SAN FRANCISCO, July 30, 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 second quarter ended
June 30, 2021.
"As additional marketplaces expand their advertising programs,
the need for a platform to unify these efforts is only growing. The
new eCommerce module in MarinOne and our integration for Instacart
Ads is helping advertisers meet the customers at the point of
purchase and deliver new customers and increase sales. Our stronger
balance sheet will allow us to accelerate innovation and better
serve the needs of this market," said Chris
Lien, Marin Software Chief Executive Officer.
Second Quarter 2021 Business and Product Release
Highlights:
- Introduced an eCommerce module as a dedicated space for
customers to manage eCommerce and marketplace programs.
- Added support for Instacart Ads to help brands connect with
customers at the point of purchase on the largest delivery services
in the US as well as many additional national retailers.
- Launched ten new automated Insights, including four Amazon
Insights, three bidding Insights, and several dedicated to landing
page errors, disapproved ads, and duplicate keywords.
- Added keyword expansion and negative keywords grids to the
eCommerce module, further streamlining our eCommerce
workflows.
- Enhanced support for Amazon Sponsored Brand Video ads, allowing
support for attributes like Image, Price, Title, Rating, and
more.
- Marin Software was recognized as an Apple Search Ads Partner
specializing in campaign management.
- Integrated organic search data from Google Search Console,
enabling advertisers to adjust their paid search bidding based on
organic results.
- Introduced bidding support for Google's Dynamic Search Ad
targets.
- Added the ability to chart totals on the Bid Strategies grid,
allowing users to see a visual representation of their overall
performance.
- Added functionality that allows users to see Search, Social,
and eCommerce reporting together and rollup data by publishers to
compare overall performance relative to other
publishers.
- Introduced cross-client reporting in MarinOne, both Search and
Social, allowing customers to create a report across multiple
client accounts.
- Updated the Dimensions grid to allow users to pivot up to three
separate dimensions at once for powerful data aggregation and
comparisons.
- Introduced Fractional Conversion support, allowing conversions
to be tracked to multiple keywords that contributed to the final
conversion.
- Introduced new social rules, allowing users to automate budget
adjustments based on performance metrics using Daily and Lifetime
spend ratios.
- Introduced social bulk support for Facebook Ad Set bulk
type.
- Refined numerous aspects of the MarinOne user experience based
on user feedback, including tooltips, chart updates, client
selector updates, and more.
Second Quarter 2021 Financial
Updates:
- Net revenues totaled $6.1
million, a year-over-year decrease of 16% when compared to
$7.3 million in the second quarter of
2020.
- GAAP loss from operations was ($3.0)
million, resulting in a GAAP operating margin of (49%), as
compared to a GAAP loss from operations of ($4.5) million and a GAAP operating margin of
(62%) for the second quarter of 2020.
- Non-GAAP loss from operations was ($2.8)
million, resulting in a non-GAAP operating margin of (46%),
as compared to a non-GAAP loss from operations of ($3.6) million and a non-GAAP operating margin of
(49%) for the second 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."
- Cash, cash equivalents and restricted cash were $14.4 million in the aggregate at June 30, 2021.
- Sold 4.3 million shares for net proceeds of $38.8 million in July
2021 under our 2021 "at-the-market" offering program.
There are currently no additional amounts available to be sold
under this program.
Financial Outlook:
Marin is providing guidance for
its third quarter of 2021 as follows:
Forward-Looking
Guidance
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Estimate
|
|
|
|
|
From
|
|
|
To
|
|
|
Three Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
5.5
|
|
|
$
|
6.0
|
|
|
Non-GAAP loss from
operations
|
|
|
(3.3)
|
|
|
|
(2.8)
|
|
|
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 June 30, 2021,
and its outlook for the future. To access the call, please dial
(877) 705-6003 in the United
States or (201) 493-6725 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=145349. Following the
completion of the call through 11:59 p.m.
Eastern Time on August 6,
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 13720731.
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 third 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 any lingering
effects of the 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; 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; and adverse changes
in general economic or market conditions. 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 July 30, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
December
31,
|
|
(Unaudited; in
thousands, except par value)
|
|
2021
|
|
|
2020
|
|
Assets:
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
13,946
|
|
|
$
|
14,280
|
|
Restricted
cash
|
|
|
431
|
|
|
|
540
|
|
Accounts receivable,
net
|
|
|
4,378
|
|
|
|
5,063
|
|
Prepaid expenses and
other current assets
|
|
|
2,244
|
|
|
|
3,039
|
|
Total current
assets
|
|
|
20,999
|
|
|
|
22,922
|
|
Property and
equipment, net
|
|
|
4,441
|
|
|
|
5,477
|
|
Right-of-use assets,
operating leases
|
|
|
4,145
|
|
|
|
7,737
|
|
Other non-current
assets
|
|
|
690
|
|
|
|
873
|
|
Total
assets
|
|
$
|
30,275
|
|
|
$
|
37,009
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
600
|
|
|
$
|
928
|
|
Accrued expenses and
other current liabilities
|
|
|
5,346
|
|
|
|
6,552
|
|
Note payable,
current
|
|
|
1,854
|
|
|
|
1,854
|
|
Operating lease
liabilities
|
|
|
4,505
|
|
|
|
6,800
|
|
Total current
liabilities
|
|
|
12,305
|
|
|
|
16,134
|
|
Note payable, net of
current
|
|
|
1,466
|
|
|
|
1,466
|
|
Operating lease
liabilities, non-current
|
|
|
265
|
|
|
|
1,814
|
|
Other long-term
liabilities
|
|
|
1,562
|
|
|
|
1,780
|
|
Total
liabilities
|
|
|
15,598
|
|
|
|
21,194
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value
|
|
|
11
|
|
|
|
10
|
|
Additional paid-in
capital
|
|
|
311,675
|
|
|
|
308,065
|
|
Accumulated
deficit
|
|
|
(295,876)
|
|
|
|
(291,163)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,133)
|
|
|
|
(1,097)
|
|
Total
stockholders' equity
|
|
|
14,677
|
|
|
|
15,815
|
|
Total liabilities and
stockholders' equity
|
|
$
|
30,275
|
|
|
$
|
37,009
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
(Unaudited; in
thousands, except per share data)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues,
net
|
|
$
|
6,094
|
|
|
$
|
7,275
|
|
|
$
|
12,402
|
|
|
$
|
15,935
|
|
Cost of
revenues
|
|
|
3,175
|
|
|
|
4,585
|
|
|
|
6,416
|
|
|
|
9,930
|
|
Gross
profit
|
|
|
2,919
|
|
|
|
2,690
|
|
|
|
5,986
|
|
|
|
6,005
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
1,268
|
|
|
|
1,880
|
|
|
|
2,514
|
|
|
|
4,192
|
|
Research and
development
|
|
|
2,667
|
|
|
|
3,338
|
|
|
|
5,066
|
|
|
|
6,775
|
|
General and
administrative
|
|
|
1,995
|
|
|
|
2,011
|
|
|
|
3,864
|
|
|
|
3,992
|
|
Total operating
expenses
|
|
|
5,930
|
|
|
|
7,229
|
|
|
|
11,444
|
|
|
|
14,959
|
|
Loss from
operations
|
|
|
(3,011)
|
|
|
|
(4,539)
|
|
|
|
(5,458)
|
|
|
|
(8,954)
|
|
Other income,
net
|
|
|
221
|
|
|
|
537
|
|
|
|
548
|
|
|
|
1,006
|
|
Loss before benefit
from income taxes
|
|
|
(2,790)
|
|
|
|
(4,002)
|
|
|
|
(4,910)
|
|
|
|
(7,948)
|
|
Benefit from income
taxes
|
|
|
(289)
|
|
|
|
(521)
|
|
|
|
(197)
|
|
|
|
(496)
|
|
Net loss
|
|
$
|
(2,501)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,713)
|
|
|
$
|
(7,452)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.23)
|
|
|
$
|
(0.50)
|
|
|
$
|
(0.44)
|
|
|
$
|
(1.09)
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
11,034
|
|
|
|
6,912
|
|
|
|
10,669
|
|
|
|
6,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
(Unaudited; in
thousands)
|
|
2021
|
|
|
2020
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(4,713)
|
|
|
$
|
(7,452)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
463
|
|
|
|
1,295
|
|
Amortization of
internally developed software
|
|
|
1,220
|
|
|
|
1,682
|
|
Amortization of
intangible assets
|
|
|
—
|
|
|
|
95
|
|
Amortization of
deferred costs to obtain and fulfill contracts
|
|
|
268
|
|
|
|
493
|
|
Interest
expense
|
|
|
6
|
|
|
|
5
|
|
Loss on disposals of
property and equipment and right-of-use assets
|
|
|
32
|
|
|
|
1
|
|
Unrealized foreign
currency losses
|
|
|
32
|
|
|
|
11
|
|
Stock-based
compensation related to equity awards
|
|
|
641
|
|
|
|
1,013
|
|
Provision for bad
debts
|
|
|
(51)
|
|
|
|
(146)
|
|
Net change in
operating leases
|
|
|
(252)
|
|
|
|
(220)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
724
|
|
|
|
3,113
|
|
Prepaid expenses and
other assets
|
|
|
607
|
|
|
|
831
|
|
Accounts
payable
|
|
|
(330)
|
|
|
|
(520)
|
|
Accrued expenses and
other liabilities
|
|
|
(1,424)
|
|
|
|
(2,327)
|
|
Net cash used in
operating activities
|
|
|
(2,777)
|
|
|
|
(2,126)
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(6)
|
|
|
|
(2)
|
|
Capitalization of
internally developed software
|
|
|
(632)
|
|
|
|
(958)
|
|
Net cash used in
investing activities
|
|
|
(638)
|
|
|
|
(960)
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common shares through at-the-market offering, net of
offering costs
|
|
|
3,120
|
|
|
|
—
|
|
Proceeds from note
payable
|
|
|
—
|
|
|
|
3,320
|
|
Payment of principal
on finance lease liabilities
|
|
|
(15)
|
|
|
|
(376)
|
|
Employee taxes paid
for withheld shares upon equity award settlement
|
|
|
(120)
|
|
|
|
(200)
|
|
Proceeds from
employee stock purchase plan, net
|
|
|
15
|
|
|
|
9
|
|
Net cash provided by
financing activities
|
|
|
3,000
|
|
|
|
2,753
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents and restricted
cash
|
|
|
(28)
|
|
|
|
(2)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
|
(443)
|
|
|
|
(335)
|
|
Cash and cash
equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
14,820
|
|
|
|
12,105
|
|
End of
period
|
|
$
|
14,377
|
|
|
$
|
11,770
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
June
30,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
2,312
|
|
|
$
|
1,880
|
|
|
$
|
1,491
|
|
|
$
|
1,275
|
|
|
|
$
|
6,958
|
|
|
|
$
|
1,246
|
|
|
$
|
1,268
|
|
|
Less Stock-based
compensation
|
|
|
(110)
|
|
|
|
(149)
|
|
|
|
(24)
|
|
|
|
(70)
|
|
|
|
|
(353)
|
|
|
|
|
(66)
|
|
|
|
(70)
|
|
|
Less Restructuring
related expenses
|
|
|
(50)
|
|
|
|
—
|
|
|
|
(214)
|
|
|
|
(40)
|
|
|
|
|
(304)
|
|
|
|
|
2
|
|
|
|
-
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
42
|
|
|
|
42
|
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
2,152
|
|
|
$
|
1,731
|
|
|
$
|
1,253
|
|
|
$
|
1,165
|
|
|
|
$
|
6,301
|
|
|
|
$
|
1,224
|
|
|
$
|
1,240
|
|
|
Research and
Development (GAAP)
|
|
$
|
3,437
|
|
|
$
|
3,338
|
|
|
$
|
3,106
|
|
|
$
|
2,934
|
|
|
|
$
|
12,815
|
|
|
|
$
|
2,399
|
|
|
$
|
2,667
|
|
|
Less Stock-based
compensation
|
|
|
(167)
|
|
|
|
(217)
|
|
|
|
(123)
|
|
|
|
(100)
|
|
|
|
|
(607)
|
|
|
|
|
(98)
|
|
|
|
(133)
|
|
|
Less Amortization of
intangible assets
|
|
|
(48)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(48)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(185)
|
|
|
|
(30)
|
|
|
|
|
(215)
|
|
|
|
|
(2)
|
|
|
|
—
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
252
|
|
|
|
238
|
|
|
Plus Capitalization of
internally developed software
|
|
|
540
|
|
|
|
418
|
|
|
|
484
|
|
|
|
427
|
|
|
|
|
1,869
|
|
|
|
|
434
|
|
|
|
238
|
|
|
Research and
Development (Non-GAAP)
|
|
$
|
3,762
|
|
|
$
|
3,539
|
|
|
$
|
3,282
|
|
|
$
|
3,231
|
|
|
|
$
|
13,814
|
|
|
|
$
|
2,985
|
|
|
$
|
3,010
|
|
|
General and
Administrative (GAAP)
|
|
$
|
1,981
|
|
|
$
|
2,011
|
|
|
$
|
2,131
|
|
|
$
|
2,436
|
|
|
|
$
|
8,559
|
|
|
|
$
|
1,869
|
|
|
$
|
1,995
|
|
|
Less Stock-based
compensation
|
|
|
(75)
|
|
|
|
(72)
|
|
|
|
(67)
|
|
|
|
(69)
|
|
|
|
|
(283)
|
|
|
|
|
(63)
|
|
|
|
(130)
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(123)
|
|
|
|
(5)
|
|
|
|
|
(128)
|
|
|
|
|
(2)
|
|
|
|
—
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
70
|
|
|
|
66
|
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
1,906
|
|
|
$
|
1,939
|
|
|
$
|
1,941
|
|
|
$
|
2,362
|
|
|
|
$
|
8,148
|
|
|
|
$
|
1,874
|
|
|
$
|
1,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
June
30,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
(GAAP)
|
|
$
|
3,315
|
|
|
$
|
2,690
|
|
|
$
|
2,473
|
|
|
$
|
3,559
|
|
|
|
$
|
12,037
|
|
|
|
$
|
3,067
|
|
|
$
|
2,919
|
|
|
Plus Stock-based
compensation
|
|
|
94
|
|
|
|
129
|
|
|
|
(19)
|
|
|
|
47
|
|
|
|
|
251
|
|
|
|
|
35
|
|
|
|
46
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
Plus Amortization of
intangible assets
|
|
|
47
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
47
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
(7)
|
|
|
|
—
|
|
|
|
529
|
|
|
|
7
|
|
|
|
|
529
|
|
|
|
|
1
|
|
|
|
—
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(175)
|
|
|
|
(179)
|
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
4,313
|
|
|
$
|
3,637
|
|
|
$
|
3,631
|
|
|
$
|
4,267
|
|
|
|
$
|
15,848
|
|
|
|
$
|
3,552
|
|
|
$
|
3,382
|
|
|
Operating Loss
(GAAP)
|
|
$
|
(4,415)
|
|
|
$
|
(4,539)
|
|
|
$
|
(4,255)
|
|
|
$
|
(3,086)
|
|
|
|
$
|
(16,295)
|
|
|
|
$
|
(2,447)
|
|
|
$
|
(3,011)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
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)
|
|
|
|
(525)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(3,507)
|
|
|
$
|
(3,572)
|
|
|
$
|
(2,845)
|
|
|
$
|
(2,491)
|
|
|
|
$
|
(12,415)
|
|
|
|
$
|
(2,531)
|
|
|
$
|
(2,799)
|
|
|
Net Loss
(GAAP)
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
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)
|
|
|
|
(525)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
June
30,
2021
|
|
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
6,819
|
|
|
|
6,912
|
|
|
|
7,017
|
|
|
|
8,616
|
|
|
|
|
7,344
|
|
|
|
|
10,300
|
|
|
|
11,034
|
|
|
Non-GAAP net loss per
common share, basic and diluted
|
|
$
|
(0.45)
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.38)
|
|
|
$
|
(0.22)
|
|
|
|
$
|
(1.38)
|
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
June
30,
2021
|
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
Depreciation
|
|
|
893
|
|
|
|
402
|
|
|
|
366
|
|
|
|
263
|
|
|
|
|
1,924
|
|
|
|
|
240
|
|
|
|
223
|
|
|
Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Provision for (benefit
from) income taxes
|
|
|
25
|
|
|
|
(521)
|
|
|
|
(72)
|
|
|
|
(143)
|
|
|
|
|
(711)
|
|
|
|
|
92
|
|
|
|
(289)
|
|
|
Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
CARES Act employee
retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
|
(525)
|
|
|
Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
Restructuring related
expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
|
-
|
|
|
Other income,
net
|
|
|
(469)
|
|
|
|
(537)
|
|
|
|
(111)
|
|
|
|
(416)
|
|
|
|
|
(1,533)
|
|
|
|
|
(327)
|
|
|
|
(221)
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,614)
|
|
|
$
|
(3,170)
|
|
|
$
|
(2,479)
|
|
|
$
|
(2,228)
|
|
|
|
$
|
(10,491)
|
|
|
|
$
|
(2,291)
|
|
|
$
|
(2,576)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/marin-software-announces-second-quarter-2021-financial-results-301344956.html
SOURCE Marin Software