InnerWorkings Announces Third Quarter 2011 Results
Record Quarterly Revenue Reflects 32.5 Percent Year-Over-Year Growth; Company Raises 2011 Guidance
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Additional third quarter 2011 financial and operational highlights include the following:
- 72 percent of the company's revenue was generated from sales to enterprise clients, with the remaining 28 percent derived from transactional clients.
- As of September 30, 2011, the Company had an outstanding balance of $53.2 million on its $100 million bank credit facility and retained cash and short-term investments of $11.3 million.
"The record Adjusted EBITDA and operating cash flow we generated in the quarter reflect leverage in the model and the underlying power of the business," said Joseph M. Busky, Chief Financial Officer of InnerWorkings. "We are updating our full-year 2011 guidance to reflect the Company's continued strong performance and the financial impact from the October acquisition of Productions Graphics."
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