SAN FRANCISCO, May 9, 2019 /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, 2019.
"In Q1 2019, we upgraded our tools that help advertisers
leverage their offline data, launch and manage cross-channel
campaigns at scale and make better optimization decisions," said
Chris Lien, Chief Executive Officer
of Marin Software. "These enhancements extend our value proposition
as the leading platform for digital advertisers looking to deliver
growth across search, social and eCommerce advertising."
First Quarter 2019 Business and Product Release
Highlights:
- Upgraded Marin's Offline
Connect tool, which ties offline and downstream conversions back to
an online event that took place on the advertiser's website and
related advertising, including an extended lookback window, tracker
attribution support and intraday support.
- Expanded the number of supported Google ad formats by including
full campaign management of responsive search ads in MarinOne,
which allows advertisers to leverage Google's machine learning
to better personalize ads to each user.
- Released Bulk Operations for Facebook campaigns, empowering
advertisers to create their campaigns in bulk and at scale, saving
them substantial time and manual effort.
- Enabled advertisers to automatically sync customer segments
with Google audiences using Marin's Audience Hub solution.
- Added support for Amazon Japan, continuing to innovate for
Marin's customers across the
globe.
- Launched Marketplace Signals feature to pull relevant
product-related information from Amazon, including ratings, price,
and the number of reviews, to improve campaign performance.
- Added multi-edit functionality for Amazon Sponsored Products
ads enabling faster management of Amazon campaigns for
advertisers.
- Expanded TruePath attribution solution, which aggregates an
advertiser's data on clicks and views across different devices and
channels, and deduplicates conversions, resulting in smarter
cross-channel budget allocation, to bridge the gap between
search advertising and native advertising on Verizon Media Group
(Oath).
First Quarter 2019 Financial Updates:
- Net revenues totaled $13.4
million, a year-over-year decrease of 13% when compared
to $15.4 million in the first quarter
of 2018.
- GAAP loss from operations was ($5.1)
million, resulting in a GAAP operating margin of (38%),
compared to a GAAP loss from operations of ($9.1) million and a GAAP operating margin of
(59%) for the first quarter of 2018.
- Non-GAAP loss from operations was ($3.5)
million, resulting in a non-GAAP operating margin of (26%),
as compared to a non-GAAP loss from operations of ($6.2) million and a non-GAAP operating margin of
(41%) for the first quarter of 2018.
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 2019 as follows:
Forward-Looking
Guidance
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Estimate
|
|
|
|
|
From
|
|
|
|
To
|
|
|
Three Months
Ending June 30, 2019
|
|
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
11.0
|
|
|
$
|
11.5
|
|
|
Non-GAAP loss from
operations
|
|
|
(4.0)
|
|
|
|
(3.5)
|
|
|
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
and non-recurring costs associated with restructurings.
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, 2019,
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=133838. Following the
completion of the call through 11:59 p.m.
Eastern Time on May 16, 2019,
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 13689273.
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. Marin Software 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:
http://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 and
non-recurring costs associated with restructurings. 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, provision
for income taxes, other income, net and non-recurring costs
associated with restructurings. 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.
Prior to the three months ended March 31,
2019, Marin also
included deferred costs associated with contracts and the
related amortization as an adjustment to net loss for the
purposes of calculating the non-GAAP financial measures described
above, but has updated its definition to no longer include those
items. Non-GAAP financial measures for prior periods
have been adjusted to conform to current period
presentation.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding Marin's business, expectations about our
ability to return to growth, impact of investments in product and
technology on future operating results, progress on product
development efforts, product capabilities and future financial
results, including its outlook for the second quarter of 2019.
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 our ability to grow
sales to new and existing customers; our ability to expand our
sales and marketing capabilities; our ability to retain and attract
qualified management and technical personnel; delays in the release
of updates to our product platform or new 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; adverse changes in our
relationships with and access to publishers and advertising
agencies; level of usage and advertising spend managed on our
platform; our ability to expand sales of our solutions in channels
other than search advertising; any slow-down in the search
advertising market generally; 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 the ability to acquire and integrate other
businesses. 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 9, 2019. 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,
2019
|
|
|
December
31,
2018
|
|
(Unaudited; in
thousands, except par value)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
7,464
|
|
|
$
|
10,210
|
|
Restricted
cash
|
|
|
1,402
|
|
|
|
1,293
|
|
Accounts receivable,
net
|
|
|
10,535
|
|
|
|
12,906
|
|
Prepaid expenses and
other current assets
|
|
|
5,050
|
|
|
|
4,642
|
|
Total current
assets
|
|
|
24,451
|
|
|
|
29,051
|
|
Property and
equipment, net
|
|
|
11,025
|
|
|
|
11,815
|
|
Right-of-use assets,
operating leases
|
|
|
11,787
|
|
|
|
—
|
|
Goodwill
|
|
|
1,911
|
|
|
|
1,943
|
|
Intangible assets,
net
|
|
|
1,406
|
|
|
|
1,938
|
|
Other non-current
assets
|
|
|
1,946
|
|
|
|
2,045
|
|
Total
assets
|
|
$
|
52,526
|
|
|
$
|
46,792
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,300
|
|
|
$
|
2,699
|
|
Accrued expenses and
other current liabilities
|
|
|
8,966
|
|
|
|
10,632
|
|
Operating lease
liabilities
|
|
|
6,335
|
|
|
|
—
|
|
Total current
liabilities
|
|
|
17,601
|
|
|
|
13,331
|
|
Operating lease
liabilities, non-current
|
|
|
7,106
|
|
|
|
—
|
|
Other long-term
liabilities
|
|
|
2,496
|
|
|
|
4,090
|
|
Total
liabilities
|
|
|
27,203
|
|
|
|
17,421
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value
|
|
|
6
|
|
|
|
6
|
|
Additional paid-in
capital
|
|
|
295,745
|
|
|
|
295,116
|
|
Accumulated
deficit
|
|
|
(269,319)
|
|
|
|
(264,713)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,109)
|
|
|
|
(1,038)
|
|
Total stockholders'
equity
|
|
|
25,323
|
|
|
|
29,371
|
|
Total liabilities and
stockholders' equity
|
|
$
|
52,526
|
|
|
$
|
46,792
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Unaudited; in
thousands, except per share data)
|
|
2019
|
|
|
2018
|
|
Revenues,
net
|
|
$
|
13,448
|
|
|
$
|
15,402
|
|
Cost of
revenues
|
|
|
5,811
|
|
|
|
7,572
|
|
Gross
profit
|
|
|
7,637
|
|
|
|
7,830
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
4,634
|
|
|
|
7,381
|
|
Research and
development
|
|
|
4,895
|
|
|
|
6,155
|
|
General and
administrative
|
|
|
3,221
|
|
|
|
3,377
|
|
Total operating
expenses
|
|
|
12,750
|
|
|
|
16,913
|
|
Loss from
operations
|
|
|
(5,113)
|
|
|
|
(9,083)
|
|
Other income,
net
|
|
|
540
|
|
|
|
295
|
|
Loss before provision
for income taxes
|
|
|
(4,573)
|
|
|
|
(8,788)
|
|
Provision for income
taxes
|
|
|
33
|
|
|
|
324
|
|
Net loss
|
|
$
|
(4,606)
|
|
|
$
|
(9,112)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.77)
|
|
|
$
|
(1.59)
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
5,945
|
|
|
|
5,736
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Unaudited; in
thousands)
|
|
2019
|
|
|
2018
|
|
Operating
activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(4,606)
|
|
|
$
|
(9,112)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
499
|
|
|
|
798
|
|
Amortization of
internally developed software
|
|
|
750
|
|
|
|
957
|
|
Amortization of
intangible assets
|
|
|
532
|
|
|
|
690
|
|
Loss on disposals of
property and equipment and right-of-use assets
|
|
|
14
|
|
|
|
—
|
|
Amortization of
deferred costs to obtain and fulfill contracts
|
|
|
364
|
|
|
|
605
|
|
Unrealized foreign
currency (gains) losses
|
|
|
(11)
|
|
|
|
24
|
|
Stock-based
compensation related to equity awards and restricted
stock
|
|
|
685
|
|
|
|
1,028
|
|
Provision for
(recovery from) bad debts
|
|
|
180
|
|
|
|
(214)
|
|
Net change in
operating leases
|
|
|
(116)
|
|
|
|
—
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
2,175
|
|
|
|
1,451
|
|
Prepaid expenses and
other assets
|
|
|
(679)
|
|
|
|
(482)
|
|
Accounts
payable
|
|
|
(424)
|
|
|
|
(48)
|
|
Accrued expenses and
other current liabilities
|
|
|
(1,079)
|
|
|
|
(620)
|
|
Net cash used in
operating activities
|
|
|
(1,716)
|
|
|
|
(4,923)
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(46)
|
|
|
|
(98)
|
|
Capitalization of
internally developed software
|
|
|
(482)
|
|
|
|
(693)
|
|
Net cash used in
investing activities
|
|
|
(528)
|
|
|
|
(791)
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
Repayments of
principal on finance lease liabilities
|
|
|
(338)
|
|
|
|
(318)
|
|
Employee taxes paid
for withheld shares upon equity award settlement
|
|
|
(91)
|
|
|
|
(26)
|
|
Proceeds from
employee stock purchase plan, net
|
|
|
55
|
|
|
|
78
|
|
Net cash used in
financing activities
|
|
|
(374)
|
|
|
|
(266)
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents and restricted
cash
|
|
|
(19)
|
|
|
|
419
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
|
(2,637)
|
|
|
|
(5,561)
|
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
11,503
|
|
|
|
28,837
|
|
End of
period
|
|
$
|
8,866
|
|
|
$
|
23,276
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
Three Months
Ended
|
|
|
|
March
31,
2018
|
|
|
June
30,
2018
|
|
|
September
30,
2018
|
|
|
December
31,
2018
|
|
|
December
31,
2018
|
|
|
March
31,
2019
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
7,381
|
|
|
$
|
6,154
|
|
|
$
|
5,296
|
|
|
$
|
4,594
|
|
|
$
|
23,425
|
|
|
$
|
4,634
|
|
Less Stock-based
compensation
|
|
|
(240)
|
|
|
|
(271)
|
|
|
|
(181)
|
|
|
|
(265)
|
|
|
|
(957)
|
|
|
|
(180)
|
|
Less Amortization of
intangible assets
|
|
|
(213)
|
|
|
|
(184)
|
|
|
|
(130)
|
|
|
|
(131)
|
|
|
|
(658)
|
|
|
|
(64)
|
|
Less Restructuring
related expenses
|
|
|
(497)
|
|
|
|
(48)
|
|
|
|
(113)
|
|
|
|
(169)
|
|
|
|
(827)
|
|
|
|
(157)
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
6,431
|
|
|
$
|
5,651
|
|
|
$
|
4,872
|
|
|
$
|
4,029
|
|
|
$
|
20,983
|
|
|
$
|
4,233
|
|
Research and
Development (GAAP)
|
|
$
|
6,155
|
|
|
$
|
5,817
|
|
|
$
|
5,471
|
|
|
$
|
5,007
|
|
|
$
|
22,450
|
|
|
$
|
4,895
|
|
Less Stock-based
compensation
|
|
|
(339)
|
|
|
|
(314)
|
|
|
|
(339)
|
|
|
|
(406)
|
|
|
|
(1,398)
|
|
|
|
(281)
|
|
Less Amortization of
intangible assets
|
|
|
(237)
|
|
|
|
(234)
|
|
|
|
(234)
|
|
|
|
(233)
|
|
|
|
(938)
|
|
|
|
(234)
|
|
Less Restructuring
related expenses
|
|
|
(115)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(115)
|
|
|
|
—
|
|
Plus Capitalization of
internally developed software
|
|
|
693
|
|
|
|
602
|
|
|
|
398
|
|
|
|
436
|
|
|
|
2,129
|
|
|
|
482
|
|
Research and
Development (Non-GAAP)
|
|
$
|
6,157
|
|
|
$
|
5,871
|
|
|
$
|
5,296
|
|
|
$
|
4,804
|
|
|
$
|
22,128
|
|
|
$
|
4,862
|
|
General and
Administrative (GAAP)
|
|
$
|
3,377
|
|
|
$
|
3,766
|
|
|
$
|
2,921
|
|
|
$
|
3,049
|
|
|
$
|
13,113
|
|
|
$
|
3,221
|
|
Less Stock-based
compensation
|
|
|
(245)
|
|
|
|
(273)
|
|
|
|
(195)
|
|
|
|
(164)
|
|
|
|
(877)
|
|
|
|
(99)
|
|
Less Amortization of
intangible assets
|
|
|
(3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3)
|
|
|
|
—
|
|
Less Restructuring
related expenses
|
|
|
(111)
|
|
|
|
(36)
|
|
|
|
(11)
|
|
|
|
—
|
|
|
|
(158)
|
|
|
|
—
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
3,018
|
|
|
$
|
3,457
|
|
|
$
|
2,715
|
|
|
$
|
2,885
|
|
|
$
|
12,075
|
|
|
$
|
3,122
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
Three Months
Ended
|
|
|
|
March
31,
2018
|
|
|
June
30,
2018
|
|
|
September
30,
2018
|
|
|
December
31,
2018
|
|
|
December
31,
2018
|
|
|
March
31,
2019
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
(GAAP)
|
|
$
|
7,830
|
|
|
$
|
7,288
|
|
|
$
|
6,694
|
|
|
$
|
9,665
|
|
|
$
|
31,477
|
|
|
$
|
7,637
|
|
Plus Stock-based
compensation
|
|
|
204
|
|
|
|
172
|
|
|
|
160
|
|
|
|
203
|
|
|
|
739
|
|
|
|
125
|
|
Plus Amortization of
internally developed software
|
|
|
957
|
|
|
|
986
|
|
|
|
928
|
|
|
|
903
|
|
|
|
3,774
|
|
|
|
750
|
|
Plus Amortization of
intangible assets
|
|
|
237
|
|
|
|
233
|
|
|
|
234
|
|
|
|
234
|
|
|
|
938
|
|
|
|
234
|
|
Plus Restructuring
related expenses
|
|
|
139
|
|
|
|
-
|
|
|
|
37
|
|
|
|
-
|
|
|
|
176
|
|
|
|
6
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
9,367
|
|
|
$
|
8,679
|
|
|
$
|
8,053
|
|
|
$
|
11,005
|
|
|
$
|
37,104
|
|
|
$
|
8,752
|
|
Operating Loss
(GAAP)
|
|
$
|
(9,083)
|
|
|
$
|
(8,449)
|
|
|
$
|
(21,734)
|
|
|
$
|
(2,985)
|
|
|
$
|
(42,251)
|
|
|
$
|
(5,113)
|
|
Plus Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
Plus Stock-based
compensation
|
|
|
1,028
|
|
|
|
1,030
|
|
|
|
875
|
|
|
|
1,038
|
|
|
|
3,971
|
|
|
|
685
|
|
Plus Amortization of
internally developed software
|
|
|
957
|
|
|
|
986
|
|
|
|
928
|
|
|
|
903
|
|
|
|
3,774
|
|
|
|
750
|
|
Plus Amortization of
intangible assets
|
|
|
690
|
|
|
|
651
|
|
|
|
598
|
|
|
|
598
|
|
|
|
2,537
|
|
|
|
532
|
|
Plus Restructuring
related expenses
|
|
|
862
|
|
|
|
84
|
|
|
|
161
|
|
|
|
169
|
|
|
|
1,276
|
|
|
|
163
|
|
Less Capitalization of
internally developed software
|
|
|
(693)
|
|
|
|
(602)
|
|
|
|
(398)
|
|
|
|
(436)
|
|
|
|
(2,129)
|
|
|
|
(482)
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(6,239)
|
|
|
$
|
(6,300)
|
|
|
$
|
(4,830)
|
|
|
$
|
(713)
|
|
|
$
|
(18,082)
|
|
|
$
|
(3,465)
|
|
Net Loss
(GAAP)
|
|
$
|
(9,112)
|
|
|
$
|
(8,276)
|
|
|
$
|
(21,494)
|
|
|
$
|
(2,362)
|
|
|
$
|
(41,244)
|
|
|
$
|
(4,606)
|
|
Plus Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
Plus Stock-based
compensation
|
|
|
1,028
|
|
|
|
1,030
|
|
|
|
875
|
|
|
|
1,038
|
|
|
|
3,971
|
|
|
|
685
|
|
Plus Amortization of
internally developed software
|
|
|
957
|
|
|
|
986
|
|
|
|
928
|
|
|
|
903
|
|
|
|
3,774
|
|
|
|
750
|
|
Plus Amortization of
intangible assets
|
|
|
690
|
|
|
|
651
|
|
|
|
598
|
|
|
|
598
|
|
|
|
2,537
|
|
|
|
532
|
|
Plus Restructuring
related expenses
|
|
|
862
|
|
|
|
84
|
|
|
|
161
|
|
|
|
169
|
|
|
|
1,276
|
|
|
|
163
|
|
Less Capitalization of
internally developed software
|
|
|
(693)
|
|
|
|
(602)
|
|
|
|
(398)
|
|
|
|
(436)
|
|
|
|
(2,129)
|
|
|
|
(482)
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(6,268)
|
|
|
$
|
(6,127)
|
|
|
$
|
(4,590)
|
|
|
$
|
(90)
|
|
|
$
|
(17,075)
|
|
|
$
|
(2,958)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
Three Months
Ended
|
|
|
|
March
31,
2018
|
|
|
June
30,
2018
|
|
|
September
30,
2018
|
|
|
December
31,
2018
|
|
|
December
31,
2018
|
|
|
March
31,
2019
|
|
(Unaudited; in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(6,268)
|
|
|
$
|
(6,127)
|
|
|
$
|
(4,590)
|
|
|
$
|
(90)
|
|
|
$
|
(17,075)
|
|
|
$
|
(2,958)
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
5,736
|
|
|
|
5,767
|
|
|
|
5,787
|
|
|
|
5,841
|
|
|
|
5,783
|
|
|
|
5,945
|
|
Non-GAAP net loss per
common share, basic and diluted
|
|
$
|
(1.09)
|
|
|
$
|
(1.06)
|
|
|
$
|
(0.79)
|
|
|
$
|
(0.02)
|
|
|
$
|
(2.95)
|
|
|
$
|
(0.50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
Three Months
Ended
|
|
|
|
March
31,
2018
|
|
|
June
30,
2018
|
|
|
September
30,
2018
|
|
|
December
31,
2018
|
|
|
December
31,
2018
|
|
|
March
31,
2019
|
|
(Unaudited; in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$
|
(9,112)
|
|
|
$
|
(8,276)
|
|
|
$
|
(21,494)
|
|
|
$
|
(2,362)
|
|
|
$
|
(41,244)
|
|
|
$
|
(4,606)
|
|
Depreciation
|
|
|
798
|
|
|
|
759
|
|
|
|
628
|
|
|
|
473
|
|
|
|
2,658
|
|
|
|
499
|
|
Amortization of
internally developed software
|
|
|
957
|
|
|
|
986
|
|
|
|
928
|
|
|
|
903
|
|
|
|
3,774
|
|
|
|
750
|
|
Amortization of
intangible assets
|
|
|
690
|
|
|
|
651
|
|
|
|
598
|
|
|
|
598
|
|
|
|
2,537
|
|
|
|
532
|
|
Provision for (benefit
from) income taxes
|
|
|
324
|
|
|
|
204
|
|
|
|
96
|
|
|
|
(38)
|
|
|
|
586
|
|
|
|
33
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
|
|
14,740
|
|
|
|
—
|
|
Stock-based
compensation
|
|
|
1,028
|
|
|
|
1,030
|
|
|
|
875
|
|
|
|
1,038
|
|
|
|
3,971
|
|
|
|
685
|
|
Capitalization of
internally developed software
|
|
|
(693)
|
|
|
|
(602)
|
|
|
|
(398)
|
|
|
|
(436)
|
|
|
|
(2,129)
|
|
|
|
(482)
|
|
Restructuring related
expenses
|
|
|
862
|
|
|
|
84
|
|
|
|
161
|
|
|
|
169
|
|
|
|
1,276
|
|
|
|
163
|
|
Other income,
net
|
|
|
(295)
|
|
|
|
(377)
|
|
|
|
(336)
|
|
|
|
(585)
|
|
|
|
(1,593)
|
|
|
|
(540)
|
|
Adjusted
EBITDA
|
|
$
|
(5,441)
|
|
|
$
|
(5,541)
|
|
|
$
|
(4,202)
|
|
|
$
|
(240)
|
|
|
$
|
(15,424)
|
|
|
$
|
(2,966)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/marin-software-announces-first-quarter-2019-financial-results-300847607.html
SOURCE Marin Software