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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/08/19 Innerworkings Inc 8-K:2,9 8/08/19 2:302K Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 19K 2: EX-99.1 Miscellaneous Exhibit HTML 108K
Exhibit |
• | Gross
revenue was $284.1 million in the second quarter of 2019, an increase of 1% compared to $282.0 million in the second quarter of 2018. Excluding currency impact, second quarter gross revenue increased 3% compared to the same period of last year. |
• | Gross profit (net revenue) was $69.1 million, or 24.3% of gross revenue in the second quarter of 2019, compared to $64.9
million, or 23.0% of gross revenue, in the same period of last year. Second quarter gross profit (net revenue) increased 6% over the prior period and 8% excluding currency impact. |
• | Net loss for the second quarter of 2019 was $(1.2) million, or $(0.02) per diluted share, compared to net loss of $(0.3) million, or $(0.01) per diluted share in the second quarter of 2018. |
• | Non-GAAP
diluted earnings per share for the second quarter of 2019 was $0.06, compared to $0.01 in the second quarter of 2018. Year-to-date non-GAAP diluted earnings per share was $0.07, compared to a loss of $(0.01) in the same period of 2018. |
• | Adjusted EBITDA was $13.6 million in the second quarter of 2019, compared to $8.2 million in the second quarter
of 2018. Year-to-date adjusted EBITDA was $20.2 million, an increase of 30% compared to the same period of 2018. |
• | Additional work from new and existing clients awarded to date in 2019 amounts to approximately $135 million of annual revenue at full run-rate. The latest of these wins includes a major expansion of our relationship with a global sportswear company and a new partnership supporting one of the world's leading beverage brands. |
• | The
acquisition of Madden Communications' marketing execution business on August 1, 2019 adds to InnerWorkings' capabilities in logistics and creative services and brings key clients in the beer, wine, and spirits vertical. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 284,053 | $ | 281,967 | $ | 551,291 | $ | 556,506 | |||||||
Cost
of goods sold | 214,986 | 217,096 | 421,029 | 425,568 | |||||||||||
Gross profit | 69,067 | 64,871 | 130,262 | 130,938 | |||||||||||
Operating
expenses: | |||||||||||||||
Selling, general and administrative expenses | 58,661 | 59,002 | 114,466 | 120,169 | |||||||||||
Depreciation
and amortization | 3,233 | 3,514 | 5,849 | 7,173 | |||||||||||
Restructuring charges | 3,698 | — | 7,632 | — | |||||||||||
Income
from operations | 3,475 | 2,355 | 2,315 | 3,596 | |||||||||||
Other income (expense): | |||||||||||||||
Interest
income | 104 | 54 | 202 | 115 | |||||||||||
Interest expense | (2,486 | ) | (1,517 | ) | (5,232 | ) | (3,085 | ) | |||||||
Other
income (expense), net | 279 | (588 | ) | (460 | ) | (1,433 | ) | ||||||||
Total other expense | (2,103 | ) | (2,051 | ) | (5,490 | ) | (4,403 | ) | |||||||
Income
(loss) before income taxes | 1,372 | 304 | (3,175 | ) | (807 | ) | |||||||||
Income tax expense | 2,541 | 603 | 456 | 1,176 | |||||||||||
Net
loss | $ | (1,169 | ) | $ | (299 | ) | $ | (3,631 | ) | $ | (1,983 | ) | |||
Basic
loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.04 | ) | |||
Diluted
loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.04 | ) | |||
Weighted-average
shares outstanding – basic | 51,883 | 51,770 | 51,857 | 52,738 | |||||||||||
Weighted-average shares outstanding – diluted | 51,883 | 51,770 | 51,857 | 52,738 |
(unaudited) | |||||||
Assets | |||||||
Current
assets: | |||||||
Cash and cash equivalents | $ | 33,999 | $ | 26,770 | |||
Accounts
receivable, net | 188,687 | 193,253 | |||||
Unbilled revenue | 60,911 | 46,474 | |||||
Inventories | 51,553 | 56,001 | |||||
Prepaid
expenses | 15,132 | 16,982 | |||||
Other current assets | 28,707 | 34,106 | |||||
Total current assets | 378,989 | 373,586 | |||||
Property
and equipment, net | 36,466 | 82,933 | |||||
Intangibles and other assets: | |||||||
Goodwill | 152,203 | 152,158 | |||||
Intangible
assets, net | 8,774 | 9,828 | |||||
Right of use assets, net | 50,460 | — | |||||
Deferred income taxes | 1,091 | 1,195 | |||||
Other
non-current assets | 3,613 | 2,976 | |||||
Total intangibles and other assets | 216,141 | 166,157 | |||||
Total assets | $ | 631,596 | $ | 622,676 | |||
Liabilities
and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | 140,492 | 158,449 | |||||
Accrued
expenses | 37,446 | 35,474 | |||||
Deferred revenue | 21,532 | 17,614 | |||||
Revolving credit facility - current | 157,675 | 142,736 | |||||
Other
current liabilities | 34,877 | 26,231 | |||||
Total current liabilities | 392,022 | 380,504 | |||||
Lease liabilities | 46,615 | — | |||||
Deferred
income taxes | 8,295 | 8,178 | |||||
Other non-current liabilities | 1,995 | 50,903 | |||||
Total liabilities | 448,927 | 439,585 | |||||
Stockholders'
equity: | |||||||
Common stock | 6 | 6 | |||||
Additional paid-in capital | 242,010 | 239,960 | |||||
Treasury
stock at cost | (81,471 | ) | (81,471 | ) | |||
Accumulated other comprehensive loss | (23,309 | ) | (24,309 | ) | |||
Retained earnings | 45,433 | 48,905 | |||||
Total
stockholders' equity | 182,669 | 183,091 | |||||
Total liabilities and stockholders' equity | $ | 631,596 | $ | 622,676 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash
flows from operating activities | |||||||
Net loss | $ | (3,631 | ) | $ | (1,983 | ) | |
Adjustments to reconcile net loss to net cash from operating activities: | |||||||
Depreciation
and amortization | 5,849 | 7,173 | |||||
Stock-based compensation expense | 2,141 | 2,823 | |||||
Bad debt provision | 689 | 630 | |||||
Implementation
cost amortization | 213 | 263 | |||||
Other operating activities | 224 | (154 | ) | ||||
Change in assets: | |||||||
Accounts
receivable and unbilled revenue | (10,225 | ) | 21,643 | ||||
Inventories | 4,488 | (87 | ) | ||||
Prepaid expenses and other assets | (4,318 | ) | 9,424 | ||||
Change
in liabilities: | |||||||
Accounts payable | (17,670 | ) | (18,735 | ) | |||
Accrued expenses and other liabilities | 23,529 | 1,643 | |||||
Net
cash provided by operating activities | 1,289 | 22,640 | |||||
Cash flows from investing activities | |||||||
Purchases
of property and equipment | (6,881 | ) | (5,490 | ) | |||
Net cash used in investing activities | (6,881 | ) | (5,490 | ) | |||
Cash
flows from financing activities | |||||||
Net borrowings from revolving credit facility | 14,908 | 8,629 | |||||
Net short-term secured repayments | (833 | ) | (578 | ) | |||
Repurchases
of common stock | — | (25,689 | ) | ||||
Proceeds from exercise of stock options | 63 | 284 | |||||
Payment of debt issuance costs | (935 | ) | — | ||||
Other
financing activities | (156 | ) | (695 | ) | |||
Net cash provided by (used in) financing activities | 13,047 | (18,049 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents | (226 | ) | (1,397 | ) | |||
Increase (Decrease) in cash and cash equivalents | 7,229 | (2,296 | ) | ||||
Cash and cash equivalents,
beginning of period | 26,770 | 30,562 | |||||
Cash and cash equivalents, end of period | $ | 33,999 | $ | 28,266 |
Three Months Ended June 30, | Six Months Ended June
30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
loss | $ | (1,169 | ) | $ | (299 | ) | $ | (3,631 | ) | $ | (1,983 | ) | |||
Income
tax expense | 2,541 | 603 | 456 | 1,176 | |||||||||||
Interest income | (104 | ) | (54 | ) | (202 | ) | (115 | ) | |||||||
Interest
expense | 2,486 | 1,517 | 5,232 | 3,085 | |||||||||||
Other income (expense), net | (279 | ) | 588 | 460 | 1,433 | ||||||||||
Depreciation
and amortization | 3,233 | 3,514 | 5,849 | 7,173 | |||||||||||
Stock-based compensation expense | 1,402 | 1,406 | 2,141 | 2,823 | |||||||||||
Stock
appreciation rights marked to market | 46 | — | 46 | — | |||||||||||
Restructuring charges | 3,698 | — | 7,632 | — | |||||||||||
Professional
fees related to ASC 606 implementation | — | 60 | — | 1,092 | |||||||||||
Executive search fees | — | 234 | 80 | 234 | |||||||||||
Control
remediation-related fees | 175 | 537 | 540 | 537 | |||||||||||
Sales and use tax audit | 1,235 | — | 1,235 | — | |||||||||||
Other
professional fees | 376 | 80 | 376 | 80 | |||||||||||
Adjusted EBITDA | $ | 13,640 | $ | 8,186 | $ | 20,214 | $ | 15,535 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
loss | $ | (1,169 | ) | $ | (299 | ) | $ | (3,631 | ) | $ | (1,983 | ) | |||
Restructuring
charges, net of tax | 2,772 | — | 5,802 | — | |||||||||||
Control remediation-related fees | 130 | 403 | 402 | 403 | |||||||||||
Executive
search fees, net of tax | — | 176 | 60 | 176 | |||||||||||
Professional fees related to ASC 606 implementation, net of tax | — | 45 | — | 819 | |||||||||||
Sales
and use tax audit, net of tax | 920 | — | 920 | — | |||||||||||
Other professional fees, net of tax | 280 | 60 | 280 | 60 | |||||||||||
Adjusted
net income (loss) | $ | 2,933 | $ | 385 | 3,833 | $ | (525 | ) | |||||||
Weighted-average
shares outstanding, diluted | 52,038 | 52,528 | 51,961 | 52,738 | |||||||||||
Non-GAAP diluted earnings (loss) per share | $ | 0.06 | $ | 0.01 | $ | 0.07 | $ | (0.01 | ) |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 8/8/19 | |||
8/1/19 | ||||
6/30/19 | ||||
12/31/18 | 10-K, 10-K/A, 4, NT 10-K | |||
List all Filings |