InnerWorkings Reports Q2 Results
InnerWorkings Inc., Chicago, recently announced results for the three months ended June 30, 2014. The company reported record revenue of $260.3 million, an increase of 23 percent compared to $210.9 million in the second quarter of 2013. It also reported Non-GAAP Adjusted EBITDA of $9.5 million, an increase of 62 percent compared to Non-GAAP Adjusted EBITDA of $5.9 million in the second quarter of 2013.
"Our core enterprise business fueled record revenue for us in the second quarter," said Eric D. Belcher, CEO of InnerWorkings. "A large portion of this growth came from expanding our relationships with several of our longstanding Fortune 500 customers."
Additional financial and operational highlights include:
- Organic enterprise account growth was $27 million in the second quarter, a 13 percent increase over the prior-year period.
- The company recently signed new enterprise agreements with Sanofi, a global pharmaceutical firm; Newsday, one of the largest newspaper publishers in the U.S.; and Edrington, the owner of leading spirits brands around the world.
- The North America segment accounted for 70 percent of revenue and international segments accounted for 30 percent, compared to a 77/23 percent mix in the second quarter of 2013.
"Our international regions continue to generate strong organic growth, which positions us well for improved EBITDA margin in the second half of the year," said Joseph M. Busky, InnerWorkings' chief financial officer.