InnerWorkings Reports Preliminary Select First Quarter Results
Gross profit increased 2%; SG&A declined 8%
Preliminary First Quarter 2020 Results
Gross revenue was
$261.4 millionin the first quarter, compared with $267.2 millionin the first quarter of 2019.
Gross profit was
$63.4 million, or 24.3% of gross revenue, in the quarter, a 2% increase compared to $62.0 million, or 23.2% of gross revenue, in the first quarter of 2019.
Selling, general and administrative expenses were
$51.5 millionin the quarter, a decrease of 8% compared to $55.8 millionin the first quarter of 2019.
“Our global employee base has rallied together to safely support our clients through these challenging times and I’d like to thank them all for their commitment to ensuring the health and safety of our team, our customers, and the communities in which we do business,” said
Cash and Liquidity
Cash and cash equivalents totaled
As a result of the uncertainty around the duration of the COVID-19 pandemic and its impact on the business, the Company is withdrawing its 2020 guidance.
“Visibility in the current environment is low, but we are encouraged by the conversations we’re having with our clients, who represent many of the world’s largest and most well-known brands,” said
Earnings Release and Conference Call Schedule
Due to impacts from the COVID-19 pandemic,
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. 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. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our
The preliminary financial data and other information included in this press release is subject to the completion of the Company’s financial closing procedures, any adjustments or revisions that may result from the completion of the quarterly review and other developments that may arise between the date of this press release and the time the financial results for the first quarter are finalized. Therefore, this data represents management estimates that constitute forward-looking statements subject to risks and uncertainties. As a result, the preliminary financial data and other information described above may materially differ from the actual results that will be reflected in the Company’s consolidated financial statements for the quarter when they are completed and publicly disclosed. In addition, preliminary results for the first quarter are not necessarily indicative of operating results for any future quarter or results for the full year.