Innerworkings (INWK) Financial Report Summaries

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

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Removed: carefully, cautioned, hereof, lapsed, Private, program, projected, publicly, remediation, strategy, terminology, urged

From filing 10-Q 2020 Q2

Financial report summary

Competition

Superior Group of Companies

Risks

A significant or prolonged economic downturn or a decline in the demand for marketing materials, could adversely affect our revenue and results of operations.
Our results could be negatively impacted by a global or regional epidemic or similar event.
The proposed acquisition of the Company by Parent may disrupt our business.

Management Discussion

2019 compared to 2018. Revenue increased by $36.7 million, or 3.3%, in the year ended December 31, 2019 over the corresponding period in 2018.
As a result of the material weaknesses previously disclosed, insufficient evidence existed to support the recognition of revenue in arrangements containing bill and hold provisions, and as such, the Company deferred the related revenue until product shipped from the Company’s warehouse. In connection with the remediation of those material weaknesses, the Company is now able to support earlier revenue recognition for bill and hold arrangements resulting in $15.0 million of incremental revenue, $3.1 million of incremental gross margin and $2.8 million of incremental EBITDA in the fourth quarter of 2019.
North America revenue increased by $49.2 million, or 6.3%, in the year ended December 31, 2019 over the corresponding period in 2018. The increase was primarily due to an increase in revenue from bill and hold arrangements resulting in $12.1 million of revenue, along with new business generated and continued growth from existing enterprise clients.