InnerWorkings Inc
Annual Report 2010

Plain-text annual report

above & a n n u a l r e p o r t | t w o t h o u s a n d t e n In 2001, we started with a vision of changing the way print is purchased in corporate America…Today we’re revolutionizing the print supply chain around the world. driven 1 Innerworkings celebrates the contributions of our Ceo Circle award winners: From left to right: Karen Thalman, Debbie Samin, Neil Jacobs, Parrish Morgan, Ivy Simon, Catherine Iannuzzi, Craig Davies, Melissa Williamson, Stacy Saulters. Not pictured: Jim Pike, whom we remember fondly. 2 ambitious at a glance: 2010 Record Revenue (+20%) Total Employees Unique Data Records Network of Print Manufacturers 3 4 dedicated case studies 5 party CIty Challenge: Overseeing 800 party goods stores, 400 pop-up Halloween stores Leveraging this knowledge and InnerWorkings’ technology, which and manufacturing over 70% of its automated Party City’s quoting, own products, Party City manages a ordering, production, delivery and complex print and distribution network. invoicing processes, solutions were The printing processes employed by customized that resulted in a broadly Party City prior to 2009 adequately met more efficient allocation of spend. the Company’s needs, but an existing InnerWorkings provided Party City I believe today in business, a customer/vendor relationship can either be we talk about the nickels and dimes that we’re going to save or we can talk about a partnership. And with InnerWorkings, we have a win/win partnership.” InnerWorkings’ customer recommended with savings of more than $1 million that management try a different approach. in the first year of the relationship; Gerry rittenberg CEO, Party City solution: InnerWorkings’ onsite staff invested the time and energy to and as a result of this success, received an expanded scope of responsibility, and generated an additional $1 million understand Party City’s timetables, plus in cost savings in the second year branding and style guides. of the partnership. 6 InterContInental hotels Group Groupon Challenge: Operating hotels and resorts in approximately 100 countries around international assignments include the management of a global guest survey Challenge: Since Groupon’s inception in 2008 and meteoric rise as the fastest team by facilitating bulk purchasing, warehousing and rapid delivery of core the world, InterContinental Hotels Group program across 1,000 properties in Asia, growing company ever, according to print and promotional needs. Moreover, sought a best-in-class solution for all EMEA and Latin America. major spend categories as part of its ongoing procurement initiative across its global organization. solution: Leveraging global relationships and proprietary technology to customize solutions, InnerWorkings is managing print and fulfillment for InterContinental Hotels Group’s loyalty program, the world’s largest, with over 56 million members worldwide. Additional InnerWorkings has done a great job at navigating our organization, showing patience and resilience, and creating a lot of value.” lincoln Barrett Vice President, Guest Marketing & Alliances, InterContinental Hotels Group Forbes Magazine, its customer and InnerWorkings is engaged on the creative employee bases have grown in line with side, providing Groupon with ideas that the demand for its popular Daily Deals showcase Groupon’s brand as well as in more than 500 markets worldwide. strategies for prompt and cost-effective As a result, Groupon requires marketing sourcing, such as monogrammed materials to generate excitement and track suits to commemorate employ- establish local presence in those ees’ one-year anniversaries, highly markets as well as foster a collaborative and fun culture for its employees. flexible and versioned training manuals for its new hires and innovative solution: InnerWorkings has acted as an extension of Groupon’s marketing promotional products that support its frequent customer, merchant and recruiting events. 7 InnerWorkings is very easy to work with and always goes the extra mile to meet our needs.” andrew Mason Founder & CEO, Groupon 8 visionary technology is revolutionizing a massive, global manufacturing industry. about our ability to continue expanding Transforming an outdated global print this recurring revenue business for supply chain has been good for business! many years to come. Customers hungry for new solutions drove a 20% gain in the Company’s We are similarly driving success on the organic revenue in 2010. Transactional side, as we have taken aim at the extremely underserved fellow shareholders, InnerWorkings had a very strong 2010 and is charting an ambitious course for the future. As a pioneer of print management in middle market, which represents the U.S., we are a leader in an efficiency millions of small and medium-sized channel that leverages technology companies. Historically, we have to deliver cost savings to customers. competed in this market with the same The Company’s long-term growth and Additionally, the trend to outsource time-intensive “feet on the street” success are being driven by our: non-core business functions, such as salesperson model as everyone else. 1. Continued disruption of the growing. However, InnerWorkings is not introduced novel, innovative solutions antiquated print supply chain even close to being satisfied – we intend including our Inside & Internet 9 print procurement, is significant and However, beginning in early 2010, we 2. 3. Expanded global footprint Record-setting financial performance to shape and expand our success. This Sales team. Driven in large part by is why we have invested to multiply our success in reaching a younger our technology leadership. Today, our proprietary software, PPM4™, has over 1.7 million print records, equipment generation of print buyers comfortable with purchasing print over the phone and the web, we are projecting new Continued Disruption of the profiles with specs on thousands of growth in Transactional sales in 2011 Antiquated Print Supply Chain suppliers, and a host of functionality for the first time in several years. Print procurement has, for the sourcing for our clients. Continued on next page. that identifies more cost effective most part, been passed over by the innovation that has purged outdated We have had a great deal of success practices and eliminated inefficiencies in winning, expanding and retaining in much of the rest of the business world. As a result, InnerWorkings’ multi-year Enterprise contracts. InnerWorkings generated $28 million in command of information and disruptive revenue from new enterprise accounts in 2008, $50 million in 2009 and $60 million in 2010. We feel very confident Expanded Global Footprint Record-Setting Financial Performance 10 InnerWorkings has leveraged its U.K. In recent years, this partnership has enhanced scale and sophistication to secured simultaneous client contract service ever larger customers, which wins in the U.S. and the U.K. in turn has expanded our reach from a regional, to a national, and now, The success of that partnership to an international provider of print gave us the confidence to make an management. In an environment additional international acquisition in where clients are increasingly seeking February 2011, when we acquired international solutions, InnerWorkings is Chilean-based CPRO Services, the focused on becoming the most credible leading print management firm in global print management provider. Latin America. InnerWorkings initially expanded inter- Over the past ten years, CPRO incurred nationally in 2008 when we entered the the expense and put in the long hours In an environment where clients are increasingly seeking international solutions, InnerWorkings is focused on becoming the most credible global print management provider.” necessary to establish their extended platform, and is now transacting business in twelve Central and South American countries. Cross selling existing accounts across the Americas has already begun. InnerWorkings is in a great position to take advantage of the opportunities in the Latin American marketplace. Taken together with the clients we are supporting in Continental Europe and Asia, InnerWorkings is serving the global print management market. Our record results and strengthening we strive to reach our goal of becoming financial position were driven by a global multi-billion dollar business. execution against our long-term growth strategy and disciplined cost control. The progress the Company made in In 2010, revenue was a record $482 2010 could not have been done without million, representing organic growth of the support of our employees, our 20 percent compared with the previous shareholders, and our clients. Thank you year. Net income grew by 78 percent for the trust you put in InnerWorkings. to $11.2 million. Diluted earnings per share increased more than 84 percent My regards, to $0.24. These impressive results reflect strong momentum across the Company. InnerWorkings is playing a leading role in the modernization of a centuries old, massive, fragmented and inefficient print market by eliminating price inequality, taking advantage of excess manufacturing capacity and using our technology to buy print better than anyone else in the world. Given our current stage of development, we will continue to invest in the necessary people, processes and technology to support our growth and expansion as Eric Belcher, CEO & President 11 12 world-class consolidated financial highlights Driven primarily by enterprise sales, InnerWorkings achieved record organic revenue growth in 2010. Additionally, the Company’s tight capital discipline and prudent cost management generated significant year-over-year gains in Net Income and Diluted EPS. InnerWorkings achieved strong financial results in 2010 while at the same time investing in the future growth of the Company. The following consolidated selected financial data has been derived from, and should be read in conjunction with, the related consolidated financial statements, either elsewhere in this report or in reports we have previously filed with the SEC. revenue 2010 2009 $482.2MM $400.4MM net InCoMe $11.2MM 2010 $6.3MM 2009 dIluted eps $0.24 2010 $0.13 2009 +20.4% 13 +77.7% +84.6% 14 remarkable our company We are a leading provider of managed print and promotional procurement solutions to corporate clients across a wide range of industries. We combine the talent of our employees with our proprietary technology, extensive supplier base and domain expertise to procure, manage and deliver printed products as part of a comprehensive outsourced enterprise solution. Our technology and database of information is designed to capitalize on excess manufacturing capacity and other inefficiencies in the traditional print supply chain to obtain favorable pricing and to deliver high-quality products and services for our clients. Our proprietary software applications and database, PPM4™, create a fully-integrated solution that stores, analyzes and tracks the production capabilities of our supplier network, as well as quote and price data for print procurement activity on an enterprise-wide basis provides our clients with greater visibility and control of their print expenditures. print jobs. As a result, we believe PPM4 contains one We generate revenue by procuring and purchasing printed of the largest independent repositories of equipment products from our suppliers and selling those products to profiles and price data for print suppliers in the United our clients. We procure printed products for clients across States. We leverage our technology to match our print a wide range of industries, such as advertising, consumer jobs with suppliers that are optimally suited to meet the products, publishing and retail. Our clients fall into two client’s needs at a highly competitive price. categories, enterprise and transactional. We enter into arrangements with our enterprise clients to provide some, Through our supplier base of over 8,400 suppliers, we or substantially all, of their printed products, typically offer a full range of print, fulfillment and logistics services on a recurring basis. We provide printed products to our that allow us to procure printed products on virtually transactional clients on an order-by-order basis.   any substrate. The breadth of our product offerings and services and the depth of our supplier network enable We were formed in 2001, commenced operations in 2002 us to fulfill all of the print procurement needs of our and converted from a limited liability company to a Delaware clients. By leveraging our technology platform and data, corporation in January 2006. Our corporate headquarters is our clients are able to reduce overhead costs, redeploy located in Chicago, Illinois. For the year ended December 31, internal resources and obtain favorable pricing and 2010, we served over 5,000 clients. We have increased our service terms. In addition, our ability to track individual revenue from $5.0 million in 2002 to $482.2 million in 2010, transactions and provide customized reports detailing representing a compound annual growth rate of 77.2%. 15         our products & services market information We offer a full range of print, fulfillment and logistics services in over 60 different print categories, Our common stock is listed and has been traded on the Nasdaq Global Market under the which allows us to procure printed products on virtually any substrate. The printed products we symbol “INWK” since August 16, 2006. Prior to that time there was no public market for our procure for our clients may be printed with any of the eight major types of printing, which include common stock. The following table sets forth the high and low sales prices for our common offset sheet-fed, web offset, digital offset, letterpress, screen printing, waterless, flexography and stock as reported by the Nasdaq Global Market for each of the periods listed. gravure, as well as several forms of specialty printing. We offer a comprehensive range of bank statements. We also provide industry standard of a “commercially 2009 High Low dIvIdends fulfillment and logistics services, such creative services, including copywriting, reasonable quality” and our suppliers as kitting and assembly, inventory graphics and website design, identity in turn agree to provide us with management and pre-sorting postage. work and marketing collateral devel- products of the same quality. The These services are often essential to the opment, and pre-media services, such quotes we execute with our clients 16 completion of the finished product. For as image and print-ready page include customary provisions that example, we assemble multi-level direct processing and proofing capabilities. limit the amount of our liability for mailings, insurance benefits packages product defects. To date, we have and coupons and promotional incentives We agree to provide our clients not experienced significant claims or that are included with credit card and with products that conform to the liabilities relating to defective products. Major produCts InClude: Annual Reports Apparel Bags Billboards Binders Booklets Brochures Catalogues CDs/DVDs Direct Mail Pieces Displays Envelopes Folders Games Magnets Newsletters Packaging Playing Cards Point-of-Purchase Postcards Posters Business & Automobile Wraps Gift Cards Promotional Products Calendars Labels Signage Shippers Stationery Stickers Store Fixtures Print On Demand First Quarter Second Quarter Third Quarter Fourth Quarter $6.94 $1.83 We currently do not intend to pay any dividends on our common stock. We intend $7.00 $3.90 to retain all available funds and any future earnings for use in the operation and $6.25 $4.05 expansion of our business. Any determination in the future to pay dividends will $6.58 $4.58 depend upon our financial condition, capital requirements, operating results and other factors deemed relevant by our board of directors, including any contractual or statutory restrictions on our ability to pay dividends. 17 2010 High Low First Quarter Second Quarter Third Quarter Fourth Quarter $7.45 $4.95 reCent sales of unreGIstered seCurItIes $7.73 $5.07 $7.58 $5.31 None. $7.15 $6.88 Issuer purChases of equIty seCurItIes None.   revenue performance InnerWorkings has increased its revenue from $5.0 million in 2002 to $482.2 in 2010, representing a compound annual growth rate of 77.2%. 18 ) s n o i l l i M $ ( e u n e v e r $500 $400 $300 $200 $100 $0 fy02 fy03 fy04 fy05 fy06 fy07 fy08 fy09 fy10 fy02 fy03 fy04 fy05 fy06 fy07 fy08 fy09 fy10 revenue ($ Millions) $5.0 $16.2 $38.9 $76.9 $160.5 $288.4 $419.0 $400.4 $482.2 consolidated statements of operations data Revenue Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation and amortization Income from operations Total other income (expense) Income before income taxes Income tax expense Net income Dividends on preferred shares Years ended December 31 2006 2007 2008 2009 2010 (in thousands, except per share amounts) $ 160,515 $ 288,431 $ 419,017 $ 400,447 $ 482,212 123,970 215,043 314,996 301,672 366,200 36,545 22,675 1,030 12,840 775 73,388 47,982 2,216 23,190 2,671 104,021 79,655 4,761 19,605 6,445 98,775 81,288 8,031 116,012 91,796 9,009 9,456 (439 ) 15,207 1,752 13,615 (5,335 ) 25,861 26,050 (3,357 ) (10,097 ) 9,017 (2,708 ) 16,959 (5,749 ) 8,280 (1,409 ) 22,504 15,953 — — 6,309 — 11,210 — 19 net income applicable to common stockholders $ 6,871 $ 22,504 $$ 15,953 $ 6,309 $ 11,210 Net income per share of common stock Basic Diluted Shares used in per share calculations Basic Diluted Reconciliation of Adjust EBITDA Income from Operations Depreciation & Amortization Stock Based Compensation Adjusted EBITDA Other data $ $ 0.22 0.21 $ $ 0.47 0.45 $ $ 0.34 0.32 $ $ 0.14 0.13 $ $ 0.25 0.24 31,712 39,372 47,459 49,964 47,137 49,141 45,535 47,157 12,840 23,190 19,605 1,030 562 2,216 1,061 4,761 2,193 9,456 8,031 2,482 45,704 47,582 15,207 9,009 3,148 $ 14,432 $ 26,467 $ 26,559 $ 19,969 $ 27,364 Employees and independent contractors 312 567 761 667 743 Table presents selected consolidated financial and other data as of and for the periods indicated as found in item 6 of our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com. Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com consolidated balance sheets assets deC. 31, 2009 deC. 31, 2010 lIaBIlItIes and stoCkholders’ equIty deC. 31, 2009 deC. 31, 2010 Current Assets Cash and cash equivalents Short-term investments Accounts receivable¹ Unbilled revenue Inventories Prepaid expenses Advances to related parties Deferred income taxes Other current assets Total current assets Property and equipment, net Intangibles and other assets Goodwill Intangible assets² Deposits Deferred income taxes Other assets total assets 20 $ 2,903,906 $ 5,259,272 23,541,199 4,284,614 72,565,814 85,654,403 20,189,900 24,626,558 8,749,266 11,399,560 36,458 — 9,674,961 9,836,486 93,191 307,396 7,355,447 6,739,093 146,741,550 146,475,974 10,833,712 9,887,004 77,905,703 93,476,206 24,364,784 23,058,774 445,575 6,540,933 325,799 435,154 5,899,620 692,048 109,582,794 123,561,802 $ 267,158,056 $ 279,924,780 Current Liabilities Accounts payable-trade Advances from related parties Current maturities of capital lease obligations Due to seller Customer deposits Other liabilities Deferred income taxes Income tax payable Accrued expenses Total current liabilities Revolving credit facility Capital lease obligations, less current maturities Other long-term liabilities Total liabilities Stockholders’ equity Common stock, par value $0.0001 per share³ Additional paid-in capital Treasury stock at cost Accumulated other comprehensive income Retained earnings Total stockholders’ equity total liabilities and stockholders’ equity $ 53,915,750 $ 55,604,566 56,940 117,582 1,725,000 3,145,329 6,025,494 1,014,372 — 4,633,203 166,259 21,069 560,000 414,050 2,966,671 — 3,586,841 5,618,739 70,633,670 68,938,195 46,384,586 47,400,000 19,506 7,140 3,070,278 3,395,346 120,108,040 119,740,681 456 461 170,330,891 174,537,524 (74,307,200 ) (74,307,200 ) 5,217,425 2,934,381 45,808,444 57,018,933 147,050,016 160,184,099 $ 267,158,056 $ 279,924,780 21 1. net of allowance for doubtful accounts of $4,634,848 and $3,610,977, respectively 2. net of accumulated amortization of $6,802,217 and $9,789,144, respectively 3. 45,628,685 and 46,092,291 shares were issued and outstanding as of December 31, 2009 and December 31, 2010, respectively Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com. Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com consolidated statements of cash flows Cash flows froM operatInG aCtIvItIes 2008 2009 2010 Cash flows froM InvestInG aCtIvItIes 2008 2009 2010 Years ended December 31 Years ended December 31 Net income $ 15,953,095 $ 6,309,458 $ 11,210,489 Adjustments to reconcile net income to net cash provided by operating activities 22 Deferred income taxes Stock compensation expense Depreciation and amortization Deferred financing amortization Reduction in contingent consideration Gain on sale of investment Excess tax benefit from stock options exercised Bad debt provision Change in assets, net of acquisitions Accounts receivable and unbilled revenue Inventories Prepaid expenses and other Change in liabilities, net of acquisitions Accounts payable Advances to (from) related parties Customer deposits Income tax payable Accrued expenses and other Net cash provided by operating activities ) (1,000,518 2,192,826 4,760,819 ) (526,574 3,100,696 2,481,159 8,030,772 196,365 801,406 3,148,619 9,008,514 259,806 — — ) (1,987,042 ) (6,098,159 ) (1,453,634 ) (746,259 ) (3,578,431 ) (21,080 ) (862,458 2,901,216 4,110,842 1,291,727 5,763,286 10,379,817 ) (21,385,688 431,414 ) (1,201,320 368,909 ) (5,208,731 ) (3,639,560 5,360,326 ) (9,188,905 ) (1,619,641 1,027,234 ) (66,498 ) (39,346 ) (4,411 52,586 ) (3,631,936 ) (2,731,279 — ) (9,007,997 2,463,202 2,284,071 12,093,119 14,201,861 3,586,841 1,171,476 8,352,524 Purchases of property and equipment Proceeds from sale of marketable securities Proceeds from sale of short-term investments Payments for acquisitions, net of cash acquired Net cash used in investing activities Cash flows froM fInanCInG aCtIvItIes Principal payments on capital lease obligations Payment of deferred financing costs ) (5,405,161 (7,165,423 ) ) (4,897,251 6,138,784 2,080,377 850,000 196,651 3,595,427 13,818,771 ) (48,252,227 ) (12,829,238 ) (16,699,623 ) (45,438,227 ) (18,948,010 ) (4,182,676 ) (165,760 (144,432 ) — — ) (106,693 ) (633,600 Net borrowings (repayments) from revolving credit facility and short-term debt 42,589,679 3,794,907 ) (2,098,107 Payments for share repurchase Issuance of shares Excess tax benefit from stock options exercised Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period ) (34,307,231 228,924 1,453,634 9,799,246 841,478 — 98,910 21,080 — 195,561 862,458 3,770,465 (1,780,381 ) (132,265 ) (34,101 ) ) (22,704,384 (1,107,949 ) 26,716,239 4,011,855 2,355,366 2,903,906 $ 4,011,855 $ 2,903,906 $ 5,259,272 23 Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com. Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com. consolidated statements of income Revenue Cost of goods sold Gross profit Operating expenses Years ended December 31 2008 2009 2010 $ 419,016,715 $ 400,447,044 $ 482,212,101 314,995,872 301,671,851 366,199,728 104,020,843 98,775,193 116,012,373 Selling, general, and administrative expenses Depreciation and amortization Income from operations 79,654,824 81,287,702 91,796,566 4,760,819 19,605,200 8,030,772 9,456,719 9,008,514 15,207,293 24 Other income (expense) Gain on sale of investment Interest income Interest expense Other, net Total other income (expense) Income before taxes Income tax expense net income Basic earnings per share Diluted earnings per share 6,098,159 853,902 746,259 411,688 3,578,431 150,506 ) (683,423 ) (1,281,654 ) (1,668,404 175,925 6,444,563 26,049,763 10,096,668 ) (315,497 ) (439,204 ) (308,531 1,752,002 9,017,515 16,959,295 2,708,057 5,748,806 $ 15,953,095 $ 6,309,458 $ 11,210,489 $ $ 0.34 0.32 $ $ 0.14 0.13 $ $ 0.25 0.24 Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are available in our 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.inwk.com. eric p. lefkofsky Founder of InnerWorkings, Echo Global Logistics (transportation management outsourcing), MediaBank (media buying and analytics), and Groupon (social commerce site) john r. walter Chairman of Ashlin Management Company (private investments); Retired Chairman, President and Chief Executive Officer of RR Donnelley & Sons Company (global printing company) linda s. wolf Retired Chairman and Chief Executive Officer of Leo Burnett Worldwide (global advertising agency) CoMMIttees audit Committee Charles K. Bobrinskoy (Chair) Sharyar Baradaran Peter J. Barris John R. Walter Compensation Committee John R. Walter (Chair) Sharyar Baradaran Peter J. Barris Charles K. Bobrinskoy Jack M. Greenberg Eric P. Lefkofsky Linda S. Wolf Board of dIreCtors jack M. Greenberg Non-Executive Chairman of the Board of InnerWorkings; Non-Executive Chairman of the Board of Western Union Company (money transfer services), Retired Chairman and Chief Executive Officer of McDonald’s Corporation (global foodservice retailer) sharyar Baradaran Chief Executive Officer and Chairman of Baradaran Ventures (private investment fund) peter j. Barris Managing General Partner of New Enterprise Associates (venture capital firm focused on technology) eric d. Belcher President and Chief Executive Officer of InnerWorkings Charles k. Bobrinskoy Vice Chairman and Director of Research, Ariel Investments (investment fund) corporate information Common stock The common stock of InnerWorkings, Inc. is traded on the NASDAQ Global Market under the symbol “INWK”. transfer agent & register BNY Mellon Shareowner Services P.O. Box 358016 Pittsburgh, PA 15252-8016 Phone: 800.522.6645 Website:www.bnymellon.com/ shareowner/isd shareholder services InnerWorkings, Inc. Attn: Investor Relations 600 West Chicago Avenue, Suite 850 Chicago, IL 60654 Phone: 888.201.8188 Email: investor@inwk.com Website: www.inwk.com nominating & Corporate Governance Committee Linda S. Wolf (Chair) Sharyar Baradaran Peter J. Barris Jack M. Greenberg Eric P. Lefkofsky John R. Walter exeCutIve offICers eric d. Belcher President and Chief Executive Officer joseph M. Busky Chief Financial Officer shareholder InforMatIon Corporate headquarters InnerWorkings, Inc. 600 West Chicago Avenue, Suite 850 Chicago, IL 60654 312.642.3700 auditor Ernst & Young LLP Chicago, IL annual Meeting InnerWorkings’ shareholders are invited to attend our annual meeting, which will be held June 16, 2011, at 10:00 a.m. (CST) at our Chicago Headquarters: 600 West Chicago Avenue, Suite 850, Boardroom. 600 West Chicago Avenue, Suite 850 Chicago, IL 60654 LI S TeD oN N A S D A Q ® uN De r Th e SyMb oL “ I N W K ” 

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