InnerWorkings Announces Record First Quarter 2011 Results
Chicago-based InnerWorkings Inc., a leading global provider of managed print and promotional solutions, reported results for the three months ended March 31, 2011.
- Record revenue generated during the first quarter was $145.2 million, an increase of 29 percent compared with the first quarter of 2010.
- Adjusted EBITDA was $7.3 million, an increase of 33 percent compared to $5.5 million in the year-earlier period. Please refer to the non-GAAP reconciliation table below for more information.
- Net income was $2.8 million, an increase of 29 percent compared to $2.2 million in the year-earlier period. Earnings were $0.06 per diluted share compared to $0.05 per diluted share in the first quarter of 2010. Both earnings per share figures include $0.01 per diluted share from the sale of Echo Global Logistics stock.
- Year-over-year enterprise revenue growth of 35 percent and transactional revenue growth of 14 percent. Revenue from new enterprise accounts was $15.1 million in the first quarter.
- Cash flow generated from operations was $7.1 million compared to $4.2 million in the first quarter of 2010.
"I am pleased with our execution in the quarter and excited about our growth prospects," said Eric D. Belcher, chief executive officer of InnerWorkings. "We generated record revenue for the second consecutive quarter as the company continues to leverage its technology platform to capitalize on the vast opportunities that are easily accessible to us in today's print marketplace. InnerWorkings is progressing rapidly toward our goal of becoming the pre-eminent global print management provider."
Additional first quarter 2011 financial and operational highlights include the following:
- 76 percent of the company's revenue was generated from sales to enterprise clients, with the remaining 24 percent derived from transactional clients.
- As of March 31, 2011, the company had an outstanding balance of $47.9 million on its $100 million bank credit facility and retained cash and short-term investments of $10.4 million.
"Our momentum in the first quarter is setting the tone for 2011," said Joseph M. Busky, chief financial officer of InnerWorkings. "We are confident in our ability to generate strong performance, both in terms of revenue and profitability, while investing in strategic initiatives across the business to ensure that InnerWorkings remains a high-growth company for the foreseeable future."
The company is raising its 2011 revenue guidance to $590 million to $620 million from $580 million to $610 million. 2011 earnings per share guidance remains in its previously announced range of $0.29 to $0.32.
For more information, visit www.inwk.com.