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 ”