InnerWorkings Inc. (NASDAQ:INWK) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 05:00 pm ET


InnerWorkings Inc. (NASDAQ:INWK) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the InnerWorkings' quarterly earnings call. [Operator Instructions]

I'd now like to hand the conference over to your speaker today, Bridget Freas. Thank you. Please go ahead, ma'am.

Bridget Freas

Good afternoon, and welcome to our third quarter 2019 earnings call. Joining me on the call today are Rich Stoddart, our Chief Executive Officer; and Don Pearson, our Chief Financial Officer. We issued a press release with additional information earlier today, which is available on our website,

Please note, this call will include forward-looking statements relating 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. Additional information concerning these risks, uncertainties and assumptions is contained in our SEC filings, including the Risk Factors section contained in our most recent Form 10-K. Any forward-looking statements represent our views only as of today and should not be relied upon as of any subsequent date.

This call will discuss, among other financial performance measures, adjusted EBITDA and adjusted diluted earnings per share. Please refer to the Company's earnings release issued today for a reconciliation of these non-GAAP measures to the most comparable GAAP measures. This call is intended for investors and analysts and may not be reproduced in the media in whole or in part without our prior consent.

I'll now turn it over to Rich.

Rich Stoddart

Good afternoon, and thank you for joining us. Our third quarter results continued to reflect consistent progress on our Top 3 priorities for 2019; lowering our costs, operational excellence, and profitable growth. We've realized further benefits from our cost reduction plans while continuing to provide excellent service to our clients. Our adjusted EBITDA expectations for the full year are on track, and we're continuing to win additional work with new and existing clients.

At $142 million of revenue at full run rate, we've set a new annual record for new business signings with nearly two months still left in the year. All of these wins represent high-quality revenue, which is a direct result of the new deal review process we put in place this year. I'd like to first share some color with you on the early days of onboarding the two largest new wins awarded earlier in the year. Last quarter, we told you about a new five-year agreement with a global sportswear company we've long served in the retail environment. Key implementation deliverables for this new engagement are on schedule. We've taken on 72 projects across 10 channels in the last 45 days.

We've introduced five new programs to this client, including digital activations and influencer marketing, and we're in the process of wire framing two new technology modules for integrated project management, which will provide transformative efficiency to the client's visual merchandising platform. While revenue from this implementation has