InnerWorkings Inc. (INWK, Financial) filed Quarterly Report for the period ended 2011-03-31.
Innerworkings Inc. has a market cap of $402.8 million; its shares were traded at around $8.74 with a P/E ratio of 36.4 and P/S ratio of 0.8. Innerworkings Inc. had an annual average earning growth of 7% over the past 5 years.
Operating Activities. Cash provided by operating activities primarily consists of net income adjusted for certain non-cash items, including depreciation and amortization, and the effect of changes in working capital and other activities. Cash provided by operating activities for the three months ended March 31, 2011 was $7.1 million and consisted of net income of $2.8 million, $2.9 million of non-cash items and $1.4 million provided by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts receivable and unbilled revenue of $18.0 million and an increase in accounts payable of $22.6 million, offset by an increase in prepaid expenses and other of $7.8 million.
Cash provided by operating activities for the three months ended March 31, 2010 was $4.2 million and consisted of net income of $2.2 million, $3.8 million of non-cash items, offset by $1.8 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts receivable and unbilled revenue of $11.8 million and an increase in accounts payable of $10.4 million, offset by a decrease in customer deposits of $2.1 million, a decrease in inventories of $1.9 million and a decrease in accrued expenses and other of $1.1 million.
Investing Activities. Cash used in investing activities in the three months ended March 31, 2011 of $6.1 million was attributable to the proceeds on sale of Echo shares of $985,000, offset by capital expenditures of $1.8 million and $5.3 million in payments made in connection with acquisitions.
Cash provided by investing activities in the three months ended March 31, 2010 of $191,000 was attributable to the proceeds on sale of marketable securities of $2.7 million and proceeds on the sale of shares of Echo Global Logistics, Inc. of $727,000, offset by capital expenditures of $1.4 million, a $1,725,000 payment to seller and $59,000 in payments made in connection with acquisitions.
Cash provided by financing activities in the three months ended March 31, 2010 of $76,000 was primarily attributable to the $92,000 of borrowings under the revolving credit facility, offset by $16,000 in principal payments made on capital leases.
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Innerworkings Inc. has a market cap of $402.8 million; its shares were traded at around $8.74 with a P/E ratio of 36.4 and P/S ratio of 0.8. Innerworkings Inc. had an annual average earning growth of 7% over the past 5 years.
Highlight of Business Operations:
Our revenue increased by $33.0 million, or 29.4%, from $112.2 million during the three months ended March 31, 2010 to $145.2 million during the three months ended March 31, 2011. The increase in revenue reflects an increase in both enterprise and transactional business. Our revenue from enterprise clients increased by $28.7 million, or 35.3%, from $81.4 million during the three months ended March 31, 2010 to $110.1 million during the three months ended March 31, 2011. The increase in enterprise revenue is due to an increase in enterprise clients and the addition of our South American operations acquired during the first quarter of 2011. Our revenue from transactional clients increased by $4.3 million, or 13.7%, from $30.8 million during the three months ended March 31, 2010 to $35.1 million during the three months ended March 31, 2011. This increase in revenue is largely the result of our growth initiatives in the areas of an outbound call center and internet sales and efforts to hire or acquire experienced sales executives with existing books of business.Operating Activities. Cash provided by operating activities primarily consists of net income adjusted for certain non-cash items, including depreciation and amortization, and the effect of changes in working capital and other activities. Cash provided by operating activities for the three months ended March 31, 2011 was $7.1 million and consisted of net income of $2.8 million, $2.9 million of non-cash items and $1.4 million provided by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts receivable and unbilled revenue of $18.0 million and an increase in accounts payable of $22.6 million, offset by an increase in prepaid expenses and other of $7.8 million.
Cash provided by operating activities for the three months ended March 31, 2010 was $4.2 million and consisted of net income of $2.2 million, $3.8 million of non-cash items, offset by $1.8 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts receivable and unbilled revenue of $11.8 million and an increase in accounts payable of $10.4 million, offset by a decrease in customer deposits of $2.1 million, a decrease in inventories of $1.9 million and a decrease in accrued expenses and other of $1.1 million.
Investing Activities. Cash used in investing activities in the three months ended March 31, 2011 of $6.1 million was attributable to the proceeds on sale of Echo shares of $985,000, offset by capital expenditures of $1.8 million and $5.3 million in payments made in connection with acquisitions.
Cash provided by investing activities in the three months ended March 31, 2010 of $191,000 was attributable to the proceeds on sale of marketable securities of $2.7 million and proceeds on the sale of shares of Echo Global Logistics, Inc. of $727,000, offset by capital expenditures of $1.4 million, a $1,725,000 payment to seller and $59,000 in payments made in connection with acquisitions.
Cash provided by financing activities in the three months ended March 31, 2010 of $76,000 was primarily attributable to the $92,000 of borrowings under the revolving credit facility, offset by $16,000 in principal payments made on capital leases.
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