0001144204-13-027936.txt : 20130510 0001144204-13-027936.hdr.sgml : 20130510 20130510161442 ACCESSION NUMBER: 0001144204-13-027936 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130510 DATE AS OF CHANGE: 20130510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNERWORKINGS INC CENTRAL INDEX KEY: 0001350381 STANDARD INDUSTRIAL CLASSIFICATION: SERVICE INDUSTRIES FOR THE PRINTING TRADE [2790] IRS NUMBER: 205997364 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52170 FILM NUMBER: 13833632 BUSINESS ADDRESS: STREET 1: 600 WEST CHICAGO STREET 2: SUITE 750 CITY: CHICAGO STATE: IL ZIP: 60610 BUSINESS PHONE: 312-642-3700 MAIL ADDRESS: STREET 1: 600 WEST CHICAGO STREET 2: SUITE 750 CITY: CHICAGO STATE: IL ZIP: 60610 10-Q 1 v342112_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

	x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
		For the quarterly period ended March 31, 2013

	¨	Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
		For the transition period from to

Commission File Number 000-52170

INNERWORKINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		20-5997364
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

600 West Chicago Avenue, Suite 850

Chicago, Illinois 60654

Phone: (312) 642-3700

(Address, Zip Code and telephone number, including area code, of principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: x No: ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: x No: ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. Check one:

Large accelerated filer: ¨	Accelerated filer: x
Non-accelerated filer: ¨ (Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes: ¨ No: x

As of May 6, 2013, the Registrant had 50,683,368 shares of Common Stock, par value $0.0001 per share, outstanding.

INNERWORKINGS, INC.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements	2

	Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2012 and 2013 (Unaudited)	2

	Condensed Consolidated Balance Sheet as of December 31, 2012 and March 31, 2013 (Unaudited)	3

	Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2012 and 2013 (Unaudited)	4

	Notes to Condensed Consolidated Financial Statements (Unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20

Item 4.	Controls and Procedures	20

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 6.	Exhibits	22

SIGNATURES		23

EXHIBIT INDEX		24

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

InnerWorkings, Inc. and subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

	Three months Ended March 31,
	2012			2013
Revenue	$	188,546,402		$	204,316,125
Cost of goods sold		147,153,019			158,323,630
Gross profit		41,393,383			45,992,495
Operating expenses:
Selling, general and administrative expenses		33,083,264			41,735,789
Depreciation and amortization		2,444,096			2,465,667
Income from operations		5,866,023			1,791,039
Other income (expense):
Gain on sale of investment		247,697			-
Interest income		51,741			7,334
Interest expense		(698,094	)		(485,107	)
Other, net		138,268			(446,163	)
Total other expense		(260,388	)		(923,936	)
Income before income taxes		5,605,635			867,103
Income tax expense (benefit)		1,917,947			(28,027	)
Net income	$	3,687,688		$	895,130

Basic earnings per share	$	0.08		$	0.02
Diluted earnings per share	$	0.07		$	0.02

Comprehensive income (loss)	$	4,089,394		$	(956,066	)

See accompanying notes.

InnerWorkings, Inc. and subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

	December 31,			March 31,
	2012			2013
Assets				(unaudited)
Current assets:
Cash and cash equivalents	$	17,218,899		$	10,609,171
Accounts receivable, net of allowance for doubtful accounts of $1,553,926 and $1,522,948, respectively		149,246,568			150,492,103
Unbilled revenue		30,798,230			30,191,086
Inventories		17,406,863			15,310,762
Prepaid expenses		16,210,053			19,880,172
Deferred income taxes		1,513,414			1,541,351
Other current assets		21,051,907			20,914,995
Total current assets		253,445,934			248,939,640
Property and equipment, net		17,078,384			18,327,091
Intangibles and other assets:
Goodwill		214,086,880			251,315,684
Intangible assets, net of accumulated amortization of $18,195,508 and $18,945,197, respectively		36,396,865			38,186,926
Deferred income taxes		413,244			-
Other assets		822,275			1,417,979
		251,719,264			290,920,589
Total assets	$	522,243,582		$	558,187,320
Liabilities and stockholders' equity
Current liabilities:
Accounts payable-trade	$	121,132,051		$	126,701,960
Current portion of contingent consideration		7,795,489			26,678,442
Due to seller		10,796,850			943,424
Other liabilities		8,111,051			7,616,000
Accrued expenses		17,558,675			13,985,283
Total current liabilities		165,394,116			175,925,109
Revolving credit facility		65,000,000			70,500,000
Deferred income taxes		5,000,740			6,317,317
Contingent consideration, net of current portion		63,869,281			77,879,680
Total liabilities		299,264,137			330,622,106
Stockholders' equity:
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 60,971,436 shares issued, 50,200,098 and 50,623,049 shares outstanding, respectively		6,074			6,097
Additional paid-in capital		198,117,936			201,550,716
Treasury stock at cost, 10,535,463 and 10,348,387 shares, respectively		(67,071,323	)		(64,962,291	)
Accumulated other comprehensive income (loss)		205,462			(1,645,734	)
Retained earnings		91,721,296			92,616,426
Total stockholders' equity		222,979,445			227,565,214
Total liabilities and stockholders' equity	$	522,243,582		$	558,187,320

See accompanying notes.

InnerWorkings, Inc. and subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
	2012			2013
Cash flows from operating activities
Net income	$	3,687,688		$	895,130
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		2,444,096			2,465,667
Stock-based compensation expense		1,047,645			973,193
Deferred income taxes		902,380			585,098
Gain on sale of investment		(247,697	)		-
Excess tax benefit from exercise of stock awards		(4,163,793	)		(951,066	)
Change in fair value of contingent consideration liability		200,141			608,832
Other operating activities		175,701			69,473
Change in assets, net of acquisitions:
Accounts receivable and unbilled revenue		(22,809,398	)		378,286
Inventories		2,119,878			1,964,851
Prepaid expenses and other		(10,271,793	)		(3,142,790	)
Change in liabilities, net of acquisitons:
Accounts payable		16,003,529			4,843,377
Accrued expenses and other		3,438,985			(4,137,671	)
Net cash provided by (used in) operating activities		(7,472,638	)		4,552,380

Cash flows from investing activities
Purchases of property and equipment		(1,862,648	)		(2,886,245	)
Payments for acquisitions, net of cash acquired		(1,587,576	)		(6,261,942	)
Proceeds from sale of marketable securities		249,540			-
Other investing activities		11,567			-
Net cash used in investing activities		(3,189,117	)		(9,148,187	)

Cash flows from financing activities
Net borrowings from revolving credit facility		11,400,000			5,500,000
Payments of contingent consideration		(3,228,375	)		(9,115,840	)
Proceeds from exercise of stock options		555,355			846,541
Excess tax benefit from exercise of stock awards		4,163,793			951,066
Other financing activities		(4,349	)		(36,642	)
Net cash provided by (used in) financing activites		12,886,424			(1,854,875	)

Effect of exchange rate changes on cash and cash equivalents		221,918			(159,046	)
Increase (decrease) in cash and cash equivalents		2,446,587			(6,609,728	)
Cash and cash equivalents, beginning of period		13,219,385			17,218,899
Cash and cash equivalents, end of period	$	15,665,972		$	10,609,171

See accompanying notes.

InnerWorkings, Inc. and subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three Months Ended March 31, 2013

1.	Summary of Significant Accounting Policies

Basis of Presentation of Interim Financial Statements

The accompanying unaudited consolidated financial statements of InnerWorkings, Inc. and subsidiaries (the “Company”) included herein have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of the accompanying unaudited financial statements have been included, and all adjustments are of a normal and recurring nature. The operating results for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the full year of 2013. These condensed interim consolidated financial statements and notes should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto as of December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2013.

Foreign Currency Translation

The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. Realized gains and losses on foreign currency transactions were $0.1 million of gains and $0.4 million of losses during the three months ended March 31, 2012 and 2013, respectively. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013.

Goodwill and Other Intangibles

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company has elected to test for goodwill impairment as of December 31 of each year. ASU 2011-08, “Testing Goodwill for Impairment,” permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment.

The Company defines its two reporting units as North America and International. The provisions of ASU 2011-08 were adopted in the fourth quarter of 2012. Based on the qualitative factors assessed, the Company concluded it was not more likely than not that the fair value of the North America reporting unit was less than its carrying amount primarily because (1) the Company’s overall financial performance has been positive in the face of mixed economic environments and (2) forecasts of operating income and cash flows generated by the North America reporting unit appear sufficient to support the book value of its net assets. However, due to economic factors internationally, it was determined that the quantitative test was necessary for the International reporting unit. No impairment was identified as a result of this test as of December 31, 2012.

The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:

	North America			International			Total
Balance as of December 31, 2012		120,453,194			93,633,686			214,086,880
Goodwill acquired related to 2013 acquisitions		39,357,528			-			39,357,528
Finalization of purchase accounting for prior year acquisitions		20,914			218,819			239,733
Foreign exchange impact		(15,118	)		(2,353,339	)		(2,368,457	)
Balance as of March 31, 2013	$	159,816,518		$	91,499,166		$	251,315,684

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

1.	Summary of Significant Accounting Policies (Continued)

In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and ten years, respectively.

The following is a summary of the intangible assets:

	December 31, 2012			March 31, 2013			Weighted Average Life
Customer lists	$	50,008,913		$	52,548,663		14.4 years
Noncompete agreements		1,077,349			1,077,349		3.9 years
Trade names		3,467,655			3,467,655		12.4 years
Patents		38,456			38,456		10.0 years
		54,592,373			57,132,123
Less accumulated amortization		(18,195,508	)		(18,945,197	)
Intangible assets, net	$	36,396,865		$	38,186,926

Amortization expense related to these intangible assets was $889,248 and $872,742 for the three month periods ended March 31, 2012 and 2013, respectively.

The estimated amortization expense for the next five years is as follows:

Remainder of 2013	$	3,263,498
2014		3,856,071
2015		3,656,385
2016		3,508,352
2017		3,361,042
Thereafter		20,541,578
	$	38,186,926

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

1.	Summary of Significant Accounting Policies (Continued)

Stock-Based Compensation

The Company accounts for stock-based compensation awards to employees and directors in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award.

Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

During the three month periods ended March 31, 2012 and 2013, the Company granted 131,660 and 207,601 options, respectively. In addition, during the three month periods ended March 31, 2012 and 2013, the Company granted 66,593 and 150,100 restricted common shares, respectively. During the three month periods ended March 31, 2012 and 2013, 1,057,199 and 235,875 options were exercised and restricted common shares vested, respectively. The Company recorded $1,047,645 and $973,193 in compensation expense for the three month periods ended March 31, 2012 and 2013, respectively.

2.	Acquisitions

During March 2013, the Company acquired 100% of the stock of DB Studios, Inc. (“DB Studios”), a California-based distributor of permanent POP displays and retail fixtures, whose clients include major retail and consumer package goods brands. The acquisition provides the Company with creative, design, engineering and prototyping capabilities, which are critical in the permanent display world.

DB Studios contributed revenues and gross profit which represent 1% and 2%, respectively, of the Company’s consolidated results for the three months ended March 31, 2013. Pro forma results of this acquisition are not disclosed as they would not have a material impact on the Company’s financial statements.

The following table summarizes the total consideration paid to acquire this company and the amount of identified assets acquired and liabilities assumed at the acquisition date. At March 31, 2013, the purchase price allocation is preliminary and subject to change as more detailed analyses are completed and additional information about the fair value of assets and liabilities becomes available. Specifically, the Company is finalizing the determination of the fair values of the intangible assets acquired and the contingent consideration liability. Changes to these fair values will also impact the amount of goodwill recorded in connection with this acquisition. These valuations will be completed within one year of the acquisition date.

Cash	$	6,211,224
Contingent consideration		35,999,651
Total consideration transferred	$	42,210,875

Cash and cash equivalents	$	9,282
Accounts receivable		2,006,148
Inventory		62,433
Other assets		1,282,088
Customer list		3,176,075
Goodwill		39,357,528
Accounts payable		(1,373,025	)
Other current liabilities		(1,064,696	)
Deferred income taxes		(1,244,958	)
Total identifiable net assets and goodwill	$	42,210,875

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

2.	Acquisitions (Continued)

Goodwill generally consists of expected synergies from combining operations of DB Studios with the Company’s existing operations. Acquisition related costs were included in selling, general and administrative expenses and were immaterial. The goodwill is not expected to be deductible for tax purposes.

Contingent Consideration

In connection with certain of the Company’s acquisitions, contingent consideration is payable in cash or common stock upon the achievement of certain performance measures over future periods. For the acquisitions occurring subsequent to January 1, 2009, the Company has recorded the acquisition date fair value of the contingent consideration liability as additional purchase price. The Company has recorded $104.6 million in contingent consideration at March 31, 2013 related to these arrangements. Any adjustments made to the fair value of the contingent consideration liability subsequent to the acquisition date will be recorded in the Company’s results of operations.

As of March 31, 2013, the potential maximum contingent payments are payable as follows:

	Cash		Common Stock		Total
2013	$	6,318,507	$	928,805	$	7,247,312
2014		11,739,330		14,694,261		26,433,591
2015		14,559,680		18,059,793		32,619,473
2016		30,950,640		25,320,680		56,271,320
2017		-		18,750,000		18,750,000
	$	63,568,157	$	77,753,539	$	141,321,696

3.	Income Taxes

The company’s effective income tax rate was 34.2% and (3.2)% in the three months ended March 31, 2012 and 2013, respectively. The company’s effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate. In addition, the effective tax rate can be impacted each period by discrete factors and events.

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

4.	Earnings Per Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of stock options and vesting of restricted common shares. During the three months ended March 31, 2012 and 2013, 769,691 and 583,272 options and restricted common shares, respectively, were excluded from the calculation as these options and restricted common shares were anti-dilutive. The computations of basic and diluted earnings per common share for the three months ended March 31, 2012 and 2013 are as follows:

	Three Months Ended March 31,
	2012		2013
Numerator:
Net Income	$	3,687,688	$	895,130

Denominator:
Denominator for basic earnings per share—weighted-average shares		47,193,327		50,338,994
Effect of dilutive securities:
Employee stock options and restricted common shares		2,820,242		1,667,807

Denominator for dilutive earnings per share		50,013,569		52,006,801

Basic earnings per share	$	0.08	$	0.02
Diluted earnings per share	$	0.07	$	0.02

5.	Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2013:

	Foreign currency			Unrealized holding gains on available-for-sale securities			Total
Balance as of December 31, 2012	$	204,124		$	1,338		$	205,462
Other comprehensive income (loss) before reclassifications		(1,849,858	)		-			(1,849,858	)
Amounts reclassified from accumulated other comprehensive income		-			(1,338	)		(1,338	)
Net current-period other comprehensive income (loss)		(1,849,858	)		(1,338	)		(1,851,196	)
Balance as of March 31, 2013	$	(1,645,734	)	$	-		$	(1,645,734	)

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

6.	Related Party Transactions

Investment in Echo Global Logistics, Inc.

As previously disclosed, in February 2005 the Company acquired shares of common stock of Echo Global Logistics, Inc. (“Echo”), a technology enabled transportation and logistics business process outsourcing firm. A beneficial owner of the Company has a direct ownership interest in Echo. Following Echo’s initial public offering in October 2009, the Company has periodically sold shares of Echo common stock. During the three months ended March 31, 2012, the Company sold 14,743 of its shares of Echo’s common stock for $249,540 and recorded a gain on sale of investment of $247,697. During the three months ended March 31, 2013, the Company sold the remaining 123 shares of Echo’s common stock, and the proceeds and realized gain were immaterial. The Company classified its shares of Echo’s common stock as “available for sale” in accordance with ASC 320, Investments—Debt and Equity Securities. The investment was stated at fair value based on market prices, with any unrealized gains and losses included as a separate component of stockholders’ equity. Any realized gains and losses and interest and dividends have been determined using the specific identification method and included in other income. At March 31, 2013, the Company no longer owned any shares of Echo’s common stock.

Agreements and Services with Related Parties

The Company provides print procurement services to Echo. The total amount billed for such print procurement services during the three months ended March 31, 2012 and 2013 was approximately $27,141 and $33,525, respectively. In addition, Echo has provided transportation services to the Company. As consideration for these services, Echo billed the Company $2,155,686 and $3,169,000 for the three months ended March 31, 2012 and 2013, respectively. The net amount payable to Echo at March 31, 2013 was $1,401,442.

A beneficial owner of the Company has direct ownership interest in Groupon, Inc. (“Groupon”). The Company also provides promotional product procurement services to Groupon. The total amount billed for such services during the three months ended March 31, 2012 and 2013 was $183,065 and $7,000, respectively. The net amount receivable from Groupon was $7,739 at March 31, 2013.

The Company provides print procurement services to Arthur J. Gallagher & Co. J. Patrick Gallagher, Jr., who was appointed to the Company’s Board of Directors in August 2011, is the Chairman, President and Chief Executive Officer of Arthur J. Gallagher & Co. and has a direct ownership interest in Arthur J. Gallagher & Co. The total amount billed for such print procurement services during the three months ended March 31, 2012 and 2013 was $139,073 and $90,326, respectively. Additionally, Arthur J. Gallagher & Co. provides insurance brokerage and risk management services to the Company. As consideration of these services, Arthur J. Gallagher & Co. billed the Company $52,400 and $98,308 for the three months ended March 31, 2012 and 2013, respectively. The net amount receivable from Arthur J. Gallagher & Co. at March 31, 2013 was $83,413.

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

7.	Fair Value Measurement

ASC 820 includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions.

The fair value hierarchy consists of the following three levels:

	•	Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.
	•	Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.
	•	Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The Company's potential contingent consideration payments relating to acquisitions occurring subsequent to January 1, 2009 are its only Level 3 liabilities as of December 31, 2012 and March 31, 2013. The fair value of the liabilities determined by this analysis is primarily driven by the probability of reaching the performance measures required by the purchase agreements and the associated discount rate. Probabilities are estimated by reviewing financial forecasts and assessing the likelihood of reaching the required performance measures based on factors specific to each acquisition as well as the Company’s historical experience with similar arrangements. If an acquisition reaches the required performance measure, the estimated probability would be increased to 100%, and if the measure is not reached, the probability would be reduced to reflect the amount earned, if any, depending on the terms of the agreement. Discount rates are estimated by using the local government bond yields plus the Company’s credit spread. A one percentage point increase in the discount rate across all contingent consideration liabilities would result in a decrease to the fair value of approximately $2.9 million.

The following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and March 31, 2013, respectively:

At March 31, 2013	Total Fair Value Measurement			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	667,113		$	667,113	$	-	$	-
Liabilities:
Contingent consideration	$	(104,558,122	)	$	-	$	-	$	(104,558,122	)

At December 31, 2012	Total Fair Value Measurement			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	667,045		$	667,045	$	-	$	-
Liabilities:
Contingent consideration	$	(71,664,770	)	$	-	$	-	$	(71,664,770	)

(1)	Included in cash and cash equivalents on the balance sheet.

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

7.	Fair Value Measurement (Continued)

The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):

	Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3)
	Contingent Consideration
Balance as of December 31, 2012	$	(71,664,770	)
Contingent consideration from 2013 acquisitions		(35,999,651	)
Contingent consideration payments		985,037
Reclassified to Due to seller		943,424
Change in fair value (1)		(608,832	)
Foreign exchange impact (2)		1,786,670
Balance as of March 31, 2013	$	(104,558,122	)

(1)	Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.

(2)	Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.

8.	Commitments and Contingencies

In November 2010, in connection with the Circuit City Stores, Inc. (“Circuit City”) bankruptcy proceedings, the Trustee of the Circuit City Liquidating Trust (the “Trust”) filed a lawsuit against the Company in United States Bankruptcy Court in the Eastern District of Virginia for the avoidance of payments as allegedly preferential transfers of $3.2 million paid to the Company during the 90 days preceding the filing of the bankruptcy petition of Circuit City on November 10, 2008. In January 2013, the Company and the Trust entered into a settlement agreement resolving this preference claim as well the Company’s administrative and general unsecured claims against the Trust for a net payment to the Trust of $900,000.

In May 2011, Her Majesty’s Revenue and Customs (“HMRC”) contacted the Company’s United Kingdom subsidiary, InnerWorkings Europe Limited (formerly Etrinsic), to request information relating to its position that certain printed matter and direct mail products are zero-rated under the U.K.’s VAT law. Although Etrinsic has voluntarily exchanged information with the HMRC as to its position that the products at issue are zero-rated for VAT pursuant to UK law and HMRC’s guidance, HMRC has stated that it disagrees with Etrinsic’s position and in March 2012, HMRC issued Etrinsic a VAT assessment of £2,316,008 for VAT periods covering the 2008, 2009, 2010 and 2011 calendar years. Etrinsic sought independent review of the assessment with HMRC, and HMRC upheld the assessment. Etrinsic appealed the HMRC’s assessment at the UK Tax Tribunal. In order to appeal the claim, the Company paid £2,316,008 to the HMRC on July 6, 2012. This payment was included in other current assets as of March 31, 2013. The Company is in advanced settlement discussions with HMRC, and the Company currently anticipates reaching a final settlement of this matter in the amount of £925,000, inclusive of all VAT periods for the 2008 through 2012 calendar years. The Company accrued a loss reserve in 2012 reflecting the anticipated settlement. Following finalization of a settlement, the Company would receive a refund of amounts paid to HMRC in July 2012 less the settlement amount.

In December 2010, e-Lynxx Corporation filed a complaint against the Company and numerous other defendants for patent infringement in the United States District Court for the Middle District of Pennsylvania. As to the Company, the complaint alleges, among other things, that certain aspects of the Company’s PPM4 TM technology infringe on two patents owned by e-Lynxx purporting to cover a system and method for competitive pricing and procurement of customized goods and services, and seeks monetary damages, interest, costs, attorneys’ fees, punitive damages and a permanent injunction. In February 2013, e-Lynxx asserted that the monetary damages it seeks from the Company are in the range of $22 million to $56 million for the period from May 2009 through December 2011; e-Lynxx has not yet specified damages sought for 2012 and future periods. The Company disputes the allegations contained in e-Lynxx’s complaint and intends to vigorously defend this matter. Specifically, the Company contends that the patents at issue are invalid and not infringed, and, therefore, e-Lynxx is not entitled to any relief and the complaint should be dismissed. Further, even if e-Lynxx could establish liability, the Company contends that e-Lynxx is not entitled to the excessive monetary relief it seeks. A trial of this matter is currently scheduled in November 2013. The Company believes that an unfavorable outcome is reasonably possible but not probable, and therefore, no reserve has been recorded for a potential loss. The loss that is reasonably possible cannot be estimated.

In October 2012, a former sales employee of the Company filed an arbitration claim against the Company arising from the Company’s termination of his employment in November 2011. He alleges disability discrimination, defamation, breach of employment agreement, invasion of privacy, and wage payment claims, and seeks monetary damages of $2.75 million, interest, punitive damages, injunctive relief, declaratory relief, and attorneys’ fees and costs. The Company disputes these allegations and intends to vigorously defend itself in the matter. Specifically, the Company contends that it lawfully terminated his employment for cause, and, therefore, that he is not entitled to any relief and his claims should be dismissed.

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

9.	Recently Issued Accounting Pronouncements

In February 2012, the FASB issued ASU 2013-02 which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. These requirements are effective for public companies for reporting periods beginning after December 15, 2012. The Company has adopted ASU 2013-02 in the current quarter and included the required disclosures in Note 5.

10.

Business Segments

The Company is organized and managed as two business segments, North America and International, and is viewed as two operating segments by the chief operating decision maker for purposes of resource allocation and assessing performance. “Other” consists of shared service activities and unallocated corporate expenses.

Management evaluates the performance of its operating segments based on net revenues and Adjusted EBITDA which is a non-GAAP financial measure. The accounting policies of each of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. Adjusted EBITDA represents income from operations with the addition of depreciation and amortization and stock-based compensation expense, less any change in the fair value of contingent consideration liabilities. Management does not evaluate the performance of its operating segments using asset measures.

The table below presents financial information for the Company’s reportable operating segments and Other for the three month periods noted (in thousands):

	North America		International		Other			Total
Three Months Ended March 31, 2013:
Net revenue from third parties	$	164,370	$	39,946	$	-		$	204,316
Net revenue from other segments		18		267		(285	)		-
Total net revenues		164,388		40,213		(285	)		204,316
Adjusted EBITDA (1)		12,783		188		(7,132	)		5,839
Three Months Ended March 31, 2012:
Net revenue from third parties	$	158,015	$	30,531	$	-		$	188,546
Net revenue from other segments		52		399		(451	)		-
Total net revenues		158,067		30,930		(451	)		188,546
Adjusted EBITDA (1)		14,751		292		(5,485	)		9,558

(1)

Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.

InnerWorkings, Inc. and subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

10.

Business Segments (Continued)

The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to income before income taxes (in thousands):

	Three Months Ended March 31,
	2012			2013

Adjusted EBITDA	$	9,558		$	5,839
Depreciation and amortization		(2,444	)		(2,466	)
Stock-based compensation		(1,048	)		(973	)
Change in fair value of contingent consideration		(200	)		(609	)
Total other expense		(260	)		(924	)

Income before income taxes	$	5,606		$	867

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a leading provider of global print management and promotional solutions to corporate clients across a wide range of industries. With proprietary technology, an extensive supplier network and deep domain expertise, the Company procures, manages and delivers printed materials and promotional 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. Since 2002, we have expanded from a regional focus to a national and now global focus.

Our proprietary software applications and database 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 jobs. As a result, we have one of the largest independent repositories of equipment profiles and price data for print suppliers in the United States. We leverage our technology to match our print jobs with suppliers that are optimally suited to meet the client’s needs at a highly competitive price.

Through our network of more than 10,000 global suppliers, we offer a full range of print, fulfillment and logistics services that allow us to procure printed products on virtually any substrate. The breadth of our product offerings and services and the depth of our supplier network enable us to fulfill all of the print procurement needs of our clients. By leveraging our technology platform and data, our clients are able to reduce overhead costs, redeploy internal resources and obtain favorable pricing and service terms. In addition, our ability to track individual transactions and provide customized reports detailing print procurement activity on an enterprise-wide basis provides our clients with greater visibility and control of their print expenditures.

We generate revenue by procuring and purchasing printed products from our suppliers and selling those products to our clients. We procure printed products for clients across a wide range of industries, such as retail, financial services, hospitality, non-profits, healthcare, food and beverage, broadcasting and cable, education, transportation and utilities. Our clients fall into two categories, enterprise and middle market. We enter into arrangements with our enterprise clients to provide some, or substantially all, of their printed products, typically on a recurring basis. We provide printed products to our middle market clients on an order-by-order basis.

We were formed in 2001, commenced operations in 2002 and converted from a limited liability company to a Delaware corporation in January 2006. Our corporate headquarters are located in Chicago, Illinois. As of March 31, 2013, we had approximately 1,400 employees and independent contractors in more than 30 countries. We organize our operations into two segments based on geographic regions: North America and International. The North America segment includes operations in the United States and Canada, and the International segment includes operations in the United Kingdom, continental Europe, the Middle East, Latin America and Asia. In the three months ended March 31, 2013, we generated global revenue from third parties of $164.4 million in the North America segment and $39.9 million in the International segment. We believe the opportunity exists to expand our business into new geographic markets. Our objective is to continue to increase our sales in the major print markets in the United States and internationally. We intend to hire or acquire more account executives within close proximity to these large markets.

Revenue

We generate revenue through the sale of printed products to our clients. Our revenue was $188.5 million and $204.3 million during the three months ended March 31, 2012 and 2013, respectively. Total revenue increased 8.4% from the prior year of which 7% was from organic growth. Our revenue is generated from two different types of clients: enterprise and middle market. Enterprise clients usually order printed products in higher dollar amounts and volume than our middle market clients. We categorize a client as an enterprise client if we have a contract with the client for the provision of printing services on a recurring basis; if the client has signed an open-ended purchase order, or a series of related purchase orders; or if the client has enrolled in our e-stores program, which enables the client to make online purchases of printing services on a recurring basis. We categorize all other clients as middle market clients. We enter into contracts with our enterprise clients to provide some or a specific portion of their printed products on a recurring basis. Our contracts with enterprise clients are generally three to five years, subject to termination by either party upon prior notice ranging from 90 days to twelve months.

Several of our enterprise clients have outsourced substantially all of their recurring print needs to us. We provide printed products to our middle market clients on an order-by-order basis. During the three months ended March 31, 2013, enterprise clients accounted for 79% of our revenue, while middle market clients accounted for 21% of our revenue.

Our revenue consists of the prices paid by our clients for printed products. These prices, in turn, reflect the amounts charged to us by our suppliers plus our gross profit. Our gross profit margin, in the case of some of our enterprise clients, is fixed by contract or, in the case of middle market clients, is dependent on prices negotiated on a job-by-job basis. Once either type of client accepts our pricing terms, the selling price is established and we procure the product for our own account in order to re-sell it to the client. We take full title and risk of loss for the product upon shipment. The finished product is typically shipped directly from our supplier to a destination specified by our client. Upon shipment, our supplier invoices us for its production costs and we invoice our client.

Our revenue from enterprise clients tends to generate lower gross profit margins than our revenue from middle market clients because the gross profit margins established in our contracts with large enterprise clients are generally lower than the gross profit margins typically realized in our middle market business. Although our enterprise revenue generates lower gross profit margins, our enterprise business tends to be as profitable as our middle market business on an operating profit basis because the commission expense associated with enterprise clients is generally lower.

Cost of Goods Sold and Gross Profit

Our cost of goods sold consists primarily of the price at which we purchase products from our suppliers. Our selling price, including our gross profit, in the case of some of our enterprise clients, is based on a fixed gross margin established by contract or, in the case of middle market clients, is determined at the discretion of the account executive or production manager within predetermined parameters. Our gross margins on our enterprise clients are typically lower than our gross margins on our middle market clients. As a result, our cost of goods sold as a percentage of revenue for our enterprise clients is typically higher than those for our middle market clients. Our gross profit for the three months ended March 31, 2012 and 2013 was $41.4 million and $46.0 million, or 22.0% and 22.5% of revenue, respectively.

Operating Expenses

Our selling, general and administrative expenses consist of commissions paid to our account executives, compensation costs for our management team and production managers as well as compensation costs for our finance and support employees, public company expenses, and corporate systems, legal and accounting, facilities and travel and entertainment expenses. Selling, general and administrative expenses as a percentage of revenue were 17.5% and 20.4% for the three months ended March 31, 2012 and 2013, respectively.

We accrue for commissions when we recognize the related revenue. Some of our account executives receive a monthly draw to provide them with a more consistent income stream. The cash paid to our account executives in advance of commissions earned is reflected as a prepaid expense on our balance sheet. As our account executives earn commissions, a portion of their commission payment is withheld and offset against their prepaid commission balance, if any. Our prepaid commission balance, net of accrued earned commissions not yet paid, increased to $8.7 million as of March 31, 2013 from $8.3 million as of December 31, 2012.

We agree to provide our clients with printed products that conform to the industry standard of a “commercially reasonable quality,” and our suppliers in turn agree to provide us with products of the same quality. In addition, the quotes we execute with our clients include customary industry terms and conditions that limit the amount of our liability for product defects. Product defects have not had a material adverse effect on our results of operations.

Comparison of three months ended March 31, 2012 and 2013

Revenue

Our revenue from third parties by segment for each of the years presented was as follows:

	Three Months Ended March 31,
	2012		% of Total			2013		% of Total
	(dollars in thousands)
North America	$	158,015		83.8	%	$	164,370		80.4	%
International		30,531		16.2			39,946		19.6

Revenue	$	188,546		100.0	%	$	204,316		100.0	%

North America

North America revenue increased by $6.4 million, or 4.0%, from $158.0 million during the three months ended March 31, 2012 to $164.4 million during the three months ended March 31, 2013. This increase in revenue is driven primarily by organic new enterprise and middle market account growth.

International

International revenue increased by $9.4 million, or 30.8%, from $30.5 million during the three months ended March 31, 2012 to $39.9 million during the three months ended March 31, 2013. This increase is primarily due to revenues contributed from prior year acquisitions, as well as organic growth in Latin America, which includes expansion in to Brazil.

Cost of goods sold

Our cost of goods sold increased by $11.2 million, or 7.6%, from $147.2 million during the three months ended March 31, 2012 to $158.3 million during the three months ended March 31, 2013. The increase is a result of the revenue growth during the three months ended March 31, 2013. Our cost of goods sold as a percentage of revenue was 78.0% and 77.5% during the three months ended March 31, 2012 and 2013, respectively.

Gross Profit

Our gross profit as a percentage of revenue, which we refer to as gross margin, was 22.0% and 22.5% during the three months ended March 31, 2012 and 2013, respectively. This increase is primarily due to improved gross margin in Latin America driven by process improvements.

Selling, general and administrative expenses

Selling, general and administrative expenses increased by $8.7 million, or 26.2%, from $33.1 million during the three months ended March 31, 2012 to $41.7 million during the three months ended March 31, 2013. As a percentage of revenue, selling, general and administrative expenses increased from 17.5% for the three months ended March 31, 2012 to 20.4% for the three months ended March 31, 2013. The increase in selling, general and administrative expenses is primarily due to incremental sales commission and cost of procurement staff to secure new enterprise accounts. The increase in selling, general and administrative expenses as a percent of revenue is due to actual revenues being less than expected.

Depreciation and amortization

Depreciation and amortization expense increased by $0.1 million, or 0.9%, from $2.4 million during the three months ended March 31, 2012 and to $2.5 million during the three months ended March 31, 2013.

Income from operations

Income from operations decreased by $4.1 million, or 69.5%, from $5.9 million during the three months ended March 31, 2012 to $1.8 million during the three months ended March 31, 2013. As a percentage of revenue, income from operations was 3.1% and 0.9% during the three months ended March 31, 2012 and 2013, respectively. This decrease is primarily attributable to the increase in selling, general and administrative expenses discussed above.

Other expense

Other expense increased by $0.7 million from $0.3 million for the three months ended March 31, 2012 to $0.9 million during the three months ended March 31, 2013. The decrease is primarily attributable to a decrease in the gain on sale of shares of Echo of $0.2 million and an increase in foreign currency losses of $0.6 million, offset by a decrease in interest expense of $0.2 million.

Income tax expense

Income tax expense decreased by $1.9 million, or 101.5%, from $1.9 million during the three months ended March 31, 2012 to a tax benefit of less than $0.1 million during the three months ended March 31, 2013. Our effective tax rate was 34.2% and (3.2)% for the three month periods ended March 31, 2012 and 2013, respectively.

The decrease in the effective tax rate was primarily due to the 2012 R&D tax credit which was recognized in the first quarter of 2013. On January 2, 2013, the President signed the American Taxpayer Relief Act of 2012. The legislation retroactively extended the R&D tax credit for two years, from January 1, 2012 through December 31, 2013. Our effective tax rate for the three months ended March 31, 2013 reflected the 2012 R&D tax credit of $0.3 million. Excluding the impact of this discrete event, the effective tax rate for the three months ended March 31, 2013 was 32.4% which decreased from the prior year due to international expansion into countries with lower statutory tax rates, as well as the 2013 R&D tax credit.

Net income

Net income decreased by $2.8 million, or 75.7%, from $3.7 million during the three months ended March 31, 2012 to $0.9 million during the three months ended March 31, 2013. Net income as a percentage of revenue was 2.0% and 0.4% during the three months ended March 31, 2012 and 2013, respectively. This decrease is primarily attributable to the increase in selling, general and administrative expenses discussed above.

Liquidity and Capital Resources

At March 31, 2013, we had $10.6 million of cash and cash equivalents.

Operating Activities. Cash used in operating activities primarily consists of net income adjusted for certain non-cash items, including depreciation and amortization, and the effect of changes in working capital and other activities. Cash provided by operating activities for the three months ended March 31, 2013 was $4.6 million and consisted of net income of $0.9 million and $3.8 million of non-cash items, offset by $0.1 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts payable of $4.8 million and an increase in inventories of $2.0 million, offset by a decrease in accrued expenses and other liabilities of $4.1 million and an increase in prepaid expenses and other assets of $3.1 million.

Cash used in operating activities for the three months ended March 31, 2012 was $7.5 million and consisted of net income of $3.7 million, $0.4 million of non-cash items and $11.6 million used by working capital and other activities. The most significant impact on working capital and other activities consisted of an increase in accounts receivable and unbilled revenue of $22.8 million and an increase in prepaid expenses and other of $10.3 million offset by an increase in accounts payable of $16.0 million.

Investing Activities. Cash used in investing activities in the three months ended March 31, 2013 of $9.1 million was attributable to capital expenditures of $2.9 million and payments for current year acquisitions, net of cash acquired, of $6.3 million.

Cash used in investing activities in the three months ended March 31, 2012 of $3.2 million was attributable to payments made in connection with acquisitions of $1.6 million and capital expenditures of $1.9 million, offset by proceeds from the sale of Echo shares and other investments of $0.3 million.

Financing Activities. Cash used in financing activities in the three months ended March 31, 2013 of $1.9 million was primarily attributable to payments of contingent consideration of $9.1 million, offset by net borrowings under the revolving credit facility of $5.5 million, proceeds from the exercise of stock options of $0.8 million and excess tax benefits over compensation cost on exercised stock awards of $1.0 million.

Cash provided by financing activities in the three months ended March 31, 2012 of $12.9 million was primarily attributable to the $11.4 million of borrowings under the revolving credit facility and $4.2 million of excess tax benefits over compensation cost on exercised stock awards offset by $3.2 million of payments of contingent consideration.

We will continue to utilize cash, in part, to fund acquisitions of or make strategic investments in complementary businesses and to expand our sales force. Although we can provide no assurances, we believe that our available cash and cash equivalents and the $78.8 million available under our revolving credit facility will be sufficient to meet our working capital and operating expenditure requirements for the foreseeable future. Thereafter, we may find it necessary to obtain additional equity or debt financing.

We earn a significant amount of our operating income outside the United States, which is deemed to be permanently reinvested in foreign jurisdictions. We do not currently foresee a need to repatriate funds; however, should we require more capital in the United States than is generated by our operations locally or through debt or equity issuances, we could elect to repatriate funds held in foreign jurisdictions. If foreign earnings were to be remitted to the United States, foreign tax credits would be available to reduce any U.S. tax due upon repatriation. Included in our cash and cash equivalents are amounts held by foreign subsidiaries. We had $7.2 million and $6.0 million of foreign cash and cash equivalents as of December 31, 2012 and March 31, 2013, respectively, which are generally denominated in the local currency where the funds are held.

Off-Balance Sheet Obligations

We do not have any off-balance sheet arrangements.

Contractual Obligations

With the exception of the contingent consideration in connection with our business acquisitions discussed in Note 2 in the Notes to Consolidated Financial Statements, there have been no material changes outside the normal course of business in the contractual obligations disclosed in Item 7 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, under the caption “Contractual Obligations.”

Critical Accounting Policies and Estimates

As of March 31, 2013, there were no material changes to our critical accounting policies and estimates disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012.

Recent Accounting Pronouncements

In February 2012, the FASB issued ASU 2013-02 which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. These requirements are effective for public companies for reporting periods beginning after December 15, 2012. We have adopted ASU 2013-02 in the current quarter and included the required disclosures in Note 5 in the Notes to Condensed Consolidated Financial Statements.

Forward-Looking Statements

This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains words such as “may,” “will,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “project,” “estimate” and “objective” or the negative thereof or similar terminology concerning the Company’s future financial performance, business strategy, plans, goals and objectives. These expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning our possible or assumed future performance or results of operations and are not guarantees. While these statements are based on assumptions and judgments that management has made in light of industry experience as well as perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances, they are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different. Some of the factors that would cause future results to differ from the recent results or those projected in forward-looking statements include, but are not limited to, the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2012.

Additional Information

We make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, other reports and information filed with the SEC and amendments to those reports available, free of charge, through our Internet website (http://www.inwk.com) as soon as reasonably practical after we electronically file or furnish such materials to the SEC. All of our filings may be read or copied at the SEC’s Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549. Information on the operation of the Public Filing Room can be obtained by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Commodity Risk

We are dependent upon the availability of paper, and paper prices represent a substantial portion of the cost of our products. The supply and price of paper depend on a variety of factors over which we have no control, including environmental and conservation regulations, natural disasters and weather. We believe a 10% increase in the price of paper would not have a significant effect on our consolidated statements of income or cash flows, as these costs are generally passed through to our clients.

Interest Rate Risk

We have exposure to changes in interest rates on our revolving credit facility. Interest is payable at the adjusted LIBOR rate or the alternate base rate. Assuming our $150.0 million revolving credit facility was fully drawn, a 1.0% increase in the interest rate would increase our annual interest expense by $1.5 million.

Our interest income is sensitive to changes in the general level of U.S. interest rates, in particular because all of our investments are in cash equivalents and marketable securities. The average duration of our investments as of March 31, 2013 was less than one year. Due to the short-term nature of our investments, we believe that there is no material risk exposure.

Foreign Currency Risk

We transact business in various foreign currencies other than the U.S. dollar, principally the Euro, British pound sterling, Peruvian Nuevo Sol, Colombian peso, and Chilean peso, which exposes us to foreign currency risk. For the three months ended March 31, 2013, we derived approximately 19.6% of our revenue from international customers, and we expect the percentage of revenue derived from outside the United States to increase in future periods as we continue to expand globally. Revenue and related expenses generated from our international operations are denominated in the functional currencies of the corresponding country. The functional currency of our subsidiaries that either operate or support these markets is generally the same as the corresponding local currency. The results of operations of, and certain of our intercompany balances associated with, our international operations are exposed to foreign exchange rate fluctuations. Changes in exchange rates could negatively affect our revenue and other operating results as expressed in U.S. dollars. We may record significant gains or losses on the remeasurement of intercompany balances. Foreign exchange gains and losses recorded to date have been immaterial to our financial statements. At this time we do not, but in the future we may enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk. It is difficult to predict the impact hedging activities would have on our results of operations.

Currency restrictions enacted in Venezuela require us to obtain approval from the Venezuelan government to exchange Venezuelan Bolivars for U.S. Dollars and require such exchange to be made at the official exchange rate established by the government. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013. As of March 31, 2013, our subsidiary in Venezuela had net assets of $0.3 million denominated in the Venezuelan Bolivar. In the first quarter of 2013, net revenues in Venezuela represented less than 1% of our consolidated revenues.

Item 4. Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2013. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2013, our chief executive officer and chief financial officer concluded that, as of such date, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended March 31, 2013 that has materially affected or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In November 2010, in connection with the Circuit City Stores, Inc. (“Circuit City”) bankruptcy proceedings, the Trustee of the Circuit City Liquidating Trust (the “Trust”) filed a lawsuit against us in United States Bankruptcy Court in the Eastern District of Virginia for the avoidance of payments as allegedly preferential transfers of $3.2 million paid to us during the 90 days preceding the filing of the bankruptcy petition of Circuit City on November 10, 2008. In January 2013, we and the Trust entered into a settlement agreement resolving this preference claim as well our administrative and general unsecured claims against the Trust for a net payment to the Trust of $900,000.

In May 2011, Her Majesty’s Revenue and Customs (“HMRC”) contacted our United Kingdom subsidiary, InnerWorkings Europe Limited (formerly Etrinsic), to request information relating to its position that certain printed matter and direct mail products are zero-rated under the U.K.’s VAT law. Although Etrinsic has voluntarily exchanged information with the HMRC as to its position that the products at issue are zero-rated for VAT pursuant to UK law and HMRC’s guidance, HMRC has stated that it disagrees with Etrinsic’s position and in March 2012, HMRC issued Etrinsic a VAT assessment of £2,316,008 for VAT periods covering the 2008, 2009, 2010 and 2011 calendar years. Etrinsic sought independent review of the assessment with HMRC, and HMRC upheld the assessment. Etrinsic appealed the HMRC’s assessment at the UK Tax Tribunal. In order to appeal the claim, we paid £2,316,008 to the HMRC on July 6, 2012. This payment was included in other current assets as of March 31, 2013. We are in advanced settlement discussions with HMRC, and we currently anticipate reaching a final settlement of this matter in the amount of £925,000, inclusive of all VAT periods for the 2008 through 2012 calendar years. We accrued a loss reserve in 2012 reflecting the anticipated settlement. Following finalization of a settlement, we would receive a refund of amounts paid to HMRC in July 2012 less the settlement amount.

In December 2010, e-Lynxx Corporation filed a complaint against us and numerous other defendants for patent infringement in the United States District Court for the Middle District of Pennsylvania. As to us, the complaint alleges, among other things, that certain aspects of the Company’s PPM4 TM technology infringe on two patents owned by e-Lynxx purporting to cover a system and method for competitive pricing and procurement of customized goods and services, and seeks monetary damages, interest, costs, attorneys’ fees, punitive damages and a permanent injunction. In February 2013, e-Lynxx asserted that the monetary damages it seeks from us are in the range of $22 million to $56 million for the period from May 2009 through December 2011; e-Lynxx has not yet specified damages sought for 2012 and future periods. We dispute the allegations contained in e-Lynxx’s complaint and intends to vigorously defend this matter. Specifically, we contend that the patents at issue are invalid and not infringed, and, therefore, e-Lynxx is not entitled to any relief and the complaint should be dismissed. Further, even if e-Lynxx could establish liability, we contend that e-Lynxx is not entitled to the excessive monetary relief it seeks. A trial of this matter is currently scheduled in November 2013. We believe that an unfavorable outcome is reasonably possible but not probable, and therefore, no reserve has been recorded for a potential loss. The loss that is reasonably possible cannot be estimated.

In October 2012, a former sales employee filed an arbitration claim against us arising from our termination of his employment in November 2011. He alleges disability discrimination, defamation, breach of employment agreement, invasion of privacy, and wage payment claims, and seeks monetary damages of $2.75 million, interest, punitive damages, injunctive relief, declaratory relief, and attorneys’ fees and costs. We dispute these allegations and intend to vigorously defend ourselves in the matter. Specifically, we contend that we lawfully terminated his employment for cause, and, therefore, that he is not entitled to any relief and his claims should be dismissed.

Item 1A. Risk Factors

There have been no material changes in the risk factors described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 6. Exhibits

Exhibit No		Description of Exhibit
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Sections of the InnerWorkings, Inc. Quarterly Report on Form 10-Q for the three months ended March 31, 2013, are formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statement of Comprehensive Income; (ii) Condensed Consolidated Balance Sheet; (iii) Condensed Consolidated Statement of Cash Flows; (iv) Notes to Condensed Consolidated Financial Statements; and (v) document and entity information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	INNERWORKINGS, INC.

Date: May 10, 2013	By:	/s/ Eric D. Belcher
		Eric D. Belcher
		Chief Executive Officer

Date: May 10, 2013	By:	/s/ Joseph M. Busky
		Joseph M. Busky
		Chief Financial Officer

EXHIBIT INDEX

Number		Description
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer pursuant to 18 U.yeaS.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Sections of the InnerWorkings, Inc. Quarterly Report on Form 10-Q for the three months ended March 31, 2013, are formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statement of Comprehensive Income; (ii) Condensed Consolidated Balance Sheet; (iii) Condensed Consolidated Statement of Cash Flows; (iv) Notes to Condensed Consolidated Financial Statements; and (v) document and entity information.

EX-31.1 2 v342112_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

INNERWORKINGS, INC.

PURSUANT TO

SECTION 302 Of THE SARBANES-OXLEY ACT OF 2002

I, Eric D. Belcher, certify that:

I have reviewed this quarterly report on Form 10-Q of InnerWorkings, Inc.;

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2013	/s/ Eric D. Belcher
	Eric D. Belcher
	Chief Executive Officer

EX-31.2 3 v342112_ex31-2.htm EXHIBIT 31,2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

INNERWORKINGS, INC.

PURSUANT TO

SECTION 302 Of THE SARBANES-OXLEY ACT OF 2002

I, Joseph M. Busky, certify that:

I have reviewed this quarterly report on Form 10-Q of InnerWorkings, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2013	/s/ Joseph M. Busky
	Joseph M. Busky
	Chief Financial Officer

EX-32.1 4 v342112_ex32-1.htm EXHIBIT 32,1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 Of THE SARBANES-OXLEY ACT OF 2002

I, Eric D. Belcher, Chief Executive Officer of InnerWorkings, Inc. (the “Company”), hereby certify, that:

(1) The Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2013 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Form 10-Q fairly presents, in all material aspects, the financial condition and results of operations of the Company.

/s/ Eric D. Belcher
Eric D. Belcher
Chief Executive Officer
May 10, 2013

EX-32.2 5 v342112_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 Of THE SARBANES-OXLEY ACT OF 2002

I, Joseph M. Busky, Chief Financial Officer of InnerWorkings, Inc. (the “Company”), hereby certify, that:

(2) The information contained in the Form 10-Q fairly presents, in all material aspects, the financial condition and results of operations of the Company.

/s/ Joseph M. Busky
Joseph M. Busky
Chief Financial Officer
May 10, 2013

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<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; padding-right: 0.8pt;">1.</td> <td style="width: 96%; padding-right: 0.8pt;">Summary of Significant Accounting Policies</td> </tr> </table>   Basis of Presentation of Interim Financial Statements   The accompanying unaudited consolidated financial statements of InnerWorkings, Inc. and subsidiaries (the “Company”) included herein have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of the accompanying unaudited financial statements have been included, and all adjustments are of a normal and recurring nature. The operating results for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the full year of 2013. These condensed interim consolidated financial statements and notes should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto as of December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2013.   Foreign Currency Translation   The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. Realized gains and losses on foreign currency transactions were $0.1 million of gains and $0.4 million of losses during the three months ended March 31, 2012 and 2013, respectively. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013.   Goodwill and Other Intangibles   Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company has elected to test for goodwill impairment as of December 31 of each year. ASU 2011-08, “Testing Goodwill for Impairment,” permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment.   The Company defines its two reporting units as North America and International. The provisions of ASU 2011-08 were adopted in the fourth quarter of 2012. Based on the qualitative factors assessed, the Company concluded it was not more likely than not that the fair value of the North America reporting unit was less than its carrying amount primarily because (1) the Company’s overall financial performance has been positive in the face of mixed economic environments and (2) forecasts of operating income and cash flows generated by the North America reporting unit appear sufficient to support the book value of its net assets. However, due to economic factors internationally, it was determined that the quantitative test was necessary for the International reporting unit. No impairment was identified as a result of this test as of December 31, 2012.   The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">North America</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">International</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 61%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">120,453,194</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">93,633,686</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">214,086,880</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Goodwill acquired related to 2013 acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Finalization of purchase accounting for prior year acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">20,914</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">218,819</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">239,733</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Foreign exchange impact</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(15,118</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,353,339</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,368,457</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">159,816,518</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">91,499,166</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">251,315,684</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>    In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and ten years, respectively.   The following is a summary of the intangible assets:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">December 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31, 2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">Weighted Average Life</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 57%; font-size: 10pt;">Customer lists</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">50,008,913</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">52,548,663</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 12%; font-size: 10pt;">           14.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Noncompete agreements</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">             3.9 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Trade names</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">           12.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Patents</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;">           10.0 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">54,592,373</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">57,132,123</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less accumulated amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,195,508</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,945,197</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Intangible assets, net</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">36,396,865</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>    Amortization expense related to these intangible assets was $889,248 and $872,742 for the three month periods ended March 31, 2012 and 2013, respectively.   The estimated amortization expense for the next five years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 87%; font-size: 10pt;">Remainder of 2013</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">3,263,498</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2014</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,856,071</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2015</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,656,385</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2016</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,508,352</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2017</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,361,042</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Thereafter</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">20,541,578</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">Stock-Based Compensation</div>     The Company accounts for stock-based compensation awards to employees and directors in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award.   Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.    During the three month periods ended March 31, 2012 and 2013, the Company granted 131,660 and 207,601 options, respectively. In addition, during the three month periods ended March 31, 2012 and 2013, the Company granted 66,593 and 150,100 restricted common shares, respectively. During the three month periods ended March 31, 2012 and 2013, 1,057,199 and 235,875 options were exercised and restricted common shares vested, respectively. The Company recorded $1,047,645 and $973,193 in compensation expense for the three month periods ended March 31, 2012 and 2013, respectively.

<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; padding-right: 0.8pt;">7.</td> <td style="width: 96%; padding-right: 0.8pt;">Fair Value Measurement</td> </tr> </table>   ASC 820 includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions.   The fair value hierarchy consists of the following three levels:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 6%; padding-right: 0.8pt;"> </td> <td style="width: 3%; padding-right: 0.8pt;">•</td> <td style="width: 91%; padding-right: 0.8pt;">Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.</td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;"> </td> <td style="padding-right: 0.8pt;">•</td> <td style="padding-right: 0.8pt;">Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.</td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;"> </td> <td style="padding-right: 0.8pt;">•</td> <td style="padding-right: 0.8pt;">Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.</td> </tr> </table>   The Company's potential contingent consideration payments relating to acquisitions occurring subsequent to January 1, 2009 are its only Level 3 liabilities as of December 31, 2012 and March 31, 2013. The fair value of the liabilities determined by this analysis is primarily driven by the probability of reaching the performance measures required by the purchase agreements and the associated discount rate. Probabilities are estimated by reviewing financial forecasts and assessing the likelihood of reaching the required performance measures based on factors specific to each acquisition as well as the Company’s historical experience with similar arrangements. If an acquisition reaches the required performance measure, the estimated probability would be increased to 100%, and if the measure is not reached, the probability would be reduced to reflect the amount earned, if any, depending on the terms of the agreement. Discount rates are estimated by using the local government bond yields plus the Company’s credit spread. A one percentage point increase in the discount rate across all contingent consideration liabilities would result in a decrease to the fair value of approximately $2.9 million.   The following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and March 31, 2013, respectively:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-size: 10pt; font-weight: bold;">At March 31, 2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Fair Value Measurement</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Assets:</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; width: 48%; font-size: 10pt;">Money market funds (1)</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,113</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,113</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Liabilities:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; font-size: 10pt;">Contingent consideration</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-size: 10pt; font-weight: bold;">At December 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Fair Value Measurement</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Assets:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; width: 48%; font-size: 10pt;">Money market funds (1)</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,045</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,045</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Liabilities:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; font-size: 10pt;">Contingent consideration</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 3%; padding-right: 0.8pt;">(1)</td> <td style="width: 97%; padding-right: 0.8pt;">Included in cash and cash equivalents on the balance sheet.</td> </tr> </table>   The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Contingent Consideration</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 82%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 15%; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Contingent consideration from 2013 acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(35,999,651</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Contingent consideration payments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">985,037</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Reclassified to Due to seller</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">943,424</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Change in fair value (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(608,832</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Foreign exchange impact (2)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,786,670</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 3%; padding-right: 0.8pt;">(1)</td> <td style="width: 97%; padding-right: 0.8pt;">Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.</td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;"> </td> <td style="padding-right: 0.8pt;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;">(2)</td> <td style="padding-right: 0.8pt;">Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.</td> </tr> </table>

<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; padding-right: 0.8pt;">10.</td> <td style="width: 96%; padding-right: 0.8pt;">Business Segments</td> </tr> </table>   The Company is organized and managed as two business segments, North America and International, and is viewed as two operating segments by the chief operating decision maker for purposes of resource allocation and assessing performance. “Other” consists of shared service activities and unallocated corporate expenses.   Management evaluates the performance of its operating segments based on net revenues and Adjusted EBITDA which is a non-GAAP financial measure. The accounting policies of each of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. Adjusted EBITDA represents income from operations with the addition of depreciation and amortization and stock-based compensation expense, less any change in the fair value of contingent consideration liabilities. Management does not evaluate the performance of its operating segments using asset measures.   The table below presents financial information for the Company’s reportable operating segments and Other for the three month periods noted (in thousands):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">North America</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">International</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-style: italic; font-size: 10pt;">Three Months Ended March 31, 2013:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%; font-size: 10pt;">Net revenue from third parties</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">164,370</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">39,946</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">204,316</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net revenue from other segments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">18</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">267</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(285</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Total net revenues</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">164,388</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">40,213</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(285</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">204,316</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Adjusted EBITDA (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">12,783</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">188</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(7,132</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,839</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-style: italic; font-size: 10pt;">Three Months Ended March 31, 2012:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Net revenue from third parties</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">158,015</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">30,531</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">188,546</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net revenue from other segments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">52</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">399</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(451</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Total net revenues</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">158,067</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">30,930</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(451</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">188,546</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Adjusted EBITDA (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">14,751</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">292</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(5,485</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">9,558</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 5%; padding-right: 0.8pt;">(1)</td> <td style="width: 95%; padding-right: 0.8pt;">Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.</td> </tr> </table>   The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to income before income taxes (in thousands):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%; font-size: 10pt;">Adjusted EBITDA</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">9,558</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">5,839</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Depreciation and amortization</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,444</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,466</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Stock-based compensation</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,048</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(973</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Change in fair value of contingent consideration</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(200</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(609</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Total other expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(260</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(924</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Income before income taxes</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,606</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">867</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

Basis of Presentation of Interim Financial Statements   The accompanying unaudited consolidated financial statements of InnerWorkings, Inc. and subsidiaries (the “Company”) included herein have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of the accompanying unaudited financial statements have been included, and all adjustments are of a normal and recurring nature. The operating results for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the full year of 2013. These condensed interim consolidated financial statements and notes should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto as of December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2013.

Foreign Currency Translation   The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. Realized gains and losses on foreign currency transactions were $0.1 million of gains and $0.4 million of losses during the three months ended March 31, 2012 and 2013, respectively. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013.

Goodwill and Other Intangibles   Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company has elected to test for goodwill impairment as of December 31 of each year. ASU 2011-08, “Testing Goodwill for Impairment,” permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment.   The Company defines its two reporting units as North America and International. The provisions of ASU 2011-08 were adopted in the fourth quarter of 2012. Based on the qualitative factors assessed, the Company concluded it was not more likely than not that the fair value of the North America reporting unit was less than its carrying amount primarily because (1) the Company’s overall financial performance has been positive in the face of mixed economic environments and (2) forecasts of operating income and cash flows generated by the North America reporting unit appear sufficient to support the book value of its net assets. However, due to economic factors internationally, it was determined that the quantitative test was necessary for the International reporting unit. No impairment was identified as a result of this test as of December 31, 2012.   The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">North America</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">International</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 61%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">120,453,194</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">93,633,686</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">214,086,880</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Goodwill acquired related to 2013 acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Finalization of purchase accounting for prior year acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">20,914</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">218,819</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">239,733</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Foreign exchange impact</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(15,118</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,353,339</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,368,457</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">159,816,518</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">91,499,166</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">251,315,684</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>    In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and ten years, respectively.   The following is a summary of the intangible assets:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">December 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31, 2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">Weighted Average Life</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 57%; font-size: 10pt;">Customer lists</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">50,008,913</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">52,548,663</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 12%; font-size: 10pt;">           14.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Noncompete agreements</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">             3.9 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Trade names</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">           12.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Patents</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;">           10.0 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">54,592,373</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">57,132,123</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less accumulated amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,195,508</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,945,197</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Intangible assets, net</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">36,396,865</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>    Amortization expense related to these intangible assets was $889,248 and $872,742 for the three month periods ended March 31, 2012 and 2013, respectively.   The estimated amortization expense for the next five years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 87%; font-size: 10pt;">Remainder of 2013</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">3,263,498</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2014</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,856,071</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2015</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,656,385</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2016</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,508,352</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2017</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,361,042</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Thereafter</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">20,541,578</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

Stock-Based Compensation     The Company accounts for stock-based compensation awards to employees and directors in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award.   Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.    During the three month periods ended March 31, 2012 and 2013, the Company granted 131,660 and 207,601 options, respectively. In addition, during the three month periods ended March 31, 2012 and 2013, the Company granted 66,593 and 150,100 restricted common shares, respectively. During the three month periods ended March 31, 2012 and 2013, 1,057,199 and 235,875 options were exercised and restricted common shares vested, respectively. The Company recorded $1,047,645 and $973,193 in compensation expense for the three month periods ended March 31, 2012 and 2013, respectively.

The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2" nowrap="nowrap">North America</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">International</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 61%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">120,453,194</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">93,633,686</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">214,086,880</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Goodwill acquired related to 2013 acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Finalization of purchase accounting for prior year acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">20,914</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">218,819</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">239,733</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Foreign exchange impact</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(15,118</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,353,339</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,368,457</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">159,816,518</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">91,499,166</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">251,315,684</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

The following is a summary of the intangible assets:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">December 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31, 2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">Weighted Average Life</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 57%; font-size: 10pt;">Customer lists</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">50,008,913</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">52,548,663</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 12%; font-size: 10pt;">           14.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Noncompete agreements</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,077,349</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">             3.9 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Trade names</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,467,655</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">           12.4 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Patents</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">38,456</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;">           10.0 years</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">54,592,373</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">57,132,123</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less accumulated amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,195,508</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,945,197</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Intangible assets, net</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">36,396,865</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

The estimated amortization expense for the next five years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 87%; font-size: 10pt;">Remainder of 2013</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">3,263,498</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2014</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,856,071</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2015</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,656,385</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2016</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,508,352</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2017</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,361,042</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Thereafter</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">20,541,578</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">38,186,926</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

The following table summarizes the total consideration paid to acquire this company and the amount of identified assets acquired and liabilities assumed at the acquisition date.    <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 87%; font-size: 10pt;">Cash</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">6,211,224</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Contingent consideration</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">35,999,651</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Total consideration transferred</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">42,210,875</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Cash and cash equivalents</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">9,282</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accounts receivable</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,006,148</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Inventory</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">62,433</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,282,088</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Customer list</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,176,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Goodwill</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">39,357,528</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accounts payable</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,373,025</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,064,696</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Deferred income taxes</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,244,958</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Total identifiable net assets and goodwill</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">42,210,875</td> </tr> </table>

As of March 31, 2013, the potential maximum contingent payments are payable as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Cash</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Common Stock</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 58%; font-size: 10pt;">2013</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">6,318,507</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">928,805</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">7,247,312</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2014</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">11,739,330</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">14,694,261</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">26,433,591</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2015</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">14,559,680</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">18,059,793</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">32,619,473</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">2016</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">30,950,640</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">25,320,680</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">56,271,320</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">18,750,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">18,750,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">63,568,157</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">77,753,539</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">141,321,696</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

<div>The computations of basic and diluted earnings per common share for the three months ended March 31, 2012 and 2013 are as follows:</div>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">Numerator:</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; width: 74%; font-size: 10pt;">Net Income</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">3,687,688</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">895,130</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Denominator:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Denominator for basic earnings per share—weighted-average shares</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">47,193,327</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">50,338,994</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Effect of dilutive securities:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Employee stock options and restricted common shares</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">2,820,242</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,667,807</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Denominator for dilutive earnings per share</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">50,013,569</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">52,006,801</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Basic earnings per share</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">0.08</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">0.02</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Diluted earnings per share</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">0.07</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">0.02</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>

The table below presents changes in the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2013:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Foreign currency</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Unrealized holding gains on available-for-sale securities</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 58%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">204,124</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">1,338</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">205,462</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Other comprehensive income (loss) before reclassifications</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,849,858</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,849,858</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Amounts reclassified from accumulated other comprehensive income</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,338</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,338</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net current-period other comprehensive income (loss)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,849,858</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,338</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,851,196</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,645,734</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,645,734</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>

The following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and March 31, 2013, respectively:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-size: 10pt; font-weight: bold;">At March 31, 2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Fair Value Measurement</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Assets:</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; width: 48%; font-size: 10pt;">Money market funds (1)</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,113</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,113</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Liabilities:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; font-size: 10pt;">Contingent consideration</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-style: italic; font-size: 10pt; font-weight: bold;">At December 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total Fair Value Measurement</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Quoted Prices in Active Markets for Identical Assets (Level 1)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Other Observable Inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Assets:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; width: 48%; font-size: 10pt;">Money market funds (1)</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,045</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">667,045</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">Liabilities:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; font-size: 10pt;">Contingent consideration</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 3%; padding-right: 0.8pt;">(1)</td> <td style="width: 97%; padding-right: 0.8pt;">Included in cash and cash equivalents on the balance sheet.</td> </tr> </table>

The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Contingent Consideration</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 82%; font-size: 10pt;">Balance as of December 31, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 15%; font-size: 10pt;">(71,664,770</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Contingent consideration from 2013 acquisitions</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(35,999,651</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Contingent consideration payments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">985,037</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Reclassified to Due to seller</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">943,424</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Change in fair value (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(608,832</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px; font-size: 10pt;">Foreign exchange impact (2)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,786,670</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font-size: 10pt;">Balance as of March 31, 2013</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(104,558,122</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 3%; padding-right: 0.8pt;">(1)</td> <td style="width: 97%; padding-right: 0.8pt;">Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.</td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;"> </td> <td style="padding-right: 0.8pt;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-right: 0.8pt;">(2)</td> <td style="padding-right: 0.8pt;">Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.</td> </tr> </table>

The table below presents financial information for the Company’s reportable operating segments and Other for the three month periods noted (in thousands):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">North America</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">International</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-style: italic; font-size: 10pt;">Three Months Ended March 31, 2013:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%; font-size: 10pt;">Net revenue from third parties</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">164,370</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">39,946</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">204,316</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net revenue from other segments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">18</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">267</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(285</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Total net revenues</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">164,388</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">40,213</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(285</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">204,316</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Adjusted EBITDA (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">12,783</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">188</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(7,132</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,839</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-style: italic; font-size: 10pt;">Three Months Ended March 31, 2012:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Net revenue from third parties</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">158,015</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">30,531</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">188,546</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net revenue from other segments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">52</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">399</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(451</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9px; font-size: 10pt;">Total net revenues</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">158,067</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">30,930</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(451</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">188,546</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Adjusted EBITDA (1)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">14,751</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">292</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(5,485</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">9,558</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 5%; padding-right: 0.8pt;">(1)</td> <td style="width: 95%; padding-right: 0.8pt;">Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.</td> </tr> </table>

The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to income before income taxes (in thousands):   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%; font-size: 10pt;">Adjusted EBITDA</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">9,558</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">5,839</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Depreciation and amortization</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,444</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,466</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Stock-based compensation</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,048</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(973</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Change in fair value of contingent consideration</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(200</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(609</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Total other expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(260</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(924</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Income before income taxes</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,606</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">867</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

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(1) Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income. (2) Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income. Included in cash and cash equivalents on the balance sheet. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. 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Assets Total assets Total assets Liabilities and Equity [Abstract] Liabilities and stockholders' equity Accounts Payable, Trade, Current Accounts payable-trade Business Acquisition, Contingent Consideration, At Fair Value, Current Current portion of contingent consideration Other Accrued Liabilities, Current Due to seller Other Liabilities, Current Other liabilities Accrued Liabilities, Current Accrued expenses Liabilities Total current liabilities Total current liabilities Long-Term Line Of Credit, Noncurrent Revolving credit facility Deferred Income Taxes and Other Tax Liabilities, Noncurrent Deferred income taxes Business Acquisition, Contingent Consideration, At Fair Value, Noncurrent Contingent consideration, net of current portion Liabilities, Current Total liabilities Total liabilities Stockholders Equity Attributable To Parent [Abstract] Stockholders' equity: Common Stock, Value, Issued Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 60,971,436 shares issued, 50,200,098 and 50,623,049 shares outstanding, respectively Additional Paid In Capital, Common Stock Additional paid-in capital Treasury Stock, Value Treasury stock at cost, 11,177,313 and 10,905,407 shares as of December 31, 2010 and 2011, respectively Treasury stock at cost, 10,535,463 and 10,348,387 shares, respectively Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive income (loss) Total accumulated other comprehensive income Balance as of December 31, 2012 Balance as of March 31, 2013 Retained Earnings (Accumulated Deficit) Retained earnings Stockholders Equity Attributable To Parent Total stockholders' equity Total stockholders' equity Balance Balance Liabilities and Equity Total liabilities and stockholders' equity Total liabilities and stockholders' equity Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical [Abstract] Allowance For Doubtful Accounts Receivable, Current Accounts receivable, allowance for doubtful accounts (in dollars) Balance at Beginning of Period Balance at End of Period Finite-Lived Intangible Assets, Accumulated Amortization Intangible assets, accumulated amortization (in dollars) Less accumulated amortization Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Treasury Stock, Shares Treasury stock at cost, shares Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Allocated Share-Based Compensation Expense Stock-based compensation expense Deferred Income Tax Expense (Benefit) Deferred income taxes Total deferred Excess Tax Benefit (Tax Deficiency) From Share-Based Compensation, Operating Activities Excess tax benefit from exercise of stock awards Excess tax benefit from exercise of stock awards Other Noncash Income (Expense) Contingent consideration - change in fair value (1) Change in fair value of contingent consideration liability Change in fair value Change in fair value of contingent consideration liability Other Operating Activities, Cash Flow Statement Other operating activities Increase (Decrease) In Operating Assets [Abstract] Change in assets, net of acquisitions: Increase Decrease In Accounts Receivable and Unbilled Receivables Accounts receivable and unbilled revenue The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Also includes the increase (decrease) during the reporting period for revenue recognized for shipments made to customers for which the related billings have not occurred. Accounts receivable and unbilled revenue Increase (Decrease) In Inventories Inventories Inventories Increase (Decrease) In Prepaid Expense and Other Assets Prepaid expenses and other Prepaid expenses and other Increase (Decrease) In Operating Liabilities [Abstract] Change in liabilities, net of acquisitons: Increase (Decrease) In Accounts Payable Accounts payable Increase (Decrease) In Other Operating Liabilities Accrued expenses and other Net Cash Provided By (Used In) Operating Activities Net cash provided by operating activities Net cash provided by (used in) operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] Cash flows from investing activities Payments To Acquire Property, Plant, and Equipment Purchases of property and equipment Purchases of property and equipment Payments To Acquire Businesses, Net Of Cash Acquired Payments for acquisitions, net of cash acquired Payments for acquisitions, net of cash acquired Proceeds From Sale and Maturity Of Marketable Securities Proceeds from sale of marketable securities Payments For (Proceeds From) Other Investing Activities Other investing activities Other investing activities Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities Proceeds From Lines Of Credit Net borrowings from revolving credit facility Payment Of Contingent Consideration Payments of contingent consideration The cash outflow related to contingent consideration. Payments of contingent consideration Proceeds From Stock Options Exercised Proceeds from exercise of stock options Excess Tax Charge Benefit From Share Based Compensation Financing Activities Excess tax benefit from exercise of stock awards Excess Tax (Charge) Benefit from Share based Compensation, Financing Activities. Proceeds From (Payments For) Other Financing Activities Other financing activities Net Cash Provided By (Used In) Financing Activities Net cash provided by (used in) financing activities Net cash provided by (used in) financing activites Effect Of Exchange Rate On Cash and Cash Equivalents Effect of exchange rate changes on cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Increase (decrease) in cash and cash equivalents Increase (decrease) in cash and cash equivalents Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Significant Accounting Policies [Text Block] Business Combinations [Abstract] Business Combinations [Abstract] Business Combination Disclosure [Text Block] Business Combination Disclosure [Text Block] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Tax Disclosure [Text Block] Earnings Per Share [Abstract] Net income per share: Earnings Per Share [Text Block] Earnings Per Share [Text Block] Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] Comprehensive Income (Loss) Note [Text Block] Comprehensive Income (Loss) Note [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Disclosures [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] Accounting Changes and Error Corrections [Abstract] Accounting Changes and Error Corrections [Abstract] New Accounting Pronouncements and Changes In Accounting Principles [Text Block] New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Segment Reporting [Abstract] Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Reporting Disclosure [Text Block] Basis Of Accounting, Policy [Policy Text Block] Basis of Accounting, Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Goodwill and Intangible Assets, Policy [Policy Text Block] Goodwill and Intangible Assets, Policy [Policy Text Block] Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Schedule Of Goodwill [Table Text Block] Schedule of Goodwill [Table Text Block] Schedule Of Finite-Lived Intangible Assets [Table Text Block] Schedule of Finite-Lived Intangible Assets [Table Text Block] Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] Schedule Of Business Acquisitions, By Acquisition [Table Text Block] Schedule of Business Acquisitions, by Acquisition [Table Text Block] Schedule Of Business Acquisitions By Acquisition, Contingent Consideration [Table Text Block] Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule Of Fair Value, Assets and Liabilities Measured On Recurring Basis [Table Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Schedule Of Segment Reporting Information, By Segment [Table Text Block] Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule Of Earnings Before Interest Tax Depreciation and Amortization Reconciliation [Table Text Block] Schedule Of Earnings Before Interest Tax Depreciation And Amortization Reconciliation [Table Text Block] The entire tabular disclosure of earnings before interest, tax, depreciation and amortization. Organization, Consolidation and Presentation Of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Geographical [Axis] Geographical [Axis] Segment, Geographical [Domain] Segment, Geographical [Domain] North America [Member] International [Member] Goodwill, Acquired During Period Goodwill acquired related to 2013 acquisitions Goodwill, Purchase Accounting Adjustments Purchase accounting adjustments from 2012 acquisitions Finalization of purchase accounting for prior year acquisitions Goodwill purchase accounting adjustments Goodwill, Translation Adjustments Foreign exchange impact Finite-Lived Intangible Assets By Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Customer Lists [Member] Customer lists [Member] Noncompete Agreements [Member] Noncompete agreements [Member] Patents [Member] Indefinite-Lived Intangible Assets By Major Class [Axis] Indefinite-lived Intangible Assets by Major Class [Axis] Indefinite-Lived Intangible Assets, Major Class Name [Domain] Indefinite-lived Intangible Assets, Major Class Name [Domain] Trade Names [Member] Trade names [Member] Finite-Lived Intangible Assets, Gross Intangible Assets, Gross Finite-Lived Intangible Asset, Useful Life Weighted - Average Life Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months Remainder of 2013 Finite-Lived Intangible Assets, Amortization Expense, Year Two 2014 Finite-Lived Intangible Assets, Amortization Expense, Year Three 2015 Finite-Lived Intangible Assets, Amortization Expense, Year Four 2016 Finite-Lived Intangible Assets, Amortization Expense, Year Five 2017 Finite-Lived Intangible Assets, Amortization Expense, After Year Five Thereafter Finite-Lived Intangible Assets, Net Finite-Lived Intangible Assets, Net Finite-Lived Intangible Assets, Net Amortization Of Acquired Intangible Assets Amortization of Acquired Intangible Assets Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures Stock Issued During Period, Shares, Restricted Stock Award, Net Of Forfeitures Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number Foreign Currency Transaction Gain (Loss), Realized Foreign Currency Transaction Gain (Loss), Realized Foreign Currency Exchange Rate, Translation Foreign Currency Exchange Rate, Translation Foreign Currency Transaction Gain (Loss), Before Tax Foreign Currency Transaction Gain (Loss), before Tax Business Acquisition, Cost Of Acquired Entity, Cash Paid Cash Business Acquisition, Contingent Consideration, At Fair Value Contingent consideration Contingent consideration Business Combination, Consideration Transferred Total consideration transferred Total consideration transferred Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents Cash and cash equivalents Business Acquisition, Purchase Price Allocation, Current Assets, Receivables Accounts receivable Business Acquisition, Purchase Price Allocation, Current Assets, Inventory Inventory Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets Other assets Business Acquisition, Purchase Price Allocation, Intangible Assets Other Than Goodwill Customer list Business Acquisition, Purchase Price Allocation, Goodwill Amount Goodwill Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable Accounts payable Accounts payable Business Acquisition, Purchase Price Allocation, Current Liabilities, Other Liabilities Other current liabilities Other current liabilities EX-101.PRE 11 inwk-20130331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R39.htm IDEA: XBRL DOCUMENT

Business Segments (Details) (USD $)

3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Net revenue from third parties

$ 204,316,000

$ 188,546,000

Net revenue from other segments

Total net revenues

204,316,125

188,546,402

Adjusted EBITDA

5,839,000

^[1]

9,558,000

^[1]

North America [Member]

Net revenue from third parties

164,370,000

158,015,000

Net revenue from other segments

18,000

52,000

Total net revenues

164,388,000

158,067,000

Adjusted EBITDA

12,783,000

^[1]

14,751,000

^[1]

International [Member]

Net revenue from third parties

39,946,000

30,531,000

Net revenue from other segments

267,000

399,000

Total net revenues

40,213,000

30,930,000

Adjusted EBITDA

188,000

^[1]

292,000

^[1]

Other [Member]

Net revenue from third parties

Net revenue from other segments

(285,000)

(451,000)

Total net revenues

(285,000)

(451,000)

Adjusted EBITDA

$ (7,132,000)

^[1]

$ (5,485,000)

^[1]

[1]

Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company's management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company's overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.

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Accumulated Other Comprehensive Income (Loss) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Balance as of December 31, 2012 - Foreign currency	$ 204,124
Other comprehensive income (loss) before reclassifications - Foreign currency	(1,849,858)
Amounts reclassified from accumulated other comprehensive income - Foreign currency	0
Net current-period other comprehensive income (loss) - Foreign currency	(1,849,858)
Balance as of March 31, 2013 - Foreign currency	(1,645,734)
Balance as of December 31, 2012 - Unrealized holding gains on available-for-sale securities	1,338
Other comprehensive income (loss) before reclassifications - Unrealized holding gains on available-for-sale securities	0
Amounts reclassified from accumulated other comprehensive income - Unrealized holding gains on available-for-sale securities	(1,338)
Net current-period other comprehensive income (loss) - Unrealized holding gains on available-for-sale securities	(1,338)
Balance as of March 31, 2013 - Unrealized holding gains on available-for-sale securities	0
Balance as of December 31, 2012	205,462
Other comprehensive income (loss) before reclassifications Available For Sale Securities Adjustment Before Tax Reclassification Adjustments	(1,849,858)
Amounts reclassified from accumulated other comprehensive income	(1,338)
Net current-period other comprehensive income (loss)	(1,851,196)
Balance as of March 31, 2013	$ (1,645,734)

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Summary of Significant Accounting Policies (Details 2) (USD $)	Mar. 31, 2013
Remainder of 2013	$ 3,263,498
2014	3,856,071
2015	3,656,385
2016	3,508,352
2017	3,361,042
Thereafter	20,541,578
Finite-Lived Intangible Assets, Net	$ 38,186,926

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Fair Value Measurement (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Fair Value Measurements Valuation Process Probability Percentage	100.00%
Effect Of Discount Rate Increase In Fair Value	$ 2.9

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Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4.	Earnings Per Share

	Three Months Ended March 31,
	2012		2013
Numerator:
Net Income	$	3,687,688	$	895,130

Denominator:
Denominator for basic earnings per share—weighted-average shares		47,193,327		50,338,994
Effect of dilutive securities:
Employee stock options and restricted common shares		2,820,242		1,667,807

Denominator for dilutive earnings per share		50,013,569		52,006,801

Basic earnings per share	$	0.08	$	0.02
Diluted earnings per share	$	0.07	$	0.02

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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Acquisitions (Details 1) (USD $)

Mar. 31, 2013

Potential Maximum Contingent Payments $ 141,321,696

Common Stock [Member]

Potential Maximum Contingent Payments 77,753,539

Cash [Member]

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2013 [Member]

Potential Maximum Contingent Payments 7,247,312

2013 [Member] | Common Stock [Member]

Potential Maximum Contingent Payments 928,805

2013 [Member] | Cash [Member]

Potential Maximum Contingent Payments 6,318,502

2014 [Member]

Potential Maximum Contingent Payments 26,433,591

2014 [Member] | Common Stock [Member]

Potential Maximum Contingent Payments 14,694,261

2014 [Member] | Cash [Member]

Potential Maximum Contingent Payments 11,739,330

2015 [Member]

Potential Maximum Contingent Payments 32,619,473

2015 [Member] | Common Stock [Member]

Potential Maximum Contingent Payments 18,059,793

2015 [Member] | Cash [Member]

Potential Maximum Contingent Payments 14,559,680

2016 [Member]

Potential Maximum Contingent Payments 56,271,320

2016 [Member] | Common Stock [Member]

Potential Maximum Contingent Payments 25,320,680

2016 [Member] | Cash [Member]

Potential Maximum Contingent Payments 30,950,640

2017 [Member]

Potential Maximum Contingent Payments 18,750,000

2017 [Member] | Common Stock [Member]

Potential Maximum Contingent Payments 18,750,000

2017 [Member] | Cash [Member]

Potential Maximum Contingent Payments $ 0

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Income Taxes (Details Textual) (USD $)
In Millions, unless otherwise specified
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

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Earnings Per Share (Details) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Numerator:

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Denominator:

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Effect of dilutive securities:

Employee stock options and restricted common shares 1,667,807 2,820,242

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Income Taxes
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The company’s effective income tax rate was 34.2% and (3.2)% in the three months ended March 31, 2012 and 2013, respectively. The company’s effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate. In addition, the effective tax rate can be impacted each period by discrete factors and events.

The decrease in the effective tax rate was primarily due to the 2012 R&D tax credit which was recognized in the first quarter of 2013. On January 2, 2013, the President signed the American Taxpayer Relief Act of 2012. The legislation retroactively extended the R&D tax credit for two years, from January 1, 2012 through December 31, 2013. The company’s effective income tax rate for the three months ended March 31, 2013 reflected the 2012 R&D tax credit of $0.3 million.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Revenue $ 204,316,125 $ 188,546,402

Cost of goods sold 158,323,630 147,153,019

Gross profit 45,992,495 41,393,383

Operating expenses:

Selling, general and administrative expenses 41,735,789 33,083,264

Depreciation and amortization 2,465,667 2,444,096

Income from operations 1,791,039 5,866,023

Other income (expense):

Gain on sale of investment 0 247,697

Interest income 7,334 51,741

Interest expense (485,107) (698,094)

Other, net (446,163) 138,268

Total other expense (923,936) (260,388)

Income before income taxes 867,103 5,605,635

Income tax expense (benefit) (28,027) 1,917,947

Net income 895,130 3,687,688

Basic earnings per share $ 0.02 $ 0.08

Diluted earnings per share $ 0.02 $ 0.07

Comprehensive income (loss) $ (956,066) $ 4,089,394

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Summary of Significant Accounting Policies
3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies

Basis of Presentation of Interim Financial Statements

The accompanying unaudited consolidated financial statements of InnerWorkings, Inc. and subsidiaries (the “Company”) included herein have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of the accompanying unaudited financial statements have been included, and all adjustments are of a normal and recurring nature. The operating results for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the full year of 2013. These condensed interim consolidated financial statements and notes should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto as of December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2013.

Foreign Currency Translation

The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. Realized gains and losses on foreign currency transactions were $0.1 million of gains and $0.4 million of losses during the three months ended March 31, 2012 and 2013, respectively. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013.

Goodwill and Other Intangibles

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company has elected to test for goodwill impairment as of December 31 of each year. ASU 2011-08, “Testing Goodwill for Impairment,” permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment.

The Company defines its two reporting units as North America and International. The provisions of ASU 2011-08 were adopted in the fourth quarter of 2012. Based on the qualitative factors assessed, the Company concluded it was not more likely than not that the fair value of the North America reporting unit was less than its carrying amount primarily because (1) the Company’s overall financial performance has been positive in the face of mixed economic environments and (2) forecasts of operating income and cash flows generated by the North America reporting unit appear sufficient to support the book value of its net assets. However, due to economic factors internationally, it was determined that the quantitative test was necessary for the International reporting unit. No impairment was identified as a result of this test as of December 31, 2012.

The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:

North America International Total

Balance as of December 31, 2012 120,453,194 93,633,686 214,086,880

Goodwill acquired related to 2013 acquisitions 39,357,528 - 39,357,528

Finalization of purchase accounting for prior year acquisitions 20,914 218,819 239,733

Foreign exchange impact (15,118 ) (2,353,339 ) (2,368,457 )

Balance as of March 31, 2013 $ 159,816,518 $ 91,499,166 $ 251,315,684

In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and ten years, respectively.

The following is a summary of the intangible assets:

December 31,
2012 March 31,
2013 Weighted Average Life

Customer lists $ 50,008,913 $ 52,548,663 14.4 years

Noncompete agreements 1,077,349 1,077,349 3.9 years

Trade names 3,467,655 3,467,655 12.4 years

Patents 38,456 38,456 10.0 years

54,592,373 57,132,123

Less accumulated amortization (18,195,508 ) (18,945,197 )

Intangible assets, net $ 36,396,865 $ 38,186,926



Amortization expense related to these intangible assets was $889,248 and $872,742 for the three month periods ended March 31, 2012 and 2013, respectively.

The estimated amortization expense for the next five years is as follows:

Remainder of 2013 $ 3,263,498

2014 3,856,071

2015 3,656,385

2016 3,508,352

2017 3,361,042

Thereafter 20,541,578

$ 38,186,926

Stock-Based Compensation



The Company accounts for stock-based compensation awards to employees and directors in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award.

Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

During the three month periods ended March 31, 2012 and 2013, the Company granted 131,660 and 207,601 options, respectively. In addition, during the three month periods ended March 31, 2012 and 2013, the Company granted 66,593 and 150,100 restricted common shares, respectively. During the three month periods ended March 31, 2012 and 2013, 1,057,199 and 235,875 options were exercised and restricted common shares vested, respectively. The Company recorded $1,047,645 and $973,193 in compensation expense for the three month periods ended March 31, 2012 and 2013, respectively.

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Fair Value Measurement (Details) (USD $)

Mar. 31, 2013

Dec. 31, 2012

Assets:

Money market funds $ 667,113 $ 667,045

Liabilities:

Contingent consideration (104,558,122) (71,664,770)

Fair Value, Inputs, Level 1 [Member]

Assets:

Money market funds 667,113 ^[1] 667,045 ^[1]

Liabilities:

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Business Segments (Tables)
3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]
The table below presents financial information for the Company’s reportable operating segments and Other for the three month periods noted (in thousands):

North America International Other Total

Three Months Ended March 31, 2013:

Net revenue from third parties $ 164,370 $ 39,946 $ - $ 204,316

Net revenue from other segments 18 267 (285 ) -

Total net revenues 164,388 40,213 (285 ) 204,316

Adjusted EBITDA (1) 12,783 188 (7,132 ) 5,839

Three Months Ended March 31, 2012:

Net revenue from third parties $ 158,015 $ 30,531 $ - $ 188,546

Net revenue from other segments 52 399 (451 ) -

Total net revenues 158,067 30,930 (451 ) 188,546

Adjusted EBITDA (1) 14,751 292 (5,485 ) 9,558

(1) Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.

Schedule Of Earnings Before Interest Tax Depreciation And Amortization Reconciliation [Table Text Block]
The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to income before income taxes (in thousands):

Three Months Ended March 31,

2012 2013

Adjusted EBITDA $ 9,558 $ 5,839

Depreciation and amortization (2,444 ) (2,466 )

Stock-based compensation (1,048 ) (973 )

Change in fair value of contingent consideration (200 ) (609 )

Total other expense (260 ) (924 )

Income before income taxes $ 5,606 $ 867

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Fair Value Measurement (Details 1) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Balance - Beginning balance $ (71,664,770)

Change in fair value (608,832) (200,141)

Foreign exchange impact (2,368,457)

Balance - Ending balance (104,558,122)

Fair Value, Inputs, Level 3 [Member]

Balance - Beginning balance (71,664,770)

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Contingent consideration payments 985,037

Reclassified to Due to seller 943,424

Change in fair value (608,832) ^[1]

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Balance - Ending balance $ (104,558,122)

[1] (1) Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.

[2] (2) Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.

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Summary of Significant Accounting Policies (Details 1) (USD $)
3 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Intangible Assets, Gross $ 57,132,123 $ 54,592,373

Less accumulated amortization (18,945,197) (18,195,508)

Intangible assets, net 38,186,926 36,396,865

Trade names [Member]

Intangible Assets, Gross 3,467,655 3,467,655

Weighted - Average Life 12 years 4 months 24 days

Customer lists [Member]

Intangible Assets, Gross 52,548,663 50,008,913

Weighted - Average Life 14 years 4 months 24 days

Noncompete agreements [Member]

Intangible Assets, Gross 1,077,349 1,077,349

Weighted - Average Life 3 years 10 months 24 days

Patents [Member]

Intangible Assets, Gross $ 38,456 $ 38,456

Weighted - Average Life 10 years

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Acquisitions
3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

2. Acquisitions

During March 2013, the Company acquired 100% of the stock of DB Studios, Inc. (“DB Studios”), a California-based distributor of permanent POP displays and retail fixtures, whose clients include major retail and consumer package goods brands. The acquisition provides the Company with creative, design, engineering and prototyping capabilities, which are critical in the permanent display world.

DB Studios contributed revenues and gross profit which represent 1% and 2%, respectively, of the Company’s consolidated results for the three months ended March 31, 2013. Pro forma results of this acquisition are not disclosed as they would not have a material impact on the Company’s financial statements.

The following table summarizes the total consideration paid to acquire this company and the amount of identified assets acquired and liabilities assumed at the acquisition date. At March 31, 2013, the purchase price allocation is preliminary and subject to change as more detailed analyses are completed and additional information about the fair value of assets and liabilities becomes available. Specifically, the Company is finalizing the determination of the fair values of the intangible assets acquired and the contingent consideration liability. Changes to these fair values will also impact the amount of goodwill recorded in connection with this acquisition. These valuations will be completed within one year of the acquisition date.

Cash $ 6,211,224

Contingent consideration 35,999,651

Total consideration transferred $ 42,210,875

Cash and cash equivalents $ 9,282

Accounts receivable 2,006,148

Inventory 62,433

Other assets 1,282,088

Customer list 3,176,075

Goodwill 39,357,528

Accounts payable (1,373,025 )

Other current liabilities (1,064,696 )

Deferred income taxes (1,244,958 )

Total identifiable net assets and goodwill $ 42,210,875

Goodwill generally consists of expected synergies from combining operations of DB Studios with the Company’s existing operations. Acquisition related costs were included in selling, general and administrative expenses and were immaterial. The goodwill is not expected to be deductible for tax purposes.



Contingent Consideration

In connection with certain of the Company’s acquisitions, contingent consideration is payable in cash or common stock upon the achievement of certain performance measures over future periods. For the acquisitions occurring subsequent to January 1, 2009, the Company has recorded the acquisition date fair value of the contingent consideration liability as additional purchase price. The Company has recorded $104.6 million in contingent consideration at March 31, 2013 related to these arrangements. Any adjustments made to the fair value of the contingent consideration liability subsequent to the acquisition date will be recorded in the Company’s results of operations.

As of March 31, 2013, the potential maximum contingent payments are payable as follows:

Cash Common Stock Total

2013 $ 6,318,507 $ 928,805 $ 7,247,312

2014 11,739,330 14,694,261 26,433,591

2015 14,559,680 18,059,793 32,619,473

2016 30,950,640 25,320,680 56,271,320

2017 - 18,750,000 18,750,000

$ 63,568,157 $ 77,753,539 $ 141,321,696

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CONDENSED CONSOLIDATED BALANCE SHEET (USD $)

Mar. 31, 2013

Dec. 31, 2012

Assets

Cash and cash equivalents $ 10,609,171 $ 17,218,899

Accounts receivable, net of allowance for doubtful accounts of $1,553,926 and $1,522,948, respectively 150,492,103 149,246,568

Unbilled revenue 30,191,086 30,798,230

Inventories 15,310,762 17,406,863

Prepaid expenses 19,880,172 16,210,053

Deferred income taxes 1,541,351 1,513,414

Other current assets 20,914,995 21,051,907

Total current assets 248,939,640 253,445,934

Property and equipment, net 18,327,091 17,078,384

Intangibles and other assets:

Goodwill 251,315,684 214,086,880

Intangible assets, net of accumulated amortization of $18,195,508 and $18,945,197, respectively 38,186,926 36,396,865

Deferred income taxes 0 413,244

Other assets 1,417,979 822,275

Total Other Assets 290,920,589 251,719,264

Total assets 558,187,320 522,243,582

Liabilities and stockholders' equity

Accounts payable-trade 126,701,960 121,132,051

Current portion of contingent consideration 26,678,442 7,795,489

Due to seller 943,424 10,796,850

Other liabilities 7,616,000 8,111,051

Accrued expenses 13,985,283 17,558,675

Total current liabilities 175,925,109 165,394,116

Revolving credit facility 70,500,000 65,000,000

Deferred income taxes 6,317,317 5,000,740

Contingent consideration, net of current portion 77,879,680 63,869,281

Total liabilities 330,622,106 299,264,137

Stockholders' equity:

Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 60,971,436 shares issued, 50,200,098 and 50,623,049 shares outstanding, respectively 6,097 6,074

Additional paid-in capital 201,550,716 198,117,936

Treasury stock at cost, 10,535,463 and 10,348,387 shares, respectively (64,962,291) (67,071,323)

Accumulated other comprehensive income (loss) (1,645,734) 205,462

Retained earnings 92,616,426 91,721,296

Total stockholders' equity 227,565,214 222,979,445

Total liabilities and stockholders' equity $ 558,187,320 $ 522,243,582

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Summary of Significant Accounting Policies (Tables)
3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule of Goodwill [Table Text Block]
The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:

North America International Total

Balance as of December 31, 2012 120,453,194 93,633,686 214,086,880

Goodwill acquired related to 2013 acquisitions 39,357,528 - 39,357,528

Finalization of purchase accounting for prior year acquisitions 20,914 218,819 239,733

Foreign exchange impact (15,118 ) (2,353,339 ) (2,368,457 )

Balance as of March 31, 2013 $ 159,816,518 $ 91,499,166 $ 251,315,684

Schedule of Finite-Lived Intangible Assets [Table Text Block]
The following is a summary of the intangible assets:

December 31,
2012 March 31,
2013 Weighted Average Life

Customer lists $ 50,008,913 $ 52,548,663 14.4 years

Noncompete agreements 1,077,349 1,077,349 3.9 years

Trade names 3,467,655 3,467,655 12.4 years

Patents 38,456 38,456 10.0 years

54,592,373 57,132,123

Less accumulated amortization (18,195,508 ) (18,945,197 )

Intangible assets, net $ 36,396,865 $ 38,186,926

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
The estimated amortization expense for the next five years is as follows:

Remainder of 2013 $ 3,263,498

2014 3,856,071

2015 3,656,385

2016 3,508,352

2017 3,361,042

Thereafter 20,541,578

$ 38,186,926

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Document And Entity Information
3 Months Ended

Mar. 31, 2013

May 06, 2013

Entity Registrant Name INNERWORKINGS INC

Entity Central Index Key 0001350381

Current Fiscal Year End Date --12-31

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Acquisitions (Tables)
3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the total consideration paid to acquire this company and the amount of identified assets acquired and liabilities assumed at the acquisition date.

Cash $ 6,211,224

Contingent consideration 35,999,651

Total consideration transferred $ 42,210,875

Cash and cash equivalents $ 9,282

Accounts receivable 2,006,148

Inventory 62,433

Other assets 1,282,088

Customer list 3,176,075

Goodwill 39,357,528

Accounts payable (1,373,025 )

Other current liabilities (1,064,696 )

Deferred income taxes (1,244,958 )

Total identifiable net assets and goodwill $ 42,210,875

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]
As of March 31, 2013, the potential maximum contingent payments are payable as follows:

Cash Common Stock Total

2013 $ 6,318,507 $ 928,805 $ 7,247,312

2014 11,739,330 14,694,261 26,433,591

2015 14,559,680 18,059,793 32,619,473

2016 30,950,640 25,320,680 56,271,320

2017 - 18,750,000 18,750,000

$ 63,568,157 $ 77,753,539 $ 141,321,696

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CONDENSED CONSOLIDATED BALANCE SHEET [Parenthetical] (USD $)

Mar. 31, 2013

Dec. 31, 2012

Accounts receivable, allowance for doubtful accounts (in dollars) $ 1,522,948 $ 1,553,926

Intangible assets, accumulated amortization (in dollars) $ 18,945,197 $ 18,195,508

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized 200,000,000 200,000,000

Common stock, shares issued 60,971,436 60,735,561

Common stock, shares outstanding 50,623,049 50,200,098

Treasury stock at cost, shares 10,348,387 10,535,463

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Fair Value Measurement
3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

7. Fair Value Measurement

ASC 820 includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions.

The fair value hierarchy consists of the following three levels:

• Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.

• Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The Company's potential contingent consideration payments relating to acquisitions occurring subsequent to January 1, 2009 are its only Level 3 liabilities as of December 31, 2012 and March 31, 2013. The fair value of the liabilities determined by this analysis is primarily driven by the probability of reaching the performance measures required by the purchase agreements and the associated discount rate. Probabilities are estimated by reviewing financial forecasts and assessing the likelihood of reaching the required performance measures based on factors specific to each acquisition as well as the Company’s historical experience with similar arrangements. If an acquisition reaches the required performance measure, the estimated probability would be increased to 100%, and if the measure is not reached, the probability would be reduced to reflect the amount earned, if any, depending on the terms of the agreement. Discount rates are estimated by using the local government bond yields plus the Company’s credit spread. A one percentage point increase in the discount rate across all contingent consideration liabilities would result in a decrease to the fair value of approximately $2.9 million.

The following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and March 31, 2013, respectively:

At March 31, 2013 Total Fair Value Measurement Quoted Prices
in Active
Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2) Significant Unobservable Inputs
(Level 3)

Assets:

Money market funds (1) $ 667,113 $ 667,113 $ - $ -

Liabilities:

Contingent consideration $ (104,558,122 ) $ - $ - $ (104,558,122 )

At December 31, 2012 Total Fair Value Measurement Quoted Prices
in Active
Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2) Significant Unobservable Inputs
(Level 3)

Assets:

Money market funds (1) $ 667,045 $ 667,045 $ - $ -

Liabilities:

Contingent consideration $ (71,664,770 ) $ - $ - $ (71,664,770 )

(1) Included in cash and cash equivalents on the balance sheet.

The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):

Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs
(Level 3)

Contingent Consideration

Balance as of December 31, 2012 $ (71,664,770 )

Contingent consideration from 2013 acquisitions (35,999,651 )

Contingent consideration payments 985,037

Reclassified to Due to seller 943,424

Change in fair value (1) (608,832 )

Foreign exchange impact (2) 1,786,670

Balance as of March 31, 2013 $ (104,558,122 )

(1) Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.

(2) Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Related Party Transactions
3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

6. Related Party Transactions

Investment in Echo Global Logistics, Inc.

As previously disclosed, in February 2005 the Company acquired shares of common stock of Echo Global Logistics, Inc. (“Echo”), a technology enabled transportation and logistics business process outsourcing firm. A beneficial owner of the Company has a direct ownership interest in Echo. Following Echo’s initial public offering in October 2009, the Company has periodically sold shares of Echo common stock. During the three months ended March 31, 2012, the Company sold 14,743 of its shares of Echo’s common stock for $249,540 and recorded a gain on sale of investment of $247,697. During the three months ended March 31, 2013, the Company sold the remaining 123 shares of Echo’s common stock, and the proceeds and realized gain were immaterial. The Company classified its shares of Echo’s common stock as “available for sale” in accordance with ASC 320, Investments—Debt and Equity Securities. The investment was stated at fair value based on market prices, with any unrealized gains and losses included as a separate component of stockholders’ equity. Any realized gains and losses and interest and dividends have been determined using the specific identification method and included in other income. At March 31, 2013, the Company no longer owned any shares of Echo’s common stock.

Agreements and Services with Related Parties

The Company provides print procurement services to Echo. The total amount billed for such print procurement services during the three months ended March 31, 2012 and 2013 was approximately $27,141 and $33,525, respectively. In addition, Echo has provided transportation services to the Company. As consideration for these services, Echo billed the Company $2,155,686 and $3,169,000 for the three months ended March 31, 2012 and 2013, respectively. The net amount payable to Echo at March 31, 2013 was $1,401,442.

A beneficial owner of the Company has direct ownership interest in Groupon, Inc. (“Groupon”). The Company also provides promotional product procurement services to Groupon. The total amount billed for such services during the three months ended March 31, 2012 and 2013 was $183,065 and $7,000, respectively. The net amount receivable from Groupon was $7,739 at March 31, 2013.



The Company provides print procurement services to Arthur J. Gallagher & Co. J. Patrick Gallagher, Jr., who was appointed to the Company’s Board of Directors in August 2011, is the Chairman, President and Chief Executive Officer of Arthur J. Gallagher & Co. and has a direct ownership interest in Arthur J. Gallagher & Co. The total amount billed for such print procurement services during the three months ended March 31, 2012 and 2013 was $139,073 and $90,326, respectively. Additionally, Arthur J. Gallagher & Co. provides insurance brokerage and risk management services to the Company. As consideration of these services, Arthur J. Gallagher & Co. billed the Company $52,400 and $98,308 for the three months ended March 31, 2012 and 2013, respectively. The net amount receivable from Arthur J. Gallagher & Co. at March 31, 2013 was $83,413.

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Summary of Significant Accounting Policies (Details) (USD $)
3 Months Ended

Mar. 31, 2013

Balance $ 214,086,880

Goodwill acquired related to 2013 acquisitions 39,357,528

Finalization of purchase accounting for prior year acquisitions 239,733

Foreign exchange impact (2,368,457)

Balance 251,315,684

North America [Member]

Balance 120,453,194

Goodwill acquired related to 2013 acquisitions 39,357,528

Finalization of purchase accounting for prior year acquisitions 20,914

Foreign exchange impact (15,118)

Balance 159,816,518

International [Member]

Balance 93,633,686

Goodwill acquired related to 2013 acquisitions 0

Finalization of purchase accounting for prior year acquisitions 218,819

Foreign exchange impact (2,353,339)

Balance $ 91,499,166

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Earnings Per Share (Tables)
3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The computations of basic and diluted earnings per common share for the three months ended March 31, 2012 and 2013 are as follows:

Three Months Ended March 31,

2012 2013

Numerator:

Net Income $ 3,687,688 $ 895,130

Denominator:

Denominator for basic earnings per share—weighted-average shares 47,193,327 50,338,994

Effect of dilutive securities:

Employee stock options and restricted common shares 2,820,242 1,667,807

Denominator for dilutive earnings per share 50,013,569 52,006,801

Basic earnings per share $ 0.08 $ 0.02

Diluted earnings per share $ 0.07 $ 0.02

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Business Segments
3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

10. Business Segments

The Company is organized and managed as two business segments, North America and International, and is viewed as two operating segments by the chief operating decision maker for purposes of resource allocation and assessing performance. “Other” consists of shared service activities and unallocated corporate expenses.

Management evaluates the performance of its operating segments based on net revenues and Adjusted EBITDA which is a non-GAAP financial measure. The accounting policies of each of the operating segments are the same as those described in the summary of significant accounting policies in Note 1. Adjusted EBITDA represents income from operations with the addition of depreciation and amortization and stock-based compensation expense, less any change in the fair value of contingent consideration liabilities. Management does not evaluate the performance of its operating segments using asset measures.

The table below presents financial information for the Company’s reportable operating segments and Other for the three month periods noted (in thousands):

North America International Other Total

Three Months Ended March 31, 2013:

Net revenue from third parties $ 164,370 $ 39,946 $ - $ 204,316

Net revenue from other segments 18 267 (285 ) -

Total net revenues 164,388 40,213 (285 ) 204,316

Adjusted EBITDA (1) 12,783 188 (7,132 ) 5,839

Three Months Ended March 31, 2012:

Net revenue from third parties $ 158,015 $ 30,531 $ - $ 188,546

Net revenue from other segments 52 399 (451 ) -

Total net revenues 158,067 30,930 (451 ) 188,546

Adjusted EBITDA (1) 14,751 292 (5,485 ) 9,558

(1) Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, change in the fair value of contingent consideration liabilities and certain legal settlements, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted EBITDA definition the Company uses may not be comparable to similarly titled measures reported by other companies.

The table below reconciles the total of the reportable segments' Adjusted EBITDA and the Adjusted EBITDA included in Other to income before income taxes (in thousands):

Three Months Ended March 31,

2012 2013

Adjusted EBITDA $ 9,558 $ 5,839

Depreciation and amortization (2,444 ) (2,466 )

Stock-based compensation (1,048 ) (973 )

Change in fair value of contingent consideration (200 ) (609 )

Total other expense (260 ) (924 )

Income before income taxes $ 5,606 $ 867

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Commitments and Contingencies
3 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

8. Commitments and Contingencies

In November 2010, in connection with the Circuit City Stores, Inc. (“Circuit City”) bankruptcy proceedings, the Trustee of the Circuit City Liquidating Trust (the “Trust”) filed a lawsuit against the Company in United States Bankruptcy Court in the Eastern District of Virginia for the avoidance of payments as allegedly preferential transfers of $3.2 million paid to the Company during the 90 days preceding the filing of the bankruptcy petition of Circuit City on November 10, 2008. In January 2013, the Company and the Trust entered into a settlement agreement resolving this preference claim as well the Company’s administrative and general unsecured claims against the Trust for a net payment to the Trust of $900,000.

In May 2011, Her Majesty’s Revenue and Customs (“HMRC”) contacted the Company’s United Kingdom subsidiary, InnerWorkings Europe Limited (formerly Etrinsic), to request information relating to its position that certain printed matter and direct mail products are zero-rated under the U.K.’s VAT law. Although Etrinsic has voluntarily exchanged information with the HMRC as to its position that the products at issue are zero-rated for VAT pursuant to UK law and HMRC’s guidance, HMRC has stated that it disagrees with Etrinsic’s position and in March 2012, HMRC issued Etrinsic a VAT assessment of £2,316,008 for VAT periods covering the 2008, 2009, 2010 and 2011 calendar years. Etrinsic sought independent review of the assessment with HMRC, and HMRC upheld the assessment. Etrinsic appealed the HMRC’s assessment at the UK Tax Tribunal. In order to appeal the claim, the Company paid £2,316,008 to the HMRC on July 6, 2012. This payment was included in other current assets as of March 31, 2013. The Company is in advanced settlement discussions with HMRC, and the Company currently anticipates reaching a final settlement of this matter in the amount of £925,000, inclusive of all VAT periods for the 2008 through 2012 calendar years. The Company accrued a loss reserve in 2012 reflecting the anticipated settlement. Following finalization of a settlement, the Company would receive a refund of amounts paid to HMRC in July 2012 less the settlement amount.

In December 2010, e-Lynxx Corporation filed a complaint against the Company and numerous other defendants for patent infringement in the United States District Court for the Middle District of Pennsylvania. As to the Company, the complaint alleges, among other things, that certain aspects of the Company’s PPM4 TM technology infringe on two patents owned by e-Lynxx purporting to cover a system and method for competitive pricing and procurement of customized goods and services, and seeks monetary damages, interest, costs, attorneys’ fees, punitive damages and a permanent injunction. In February 2013, e-Lynxx asserted that the monetary damages it seeks from the Company are in the range of $22 million to $56 million for the period from May 2009 through December 2011; e-Lynxx has not yet specified damages sought for 2012 and future periods. The Company disputes the allegations contained in e-Lynxx’s complaint and intends to vigorously defend this matter. Specifically, the Company contends that the patents at issue are invalid and not infringed, and, therefore, e-Lynxx is not entitled to any relief and the complaint should be dismissed. Further, even if e-Lynxx could establish liability, the Company contends that e-Lynxx is not entitled to the excessive monetary relief it seeks. A trial of this matter is currently scheduled in November 2013. The Company believes that an unfavorable outcome is reasonably possible but not probable, and therefore, no reserve has been recorded for a potential loss. The loss that is reasonably possible cannot be estimated.

In October 2012, a former sales employee of the Company filed an arbitration claim against the Company arising from the Company’s termination of his employment in November 2011. He alleges disability discrimination, defamation, breach of employment agreement, invasion of privacy, and wage payment claims, and seeks monetary damages of $2.75 million, interest, punitive damages, injunctive relief, declaratory relief, and attorneys’ fees and costs. The Company disputes these allegations and intends to vigorously defend itself in the matter. Specifically, the Company contends that it lawfully terminated his employment for cause, and, therefore, that he is not entitled to any relief and his claims should be dismissed.

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Recently Issued Accounting Pronouncements
3 Months Ended

Mar. 31, 2013

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

9. Recently Issued Accounting Pronouncements

In February 2012, the FASB issued ASU 2013-02 which requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. These requirements are effective for public companies for reporting periods beginning after December 15, 2012. The Company has adopted ASU 2013-02 in the current quarter and included the required disclosures in Note 5.

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Summary of Significant Accounting Policies (Policies)
3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation of Interim Financial Statements

The accompanying unaudited consolidated financial statements of InnerWorkings, Inc. and subsidiaries (the “Company”) included herein have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of the accompanying unaudited financial statements have been included, and all adjustments are of a normal and recurring nature. The operating results for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the full year of 2013. These condensed interim consolidated financial statements and notes should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto as of December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2013.

Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Translation

The functional currency for the Company’s foreign operations is the local currency. Assets and liabilities of these operations are translated into U.S. currency at the rates of exchange at the balance sheet date. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Income and expense items are translated at average monthly rates of exchange. Realized gains and losses on foreign currency transactions were $0.1 million of gains and $0.4 million of losses during the three months ended March 31, 2012 and 2013, respectively. Since January 1, 2010, Venezuela has been designated as a highly inflationary economy under GAAP and as a result, the functional currency of the company’s subsidiary in Venezuela is the U.S. Dollar. Effective February 8, 2013, the Venezuelan government devalued the official exchange rate from 4.3 to 6.3, which resulted in a charge of $0.2 million during the three months ended March 31, 2013.

Goodwill and Intangible Assets, Policy [Policy Text Block]
Goodwill and Other Intangibles

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other, goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any interim indicators of impairment, the Company has elected to test for goodwill impairment as of December 31 of each year. ASU 2011-08, “Testing Goodwill for Impairment,” permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. If the quantitative test is required, in the first step, the fair value for each reporting unit is compared to its book value including goodwill. In the case that the fair value is less than the book value, a second step is performed which compares the implied fair value of goodwill to the book value of goodwill. The fair value for the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair values of the identifiable assets and liabilities. If the implied fair value of the goodwill is less than the book value of the goodwill, the difference is recognized as an impairment.

The Company defines its two reporting units as North America and International. The provisions of ASU 2011-08 were adopted in the fourth quarter of 2012. Based on the qualitative factors assessed, the Company concluded it was not more likely than not that the fair value of the North America reporting unit was less than its carrying amount primarily because (1) the Company’s overall financial performance has been positive in the face of mixed economic environments and (2) forecasts of operating income and cash flows generated by the North America reporting unit appear sufficient to support the book value of its net assets. However, due to economic factors internationally, it was determined that the quantitative test was necessary for the International reporting unit. No impairment was identified as a result of this test as of December 31, 2012.

The following is a summary of the goodwill balance for each operating segment as of March 31, 2013:

North America International Total

Balance as of December 31, 2012 120,453,194 93,633,686 214,086,880

Goodwill acquired related to 2013 acquisitions 39,357,528 - 39,357,528

Finalization of purchase accounting for prior year acquisitions 20,914 218,819 239,733

Foreign exchange impact (15,118 ) (2,353,339 ) (2,368,457 )

Balance as of March 31, 2013 $ 159,816,518 $ 91,499,166 $ 251,315,684

In accordance with ASC 350, Intangibles – Goodwill and Other, the Company amortizes its intangible assets with finite lives over their respective estimated useful lives and reviews for impairment whenever impairment indicators exist. The Company’s intangible assets consist of customer lists, noncompete agreements, trade names and patents. The Company’s customer lists, which have an estimated weighted-average useful life of fourteen years, are being amortized using the economic life method. The Company’s noncompete agreements, trade names and patents are being amortized on the straight-line basis over their estimated weighted-average useful lives of approximately four years, twelve years and ten years, respectively.

The following is a summary of the intangible assets:

December 31,
2012 March 31,
2013 Weighted Average Life

Customer lists $ 50,008,913 $ 52,548,663 14.4 years

Noncompete agreements 1,077,349 1,077,349 3.9 years

Trade names 3,467,655 3,467,655 12.4 years

Patents 38,456 38,456 10.0 years

54,592,373 57,132,123

Less accumulated amortization (18,195,508 ) (18,945,197 )

Intangible assets, net $ 36,396,865 $ 38,186,926



Amortization expense related to these intangible assets was $889,248 and $872,742 for the three month periods ended March 31, 2012 and 2013, respectively.

The estimated amortization expense for the next five years is as follows:

Remainder of 2013 $ 3,263,498

2014 3,856,071

2015 3,656,385

2016 3,508,352

2017 3,361,042

Thereafter 20,541,578

$ 38,186,926

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation



The Company accounts for stock-based compensation awards to employees and directors in accordance with ASC 718, Compensation-Stock Compensation. Compensation expense is measured by determining the fair value using the Black-Scholes option valuation model and is then recognized over the requisite service period of the awards, which is generally the vesting period, on a straight-line basis for the entire award.

Stock-based compensation cost recognized during the period is based on the portion of the share-based payment awards that are ultimately expected to vest. Accordingly, stock-based compensation cost recognized has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

During the three month periods ended March 31, 2012 and 2013, the Company granted 131,660 and 207,601 options, respectively. In addition, during the three month periods ended March 31, 2012 and 2013, the Company granted 66,593 and 150,100 restricted common shares, respectively. During the three month periods ended March 31, 2012 and 2013, 1,057,199 and 235,875 options were exercised and restricted common shares vested, respectively. The Company recorded $1,047,645 and $973,193 in compensation expense for the three month periods ended March 31, 2012 and 2013, respectively.

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Related Party Transactions (Details Textual) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Gain on sale of investment $ 0 $ 247,697

Print Procurement Services 90,326 139,073

Echo [Member]

Investment Shares Sold During Period 123 14,743

Equity Method Investment, Net Sales Proceeds 249,540

Gain on sale of investment 247,697

Related Party Transaction, Other Revenues from Transactions with Related Party 3,169,000 2,155,686

Print Procurement Services 33,525 27,141

Insurance and Risk Management Services 0 0

Due to Related Parties, Current 1,401,442

Groupon [Member] | Promotional Product Procurement Services [Member]

Print Procurement Services 7,000 183,065

Due from Related Parties, Current 7,739

Arthur J.Gallagher Co [Member]

Print Procurement Services 90,326 139,073

Insurance and Risk Management Services 98,308 52,400

Due from Related Parties, Current $ 83,413

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Fair Value Measurement (Tables)
3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2012 and March 31, 2013, respectively:

At March 31, 2013 Total Fair Value Measurement Quoted Prices
in Active
Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2) Significant Unobservable Inputs
(Level 3)

Assets:

Money market funds (1) $ 667,113 $ 667,113 $ - $ -

Liabilities:

Contingent consideration $ (104,558,122 ) $ - $ - $ (104,558,122 )

At December 31, 2012 Total Fair Value Measurement Quoted Prices
in Active
Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2) Significant Unobservable Inputs
(Level 3)

Assets:

Money market funds (1) $ 667,045 $ 667,045 $ - $ -

Liabilities:

Contingent consideration $ (71,664,770 ) $ - $ - $ (71,664,770 )

(1) Included in cash and cash equivalents on the balance sheet.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3):

Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs
(Level 3)

Contingent Consideration

Balance as of December 31, 2012 $ (71,664,770 )

Contingent consideration from 2013 acquisitions (35,999,651 )

Contingent consideration payments 985,037

Reclassified to Due to seller 943,424

Change in fair value (1) (608,832 )

Foreign exchange impact (2) 1,786,670

Balance as of March 31, 2013 $ (104,558,122 )

(1) Adjustments to original contingent consideration obligations recorded were the result of using revised financial forecasts and updated fair value measurements. These changes are recognized within selling, general and administrative expenses on the consolidated statement of comprehensive income.

(2) Changes in the contingent consideration liability which are caused by foreign exchange rate fluctuations are recognized in other comprehensive income.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Summary of Significant Accounting Policies (Details Textual) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Feb. 08, 2013

Jan. 01, 2010

Amortization of Acquired Intangible Assets $ 872,742 $ 889,248

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 207,601 131,660

Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures 150,100 66,593

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number 235,875 1,057,199

Stock-based compensation expense 973,193 1,047,645

Foreign Currency Transaction Gain (Loss), Realized 400,000 100,000

Foreign Currency Exchange Rate, Translation 6.3 4.3

Foreign Currency Transaction Gain (Loss), before Tax $ 200,000

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Cash flows from operating activities

Net income $ 895,130 $ 3,687,688

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 2,465,667 2,444,096

Stock-based compensation expense 973,193 1,047,645

Deferred income taxes 585,098 902,380

Gain on sale of investment 0 (247,697)

Excess tax benefit from exercise of stock awards (951,066) (4,163,793)

Change in fair value of contingent consideration liability 608,832 200,141

Other operating activities 69,473 175,701

Change in assets, net of acquisitions:

Accounts receivable and unbilled revenue 378,286 (22,809,398)

Inventories 1,964,851 2,119,878

Prepaid expenses and other (3,142,790) (10,271,793)

Change in liabilities, net of acquisitons:

Accounts payable 4,843,377 16,003,529

Accrued expenses and other (4,137,671) 3,438,985

Net cash provided by (used in) operating activities 4,552,380 (7,472,638)

Cash flows from investing activities

Purchases of property and equipment (2,886,245) (1,862,648)

Payments for acquisitions, net of cash acquired (6,261,942) (1,587,576)

Proceeds from sale of marketable securities 0 249,540

Other investing activities 0 11,567

Net cash used in investing activities (9,148,187) (3,189,117)

Cash flows from financing activities

Net borrowings from revolving credit facility 5,500,000 11,400,000

Payments of contingent consideration (9,115,840) (3,228,375)

Proceeds from exercise of stock options 846,541 555,355

Excess tax benefit from exercise of stock awards 951,066 4,163,793

Other financing activities (36,642) (4,349)

Net cash provided by (used in) financing activites (1,854,875) 12,886,424

Effect of exchange rate changes on cash and cash equivalents (159,046) 221,918

Increase (decrease) in cash and cash equivalents (6,609,728) 2,446,587

Cash and cash equivalents, beginning of period 17,218,899 13,219,385

Cash and cash equivalents, end of period $ 10,609,171 $ 15,665,972

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Accumulated Other Comprehensive Income (Loss)
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Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

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Foreign currency Unrealized holding gains on available-for-sale securities Total

Balance as of December 31, 2012 $ 204,124 $ 1,338 $ 205,462

Other comprehensive income (loss) before reclassifications (1,849,858 ) - (1,849,858 )

Amounts reclassified from accumulated other comprehensive income - (1,338 ) (1,338 )

Net current-period other comprehensive income (loss) (1,849,858 ) (1,338 ) (1,851,196 )

Balance as of March 31, 2013 $ (1,645,734 ) $ - $ (1,645,734 )

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Acquisitions (Details) (USD $)

Mar. 31, 2013

Cash $ 6,211,224

Contingent consideration 35,999,651

Total consideration transferred 42,210,875

Cash and cash equivalents 9,282

Accounts receivable 2,006,148

Inventory 62,433

Other assets 1,282,088

Customer list 3,176,075

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Accounts payable (1,373,025)

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Accumulated Other Comprehensive Income (Loss) (Tables)
3 Months Ended

Mar. 31, 2013

Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The table below presents changes in the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2013:

Foreign currency Unrealized holding gains on available-for-sale securities Total

Balance as of December 31, 2012 $ 204,124 $ 1,338 $ 205,462

Other comprehensive income (loss) before reclassifications (1,849,858 ) - (1,849,858 )

Amounts reclassified from accumulated other comprehensive income - (1,338 ) (1,338 )

Net current-period other comprehensive income (loss) (1,849,858 ) (1,338 ) (1,851,196 )

Balance as of March 31, 2013 $ (1,645,734 ) $ - $ (1,645,734 )

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Acquisitions (Details Textual) (USD $)	3 Months Ended
Acquisitions (Details Textual) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Contingent consideration	$ (104,558,122)	$ (71,664,770)
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Acquisition Contribution To Revenues Percentage	1.00%
Business Acquisition Contribution To Gross Profit Percentage	2.00%

Acquisitions (Details 1) (USD $)	Mar. 31, 2013
Potential Maximum Contingent Payments	$ 141,321,696
Common Stock [Member]
Potential Maximum Contingent Payments	77,753,539
Cash [Member]
Potential Maximum Contingent Payments	63,568,157
2013 [Member]
Potential Maximum Contingent Payments	7,247,312
2013 [Member] \| Common Stock [Member]
Potential Maximum Contingent Payments	928,805
2013 [Member] \| Cash [Member]
Potential Maximum Contingent Payments	6,318,502
2014 [Member]
Potential Maximum Contingent Payments	26,433,591
2014 [Member] \| Common Stock [Member]
Potential Maximum Contingent Payments	14,694,261
2014 [Member] \| Cash [Member]
Potential Maximum Contingent Payments	11,739,330
2015 [Member]
Potential Maximum Contingent Payments	32,619,473
2015 [Member] \| Common Stock [Member]
Potential Maximum Contingent Payments	18,059,793
2015 [Member] \| Cash [Member]
Potential Maximum Contingent Payments	14,559,680
2016 [Member]
Potential Maximum Contingent Payments	56,271,320
2016 [Member] \| Common Stock [Member]
Potential Maximum Contingent Payments	25,320,680
2016 [Member] \| Cash [Member]
Potential Maximum Contingent Payments	30,950,640
2017 [Member]
Potential Maximum Contingent Payments	18,750,000
2017 [Member] \| Common Stock [Member]
Potential Maximum Contingent Payments	18,750,000
2017 [Member] \| Cash [Member]
Potential Maximum Contingent Payments	$ 0

Income Taxes (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Effective Income Tax Rate, Continuing Operations	(3.20%)	34.20%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 0.3

Earnings Per Share (Details) (USD $)	3 Months Ended
Earnings Per Share (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Numerator:
Net Income	$ 895,130	$ 3,687,688
Denominator:
Denominator for basic earnings per share - weighted-average shares	50,338,994	47,193,327
Effect of dilutive securities:
Employee stock options and restricted common shares	1,667,807	2,820,242
Denominator for dilutive earnings per share	52,006,801	50,013,569
Basic earnings per share	$ 0.02	$ 0.08
Diluted earnings per share	$ 0.02	$ 0.07

Earnings Per Share (Details Textual)	3 Months Ended
Earnings Per Share (Details Textual)	Mar. 31, 2013	Mar. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	583,272	769,691

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $)	Mar. 31, 2013	Mar. 31, 2012
Revenue	$ 204,316,125	$ 188,546,402
Cost of goods sold	158,323,630	147,153,019
Gross profit	45,992,495	41,393,383
Operating expenses:
Selling, general and administrative expenses	41,735,789	33,083,264
Depreciation and amortization	2,465,667	2,444,096
Income from operations	1,791,039	5,866,023
Other income (expense):
Gain on sale of investment	0	247,697
Interest income	7,334	51,741
Interest expense	(485,107)	(698,094)
Other, net	(446,163)	138,268
Total other expense	(923,936)	(260,388)
Income before income taxes	867,103	5,605,635
Income tax expense (benefit)	(28,027)	1,917,947
Net income	895,130	3,687,688
Basic earnings per share	$ 0.02	$ 0.08
Diluted earnings per share	$ 0.02	$ 0.07
Comprehensive income (loss)	$ (956,066)	$ 4,089,394

Summary of Significant Accounting Policies (Details 1) (USD $)	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Intangible Assets, Gross	$ 57,132,123	$ 54,592,373
Less accumulated amortization	(18,945,197)	(18,195,508)
Intangible assets, net	38,186,926	36,396,865
Trade names [Member]
Intangible Assets, Gross	3,467,655	3,467,655
Weighted - Average Life	12 years 4 months 24 days
Customer lists [Member]
Intangible Assets, Gross	52,548,663	50,008,913
Weighted - Average Life	14 years 4 months 24 days
Noncompete agreements [Member]
Intangible Assets, Gross	1,077,349	1,077,349
Weighted - Average Life	3 years 10 months 24 days
Patents [Member]
Intangible Assets, Gross	$ 38,456	$ 38,456
Weighted - Average Life	10 years

CONDENSED CONSOLIDATED BALANCE SHEET (USD $)	Mar. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 10,609,171	$ 17,218,899
Accounts receivable, net of allowance for doubtful accounts of $1,553,926 and $1,522,948, respectively	150,492,103	149,246,568
Unbilled revenue	30,191,086	30,798,230
Inventories	15,310,762	17,406,863
Prepaid expenses	19,880,172	16,210,053
Deferred income taxes	1,541,351	1,513,414
Other current assets	20,914,995	21,051,907
Total current assets	248,939,640	253,445,934
Property and equipment, net	18,327,091	17,078,384
Intangibles and other assets:
Goodwill	251,315,684	214,086,880
Intangible assets, net of accumulated amortization of $18,195,508 and $18,945,197, respectively	38,186,926	36,396,865
Deferred income taxes	0	413,244
Other assets	1,417,979	822,275
Total Other Assets	290,920,589	251,719,264
Total assets	558,187,320	522,243,582
Liabilities and stockholders' equity
Accounts payable-trade	126,701,960	121,132,051
Current portion of contingent consideration	26,678,442	7,795,489
Due to seller	943,424	10,796,850
Other liabilities	7,616,000	8,111,051
Accrued expenses	13,985,283	17,558,675
Total current liabilities	175,925,109	165,394,116
Revolving credit facility	70,500,000	65,000,000
Deferred income taxes	6,317,317	5,000,740
Contingent consideration, net of current portion	77,879,680	63,869,281
Total liabilities	330,622,106	299,264,137
Stockholders' equity:
Common stock, par value $0.0001 per share, 200,000,000 and 200,000,000 shares authorized, 60,735,561 and 60,971,436 shares issued, 50,200,098 and 50,623,049 shares outstanding, respectively	6,097	6,074
Additional paid-in capital	201,550,716	198,117,936
Treasury stock at cost, 10,535,463 and 10,348,387 shares, respectively	(64,962,291)	(67,071,323)
Accumulated other comprehensive income (loss)	(1,645,734)	205,462
Retained earnings	92,616,426	91,721,296
Total stockholders' equity	227,565,214	222,979,445
Total liabilities and stockholders' equity	$ 558,187,320	$ 522,243,582

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2013	May 06, 2013
Entity Registrant Name	INNERWORKINGS INC
Entity Central Index Key	0001350381
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	inwk
Entity Common Stock, Shares Outstanding		50,683,368
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2013

CONDENSED CONSOLIDATED BALANCE SHEET [Parenthetical] (USD $)	Mar. 31, 2013	Dec. 31, 2012
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,522,948	$ 1,553,926
Intangible assets, accumulated amortization (in dollars)	$ 18,945,197	$ 18,195,508
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	60,971,436	60,735,561
Common stock, shares outstanding	50,623,049	50,200,098
Treasury stock at cost, shares	10,348,387	10,535,463

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Balance	$ 214,086,880
Goodwill acquired related to 2013 acquisitions	39,357,528
Finalization of purchase accounting for prior year acquisitions	239,733
Foreign exchange impact	(2,368,457)
Balance	251,315,684
North America [Member]
Balance	120,453,194
Goodwill acquired related to 2013 acquisitions	39,357,528
Finalization of purchase accounting for prior year acquisitions	20,914
Foreign exchange impact	(15,118)
Balance	159,816,518
International [Member]
Balance	93,633,686
Goodwill acquired related to 2013 acquisitions	0
Finalization of purchase accounting for prior year acquisitions	218,819
Foreign exchange impact	(2,353,339)
Balance	$ 91,499,166

Related Party Transactions (Details Textual) (USD $)	3 Months Ended
Related Party Transactions (Details Textual) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Gain on sale of investment	$ 0	$ 247,697
Print Procurement Services	90,326	139,073
Echo [Member]
Investment Shares Sold During Period	123	14,743
Equity Method Investment, Net Sales Proceeds		249,540
Gain on sale of investment		247,697
Related Party Transaction, Other Revenues from Transactions with Related Party	3,169,000	2,155,686
Print Procurement Services	33,525	27,141
Insurance and Risk Management Services	0	0
Due to Related Parties, Current	1,401,442
Groupon [Member] \| Promotional Product Procurement Services [Member]
Print Procurement Services	7,000	183,065
Due from Related Parties, Current	7,739
Arthur J.Gallagher Co [Member]
Print Procurement Services	90,326	139,073
Insurance and Risk Management Services	98,308	52,400
Due from Related Parties, Current	$ 83,413

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Feb. 08, 2013	Jan. 01, 2010
Amortization of Acquired Intangible Assets	$ 872,742	$ 889,248
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	207,601	131,660
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	150,100	66,593
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	235,875	1,057,199
Stock-based compensation expense	973,193	1,047,645
Foreign Currency Transaction Gain (Loss), Realized	400,000	100,000
Foreign Currency Exchange Rate, Translation			6.3	4.3
Foreign Currency Transaction Gain (Loss), before Tax	$ 200,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities
Net income	$ 895,130	$ 3,687,688
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,465,667	2,444,096
Stock-based compensation expense	973,193	1,047,645
Deferred income taxes	585,098	902,380
Gain on sale of investment	0	(247,697)
Excess tax benefit from exercise of stock awards	(951,066)	(4,163,793)
Change in fair value of contingent consideration liability	608,832	200,141
Other operating activities	69,473	175,701
Change in assets, net of acquisitions:
Accounts receivable and unbilled revenue	378,286	(22,809,398)
Inventories	1,964,851	2,119,878
Prepaid expenses and other	(3,142,790)	(10,271,793)
Change in liabilities, net of acquisitons:
Accounts payable	4,843,377	16,003,529
Accrued expenses and other	(4,137,671)	3,438,985
Net cash provided by (used in) operating activities	4,552,380	(7,472,638)
Cash flows from investing activities
Purchases of property and equipment	(2,886,245)	(1,862,648)
Payments for acquisitions, net of cash acquired	(6,261,942)	(1,587,576)
Proceeds from sale of marketable securities	0	249,540
Other investing activities	0	11,567
Net cash used in investing activities	(9,148,187)	(3,189,117)
Cash flows from financing activities
Net borrowings from revolving credit facility	5,500,000	11,400,000
Payments of contingent consideration	(9,115,840)	(3,228,375)
Proceeds from exercise of stock options	846,541	555,355
Excess tax benefit from exercise of stock awards	951,066	4,163,793
Other financing activities	(36,642)	(4,349)
Net cash provided by (used in) financing activites	(1,854,875)	12,886,424
Effect of exchange rate changes on cash and cash equivalents	(159,046)	221,918
Increase (decrease) in cash and cash equivalents	(6,609,728)	2,446,587
Cash and cash equivalents, beginning of period	17,218,899	13,219,385
Cash and cash equivalents, end of period	$ 10,609,171	$ 15,665,972

Acquisitions (Details) (USD $)	Mar. 31, 2013
Cash	$ 6,211,224
Contingent consideration	35,999,651
Total consideration transferred	42,210,875
Cash and cash equivalents	9,282
Accounts receivable	2,006,148
Inventory	62,433
Other assets	1,282,088
Customer list	3,176,075
Goodwill	39,357,528
Accounts payable	(1,373,025)
Other current liabilities	(1,064,696)
Deferred income taxes	(1,244,958)
Total identifiable net assets and goodwill	$ 42,210,875

Commitments and Contingencies (Details Textual)	0 Months Ended	1 Months Ended	3 Months Ended	32 Months Ended		3 Months Ended	60 Months Ended
Commitments and Contingencies (Details Textual)	Nov. 30, 2008 USD ($)	Oct. 31, 2012 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2011 Maximum [Member] USD ($)	Dec. 31, 2011 Minimum [Member] USD ($)	Mar. 31, 2013 Inner Workings Europe Ltd [Member] GBP (£)	Dec. 31, 2012 Inner Workings Europe Ltd [Member] GBP (£)	Jul. 06, 2012 Inner Workings Europe Ltd [Member] GBP (£)
Loss Contingency, Settlement Agreement, Consideration								£ 2,316,008
Litigation Settlement, Gross							925,000
Loss Contingency, Damages Sought, Value		2,750,000		56,000,000	22,000,000
Loss Contingency, Loss in Period						2,316,008
Loss Contingency, Related Receivable Carrying Value, Additions	3,200,000
Loss Contingency, Settlement Agreement, Terms	90 days
Loss Contingency Accrual, Carrying Value, Payments			$ 900,000