InnerWorkings, Inc. Q1 2010 Earnings Call Transcript

May. 6.10 | About: InnerWorkings, Inc. (INWK)

InnerWorkings, Inc. (NASDAQ:INWK)

Q1 2010 Earnings Call

May 6, 2010 5:30 pm ET

Executives

Joseph Busky – Chief Financial Officer

Eric Belcher – Chief Executive Officer

Analysts

George Sutton - Craig-Hallum Capital

Vance Edelson - Morgan Stanley

Kevin Steinke - Barrington Research

Jeff Blaeser - Morgan Joseph & Co. Inc.

Nathan Brochmann - William Blair & Company, L.L.C.

[Sondeep Swadia] for Youssef Squali - Jefferies & Co.

Operator

Ladies and gentlemen, welcome to your InnerWorkings, Incorporated quarterly earnings call. (Operator Instructions) And now it’s my pleasure to announce your host, Joe Busky.

Joseph Busky

Thanks John. Good afternoon everyone and thank you for joining us on our first quarter 2010 earnings call. This is Joe Busky and I am the Chief Financial Officer at InnerWorkings. As usual, joining me on the call today is our Chief Executive Officer, Eric Belcher.

Before we begin I’d like to note that this call will include forward-looking statements related to future results that are made pursuant to the Safe Harbor provisions of the Federal Securities laws. These statements are subject to a variety of risks, uncertainties and assumptions that may cause actual results to differ materially from those stated or implied by the forward-looking statements. Any forward-looking statements represent our views only as of today, and should not be relied upon as representing our views as of any subsequent date. Listeners to the call are advised to review our SEC filings, including the risk factors contained in our most recent Form 10-K.

This call will discuss, among other financial performance measures, adjusted EBITDA which is a non-GAAP financial performance measure. Please refer to the company’s first quarter earnings release, issued earlier today, for a reconciliation of adjusted GAAP to operating income. And please note that this call is intended for investors and analysts, and may not be reproduced in the media or in part without our prior consent.

And now at this time I’ll spend a few minutes on our financial results, and then Eric will highlight some of our achievements for the quarter and finally we’ll finish with your questions.

Our revenues for the first quarter were $112.2 million. Compared to the first quarter of 2009, revenue increased 19%. This increase was attributable to a $16 million or 17% of new account growth from 2009 wins, and same customer organic growth of 2%. The 2% increase in same customer spend is spread evenly across our two sales channels of enterprise and transactional. Our same customer revenue improved significantly from the 25% decline we experienced in 2009, and we are extremely encouraged by this increase in revenue versus Q1 last year, and regard it as a positive sign that the credit industries are turning to health.

We firmly believe that this continued execution of our strategy will drive sustained improvement in our top line results in 2010 and beyond. And for the first time in the company’s history, our Q1 revenue has exceeded the previous Q4 revenue which has historically been the strongest quarter for InnerWorkings from a seasonality standpoint. This sequential revenue increase is a reflection of our new approach to landing and ramping enterprise accounts. And in addition, many of our recent enterprise wins yield greater impact in the first half of the year versus the second half. For example, Scotts Miracle-Gro has heavy spring season mailings and SKYY Spirits has summer promotional materials such as retail displays that are largely produced and shipped in the first half of the year. These and other new enterprise wins are slightly impacting the company’s historical seasonality pattern. Going forward, based on our internal projections, we expect that revenue growth will be distributed somewhat more evenly throughout this year than was the case in previous years.

In the quarter we added seven new enterprise clients and these wins bring our total number of enterprise clients to 179 versus 150 at the end of Q1, 2009. Enterprise accounts represented 70% of total revenue and transactional sales represented 30% during the quarter versus a 65/35 enterprise, transactional split in the first quarter of ’09.

Reported gross profit for the quarter was $26.9 million and reported gross margin was 24% versus $23 million and 24.4% Q1 of ’09. The 40 basis point year-over-year decline in gross margin is attributable to the heavier mix of enterprise sales in the current quarter.

Our SG&A as a percentage of revenue continues to show improvement as it declined 230 basis points versus the first quarter of ’09. Our SG&A was $22 million in the quarter, an increase of $1.4 million versus the first quarter of ’09. And of course the majority of this dollar increase from the first quarter of ’09 to the first quarter of 2010 is due to higher sales expense on the 19% increase in sales. SG&A expense and SG&A expense as a percentage of revenue did increase sequentially versus the fourth quarter of ’09 by $1.4 million and 50 basis points, with the dollar increase due to sales expense on higher sales in the quarter, the ending of temporary furlough and management compensation cuts in ’09 and the normal Q1 versus Q4 increase in the company’s FICA and Medicare expense.

Our reported diluted earnings per share for the quarter were $0.05 versus $0.01 in the first quarter of ’09. This EPS figure includes a gain of approximately $0.01 from the sale of Echo’s stock, and remember I stated previous our sales of the Echo stock will be dollar cost averaged over time.

Adjusted EBITDA, which is EBITDA excluding stock-based compensation, increased 67% from $3.3 million in Q1 ’09 to $5.5 million in Q1 2010. And our EBITDA margins as a percent of revenue increased 140 basis points during that same period.

Switching to liquidity and our balance sheet, we generated $4.2 million of operating cash flow in the quarter. This is slightly more than operating cash flow for the fourth quarter of ’09 and represents a decrease from the first quarter of ’09, when we generated $7.7 million of operating cash flow.

Our debt level at the end of the first quarter was the same as at the end of ’09, that is, $46.5 million of gross debt on our $75 million revolving credit facility. This gross debt is offset by $27.4 million in cash and short term investments, which is comprised of $7.4 million of cash on hand, $13 million of the auction rate securities that we will redeem at par in June per our rights agreement with UBS, and $7 million of our investment in Echo Global Logistics.

Now before I turn the call over to Eric, I want to reiterate that my top initiative for 2010 is improving InnerWorkings return on invested capital. We will accomplish this in part by continuing to improve our SG&A as a percentage of revenue, and improving the cash flow from working capital and increasing the utilization of our certified vendors which increases our early pay discounts.

And with that, I will now turn the call over to Eric, our CEO.

Eric Belcher

Thanks Joe, and welcome to everyone joining us this afternoon. I’ll begin with some prepared remarks and then we’ll open up the call for your questions.

As we enter 2010, we’ve seen an uptick in our clients’ prints spends. This improvement has been consistent with our expectations and, we believe, is a positive comment on the long-term health of our end markets. As Joe discussed, the increase in same customer spend helped us deliver strong results for the quarter, but our results this quarter are not simply a reflection of an improving macroeconomic environment. We’re beginning to reap the benefits of our new strategy and its daily execution.

InnerWorkings has created a powerful new business model within the print industry that enables us to deliver an unrivaled solution and value proposition for our clients. As more and more businesses adopt the outsourced print management model, we feel very confident that InnerWorkings is well positioned to become the dominant global provider in this space.

Now we saw strong first quarter results across the board, starting with the 19% year-over-year increase in revenue. Our revenue from enterprise accounts was $78.5 million in the quarter, an increase of 28% from the first quarter of 2009. Our seven new enterprise wins this quarter included clients such as Hertz, SiriusXM and Junior Achievement. This number of new contracts is consistent with our goal of signing six to eight new enterprise clients per quarter, and we expect to continue at a similar pace throughout 2010.

In fact, just after the quarter closed we landed an additional large enterprise contract with Advance Auto Parts, a major automotive, after market retailer with more than 3,400 stores. Moving forward, our experienced business development professionals will be increasingly introducing our sophisticated BPO solution to larger corporations with correspondingly significant print spends.

In conjunction with our expanding enterprise relationships, we added seven new full time employees on site at client locations during the first quarter. This brings the total number of InnerWorkings employees working on site to 84 versus 55 at the end of the first quarter of 2009.

In terms of transactional sales, we generated $33.8 million in revenue for the quarter, an increase of 2.5% over the first quarter of 2009. As a reminder, there are three components of our new growth strategy with respect to the transactional side of the business, our independent print broker recruiting initiative; our inside sales division; and our new Internet sales platform. All three are up and running, and are progressing as expected. As we’ve discussed before, these initiatives are being largely self funded and are developing at a pace commensurate with this disciplined approach. While they remain in their early stages, the building blocks have been put in place and we expect meaningful revenue and profit contributions from each of them in the future.

Now while we’re pleased with our first quarter results, the company continues to be highly focused on the bigger picture. We fully expect to become a multi-billion dollar a year company, and here’s how we intend to get there. As you’re all aware, InnerWorkings is a technology driven, B2B services provider with a simple yet very effective and focused solution. We buy a wide range of printed products for clients of all sizes and across virtually every industry. Our proprietary technology, our data advantage and our talented professionals enable us to source better, we believe, than anyone else in the world.

The print market that we serve remains huge, over $100 billion a year in the U.S. alone and we believe that will remain a massive but fragmented market in the years ahead and for decades to come. When we add to this environment our new go-to-market strategy, our opportunity as a company becomes clear. In the past, we focused predominantly on a single growth driver at a time, be it transactional sales, enterprise contracts or M&A. As we’ve articulated on several occasions, our new strategy brings all three areas together into a single, coordinated growth engine for the company.

We’re now attacking the market from every conceivable angle. We have strong offerings for large corporations, as well as small to mid-size businesses; companies that spend $100 million per year on print and those spending $20,000 a year; for profit entities and not-for-profit organizations; companies across every industry; consumer packaged goods, financial services, healthcare and many others. We’re now aggressively marketing to all of these customers simultaneously and across every available channel in person, over the web and over the phone. And this approach will not dilute our focus or our resources. This strategy is about improving the way in which we attack the market opportunity and the speed at which we’re exploiting our early lead in the space. It has little impact on the business from an operational standpoint as the solutions we’re delivering and the products we’re sourcing are similar, regardless of the client.

Now on the product front, the portfolio of categories that we procure for our clients includes more than 60 different types of printed products. We believe that two of these categories in particular, packaging and labels, provide a significant opportunity for the company, both in terms of market need and the fact that they are two of the least cyclical categories in which we operate. We intend to aggressively grow these segments over the course of the next business cycle.

With respect to M&A, we’ve indicated that it remains an important part of our overall strategy, and we continue to look at opportunities to add complementary businesses to InnerWorkings. We remain one of the only credible buyers in a buyers’ market and we believe this positions us well to capitalize on specific opportunities as they arise.

Now as I mentioned earlier, we believe that we’re the best in the world at delivering print procurement as an outsourced service and our rapid growth and our current position as the leader in this space helps us come to that conclusion. We’re pleased to announce that we’ve recently established a partnership with IBM that further validates InnerWorkings market leadership. Now while IBM is the world leader in business process outsourcing, they have not developed a deep proficiency in print management. Instead of creating their own practice, they’ve decided to market with the best-in-class provider in North America to deliver these services for their customers. We’ve already begun supporting some of their clients and there’s no doubt that the relationship has the potential to expand.

One final point, I’d like to thank our entire team for all of their hard work and dedication. We have an impressive organization and I’m proud to be affiliated with all of my colleagues. The energy level at the company today is obviously strong. We’ve got real momentum in the marketplace and we’re all excited about where we are as a company. And everyone here is well aware of the fact that we’re revolutionizing one of the oldest and largest manufacturing supply chains in the world. We look forward to continuing to work diligently over the coming months and years to increase shareholder value.

Operator, we’d like to open it up for questions now please.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from George Sutton - Craig-Hallum Capital.

George Sutton - Craig-Hallum Capital

I’m obviously going to focus on what you slipped in at the end, your new partnership with IBM. Congratulations on that. Can you walk through how that effort works? Obviously they’re out looking for fairly significant BPO opportunities that I would assume in many cases include print. Is that how you’re going to market with them?

Eric Belcher

That’s right, George. They’re in the business of assisting their clients in bringing best-in-class providers along a number of categories of their supply chain, direct and indirect. And in some cases, not all, print becomes an important component of the services that they provide their clients. And so when those opportunities arise in North America, they’ve made the decision to turn to us.

George Sutton - Craig-Hallum Capital

I would assume within their massive portfolio they have some deals that have already been struck that do include some print. Are there any opportunities you might see along those lines?

Eric Belcher

George, I’m not sure I completely understand your question.

George Sutton - Craig-Hallum Capital

So they have obviously a lot of companies they’ve already signed BPO deals with that likely in some cases include print, or existing customers where they could easily add print. Do you see those kinds of opportunities or is it more of a combined effort going forward?

Eric Belcher

Oh I see. No, we mentioned on the call that we’ve already begun working with several of their clients. And those are longstanding, existing clients of IBM where they’ve not had the opportunity to help drive excess cost out of the print supply chain prior to their partnership with us. So it’s already an active relationship and looking forward, both existing clients they have as well as new clients that I believe they hope to bring on would be potential opportunities for InnerWorkings.

George Sutton - Craig-Hallum Capital

You also mentioned earlier on the call that you are the dominant global provider of print outsourcing, and obviously we haven’t heard much lately about your non-U.S. business. Could you update us on that and how does this IBM relationship fit into that?

Eric Belcher

Right now our non-U.S. business is primarily in the United Kingdom, and believe it or not, with just two markets, the U.S. and the UK market, that makes us one of the most international providers in the print management space. We have recently brought on a number of clients that have needs in Western Europe and in Asia, and we’re in active discussions with them about how we might be able to support their businesses globally. So our approach to the international marketplace is that we’re going to be sensible and disciplined. We’ll most likely grow around the globe over time and with existing clients, where the relationship began in North America, but we are primarily focused in the U.S. and the UK marketplace where we have a reputation established and a very large market opportunity in front of us.

George Sutton - Craig-Hallum Capital

You had suggested going into the year that your customers were telling you to expect flat to just modestly higher organic growth this year from those accounts. Are you hearing anything different from those customers at this point?

Joseph Busky

No, we are not hearing anything different at this point. Our conversations with our customers are still indicating that for the full year 2010, we’re looking at a 0% to 5% same customer growth.

Operator

Your next question comes from Vance Edelson - Morgan Stanley.

Vance Edelson - Morgan Stanley

I’ll start with a follow up on the last question. You know, given the perceived improvement in the economy that’s pretty widespread, at least domestically over the past two or three months, are you saying there’s no more optimism now than there was back at the start of the year on the part of your customers? Or are they seeing any signs of green shoots or anything else that would indicate they’re a bit more upbeat?

Eric Belcher

Well, Vance, I think there is more optimism within our client base today, and more specifically to us an expectation of continued improvements in marketing spend and print spend. That said, as Joe mentioned we’re not expecting anything beyond perhaps a flat, organic, same customer sale year-over-year. The fact that we picked up a couple of percent this quarter is nice. Certainly there’s upside, but downside as well. So there’s optimism out there, but we’re focused on executing a strategy independent of how much the macroeconomic conditions help us.

Vance Edelson - Morgan Stanley

Any update on how quickly enterprise customers that are being signed are going to contribute? If I remember correctly that can be six to nine months. Is that the right way to think about it?

Joseph Busky

Vance, we have in 2009 we started new processes for ramping our enterprise accounts and we’ve had great success there. But it still takes time. There’s a typical one to two month implementation period after the signing of the contract for the ramp up of that contract. And then obviously it takes a full 12 months to get to the full run rate of that revenue.

Vance Edelson - Morgan Stanley

And one kind of housekeeping question, the number of transactional customers, I don’t remember getting an update for maybe a quarter or two on that. Is that still hovering around 3,000?

Eric Belcher

Yes. Exactly. It’s right around 3,000.

Vance Edelson - Morgan Stanley

For you, Joe, any thoughts on the line of credit and then the optimal amount of debt to carry? For a while you had no debt whatsoever. Would you like to get back to that position or do you think this is a prudent amount of debt to have on the balance sheet?

Joseph Busky

I believe that the amount of debt should be in the 1.5 to 2 times EBITDA on a gross basis, and about 1 times on a net basis, which is about where we’ve been for the last 5 quarters. So there’ll be no big changes in the amount of debt we’re carrying.

Operator

Your next question comes from Kevin Steinke - Barrington Research.

Kevin Steinke - Barrington Research

Joe, you talked about at the beginning of the call having less muted seasonality due to the ramp up of enterprise clients, and I know that you mentioned at the investor day that you still expected modest sequential revenue increases throughout the year but just flatter than historically. Is that still the case on how you expect the year to play out?

Joseph Busky

Right Kevin. The success we’ve had with signing and ramping the new enterprise accounts and the nature of the recent enterprise account wins, which have more first half activity versus second half than previous enterprise wins will cause our revenue growth to be more moderated throughout the year, as opposed to the previous year ends where we would typically see more of a hockey stick spike in Q4. So that sequential Q4 to Q1 drop that we’ve always seen didn’t happen this year. We actually went up from sequentially Q4 to Q1, so the revenue growth will be more moderated throughout the quarters.

Kevin Steinke - Barrington Research

Right, but still probably some modest sequential increases quarter-to-quarter as the year progresses?

Joseph Busky

Correct. Right.

Kevin Steinke - Barrington Research

And you talked about your transactional growth initiatives. Is it still the case that those are really still in development phase and you don’t expect them to contribute much revenue this year? Or any more color? Have there been any initial sales made at all on the tele-sales or the e-commerce or anything like that?

Joseph Busky

The transactional growth initial projects are progressing well and are achieving our expectations, but they are in the early stages, and it is a little too early for us to provide any financial guidance around those.

Operator

Your next question comes from Jeff Blaeser - Morgan Joseph & Co. Inc.

Jeff Blaeser - Morgan Joseph & Co. Inc.

With a little bit more, I guess, flattish or comparable sales do we expect similar operating cost lines, D&A and SG&A going forward?

Eric Belcher

Yes, I don’t expect big changes there, Jeff. That’s fair.

Jeff Blaeser - Morgan Joseph & Co. Inc.

How much of a lead time you mentioned that your customers still expect, you know, flat to modest expansion. How much lead time do they need to give you before that optimism could change from your customer base if the economy keeps turning upwards?

Eric Belcher

Well, there are complex projects that require the design, development and sourcing, particularly those purchased out of Asia, months in advance. But there are also projects which can come to life and actually be shipped within a matter of days. So things can change fairly rapidly in our environment, though the major campaigns are all well planned out in advance.

Jeff Blaeser - Morgan Joseph & Co. Inc.

And finally, with your agreement with IBM, does that have any pricing impact of businesses generated through that?

Joseph Busky

No, the economics of our relationship with IBM are very similar to the economics of our overall enterprise business.

Operator

Your next question comes from Nathan Brochmann - William Blair & Company, L.L.C.

Nathan Brochmann - William Blair & Company, L.L.C.

I wanted to talk a little bit more about what you are seeing in terms of at least trends maybe throughout the quarter on a month-to-month basis on some of the same customer, if both of you could talk about it in terms of same enterprise customer and also same transactional customers.

Joseph Busky

You know, Nate, I don’t know if there’s any additional color to add there. You know we are seeing the same customer spend returning nicely and we do think it’s indicative of the returning health of the economy. And you know we think its going to bode well for us for this full year, but its going to be in that 0 to 5% range for the full year.

Nathan Brochmann - William Blair & Company, L.L.C.

And then maybe if you could talk about the pipeline of new enterprise customers in terms of how that’s looking and whether the discussions are heating up a little bit with the economy getting better.

Eric Belcher

Our enterprise pipeline’s been strong for quite some time and it’s as strong today as it’s ever been. We’re in a number of discussions right now that are very interesting. The one trend that we noted in the call and I’ll repeat right now is that we’re increasingly speaking with larger and larger corporations about a correspondingly larger print spend that we would manage on their behalf, which is part of the natural progression of our company and the growth that we’ve experienced over the past few years.

Nathan Brochmann - William Blair & Company, L.L.C.

Can you also talk about some of the new transactional customers that might be coming on, not as a part of three specific efforts but that are just gravitating either that might have been former transactional customers before the downturn? Could you talk about whether you’re seeing any of that kind of pop up?

Eric Belcher

Are you asking in terms of new transactional customers that we’re adding?

Nathan Brochmann - William Blair & Company, L.L.C.

Yes, or just the transactional customers that you might have had a couple of years ago that fell away because of the economy and might be coming back to you in terms of folks that you might have done business with in the past.

Eric Belcher

Well, there is some element of a return of customer spend within the transactional market, including us adding some customers. There was a dip in the number of customers we served throughout the recession for the reasons you just mentioned. However, on the transactional front, the headline there is that we really do have several new, very exciting methods of penetrating the transactional marketplace, which is the real key. It’s touching a larger number of prospective clients by an exponential factor than we’ve ever been able to do in the past. And that’s what we would suggest you think of when you think of our transactional business going forward.

Nathan Brochmann - William Blair & Company, L.L.C.

And then just two real quick housekeeping notes. Could you give the exact dollar gain from the Echo deal?

Joseph Busky

Yes. It was $723,000.

Nathan Brochmann - William Blair & Company, L.L.C.

And then just some of the clients or business that you might get from the IBM partnership, do you anticipate that those would fall under the enterprise or under transactional?

Eric Belcher

Exclusively enterprise.

Operator

Your next question comes from [Sondeep Swadia] for Youssef Squali - Jefferies & Co.

[Sondeep Swadia] at Youssef Squali - Jefferies & Co.

Let me probably rephrase the previous IBM question. So can you give us a little more color on what’s the nature of the relationship? Is it an exclusive relationship? Is it just referral based or is it more strategic in nature? And one would think that you will be able to enjoy faster ramp and/or better channel access within the IBM ecosystem. So can you help us quantify the impact from the deal? What level of incremental revenue would you expect?

Eric Belcher

Well, Sondeep, we’re not in a position to be able to quantify the impact of the relationship. I would characterize the relationship as strategic in nature and I think your observations about the pace at which we might be able to bring new major enterprise clients on board and working with IBM is a good observation. I do think we would expect to see a slightly quicker period of time from introduction to revenue.

[Sondeep Swadia] at Youssef Squali - Jefferies & Co.

But at this current moment, the guidance doesn’t include any of that impact I would assume?

Joseph Busky

Right. The guidance that we put out includes the impact of the revenue growth through the 2009 accounts.

[Sondeep Swadia] at Youssef Squali - Jefferies & Co.

Is this relationship exclusive?

Eric Belcher

No.

[Sondeep Swadia] at Youssef Squali - Jefferies & Co.

Just as a second question just regarding the guidance again, so you talked about $60 million of upside from ’09 customers and 2% organic growth, so what’s baked into your guidance now? Have any of the underlying assumptions that you walked us through at your analyst day, have they changed since the time you talked about it?

Joseph Busky

Sandeep, the guidance that we put out in February anticipated $50 million of new revenue from 2009 accounts with the assumption that any accounts that we would add in 2010 would not add significant revenue to the year. Because typically there is that, as I said earlier on the call, there’s that implementation period and then there’s the ramp up until you get the full run rate of the revenue.

[Sondeep Swadia] at Youssef Squali - Jefferies & Co.

And then, what kind of organic growth are you baking into your guidance?

Joseph Busky

Well we talked about a same customer spend range of negative 2.5% up to 5% growth, and with the 0 to 5% being the most likely range and if it were to drop towards that 2.5% decline in same customer spend, we’d have to see some negative step change in the economy for that to happen. But I built it into the range nonetheless.

Operator

Okay. Thank you. This is all the time we have allotted for questions today. At this time ladies and gentlemen your conference has concluded. You may now disconnect and have a great day.

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