InnerWorkings Inc. (INWK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Innerworkings Inc. has a market cap of $336.1 million; its shares were traded at around $7.36 with a P/E ratio of 36.8 and P/S ratio of 0.8.
Our revenue increased by $38.3 million, or 19.7%, from $194.4 million during the six months ended June 30, 2009 to $232.7 million during the six months ended June 30, 2010. Our revenue from enterprise clients increased by $39.0 million, or 31.0%, from $125.9 million during the six months ended June 30, 2009 to $164.9 million during the six months ended June 30, 2010. As of June 30, 2010 we had 185 enterprise clients compared to 159 enterprise clients as of June 30, 2009. Revenue from transactional clients decreased by $689,000, or 1.0%, from $68.4 million during the six months ended June 30, 2009 to $67.7 million during the six months ended June 30, 2010.
At June 30, 2010, we had $3.5 million of cash and cash equivalents and $11.6 million in short-term investments, which includes approximately $6.3 million in available-for-sale securities and $5.4 million in auction-rate securities. In October 2008, we entered into an agreement with UBS regarding our outstanding auction-rate securities. Under the agreement, we have the right to sell all our outstanding auction-rate securities back to UBS at their par value. The agreement allows us to exercise this right starting June 30, 2010, and the right will expire June 30, 2012. As a result of this agreement, our auction-rate securities are classified as short-term investments at June 30, 2010. All cash related to the selling of these investments was received subsequent to June 30, 2010.
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 six months ended June 30, 2010 was $6,600 and primarily consisted of net income of $5.3 million, $6.9 million of non-cash items, offset by $12.2 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 $14.0 million, offset by a decrease in customer deposits of $2.9 million.
Cash provided by operating activities for the six months ended June 30, 2009 was $7.5 million and primarily consisted of net income of $2.4 million, $7.1 million of non-cash items, offset by $2.0 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of a decrease in accounts receivable and unbilled revenue of $9.1 million and increase in accounts payable of $3.1 million, offset by a decrease in customer deposits of $3.6 million and decrease in income tax payable of $9.0 million.
Investing Activities. Cash provided by investing activities in the six months ended June 30, 2010 of $1.7 million was attributable to the proceeds on sale of marketable securities of $9.0 million and proceeds on sale of Echo shares of $1.5 million, offset by a $6.0 million in payments made in connection with acquisitions and capital expenditures of $2.8 million.
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Innerworkings Inc. has a market cap of $336.1 million; its shares were traded at around $7.36 with a P/E ratio of 36.8 and P/S ratio of 0.8.
Highlight of Business Operations:
Our revenue increased by $20.4 million, or 20.4%, from $100.1 million during the three months ended June 30, 2009 to $120.5 million during the three months ended June 30, 2010. The revenue growth reflects an increase in the number of enterprise clients. Our revenue from enterprise clients increased by $21.9 million, or 33.9%, from $64.6 million during the three months ended June 30, 2009 to $86.5 million during the three months ended June 30, 2010. As of June 30, 2010, we had 185 enterprise clients compared to 159 enterprise clients under contract as of June 30, 2009.Our revenue increased by $38.3 million, or 19.7%, from $194.4 million during the six months ended June 30, 2009 to $232.7 million during the six months ended June 30, 2010. Our revenue from enterprise clients increased by $39.0 million, or 31.0%, from $125.9 million during the six months ended June 30, 2009 to $164.9 million during the six months ended June 30, 2010. As of June 30, 2010 we had 185 enterprise clients compared to 159 enterprise clients as of June 30, 2009. Revenue from transactional clients decreased by $689,000, or 1.0%, from $68.4 million during the six months ended June 30, 2009 to $67.7 million during the six months ended June 30, 2010.
At June 30, 2010, we had $3.5 million of cash and cash equivalents and $11.6 million in short-term investments, which includes approximately $6.3 million in available-for-sale securities and $5.4 million in auction-rate securities. In October 2008, we entered into an agreement with UBS regarding our outstanding auction-rate securities. Under the agreement, we have the right to sell all our outstanding auction-rate securities back to UBS at their par value. The agreement allows us to exercise this right starting June 30, 2010, and the right will expire June 30, 2012. As a result of this agreement, our auction-rate securities are classified as short-term investments at June 30, 2010. All cash related to the selling of these investments was received subsequent to June 30, 2010.
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 six months ended June 30, 2010 was $6,600 and primarily consisted of net income of $5.3 million, $6.9 million of non-cash items, offset by $12.2 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 $14.0 million, offset by a decrease in customer deposits of $2.9 million.
Cash provided by operating activities for the six months ended June 30, 2009 was $7.5 million and primarily consisted of net income of $2.4 million, $7.1 million of non-cash items, offset by $2.0 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of a decrease in accounts receivable and unbilled revenue of $9.1 million and increase in accounts payable of $3.1 million, offset by a decrease in customer deposits of $3.6 million and decrease in income tax payable of $9.0 million.
Investing Activities. Cash provided by investing activities in the six months ended June 30, 2010 of $1.7 million was attributable to the proceeds on sale of marketable securities of $9.0 million and proceeds on sale of Echo shares of $1.5 million, offset by a $6.0 million in payments made in connection with acquisitions and capital expenditures of $2.8 million.
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