InnerWorkings Announces Second Quarter 2011 Results
Record quarterly revenue reflects 29 percent year-over-year growth; company raises revenue guidance.
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Additional second quarter 2011 financial and operational highlights include the following:
- 74 percent of the company's revenue was generated from sales to enterprise clients, with the remaining 26 percent derived from transactional clients.
- As of June 30, 2011, the company had an outstanding balance of $53.9 million on its $100 million bank credit facility and retained cash and short-term investments of $11.6 million.
"The company's financial position is strong and we are well positioned to continue growing our net margins and generate additional leverage in the model in 2011," said Joseph M. Busky, chief financial officer of InnerWorkings.
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