Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
INWK > SEC Filings for INWK > Form 8-K on 1-Apr-2014All Recent SEC Filings

Show all filings for INNERWORKINGS INC

Form 8-K for INNERWORKINGS INC


1-Apr-2014

Regulation FD Disclosure


Item 7.01 Regulation FD.*

On March 18, 2014, InnerWorkings, Inc. (the "Company") filed its Form 10-K for the year ended December 31, 2013 (the "2013 10-K"). Based on the restated financial statements included in the 2013 10-K, the Company is now supplementally providing for the periods presented below Adjusted EBITDA and Non-GAAP diluted earnings per share, which are defined as "non-GAAP financial measures" by the Securities and Exchange Commission. The Company believes that Non-GAAP Adjusted EBITDA and Non-GAAP diluted earnings per share provide useful information to investors because they provide information about the estimated financial performance of the Company's ongoing business. Non-GAAP Adjusted EBITDA and Non-GAAP diluted earnings per share are used by management in its financial and operational decision-making and evaluation of overall operating performance. Non-GAAP Adjusted EBITDA and Non-GAAP diluted earnings per share may be different from similar measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles and should be should be read in conjunction with the 2013 10-K. Adjusted EBITDA and Non-GAAP diluted earnings per share, as well as a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measures, are presented below.

                                                               Year Ended December 31, 2013
                               First Quarter       Second Quarter      Third Quarter       Fourth Quarter       Fiscal Year
Operating income (loss)       $    (3,836,315 )   $      5,830,412     $   (8,027,062 )   $         52,437     $  (5,980,528 )
Depreciation and
amortization                        2,465,667            2,648,396          3,880,431            4,669,365        13,663,859
Stock-based compensation
expense                               973,193            1,080,913            982,082            1,696,843         4,733,031
Change in fair value of
contingent consideration              608,832           (1,649,389 )      (29,627,005 )           (663,005 )     (31,330,567 )
Payments to former owner of
Productions Graphics, net
of cash recovered                   6,308,660           (2,521,635 )         (910,811 )           (252,156 )       2,624,059
Goodwill impairment charge                  -                    -         37,908,000                    -        37,908,000
Restructuring and asset
write down charges                          -                    -          4,321,862                    -         4,321,862
Legal fees in connection
with patent infringement
defense                               245,340              506,880            209,075                    -           961,295
Adjusted EBITDA               $     6,765,377     $      5,895,577     $    8,736,572     $      5,503,484     $  26,901,011




                                                               Year Ended December 31, 2012
                               First Quarter       Second Quarter       Third Quarter       Fourth Quarter       Fiscal Year
Operating income              $     6,947,361     $      6,212,101     $     6,630,234     $     25,959,085     $  45,748,781
Depreciation and
amortization                        2,444,096            2,936,981           2,696,255            2,713,120        10,790,452
Stock-based compensation
expense                             1,047,645            1,403,729             719,699            3,021,797         6,192,870
Change in fair value of
contingent consideration              200,141              266,544             330,791          (28,486,250 )     (27,688,774 )
Preference claim settlement
charge                                      -                    -                   -            1,099,386         1,099,386
VAT settlement charge                       -                    -                   -            1,485,088         1,485,088
Payments to former owner of
Productions Graphics, net
of cash recovered                  (1,410,979 )          1,004,253              (4,355 )                  -          (411,082 )
Adjusted EBITDA               $     9,228,264     $     11,823,608     $    10,372,624     $      5,792,226     $  37,216,721




                                                               Year Ended December 31, 2013
                               First Quarter       Second Quarter      Third Quarter       Fourth Quarter       Fiscal Year
Net income (loss)             $    (2,801,274 )   $      3,675,521     $   (9,066,070 )   $       (468,526 )   $  (8,660,349 )
Change in fair value of
contingent consideration,
net of tax                            645,020           (1,202,166 )      (28,489,495 )           (610,877 )     (29,657,518 )
Payments to former owner of
Productions Graphics, net
of cash recovered, net of
tax                                 4,169,056           (1,746,673 )         (630,896 )           (174,662 )       1,616,825
Goodwill impairment charge                  -                    -         37,908,000                    -        37,908,000
Restructuring and asset
write down charges, net of
tax                                         -                    -          2,614,726                    -         2,614,726
Legal fees in connection
with patent infringement
defense, net of tax                   159,520              329,573            135,941                    -           625,034
Adjusted net income (loss)          2,172,322            1,056,256          2,472,206           (1,254,065 )       4,446,719

Weighted average shares
outstanding, diluted               52,006,801           51,965,539         52,217,066           52,125,182        50,875,131

Adjusted Diluted EPS          $          0.04     $           0.02     $         0.05     $          (0.02 )   $        0.09




                                                               Year Ended December 31, 2012
                               First Quarter       Second Quarter       Third Quarter       Fourth Quarter       Fiscal Year
Net income                    $     4,429,214     $      3,773,824     $     4,303,494     $     26,287,490     $  38,794,022
Change in fair value of
contingent consideration,
net of tax                            174,694              204,991             370,163          (28,458,372 )     (27,708,524 )
Preference claim settlement
charge, net of tax                          -                    -                   -              668,449           668,449
VAT settlement charge, net
of tax                                      -                    -                   -            1,121,241         1,121,241
Payments to former owner of
Productions Graphics, net
of cash recovered, net of
tax                                (1,000,402 )            665,766              (3,040 )                  -          (337,676 )
Adjusted net income (loss)          3,603,507            4,644,581           4,670,617             (381,192 )      12,537,513

Weighted average shares
outstanding, diluted               52,006,801           51,965,539          52,217,066           51,612,009        51,240,076

Adjusted Diluted EPS          $          0.07     $           0.09     $          0.09     $          (0.01 )   $        0.24

*The information furnished under Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

  Add INWK to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for INWK - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.