Additional Highlights
Last week, the company announced a new four-year client agreement signed in January 2015 with a Fortune 500 consumer packaged goods company. With this addition, InnerWorkings is under long-term contracts with seven of the largest CPG companies in the world.
This win adds to a roster of new clients launched in 2014, which includes Callaway, Energizer, FedEx, Novartis, Pizza Hut, Sanofi and Staples.
The North America segment accounted for 68 percent of revenue and international segments accounted for 32 percent in 2014, compared to a 74 percent/26 percent mix in 2013.
InnerWorkings also announced last week that its board of directors authorized a share repurchase program. Under the program, InnerWorkings is authorized to repurchase up to $20 million of its outstanding common stock over the next two years. The timing and amount of any share repurchases will be determined based on market conditions, share price and other factors, and the program may be discontinued or suspended at any time. Repurchases will be made in compliance with SEC rules and other legal requirements.
“The share repurchase program gives us the option to capitalize on opportunities provided by the market to create additional shareholder value, while maintaining the flexibility to invest in our growth,” Belcher commented.
Outlook
The company expects 2015 annual revenue to range between $1.04 billion and $1.06 million, representing growth of 4 percent to 6 percent over 2014 (8 percent to 11 percent over 2014 on a constant currency basis). 2015 Non-GAAP Adjusted EBITDA is forecasted to be between $49 million and $51 million, representing growth of 14 percent to 19 percent over 2014. 2015 Non-GAAP diluted earnings per share, which exclude contingent liability impacts, are expected to be $0.25 to $0.27, representing growth of 25 percent to 35 percent over 2014.
“In the year ahead, we will continue our focus on driving organic growth by acquiring new customers and expanding existing relationships, while demonstrating increased operating leverage as we grow our profitability faster than the top-line,” Belcher concluded. “We are proud of the many new Fortune 500 clients that have adopted our solution, and we are very excited about the opportunity ahead.” Click here to view the complete report or visit www.inwk.com.
