InnerWorkings Announces Fourth Quarter and Full-Year 2018 Results
Summary
CHICAGO--( BUSINESS WIRE )-- InnerWorkings, Inc. (NASDAQ: INWK), the leading global marketing execution firm, today announced financial results for the three and twelve months ended December 31, 2018. The 2019 multi-year agreements span across five clients, including an expansion with global premium spirits producer Beam Suntory and a new engagement with one of the worlds top commercial and retail banks. As a comprehensive outsourced enterprise solution, the Company leverages proprietary technology, an extensive supplier network and deep domain expertise to streamline the production of branded materials and retail experiences across geographies and formats. InnerWorkings serves many industries, including: retail, financial services, hospitality, consumer packaged goods, nonprofit, healthcare, food & beverage, broadcasting & cable, automotive, and transportation. Condensed Consolidated Statements of Operations(In thousands, except per share data)Three Months EndedTwelve Months EndedDecember 31,December 31,2018201720182017 (unaudited) (as restated) (unaudited) Revenue $ 294,195 $ 305,367 $ 1,121,551 $ 1,138,361 Cost of goods sold 234,077 236,580 866,453 862,903 Gross profit 60,118 68,787 255,098 275,458 Operating expenses: Selling, general and administrative expenses 61,651 61,398 237,963 227,253 Depreciation and amortization 2,551 3,987 12,988 13,390 Change in fair value of contingent consideration — — — 677 Goodwill impairment charge 19,574 — 47,461 — Intangible and other asset impairments