InnerWorkings Announces Record Fourth Quarter and Full Year 2011 Results
Record revenue and adjusted EBITDA for quarter and year; established global platform servicing multinational clients.
Chicago-based InnerWorkings, Inc., a leading provider of global print management and promotional solutions, reported results for the fourth quarter and fiscal year ended Dec. 31, 2011.
• Record revenue of $175.2 million, an increase of 34.4 percent compared to revenue of $130.4 million in the fourth quarter of 2010. This represents the fifth consecutive quarter of record revenue.
• Net income was $5.8 million, an increase of 63.1 percent compared to $3.5 million in the year-earlier period. Earnings were $0.12 per diluted share compared to $0.07 per diluted share in the year-earlier period. Both earnings per share figures include $0.01 per diluted share from the sale of Echo Global Logistics stock.
• Record Adjusted EBITDA of $11.4 million, an increase of 45.0 percent compared to $7.9 million in the year-earlier period.
• Year-over-year enterprise revenue growth of 31.7 percent and transactional revenue growth of 42.0 percent.
• Cash flow generated from operations was $10.8 million, an increase of 72.1 percent compared to $6.3 million in the fourth quarter of 2010.
Fiscal Year Highlights:
• Record revenue for fiscal year 2011 of $633.8 million, an increase of 31.4 percent compared to revenue of $482.2 million in fiscal year 2010.
• Net income was $16.4 million and diluted earnings per share were $0.34, compared to net income of $11.2 million and diluted earnings per share of $0.24 in fiscal year 2010, an increase of 46.2 percent and 41.7 percent, respectively.
• Record Adjusted EBITDA was $37.7 million, an increase of 37.8 percent compared to $27.4 million in fiscal year 2010.
• Record organic revenue of $60.4 million from new enterprise accounts.
• Record cash flow generated from operations was $27.8 million, an increase of 233.2 percent compared to $8.4 million in fiscal year 2010.
"Our record 2011 financial results were driven by successful execution against our strategic priorities and the breadth of our global platform,” said Eric D. Belcher, chief executive officer of InnerWorkings. “Moving into 2012, we are focused on winning global print management contracts and gaining share in the underserved middle market.”
Additional fourth quarter 2011 financial and operational highlights include the following:
• 72 percent of the company's revenue was generated from sales to enterprise clients, with the remaining 28 percent derived from transactional clients.
• As of Dec. 31, 2011, the company had an outstanding balance of $60.0 million on its $100 million bank credit facility and retained cash and short-term investments of $14.3 million.
"We achieved a number of significant milestones in 2011, including records for revenue, Adjusted EBITDA and operating cash flow, which demonstrate our growth and profitability momentum,” said Joseph M. Busky, chief financial officer of InnerWorkings. "We are committed to making the additional investments necessary to continue to improve our market position and enhance our competitive strengths.”
For more information, visit www.inwk.com.