SAN FRANCISCO, May 6, 2021 /PRNewswire/ -- Marin Software
Incorporated (NASDAQ: MRIN), a leading provider of digital
marketing software for performance-driven advertisers and agencies,
today announced financial results for the first quarter ended
March 31, 2021.
"We are thrilled with the increased pace of the innovation this
quarter as we move beyond the MarinOne upgrade. Our customers
continue to improve the performance of their digital marketing
programs using our new forecasting, bidding, Insights and
automation tools," said Chris Lien, Marin Software Chief Executive
Officer.
First Quarter 2021 Business and Product Release
Highlights:
- Improved the forecasting tools in MarinOne to support
forecasting for customizable categories or lines of business, in
addition to forecasting for the program as a whole. This gives
marketers information to make budget allocation decisions.
- Added support for Google Smart Bidding, including bulk edit
support for Target CPA (tCPA) and Target ROAS (tROAS), letting
advertisers pick the bidding tools that best meet their needs
across Google and Marin.
- Added 13 new Insights to help marketers get the most out of
their digital marketing campaigns by helping identify invalid
credentials, sync errors, landing page issues, disapproved ads, and
much more.
- Upgraded reporting capabilities in MarinOne, including
additional cross-client reporting, expanded monthly and daily roll
up on history grid, additional pre-set filter options (including
quarterly and yearly filters), and support for Last N period, where
the user is able to define 'N' to be any number of
days/weeks/months they need.
- Added the ability to download completed Marin Search reports in MarinOne, in an effort
to further streamline user workflows.
- Introduced support for several new types of campaigns and ads,
including Discovery Campaigns, Universal App Campaigns, and
Showcase Shopping Ads.
- Introduced Social Scheduled Actions to allow marketers to
choose when they would like ads to be active or paused. This allows
marketers to adjust for seasonality and plan necessary on/off
toggles in advance.
- Added several new use cases for Social Rules, including the
ability to pause campaigns or ad sets based on performance, the
ability to update ad set bids, and campaign budget management. We
have also added rules to manage daily and lifetime spend
ratios.
- In Marin Social, customers can now use Media Plan parameters to
automatically apply dynamic URL macros to their ads.
- Introduced a new MarinOne module that is specifically designed
to help users manage eCommerce campaigns.
- Added support for Facebook to our Amazon Attribution solution,
making it simple to track the Facebook-influenced impact on Amazon
conversions.
- Added support for Amazon Sponsored Display Audiences to help
customers drive awareness.
- We now offer a convenient diagnostics dashboard that can be
used to keep tabs on Marin Tracker setup.
First Quarter 2021 Financial Updates:
- Net revenues totaled $6.3
million, a year-over-year decrease of 27% when compared to
$8.7 million in the first quarter of
2020.
- GAAP loss from operations was ($2.4)
million, resulting in a GAAP operating margin of (39%), as
compared to a GAAP loss from operations of ($4.4) million and a GAAP operating margin of
(51%) for the first quarter of 2020.
- Non-GAAP loss from operations was ($2.5)
million, resulting in a non-GAAP operating margin of (40%),
as compared to a non-GAAP loss from operations of ($3.5) million and a non-GAAP operating margin of
(40%) for the first quarter of 2020.
Reconciliations of GAAP to non-GAAP financial measures have been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below,
under the heading "Non-GAAP Financial Measures."
Financial Outlook:
Marin is providing guidance for its second quarter of
2021 as follows:
Forward-Looking
Guidance
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Estimate
|
|
|
|
|
From
|
|
|
To
|
|
|
Three Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
5.5
|
|
|
$
|
6.0
|
|
|
Non-GAAP loss from
operations
|
|
|
(3.4)
|
|
|
|
(2.9)
|
|
|
Non-GAAP loss from operations excludes the effects of
stock-based compensation, amortization of internally developed
software and intangible assets, impairment of goodwill and
long-lived assets, capitalization of internally developed software,
CARES Act employee retention credits and non-recurring costs
associated with restructurings and divestitures.
Additionally, the Company does not reconcile its forward-looking
non-GAAP loss from operations, due to variability between revenues
and non-cash items such as stock-based compensation. The GAAP loss
from operations includes stock-based compensation expense, which is
affected by hiring and retention needs, as well as the future price
of Marin's stock. As a result, a reconciliation of the
forward-looking non-GAAP financial measures to the corresponding
GAAP measures cannot be made without unreasonable effort.
Quarterly Results Conference Call
Marin Software will host a conference call today at 2:00 PM Pacific Time (5:00
PM Eastern Time) to review the Company's financial results
for the quarter ended March 31, 2021,
and its outlook for the future. To access the call, please dial
(800) 926-5431 in the United
States or (212) 231-2914 internationally with reference to
the company name and conference title. A live webcast of the
conference call will be accessible
at http://public.viavid.com/index.php?id=144428. Following the
completion of the call through 11:59 p.m.
Eastern Time on May 13, 2021,
a recorded replay will be available on the Company's website
at http://investor.marinsoftware.com/ and a telephone replay
will be available by dialing (844) 512-2921 in the United States or (412) 317-6671
internationally with the recording access code 21993546.
About Marin Software
Marin Software Incorporated's (NASDAQ: MRIN) mission is to
give advertisers the power to drive higher efficiency and
transparency in their paid marketing programs that run on the
world's largest publishers. Marin Software provides enterprise
marketing software for advertisers and agencies to integrate,
align, and amplify their digital advertising spend across the web
and mobile devices. Marin Software offers a unified
SaaS advertising management platform for search,
social, and eCommerce advertising. The Company helps
digital marketers convert precise audiences, improve financial
performance, and make better decisions. Headquartered in San
Francisco with offices worldwide, Marin Software's
technology powers marketing campaigns around the globe. For
more information about Marin Software, please visit
www.marinsoftware.com.
Non-GAAP Financial Measures
Marin uses certain non-GAAP financial measures in this release.
Marin uses these non-GAAP financial measures internally in
analyzing its financial results and believes they are useful to
investors, as a supplement to GAAP measures, in evaluating its
ongoing operational performance. Marin believes that the use of
these non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends
and in comparing our financial results with other companies in our
industry, many of which present similar non-GAAP financial measures
to investors. Non-GAAP financial measures that Marin uses may
differ from measures that other companies may use.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. A reconciliation of the non-GAAP
financial measures to their most directly comparable GAAP measures
has been provided in the financial statement tables included below
in this press release. Investors are encouraged to review the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures.
Non-GAAP expenses, measures and net loss per
share. Marin defines non-GAAP sales and marketing,
non-GAAP research and development, non-GAAP general and
administrative, non-GAAP gross profit, non-GAAP operating loss and
non-GAAP net loss as the respective GAAP balances, adjusted for
stock-based compensation, amortization of internally developed
software and intangible assets, impairment of goodwill
and long-lived assets, non-cash expenses related to debt
agreements, capitalization of internally developed software, CARES
Act employee retention credit and non-recurring costs associated
with restructurings and divestitures. Non-GAAP net loss per share
is calculated as non-GAAP net loss divided by the weighted average
shares outstanding.
Adjusted EBITDA. Marin defines Adjusted EBITDA as
net loss, adjusted for stock-based compensation expense,
depreciation, amortization of internally developed software
and intangible assets, capitalization of internally developed
software, impairment of goodwill and long-lived assets, benefit
from or provision for income taxes, CARES Act employee retention
credit, other income, net and non-recurring costs associated with
restructurings and divestitures. These amounts are often excluded
by other companies to help investors understand the operational
performance of their business. The Company uses Adjusted EBITDA as
a measurement of its operating performance because it assists in
comparing the operating performance on a consistent basis by
removing the impact of certain non-cash and non-operating items.
Adjusted EBITDA reflects an additional way of viewing aspects of
the operations that Marin believes, when viewed with the GAAP
results and the accompanying reconciliations to corresponding GAAP
financial measures, provide a more complete understanding of
factors and trends affecting its business.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding Marin's
business, impact of investments in product and technology on future
operating results, progress on product development efforts, product
capabilities, advertiser and customer behavior, effects of the
COVID-19 pandemic, and future financial results, including its
outlook for the second quarter of 2021. These forward-looking
statements are subject to the safe harbor provisions created by the
Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from those projected in the forward-looking
statements as a result of certain risk factors, including but not
limited to the effects of the continuing global outbreak of
COVID-19 on demand for our products and services; the amount of
digital advertising spend managed by our customers using our
products; the extent of customer acceptance and adoption of our
MarinOne platform; the productivity of our personnel and other
aspects of our business; our ability to maintain or grow sales to
new and existing customers; any adverse changes in our
relationships with and access to publishers and advertising
agencies and strategic business partners, including any adverse
changes in our revenue sharing agreement with Google; our ability
to manage expenses and liquidity and raise additional capital; our
ability complete successfully our recent restructuring plan and
realize cost savings; our ability to retain and attract qualified
management, technical and sales and marketing personnel; any
default under or required repayment of our indebtedness or any
delays or reductions in forgiveness of such indebtedness, including
our loan under the Paycheck Protection Program; delays in the
release of updates to our product platform or new features or
delays in customer deployment of any such updates or features;
competitive factors, including but not limited to pricing
pressures, entry of new competitors and new applications; quarterly
fluctuations in our operating results due to a number of factors;
inability to adequately forecast our future revenues, expenses,
Adjusted EBITDA, cash flows or other financial metrics; delays,
reductions or slower growth in the amount spent on online and
mobile advertising and the development of the market for
cloud-based software; progress in our efforts to update our
software platform; level of usage and advertising spend managed on
our platform; our ability to maintain or expand sales of our
solutions in channels other than search advertising; any slow-down
in the search advertising market generally; any shift in customer
digital advertising budgets from search to segments in which we are
not as deeply penetrated; the development of the market for digital
advertising; acceptance and continued usage of our platform and
services by customers and our ability to provide high-quality
technical support to our customers; material defects in our
platform including those resulting from any updates we introduce to
our platform, service interruptions at our single third-party data
center or breaches in our security measures; our ability to develop
enhancements to our platform; our ability to protect our
intellectual property; our ability to manage risks associated with
international operations; the impact of fluctuations in currency
exchange rates, particularly an increase in the value of the
dollar; near term changes in sales of our software services or
spend under management may not be immediately reflected in our
results due to our subscription business model; adverse changes in
general economic or market conditions; and our ability to acquire
and integrate other businesses or sell business assets. These
forward-looking statements are based on current expectations and
are subject to uncertainties and changes in condition,
significance, value and effect as well as other risks detailed in
documents filed with the Securities and Exchange Commission,
including our most recent report on Form 10-K, recent reports on
Form 10-Q and current reports on Form 8-K, which we may file from
time to time, and all of which are available free of charge at the
SEC's website at www.sec.gov. Any of these risks could cause actual
results to differ materially from expectations set forth in the
forward-looking statements. All forward-looking statements in this
press release reflect Marin's expectations as of May 6, 2021. Marin assumes no obligation to, and
expressly disclaims any obligation to update any such
forward-looking statements after the date of this release.
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
(Unaudited; in
thousands, except par value)
|
|
2021
|
|
|
2020
|
|
Assets:
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
14,671
|
|
|
$
|
14,280
|
|
Restricted
cash
|
|
|
540
|
|
|
|
540
|
|
Accounts receivable,
net
|
|
|
4,483
|
|
|
|
5,063
|
|
Prepaid expenses and
other current assets
|
|
|
2,753
|
|
|
|
3,039
|
|
Total current
assets
|
|
|
22,447
|
|
|
|
22,922
|
|
Property and
equipment, net
|
|
|
5,022
|
|
|
|
5,477
|
|
Right-of-use assets,
operating leases
|
|
|
5,538
|
|
|
|
7,737
|
|
Other non-current
assets
|
|
|
711
|
|
|
|
873
|
|
Total
assets
|
|
$
|
33,718
|
|
|
$
|
37,009
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
484
|
|
|
$
|
928
|
|
Accrued expenses and
other current liabilities
|
|
|
5,064
|
|
|
|
6,552
|
|
Note payable,
current
|
|
|
2,040
|
|
|
|
1,854
|
|
Operating lease
liabilities
|
|
|
5,242
|
|
|
|
6,800
|
|
Total current
liabilities
|
|
|
12,830
|
|
|
|
16,134
|
|
Note payable, net of
current
|
|
|
1,280
|
|
|
|
1,466
|
|
Operating lease
liabilities, non-current
|
|
|
1,051
|
|
|
|
1,814
|
|
Other long-term
liabilities
|
|
|
1,727
|
|
|
|
1,780
|
|
Total
liabilities
|
|
|
16,888
|
|
|
|
21,194
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value
|
|
|
11
|
|
|
|
10
|
|
Additional paid-in
capital
|
|
|
311,342
|
|
|
|
308,065
|
|
Accumulated
deficit
|
|
|
(293,375)
|
|
|
|
(291,163)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,148)
|
|
|
|
(1,097)
|
|
Total
stockholders' equity
|
|
|
16,830
|
|
|
|
15,815
|
|
Total liabilities and
stockholders' equity
|
|
$
|
33,718
|
|
|
$
|
37,009
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
(Unaudited; in
thousands, except per share data)
|
|
2021
|
|
|
2020
|
|
|
Revenues,
net
|
|
$
|
6,308
|
|
|
$
|
8,660
|
|
|
Cost of
revenues
|
|
|
3,241
|
|
|
|
5,345
|
|
|
Gross
profit
|
|
|
3,067
|
|
|
|
3,315
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
1,246
|
|
|
|
2,312
|
|
|
Research and
development
|
|
|
2,399
|
|
|
|
3,437
|
|
|
General and
administrative
|
|
|
1,869
|
|
|
|
1,981
|
|
|
Total operating
expenses
|
|
|
5,514
|
|
|
|
7,730
|
|
|
Loss from
operations
|
|
|
(2,447)
|
|
|
|
(4,415)
|
|
|
Other income,
net
|
|
|
327
|
|
|
|
469
|
|
|
Loss before provision
for income taxes
|
|
|
(2,120)
|
|
|
|
(3,946)
|
|
|
Provision for income
taxes
|
|
|
92
|
|
|
|
25
|
|
|
Net loss
|
|
$
|
(2,212)
|
|
|
$
|
(3,971)
|
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.21)
|
|
|
$
|
(0.58)
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
10,300
|
|
|
|
6,819
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Unaudited; in
thousands)
|
|
2021
|
|
|
2020
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,212)
|
|
|
$
|
(3,971)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
240
|
|
|
|
893
|
|
Amortization of
internally developed software
|
|
|
624
|
|
|
|
864
|
|
Amortization of
intangible assets
|
|
|
—
|
|
|
|
95
|
|
Amortization of
deferred costs to obtain and fulfill contracts
|
|
|
133
|
|
|
|
258
|
|
Interest
expense
|
|
|
5
|
|
|
|
—
|
|
Loss on disposals of
property and equipment and right-of-use assets
|
|
|
30
|
|
|
|
1
|
|
Unrealized foreign
currency losses
|
|
|
25
|
|
|
|
24
|
|
Stock-based
compensation related to equity awards
|
|
|
262
|
|
|
|
446
|
|
Provision for bad
debts
|
|
|
(58)
|
|
|
|
(144)
|
|
Net change in
operating leases
|
|
|
(122)
|
|
|
|
(110)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
628
|
|
|
|
2,032
|
|
Prepaid expenses and
other assets
|
|
|
215
|
|
|
|
623
|
|
Accounts
payable
|
|
|
(445)
|
|
|
|
(380)
|
|
Accrued expenses and
other liabilities
|
|
|
(1,566)
|
|
|
|
(2,391)
|
|
Net cash used in
operating activities
|
|
|
(2,241)
|
|
|
|
(1,760)
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(6)
|
|
|
|
—
|
|
Capitalization of
internally developed software
|
|
|
(420)
|
|
|
|
(540)
|
|
Net cash used in
investing activities
|
|
|
(426)
|
|
|
|
(540)
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common shares through at-the-market offering, net of
offering costs
|
|
|
3,120
|
|
|
|
—
|
|
Payment of principal
on finance lease liabilities
|
|
|
(11)
|
|
|
|
(191)
|
|
Employee taxes paid
for withheld shares upon equity award settlement
|
|
|
(24)
|
|
|
|
(57)
|
|
Proceeds from
employee stock purchase plan, net
|
|
|
17
|
|
|
|
17
|
|
Net cash provided by
(used in) financing activities
|
|
|
3,102
|
|
|
|
(231)
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents and restricted
cash
|
|
|
(44)
|
|
|
|
(19)
|
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
|
|
391
|
|
|
|
(2,550)
|
|
Cash and cash
equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
14,820
|
|
|
|
12,105
|
|
End of
period
|
|
$
|
15,211
|
|
|
$
|
9,555
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
2020
|
|
|
June
30,
2020
|
|
|
September
30,
2020
|
|
|
December
31,
2020
|
|
|
|
December
31,
2020
|
|
|
|
March
31,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
2,312
|
|
|
$
|
1,880
|
|
|
$
|
1,491
|
|
|
$
|
1,275
|
|
|
|
$
|
6,958
|
|
|
|
$
|
1,246
|
|
|
Less Stock-based
compensation
|
|
|
(110)
|
|
|
|
(149)
|
|
|
|
(24)
|
|
|
|
(70)
|
|
|
|
|
(353)
|
|
|
|
|
(66)
|
|
|
Less Restructuring
related expenses
|
|
|
(50)
|
|
|
|
—
|
|
|
|
(214)
|
|
|
|
(40)
|
|
|
|
|
(304)
|
|
|
|
|
2
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
42
|
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
2,152
|
|
|
$
|
1,731
|
|
|
$
|
1,253
|
|
|
$
|
1,165
|
|
|
|
$
|
6,301
|
|
|
|
$
|
1,224
|
|
|
Research and
Development (GAAP)
|
|
$
|
3,437
|
|
|
$
|
3,338
|
|
|
$
|
3,106
|
|
|
$
|
2,934
|
|
|
|
$
|
12,815
|
|
|
|
$
|
2,399
|
|
|
Less Stock-based
compensation
|
|
|
(167)
|
|
|
|
(217)
|
|
|
|
(123)
|
|
|
|
(100)
|
|
|
|
|
(607)
|
|
|
|
|
(98)
|
|
|
Less Amortization of
intangible assets
|
|
|
(48)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(48)
|
|
|
|
|
—
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(185)
|
|
|
|
(30)
|
|
|
|
|
(215)
|
|
|
|
|
(2)
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
252
|
|
|
Plus Capitalization of
internally developed software
|
|
|
540
|
|
|
|
418
|
|
|
|
484
|
|
|
|
427
|
|
|
|
|
1,869
|
|
|
|
|
434
|
|
|
Research and
Development (Non-GAAP)
|
|
$
|
3,762
|
|
|
$
|
3,539
|
|
|
$
|
3,282
|
|
|
$
|
3,231
|
|
|
|
$
|
13,814
|
|
|
|
$
|
2,985
|
|
|
General and
Administrative (GAAP)
|
|
$
|
1,981
|
|
|
$
|
2,011
|
|
|
$
|
2,131
|
|
|
$
|
2,436
|
|
|
|
$
|
8,559
|
|
|
|
$
|
1,869
|
|
|
Less Stock-based
compensation
|
|
|
(75)
|
|
|
|
(72)
|
|
|
|
(67)
|
|
|
|
(69)
|
|
|
|
|
(283)
|
|
|
|
|
(63)
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(123)
|
|
|
|
(5)
|
|
|
|
|
(128)
|
|
|
|
|
(2)
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
70
|
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
1,906
|
|
|
$
|
1,939
|
|
|
$
|
1,941
|
|
|
$
|
2,362
|
|
|
|
$
|
8,148
|
|
|
|
$
|
1,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
2020
|
|
|
June
30,
2020
|
|
|
September
30,
2020
|
|
|
December
31,
2020
|
|
|
|
December
31,
2020
|
|
|
|
March
31,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
(GAAP)
|
|
$
|
3,315
|
|
|
$
|
2,690
|
|
|
$
|
2,473
|
|
|
$
|
3,559
|
|
|
|
$
|
12,037
|
|
|
|
$
|
3,067
|
|
|
Plus Stock-based
compensation
|
|
|
94
|
|
|
|
129
|
|
|
|
(19)
|
|
|
|
47
|
|
|
|
|
251
|
|
|
|
|
35
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
Plus Amortization of
intangible assets
|
|
|
47
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
47
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
(7)
|
|
|
|
—
|
|
|
|
529
|
|
|
|
7
|
|
|
|
|
529
|
|
|
|
|
1
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(175)
|
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
4,313
|
|
|
$
|
3,637
|
|
|
$
|
3,631
|
|
|
$
|
4,267
|
|
|
|
$
|
15,848
|
|
|
|
$
|
3,552
|
|
|
Operating Loss
(GAAP)
|
|
$
|
(4,415)
|
|
|
$
|
(4,539)
|
|
|
$
|
(4,255)
|
|
|
$
|
(3,086)
|
|
|
|
$
|
(16,295)
|
|
|
|
$
|
(2,447)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
Plus Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(3,507)
|
|
|
$
|
(3,572)
|
|
|
$
|
(2,845)
|
|
|
$
|
(2,491)
|
|
|
|
$
|
(12,415)
|
|
|
|
$
|
(2,531)
|
|
|
Net Loss
(GAAP)
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
Plus Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
2020
|
|
|
June
30,
2020
|
|
|
September
30,
2020
|
|
|
December
31,
2020
|
|
|
|
December
31,
2020
|
|
|
|
March
31,
2021
|
|
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
6,819
|
|
|
|
6,912
|
|
|
|
7,017
|
|
|
|
8,616
|
|
|
|
|
7,344
|
|
|
|
|
10,300
|
|
|
Non-GAAP net loss per
common share, basic and diluted
|
|
$
|
(0.45)
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.38)
|
|
|
$
|
(0.22)
|
|
|
|
$
|
(1.38)
|
|
|
|
$
|
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
2020
|
|
|
June
30,
2020
|
|
|
September
30,
2020
|
|
|
December
31,
2020
|
|
|
|
December
31,
2020
|
|
|
|
March
31,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
Depreciation
|
|
|
893
|
|
|
|
402
|
|
|
|
366
|
|
|
|
263
|
|
|
|
|
1,924
|
|
|
|
|
240
|
|
|
Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
Provision for (benefit
from) income taxes
|
|
|
25
|
|
|
|
(521)
|
|
|
|
(72)
|
|
|
|
(143)
|
|
|
|
|
(711)
|
|
|
|
|
92
|
|
|
Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
CARES Act employee
retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
Restructuring related
expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
Other income,
net
|
|
|
(469)
|
|
|
|
(537)
|
|
|
|
(111)
|
|
|
|
(416)
|
|
|
|
|
(1,533)
|
|
|
|
|
(327)
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,614)
|
|
|
$
|
(3,170)
|
|
|
$
|
(2,479)
|
|
|
$
|
(2,228)
|
|
|
|
$
|
(10,491)
|
|
|
|
$
|
(2,291)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/marin-software-announces-first-quarter-2021-financial-results-301286062.html
SOURCE Marin Software