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Investor PresentationInnerWorkings | 2013
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Safe Harbor
This presentation 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 presentation. For a discussion of important factors
that could affect our actual results, please refer to our SEC filings, including the
"Risk Factors" section of our most recently filed Form 10-K.
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Contents
1 Our approach
2 Our growth engines
3 Our performance
4
INW
K
Investment Thesis
� Massive Growth Opportunity
� Enabling Technology
� Single Global Platform
� Trusted and Respected Brand
� Demonstrated Execution
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Our Unique Approach
Who we are… … who we are not
Procurement professionals…���� … Print manufacturers����
Displays, packaging, direct marketing…���� …Books, forms, newspapers����
Technology and data driven… ���� …Relationship-based decisions, limited
accountability
����
Full global solution… ���� … Partial offering����
Transparent, long-term contracts…���� … Price discrimination����
Design, logistics, eCommerce, value-
added engineering…���� … Commodity provider����
Driven, ambitious, in full growth mode… ���� … Playing defense����
Bringing new talent into the industry…���� … Tired, habitual����
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Large Global Market Opportunity
Estimated market1
$150 billion
$35 billion
$145 billion
$175 billion
1 Pira International ; 2010 Printing Industries of America Economic and Market Research
North America
South America
Europe / Middle East
Asia Pacific
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1 Our approach
2 Our growth engines
3 Our performance
Contents
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OpportunisticMergers & Acquisitions
Proven Growth Engines
Majority of Growth Over
Past Few Years
Corporate Enterprise
Contracts
Complementary
Growth Engines
Working in
Unison
New Growth EngineSmall & Medium
Business Services
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• Long term contractual solution
with on-site personnel and
transparent fee structure
• Delivered majority of growth over
the past 5 years
• 2012 was our best year by a wide
margin
• Delivering 15-20% savings for
clients
EnterpriseEnterpriseLarge Corporate Contracts
1
Enterprise Growth
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Technology
& Data
Global
Platform
Enterprise Advantages
Breadth of
Offering
Flagship
Clients
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Breadth of Offering
ORIGINAL FOCUSTODAY
Warehousing &
Fulfillment
Postal
Optimization
eCommerce
Solutions
Value
Engineering
Savings &
Reporting
Creative
Services
Production
Sourcing
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Technology & Data Advantage
• Innovative procurement and
production management tool
• Growing set of pricing and equipment
profile data
• Independent systems by geographic
region
ORIGINAL PLATFORM
• Single system supports global
financial and operational platform
– Currencies, languages and local
accounting rules
• Collaborative sourcing capabilities
that aggregates global spend
• Facilitates sharing of brand
concepts and materials across
businesses and regions within a
client
• Clients, suppliers, and
InnerWorkings employees have
access to key information through
highly intuitive user interface
TODAY
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Healthcare
Publishing
Not-for-Profit
Retail
Consumer
Packaged Goods
Financial Services
Flagship Clients in Major Verticals
Beverages
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Global Platform
2 years ago…Today…
... operations in 2 countries.... operations in 33 countries.
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Technology
& Data
Global
Platform
Breadth of
Offering
Flagship
Clients
Our Enterprise Advantage
Never had more to offer to our
new and existing clients
Strongest pipeline of new prospective clients in
our company’s history
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M & A
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M & AM & A
• Thousands of independent brokers
between $1MM and $30MM in revenue
• Top 1%-2% are energetic entrepreneurs
able to drive growth
• Represents the best source of business
development talent for our company
• Focused on complementary categories
and geographies that enhance our scale
• We remain the most active, credible
buyer in the market
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M & A Overview
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Entrepreneurs retained
by InnerWorkings
Enterprise contracts
over the past 3 years
won with our acquired
entrepreneurs
$10MMAverage deal size
3 yrs.Average earn out period
EBITDA multiple paid
EBITDA multiple realized
5.7x
3.9x
50%Average down payment
(1) Represents 2006-2012 acquisitions with a purchase price > $1 million
82%
87%29Number of acquisitions
(1)
Target earn-outs
achieved
68%
Track Record of Success
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Small & Medium
Business Services
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Small & Medium
Business ServicesMiddle Market
Small & Medium
Business ServicesMiddle Market
• Market is underserved and
overcharged
• Our comprehensive supplier
network and data give us a
competitive advantage
• Efficient, scalable and unique
client acquisition strategy
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Mid-Market Opportunity
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SMB Acquisition Strategy
Low Touch /
Low Acquisition
Cost
High Touch /
High
Acquisition Cost
Phone Sales & Support “Feet on Street”Self-Service
Internet
Inside Sales is the perfect balance of responsive service and
cost effective client acquisition
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Contents
1 Our approach
2 Our growth engines
3 Our performance
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Revenue Momentum
$5 $16$39
$77
$161
$288
$419$400
$482
$634
$798
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FYE: December 31
Revenue $MM
Execution
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What We’ve Accomplished
Near
20% organic
growth for last 3 years
ROIC growtheach of last 3
years
EBITDA margin
improvement since 2009
Meaningful
investments to fuel
growthgoing forward
Over
$100MM of new enterprise
revenue in 2012
Debt leverage
ratio
declineeach of last 3
years
2012 Y-O-Y Change
Revenue $798MM +26%
Adjusted
EBITDA$45MM +20%
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$0.13
$0.24
$0.34 $0.41
Diluted EPS
2009 2010 2011 2012* 2013E
$0.45-$0.50
Revenue$MM
$400 $482 $634
$798 $900-930
2009 2010 2011 2012 2013
E
2013 Guidance
* Adjusted for legal settlements
13–17%
10–22%
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Revenue Guidance Build
$798 2012 Revenue
$5 to $10
$20
Run Rate from 2012 M&A
2013 M&A (DB Studios)
$105 to $120 New Global Enterprise Growth (Organic)
($50) Reduction of Large Retail Client Spend
$20 to $30 New Middle Market Growth (Organic)
$900 to $930 2013 Revenue Guidance
$MM
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Strong Liquidity & Financial Position
2.3
1.61.5
1.4
2009 2010 2011 2012
Gross Debt
Leverage Ratio
• Net debt down 25% at Q4
2012 vs. Q3 2012
• DSO = further opportunity
• Limited CAPEX needs (< 1%
of annual revenue)
• Increasing ROIC
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Long Term Model
Financial Metric Key Assumption Long Term Target
Revenue>15% annual organic revenue
growthBillions in annual revenue
Onsite EmployeesSigning major, global enterprise
contractsHundreds and hundreds
Earnings
Healthy increase in annual
earnings growth despite
investments driving top-line
revenue growth
Adjusted EBITDA margin
8 to 9%
Growing Annually
Adjusted EBITDA Margin
Return on Invested Capital
Declining Annually
Days Sales Outstanding
Effective Tax Rate
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INW
K
Thinking Big
• “Once-in-a-lifetime” opportunity
• At less than 1% of our eligible market, we’re just
getting started
• Big data advantage, which is getting bigger
• Laser-focused on execution
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Thank You