innerworkings inc (INWK) Key Developments
InnerWorkings, Inc. to Provide AstraZeneca Exclusive Marketing Execution
Jul 15 15
InnerWorkings Inc. has become the exclusive North American marketing execution partner of AstraZeneca. Under the seven-year agreement, InnerWorkings will manage AstraZeneca’s marketing print operations across North America, which will improve AstraZeneca’s transparency and reporting as well as strengthen its brand impact. Strategically placed across the U.S., InnerWorking's three onsite teams based in Delaware, Maryland, and Pennsylvania will help AstraZeneca sharpen its financial visibility, unify its brands, and enhance its marketing effectiveness. In addition to AstraZeneca, InnerWorking's also serves top-tier global pharmaceutical clients such as Pfizer, Sanofi, and Novartis, all of whom benefit from InnerWorking's leverage, global reach, and ability to navigate the most sophisticated marketing supply chains across the globe.
Papa Murphy's Holdings, Inc.'s Selects InnerWorkings Inc. for In-Store Marketing
Jul 14 15
Papa Murphy's Holdings Inc. announced that the company has signed an agreement with InnerWorkings Inc. to strengthen the impact of Papa Murphy's point-of-purchase, printed marketing materials, and branded merchandise at the company's more than 1,400 locations across the U.S. InnerWorkings will enhance Papa Murphy's marketing operations across the system and support its franchise owners through its customized VALO™ technology platform. This flexible solution will provide Papa Murphy's cost-savings while also improving marketing quality and effectiveness. Specifically, through VALO, franchisees will secure better, more consistent pricing across marketing materials, easier order flows, heightened brand quality, and faster time to market, ensuring optimal execution on every marketing campaign. InnerWorkings serves a wide variety of clients across various industries including large U.S. retail chains, international not-for-profit organizations, and nationwide financial services companies that benefit from the robust offerings.
InnerWorkings, Inc. Announces Executive Changes
Jul 6 15
InnerWorkings Inc. announced that Jeffrey P. Pritchett will join the company as Executive Vice President and Chief Financial Officer, effective August 2015. Mr. Pritchett joins InnerWorkings from Cerberus Operating and Advisory Company, LLC (COAC). Ryan Spohn will remain InnerWorkings’ Interim CFO through the completion of the company’s second quarter filings, at which point he will resume his role as Senior Vice President and Controller.
John Eisel, Chief Operating Officer of Innerworkings, Inc. Resigns from His Position, Effective June 2, 2015
May 27 15
On May 22, 2015, John Eisel, Chief Operating Officer of InnerWorkings Inc. resigned from his position with the company to accept a position as an operations executive with a biotech business. The resignation will take effect on June 2, 2015.
InnerWorkings Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Full Year 2015
May 7 15
InnerWorkings Inc. reported consolidated earnings results for the first quarter ended March 31, 2015. Revenue was $242.1 million as reported and $256.7 million in constant currency, reflecting 6% growth in constant currency over $241.5 million in the first quarter of 2014. Non-GAAP Adjusted EBITDA was $9.5 million as reported and $9.6 million in constant currency, reflecting 13% growth in constant currency over $8.5 million in the first quarter of 2014. Non-GAAP diluted earnings per share were $0.03, compared to Non-GAAP diluted earnings per share of $0.02 in the first quarter of 2014. GAAP diluted earnings per share were $0.02, compared to GAAP diluted earnings per share of $0.01 in the first quarter of 2014. Income before income taxes was $1,973,414 against $421,701 a year ago. Net income was $1,138,720 against $289,407 a year ago. Net cash used in operating activities was $6,275,596 against $8,408,343 a year ago. Non-GAAP Adjusted Operating Cash Flow was $6,186,759 against $8,408,343 a year ago. Adjusted operating cash flow for the quarter was an outflow of $6.2 million compared to an outflow of $8.4 million in the prior year period. Net debt is $96.7 million.
The company reaffirms its 2015 revenue guidance of 8% to 11% growth over 2014 in constant currency. The company reaffirms its 2015 Non-GAAP Adjusted EBITDA guidance of $49 million to $51 million and Non-GAAP diluted earnings per share guidance of $0.25 to $0.27 in reported terms. The company expects to generate positive operating cash flow for the year.