InnerWorkings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reaffirms Earnings Guidance for the Year of 2018; Provides Earnings Guidance for the Year 2019
For the six months, the company announced revenue of $556,506,000 compared to $544,471,000 a year ago. Income from operations was $3,596,000 compared to $19,151,000 a year ago. Loss before income taxes was $807,000 compared to income of $15,768,000 a year ago. Net loss was $1,983,000 or $0.04 per diluted share compared to income of $10,052,000 or $0.18 per diluted share a year ago. Net cash provided by operating activities was $22,640,000 compared to net cash used in operating activities of $2,349,000 a year ago. Purchases of property and equipment were $5,490,000 compared to $7,024,000 a year ago. Non-GAAP adjusted EBITDA was $15,535,000 compared to $29,002,000 a year ago. Non-GAAP diluted loss per share were $0.01 compared to earnings per share of $0.20 a year ago. Adjusted net loss was $526,000 compared to income of $11,190,000 a year ago. Net debt position was $108.2 million as of June 30, 2018.
For the year 2018, the company reaffirmed its 2018 guidance for gross revenue at a range of $1.155 billion to $1.190 billion, representing growth of 1% to 4% compared to 2017. 2018 gross margin is expected to be approximately 24%. Non-GAAP adjusted EBITDA is expected to be between $50 million and $53 million in 2018. The Company forecasts 2018 non-GAAP diluted earnings per share to be $0.30 to $0.33.
For the year 2019, the company expects Including the benefits of the cost reduction plan mentioned above, the Company expects non-GAAP adjusted EBITDA to be between $65 million and $70 million in 2019, which reflects approximately 30% growth compared to its expectations for 2018.