will continue as we add new enterprise clients," said Ryan K. Spohn, interim chief financial officer, InnerWorkings. "While the strengthening dollar has impacted our reported revenue growth, we are encouraged by our growing client base and confident in our constant currency projections."