InnerWorkings Announces Fourth Quarter and Full-Year 2017 Results

InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced financial results for the three months and year ended December 31, 2017. For all non-GAAP references below, please refer to the non-GAAP reconciliation tables at the end of this release for more information.

“We had a strong finish to 2017 with a growth rate that exceeded our expectations. In addition, we’ve won several large new contracts in recent months, and we’re well down the path on a number of exciting sales pursuits,” said Chief Executive Officer Eric D. Belcher. “This combination sets us up for strong growth in 2018.”

Fourth Quarter 2017 Results
• Record gross revenue was $301.0 million in the fourth quarter, an increase of 11% compared with $270.4 million in the fourth quarter of 2016.
• Gross profit (net revenue) was $71.3 million, or 23.7% of gross revenue, in the fourth quarter, an increase of 4% compared to $68.7 million, or 25.4% of revenue, in the same period of 2016.
• Net income for the fourth quarter was $1.5 million, or $0.03 per diluted share, compared to $5.0 million, or $0.09 per diluted share, in the prior year period.
• Non-GAAP adjusted EBITDA was $14.6 million in the fourth quarter, compared to $15.7 million in the fourth quarter of 2016.
• Non-GAAP diluted earnings per share for the fourth quarter was $0.06, compared to $0.12 in the fourth quarter of 2016.

Full-Year 2017 Results and Recent Highlights
• Gross revenue was $1,136.3 million in 2017, an increase of 4% compared with $1,090.7 million in 2016.
• Gross profit (net revenue) was $278.3 million, or 24.5% of gross revenue, in 2017, a 6% increase compared to $263.5 million, or 24.2% of revenue, in 2016.
• Net income in 2017 was $19.0 million, or $0.35 per diluted share, compared to $4.4 million, or $0.08 per diluted share, in 2016.
• Non-GAAP adjusted EBITDA was $62.3 million in 2017, reflecting growth of 5% compared to $59.2 million in 2016.
• Non-GAAP diluted earnings per share for 2017 was $0.41, compared to $0.38 in 2016.
• Cash flow from operations was $16.1 million in 2017, compared to $10.5 million in the year before.
• InnerWorkings signed new client contracts during 2017 totaling $130 million of annual revenue at full run-rate. This growth is a blend of expansions with existing accounts as well as the addition of a number of first time clients.
• In 2018 to date, InnerWorkings has already signed several new client contracts totaling $41 million of annual revenue at full run-rate.

“Our expected growth in 2018 will generate meaningful operating leverage and free cash flow in 2018, giving us the ability to reinvest in our business on behalf of our clients, employees and shareholders,” said Chip Hodgkins, Interim Chief Financial Officer of InnerWorkings.

Rich Stoddart, incoming Chief Executive Officer, added, “InnerWorkings has evolved its business over the past five years to be at the forefront of software, digital, and other growing components of marketing execution. I look forward to helping the company capitalize on its early lead in this emerging market.”
more detail at:  http://investor.inwk.com/releasedetail.cfm?ReleaseID=1060621

Related Posts

PRC Outlines Activities in FY 2023 Annual Report to the President and Congress

In addition to reviewing and approving proposed rate changes for Market Dominant and Competitive products, new product proposals, and formal complaint adjudication, the Commission performed new activities as dictated by the Postal Service Reform Act (PSRA) and beyond. In FY 2023, the Commission: *Issued a Flats Operation Study with principal findings as required by the PSRA *Published reports that (1) reviewed the Postal Service's compliance with pricing and service standards, (2) provided an in-depth analysis of the Postal Service’s finances, and (3) evaluated whether the Postal Service met its performance goals as required under the law *Successfully implemented several of its strategic goals in its 2023-2028 Strategic Plan. In particular, the Commission completed a comprehensive stakeholder analysis that informed new activities currently underway surrounding the Commission’s engagement with stakeholders and the general public *Initiated a Public Inquiry Docket to examine the recent and planned network changes associated with the Postal Service’s Delivering for America Plan *Presided over rulemakings related to Commission processes and activities

Thomas Day Sworn in as PRC Commissioner and Named Vice Chairman; Robert Taub Confirmed to a Third Term

Thomas G. Day was officially sworn in as a commissioner of the Postal Regulatory Commission and named vice chairman of the agency by a unanimous vote of commissioners; while Commissioner Robert G. Taub begins his third term with the agency after being confirmed by the United States Senate on September 28, 2023. PRC Chairman Michael Kubayanda said “I am pleased to continue serving alongside Commissioner Taub and to serve with Commissioner Day. They are experienced and highly skilled public servants who have contributed significantly to the nation and our postal system, and will continue to do so.”

Hearst Magazines’ Digital, Print Staffs Vote To Unionize (mediapost.com)

Staffers at Hearst Magazines digital and print properties voted overwhelmingly yesterday to unionize with the Writers Guild of America, East (WGAE). The election, which happened by mail ballot, follows Hearst management’s refusal to voluntarily recognize its staff’s efforts to unionize in November of last year. Roughly 500 Hearst employees make up the new bargaining unit and work across editorial, video, design, photo and social. The unionized staff seeks to address issues that include diversity, transparency, compensation and editorial standards through its contract.
Back To Top
×Close search
Search