InnerWorkings Inc. Reports Increase in Second Quarter 2016 Revenue and Gross Profit
InnerWorkings Inc., Chicago, announced preliminary revenue and gross profit for the second quarter, reaffirmed guidance for 2016 and rescheduled the second quarter earnings release and conference call.
Preliminary Second Quarter 2016 Results
Revenue was $269.2 million in the second quarter, an increase of 6.7 percent compared with $252.2 million in the second quarter of 2015. Year-to-date revenue was $540.3 million, a 9.3 percent increase compared with $494.3 million in the prior-year period.
Gross profit was $65.1 million, or 24.2 percent of revenue in the second quarter, a 10.4 percent increase compared to $59.0 million, or 23.4 percent of revenue, in the same period of last year. Year-to-date gross profit was $127.0 million, or 23.5 percent of revenue, an increase of 11.4 percent compared to the prior-year period.
"Our ability to win new enterprise accounts, expand existing client mandates and further our business strategy resulted in another strong quarter for InnerWorkings," stated Eric D. Belcher, CEO of InnerWorkings Inc. "I am pleased with our continued forward momentum and look forward to providing investors with a more comprehensive update on our progress next week."
The company reaffirmed its existing full-year 2016 guidance. InnerWorkings Inc. expects 2016 annual revenue to range between $1.06 billion and $1.08 billion, non-GAAP adjusted EBITDA to be between $58.0 million and $62.0 million, and non-GAAP diluted earnings per share to be $0.30 to $0.33.
Earnings Release and Conference Call Schedule
InnerWorkings Inc. is rescheduling its second quarter earnings release and conference call, originally planned for today. The company will issue its earnings release on Aug. 15, 2016 after financial markets close and will host a conference call at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) the same day. The phone number to access the conference call is (877) 771-7024. A live audio webcast of the call will be available through InnerWorkings Inc.'s website at http://investor.inwk.com/events.cfm. A replay of the webcast will be available later that day at the same location.
The new schedule gives the company additional time to report corrected accounting related to its non-executive officer bonuses. Upon making this correction, the company will accrue a non-executive bonus expense during the course of the relevant service year, which will result in the company using the same method of accounting for non-executive bonuses as it applies to executive officer bonuses. Historically, the company has recorded the expense for non-executive bonuses during the quarter of payment, usually the second quarter following the service year, rather than over the course of the relevant service year. This correction has no cash impact and is not material to any prior annual or quarterly financial results.
InnerWorkings Inc. intends to file a Form 12b-25 (Notification of Late Filing for the quarter ended June 30, 2016) with the Securities and Exchange Commission, which will permit the company to file its form 10-Q on Aug. 15, 2016.
For more information, visit www.inwk.com.