InnerWorkings Inc. Announces Third Quarter 2014 Results
InnerWorkings Inc., Chicago, recently reported results for the three months ended Sept. 30, 2014.
- Revenue of $251.7 million, an increase of 8 percent compared to $232.6 million in the third quarter of 2013.
- Non-GAAP Adjusted EBITDA of $12.3 million, an increase of 41 percent compared to Non-GAAP Adjusted EBITDA of $8.7 million in the third quarter of 2013.
- Non-GAAP diluted earnings per share of $0.07, an increase of 40 percent compared to Non-GAAP diluted earnings per share of $0.05 in the third quarter of 2013.
- Non-GAAP Adjusted Operating Cash Flow of $11.3 million, compared to Non-GAAP Adjusted Operating Cash Flow of $1.6 million in the third quarter of 2013.
"Our consistent growth and solid momentum continued in the third quarter as we landed major new client contracts, underscoring our opportunity within a large and underpenetrated market," said Eric D. Belcher, chief executive officer of InnerWorkings. "We also continued to grow both globally and through new service offerings with our existing clients. We had success in cross-selling our new retail displays and product packaging solutions and we look forward to rolling them out with additional clients."
Additional financial and operational highlights include the following:
- Organic enterprise account growth was $19 million in the third quarter.
- Among several new enterprise agreements signed during the quarter, the most significant was with one of the world's largest office supply retailers to manage in-store and corporate marketing materials.
- The North America segment accounted for 66 percent of revenue and international segments accounted for 34 percent, compared to a 70 percent/30 percent mix in the third quarter of 2013.
The company updated and narrowed its 2014 revenue guidance to $1 billion to $1.01 billion, which reflects 12 to 13 percent growth over 2013. 2014 Non-GAAP diluted earnings per share guidance was also updated to $0.20 to $0.23, compared to $0.09 in 2013.