SAN FRANCISCO, Feb. 24, 2022 /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 fourth quarter and full
year ended December 31, 2021.
"As advertisers look to new channels and publishers for growth,
MarinOne will be there to help them maximize their digital
marketing investments," said Chris
Lien, Marin Software's Chairman and CEO, "The addition of
support for LinkedIn, CitrusAd, and Amazon DSP in Q4 further
expands reach for B2B and retail advertisers."
Fourth Quarter 2021 Product Highlights:
- Added support for Amazon DSP, allowing customers to amplify
their entire Amazon Advertising portfolio.
- Introduced Amazon Inventory (also known as Amazon Shopping
Products) to allow users to link Amazon Seller Central accounts.
This gives users a more holistic view of their ecommerce efforts,
spanning both organic and sponsored listings.
- Added support for advertising on CitrusAd, a leading retail
media platform.
- Expanded our social Message Booster functionality to Instagram,
enabling automatic boosting of high-performance organic posts.
- Added MarinOne's powerful forecasting features to be available
at the Bid Strategy-level, in addition to the existing
account-level option. This enables advertisers to forecast
performance for subsets of their account.
- Rolled out ad extension management functionality to MarinOne so
Sitelinks, Call Extensions, Callout Extensions, and Mobile App
Extensions can now be managed in a single location.
- Redesigned our Insights feature with ease-of-use in mind,
introducing shortcuts and color-coded cards so users can quickly
jump to the Insights they need most.
- Introduced a new Insight, Recently Ended Campaigns, which
allows users to confirm which campaigns should no longer be running
and make the necessary updates.
- Introduced Activity Log alerts, which highlight when changes
have been made and need to be synced with publisher accounts.
- Added several new multi-edit options, including Bid Overrides
and social object status.
- Added a number of Apple Search Ads improvements, such as the
ability to increase campaign budget by an amount or a percentage
and the ability to use scheduled actions.
- Named an official measurement partner for LinkedIn Marketing
Solutions by LinkedIn, giving advertisers better insights and
improves the performance of their LinkedIn campaigns through
machine learning and automation.
Fourth Quarter 2021 Financial Updates:
- Net revenues totaled $5.9
million, a year-over-year decrease of 19% when compared to
$7.3 million in the fourth quarter of
2020.
- GAAP loss from operations was ($5.3)
million, resulting in a GAAP operating margin of (91%), as
compared to a GAAP loss from operations of ($3.1) million and a GAAP operating margin of
(43%) for the fourth quarter of 2020.
- Non-GAAP loss from operations was ($3.8)
million, resulting in a non-GAAP operating margin of (65%),
as compared to a non-GAAP loss from operations of ($2.5) million and a non-GAAP operating margin of
(34%) for the fourth quarter of 2020.
Full Year 2021 Financial Updates:
- Net revenues totaled $24.4
million, a year-over-year decrease of 19% when compared to
$30.0 million in 2020.
- GAAP loss from operations was ($14.1)
million, resulting in a GAAP operating margin of (58%), as
compared to a GAAP loss from operations of ($16.3) million and a GAAP operating margin of
(54%) for 2020.
- Non-GAAP loss from operations was ($12.0) million, resulting in a non-GAAP
operating margin of (49%), as compared to a non-GAAP loss from
operations of ($12.4) million and a
non-GAAP operating margin of (41%) for 2020.
- Cash, cash equivalents and restricted cash were $47.1 million in the aggregate at December 31, 2021.
- Raised net proceeds of $41.7
million from issuances and sales of common stock under the
Company's "at-the-market" securities offering facilities, at a
weighted average sales price of $7.85
per share.
- Entered into a new three-year revenue share agreement with
Google.
In January 2022, an aggregate
principal amount of $3.1 million of
the loan that the Company obtained pursuant to the Paycheck
Protection Program under the Coronavirus Aid, Relief, and Economic
Security (CARES) Act was forgiven, and in February 2022, the Company repaid the remaining
outstanding balance of the loan of $0.2
million.
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 first quarter of 2022 as follows:
Forward-Looking
Guidance
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
Range of
Estimate
|
|
|
|
|
From
|
|
|
To
|
|
|
Three Months
Ending March 31, 2022
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
4.8
|
|
|
$
|
5.3
|
|
|
Non-GAAP loss from
operations
|
|
|
(4.6)
|
|
|
|
(4.1)
|
|
|
Non-GAAP loss from operations excludes the effects of
stock-based compensation, amortization of internally developed
software, impairment of long-lived assets, capitalization of
internally developed software, non-recurring costs associated with
restructurings, and certain professional fees that the Company has
incurred in responding to third-party subpoenas that the Company
has received related to governmental investigations of Google and
Facebook.
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 and full year ended December
31, 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 conference ID 13726540. A live webcast of the
conference call will be accessible at
https://themediaframe.com/mediaframe/webcast.html?webcastid=bTpebnys.
Following the completion of the call through 11:59 p.m. Eastern Time on March 3, 2022, 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 13726540.
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, non-recurring costs associated with
restructurings, and certain professional fees that the Company has
incurred in responding to third-party subpoenas that the Company
has received related to governmental investigations of Google and
Facebook. 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,
non-recurring costs associated with restructurings, and certain
professional fees that the Company has incurred in responding to
third-party subpoenas that the Company has received related to
governmental investigations of Google and Facebook. 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 first quarter of
2022. 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 raise additional capital; our ability to manage
expenses; the success of any increased investments that we may make
in our engineering and sales and marketing teams; our ability to
retain and attract qualified management, technical and sales and
marketing personnel; any 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 February 24, 2022.
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
(Unaudited; in
thousands, except par value)
|
|
2021
|
|
|
2020
|
|
Assets:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
46,842
|
|
|
$
|
14,280
|
|
Restricted
cash
|
|
|
215
|
|
|
|
540
|
|
Accounts receivable,
net
|
|
|
4,633
|
|
|
|
5,063
|
|
Prepaid expenses and
other current assets
|
|
|
2,324
|
|
|
|
3,039
|
|
Total current
assets
|
|
|
54,014
|
|
|
|
22,922
|
|
Property and
equipment, net
|
|
|
3,622
|
|
|
|
5,477
|
|
Right-of-use assets,
operating leases
|
|
|
1,660
|
|
|
|
7,737
|
|
Other non-current
assets
|
|
|
535
|
|
|
|
873
|
|
Total
assets
|
|
$
|
59,831
|
|
|
$
|
37,009
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
975
|
|
|
$
|
928
|
|
Accrued expenses and
other current liabilities
|
|
|
6,176
|
|
|
|
6,552
|
|
Note payable,
current
|
|
|
2,226
|
|
|
|
1,854
|
|
Operating lease
liabilities
|
|
|
2,006
|
|
|
|
6,800
|
|
Total current
liabilities
|
|
|
11,383
|
|
|
|
16,134
|
|
Note payable, net of
current
|
|
|
1,094
|
|
|
|
1,466
|
|
Operating lease
liabilities, non-current
|
|
|
-
|
|
|
|
1,814
|
|
Other long-term
liabilities
|
|
|
1,096
|
|
|
|
1,780
|
|
Total
liabilities
|
|
|
13,573
|
|
|
|
21,194
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $0.001
par value
|
|
|
15
|
|
|
|
10
|
|
Additional paid-in
capital
|
|
|
351,394
|
|
|
|
308,065
|
|
Accumulated
deficit
|
|
|
(304,107)
|
|
|
|
(291,163)
|
|
Accumulated other
comprehensive loss
|
|
|
(1,044)
|
|
|
|
(1,097)
|
|
Total stockholders'
equity
|
|
|
46,258
|
|
|
|
15,815
|
|
Total liabilities and
stockholders' equity
|
|
$
|
59,831
|
|
|
$
|
37,009
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
Condensed
Consolidated Statements of Operations
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(Unaudited; in
thousands, except per share data)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues,
net
|
|
$
|
5,863
|
|
|
$
|
7,252
|
|
|
$
|
24,420
|
|
|
$
|
29,983
|
|
Cost of
revenues
|
|
|
3,294
|
|
|
|
3,693
|
|
|
|
12,885
|
|
|
|
17,946
|
|
Gross
profit
|
|
|
2,569
|
|
|
|
3,559
|
|
|
|
11,535
|
|
|
|
12,037
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
1,702
|
|
|
|
1,275
|
|
|
|
5,482
|
|
|
|
6,958
|
|
Research and
development
|
|
|
3,045
|
|
|
|
2,934
|
|
|
|
10,788
|
|
|
|
12,815
|
|
General and
administrative
|
|
|
3,151
|
|
|
|
2,436
|
|
|
|
9,327
|
|
|
|
8,559
|
|
Total operating
expenses
|
|
|
7,898
|
|
|
|
6,645
|
|
|
|
25,597
|
|
|
|
28,332
|
|
Loss from
operations
|
|
|
(5,329)
|
|
|
|
(3,086)
|
|
|
|
(14,062)
|
|
|
|
(16,295)
|
|
Other income,
net
|
|
|
138
|
|
|
|
416
|
|
|
|
984
|
|
|
|
1,533
|
|
Loss before income
taxes
|
|
|
(5,191)
|
|
|
|
(2,670)
|
|
|
|
(13,078)
|
|
|
|
(14,762)
|
|
Income tax provision
(benefit)
|
|
|
(90)
|
|
|
|
(143)
|
|
|
|
(134)
|
|
|
|
(711)
|
|
Net loss
|
|
$
|
(5,101)
|
|
|
$
|
(2,527)
|
|
|
$
|
(12,944)
|
|
|
$
|
(14,051)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.33)
|
|
|
$
|
(0.29)
|
|
|
$
|
(1.01)
|
|
|
$
|
(1.91)
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
15,513
|
|
|
|
8,616
|
|
|
|
12,846
|
|
|
|
7,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
Condensed
Consolidated Statements of Cash Flows
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
(Unaudited; in
thousands)
|
|
2021
|
|
|
2020
|
|
Operating
activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,944)
|
|
|
$
|
(14,051)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
Depreciation
|
|
|
851
|
|
|
|
1,924
|
|
Amortization of
internally developed software
|
|
|
2,356
|
|
|
|
2,984
|
|
Amortization of
intangible assets
|
|
|
—
|
|
|
|
95
|
|
Amortization of
deferred costs to obtain and fulfill contracts
|
|
|
305
|
|
|
|
872
|
|
Interest
expense
|
|
|
6
|
|
|
|
22
|
|
Loss on disposals of
property and equipment and right-of-use assets
|
|
|
31
|
|
|
|
23
|
|
Unrealized foreign
currency (gains) losses
|
|
|
50
|
|
|
|
(51)
|
|
Stock-based
compensation related to equity awards
|
|
|
2,021
|
|
|
|
1,494
|
|
Provision for bad
debts
|
|
|
(131)
|
|
|
|
(177)
|
|
Net change in
operating leases
|
|
|
(531)
|
|
|
|
(383)
|
|
Deferred income tax
benefits
|
|
|
(12)
|
|
|
|
13
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
563
|
|
|
|
4,056
|
|
Prepaid expenses and
other assets
|
|
|
353
|
|
|
|
(42)
|
|
Accounts
payable
|
|
|
47
|
|
|
|
(750)
|
|
Accrued expenses and
other liabilities
|
|
|
(907)
|
|
|
|
(1,704)
|
|
Net cash used in
operating activities
|
|
|
(7,942)
|
|
|
|
(5,675)
|
|
Investing
activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(6)
|
|
|
|
(15)
|
|
Capitalization of
internally developed software
|
|
|
(1,290)
|
|
|
|
(1,869)
|
|
Net cash (used in)
provided by investing activities
|
|
|
(1,296)
|
|
|
|
(1,884)
|
|
Financing
activities:
|
|
|
|
|
|
|
Proceeds from note
payable
|
|
|
—
|
|
|
|
3,320
|
|
Proceeds from
issuance of common shares through at-the-market offering, net of
offering costs
|
|
|
41,888
|
|
|
|
7,670
|
|
Payment of principal
on finance lease liabilities
|
|
|
(15)
|
|
|
|
(598)
|
|
Employee taxes paid
for withheld shares upon equity award settlement
|
|
|
(428)
|
|
|
|
(178)
|
|
Proceeds from
employee stock purchase plan, net
|
|
|
34
|
|
|
|
19
|
|
Net cash provided by
financing activities
|
|
|
41,479
|
|
|
|
10,233
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents and restricted
cash
|
|
|
(4)
|
|
|
|
41
|
|
Net increase in cash
and cash equivalents and restricted cash
|
|
|
32,237
|
|
|
|
2,715
|
|
Cash and cash
equivalents and restricted cash:
|
|
|
|
|
|
|
Beginning of
year
|
|
|
14,820
|
|
|
|
12,105
|
|
End of
year
|
|
$
|
47,057
|
|
|
$
|
14,820
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
(Unaudited; in
thousands)
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
2020
|
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
2,312
|
|
|
$
|
1,880
|
|
|
$
|
1,491
|
|
|
$
|
1,275
|
|
|
|
$
|
6,958
|
|
|
|
$
|
1,246
|
|
|
$
|
1,268
|
|
|
$
|
1,266
|
|
|
$
|
1,702
|
|
|
|
$
|
5,482
|
|
|
Less Stock-based
compensation
|
|
|
(110)
|
|
|
|
(149)
|
|
|
|
(24)
|
|
|
|
(70)
|
|
|
|
|
(353)
|
|
|
|
|
(66)
|
|
|
|
(70)
|
|
|
|
(122)
|
|
|
|
(150)
|
|
|
|
|
(408)
|
|
|
Less Restructuring
related expenses
|
|
|
(50)
|
|
|
|
—
|
|
|
|
(214)
|
|
|
|
(40)
|
|
|
|
|
(304)
|
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(136)
|
|
|
|
|
(134)
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
42
|
|
|
|
42
|
|
|
|
60
|
|
|
|
—
|
|
|
|
|
144
|
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
2,152
|
|
|
$
|
1,731
|
|
|
$
|
1,253
|
|
|
$
|
1,165
|
|
|
|
$
|
6,301
|
|
|
|
$
|
1,224
|
|
|
$
|
1,240
|
|
|
$
|
1,204
|
|
|
$
|
1,416
|
|
|
|
$
|
5,084
|
|
|
Research and
Development (GAAP)
|
|
$
|
3,437
|
|
|
$
|
3,338
|
|
|
$
|
3,106
|
|
|
$
|
2,934
|
|
|
|
$
|
12,815
|
|
|
|
$
|
2,399
|
|
|
$
|
2,667
|
|
|
$
|
2,677
|
|
|
$
|
3,045
|
|
|
|
$
|
10,788
|
|
|
Less Stock-based
compensation
|
|
|
(167)
|
|
|
|
(217)
|
|
|
|
(123)
|
|
|
|
(100)
|
|
|
|
|
(607)
|
|
|
|
|
(98)
|
|
|
|
(133)
|
|
|
|
(159)
|
|
|
|
(204)
|
|
|
|
|
(594)
|
|
|
Less Amortization of
intangible assets
|
|
|
(48)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(48)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
-
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(185)
|
|
|
|
(30)
|
|
|
|
|
(215)
|
|
|
|
|
(2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(2)
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
252
|
|
|
|
238
|
|
|
|
245
|
|
|
|
—
|
|
|
|
|
735
|
|
|
Plus Capitalization of
internally developed software
|
|
|
540
|
|
|
|
418
|
|
|
|
484
|
|
|
|
427
|
|
|
|
|
1,869
|
|
|
|
|
434
|
|
|
|
238
|
|
|
|
362
|
|
|
|
343
|
|
|
|
|
1,377
|
|
|
Research and
Development (Non-GAAP)
|
|
$
|
3,762
|
|
|
$
|
3,539
|
|
|
$
|
3,282
|
|
|
$
|
3,231
|
|
|
|
$
|
13,814
|
|
|
|
$
|
2,985
|
|
|
$
|
3,010
|
|
|
$
|
3,125
|
|
|
$
|
3,184
|
|
|
|
$
|
12,304
|
|
|
General and
Administrative (GAAP)
|
|
$
|
1,981
|
|
|
$
|
2,011
|
|
|
$
|
2,131
|
|
|
$
|
2,436
|
|
|
|
$
|
8,559
|
|
|
|
$
|
1,869
|
|
|
$
|
1,995
|
|
|
$
|
2,312
|
|
|
$
|
3,151
|
|
|
|
$
|
9,327
|
|
|
Less Stock-based
compensation
|
|
|
(75)
|
|
|
|
(72)
|
|
|
|
(67)
|
|
|
|
(69)
|
|
|
|
|
(283)
|
|
|
|
|
(63)
|
|
|
|
(130)
|
|
|
|
(248)
|
|
|
|
(287)
|
|
|
|
|
(728)
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(123)
|
|
|
|
(5)
|
|
|
|
|
(128)
|
|
|
|
|
(2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(2)
|
|
|
Plus CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
70
|
|
|
|
66
|
|
|
|
67
|
|
|
|
—
|
|
|
|
|
203
|
|
|
Less Third-party
subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(87)
|
|
|
|
(405)
|
|
|
|
|
(492)
|
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
1,906
|
|
|
$
|
1,939
|
|
|
$
|
1,941
|
|
|
$
|
2,362
|
|
|
|
$
|
8,148
|
|
|
|
$
|
1,874
|
|
|
$
|
1,931
|
|
|
$
|
2,044
|
|
|
$
|
2,459
|
|
|
|
$
|
8,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
(Unaudited; in
thousands)
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
2020
|
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
Gross Profit
(GAAP)
|
|
$
|
3,315
|
|
|
$
|
2,690
|
|
|
$
|
2,473
|
|
|
$
|
3,559
|
|
|
|
$
|
12,037
|
|
|
|
$
|
3,067
|
|
|
$
|
2,919
|
|
|
$
|
2,980
|
|
|
$
|
2,569
|
|
|
|
$
|
11,535
|
|
|
Plus Stock-based
compensation
|
|
|
94
|
|
|
|
129
|
|
|
|
(19)
|
|
|
|
47
|
|
|
|
|
251
|
|
|
|
|
35
|
|
|
|
46
|
|
|
|
103
|
|
|
|
107
|
|
|
|
|
291
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
Plus Amortization of
intangible assets
|
|
|
47
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
47
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
(7)
|
|
|
|
—
|
|
|
|
529
|
|
|
|
7
|
|
|
|
|
529
|
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42
|
|
|
|
|
43
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(175)
|
|
|
|
(179)
|
|
|
|
(174)
|
|
|
|
—
|
|
|
|
|
(528)
|
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
4,313
|
|
|
$
|
3,637
|
|
|
$
|
3,631
|
|
|
$
|
4,267
|
|
|
|
$
|
15,848
|
|
|
|
$
|
3,552
|
|
|
$
|
3,382
|
|
|
$
|
3,495
|
|
|
$
|
3,268
|
|
|
|
$
|
13,697
|
|
|
Operating Loss
(GAAP)
|
|
$
|
(4,415)
|
|
|
$
|
(4,539)
|
|
|
$
|
(4,255)
|
|
|
$
|
(3,086)
|
|
|
|
$
|
(16,295)
|
|
|
|
$
|
(2,447)
|
|
|
$
|
(3,011)
|
|
|
$
|
(3,275)
|
|
|
$
|
(5,329)
|
|
|
|
$
|
(14,062)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
Plus Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
Plus Third-party
subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(3,507)
|
|
|
$
|
(3,572)
|
|
|
$
|
(2,845)
|
|
|
$
|
(2,491)
|
|
|
|
$
|
(12,415)
|
|
|
|
$
|
(2,531)
|
|
|
$
|
(2,799)
|
|
|
$
|
(2,878)
|
|
|
$
|
(3,791)
|
|
|
|
$
|
(11,999)
|
|
|
Net Loss
(GAAP)
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
$
|
(3,130)
|
|
|
$
|
(5,101)
|
|
|
|
$
|
(12,944)
|
|
|
Plus Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
Plus Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
Plus Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
Less CARES Act
employee retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
Less Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
Plus Third-party
subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
$
|
(2,733)
|
|
|
$
|
(3,563)
|
|
|
|
$
|
(10,881)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
Calculation of
Non-GAAP Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
(Unaudited; in
thousands, except per share data)
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
2020
|
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(3,063)
|
|
|
$
|
(2,514)
|
|
|
$
|
(2,662)
|
|
|
$
|
(1,932)
|
|
|
|
$
|
(10,171)
|
|
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
$
|
(2,733)
|
|
|
$
|
(3,563)
|
|
|
|
$
|
(10,881)
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
6,819
|
|
|
|
6,912
|
|
|
|
7,017
|
|
|
|
8,616
|
|
|
|
|
7,344
|
|
|
|
|
10,300
|
|
|
|
11,034
|
|
|
|
14,500
|
|
|
|
15,513
|
|
|
|
|
12,846
|
|
|
Non-GAAP net loss per
common share, basic and
diluted
|
|
$
|
(0.45)
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.38)
|
|
|
$
|
(0.22)
|
|
|
|
$
|
(1.38)
|
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.23)
|
|
|
|
$
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Incorporated
|
Reconciliation of
Net Loss to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
|
(Unaudited; in
thousands)
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
2020
|
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
Net Loss
|
|
$
|
(3,971)
|
|
|
$
|
(3,481)
|
|
|
$
|
(4,072)
|
|
|
$
|
(2,527)
|
|
|
|
$
|
(14,051)
|
|
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
$
|
(3,130)
|
|
|
$
|
(5,101)
|
|
|
|
$
|
(12,944)
|
|
|
Depreciation
|
|
|
893
|
|
|
|
402
|
|
|
|
366
|
|
|
|
263
|
|
|
|
|
1,924
|
|
|
|
|
240
|
|
|
|
223
|
|
|
|
207
|
|
|
|
181
|
|
|
|
|
851
|
|
|
Amortization of
internally developed software
|
|
|
864
|
|
|
|
818
|
|
|
|
648
|
|
|
|
654
|
|
|
|
|
2,984
|
|
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
Amortization of
intangible assets
|
|
|
95
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
95
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Provision for (benefit
from) income taxes
|
|
|
25
|
|
|
|
(521)
|
|
|
|
(72)
|
|
|
|
(143)
|
|
|
|
|
(711)
|
|
|
|
|
92
|
|
|
|
(289)
|
|
|
|
153
|
|
|
|
(90)
|
|
|
|
|
(134)
|
|
|
Stock-based
compensation
|
|
|
446
|
|
|
|
567
|
|
|
|
195
|
|
|
|
286
|
|
|
|
|
1,494
|
|
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
CARES Act employee
retention credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
Capitalization of
internally developed software
|
|
|
(540)
|
|
|
|
(418)
|
|
|
|
(484)
|
|
|
|
(427)
|
|
|
|
|
(1,869)
|
|
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
Restructuring related
expenses
|
|
|
43
|
|
|
|
—
|
|
|
|
1,051
|
|
|
|
82
|
|
|
|
|
1,176
|
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
Other income,
net
|
|
|
(469)
|
|
|
|
(537)
|
|
|
|
(111)
|
|
|
|
(416)
|
|
|
|
|
(1,533)
|
|
|
|
|
(327)
|
|
|
|
(221)
|
|
|
|
(298)
|
|
|
|
(138)
|
|
|
|
|
(984)
|
|
|
Third-party
subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,614)
|
|
|
$
|
(3,170)
|
|
|
$
|
(2,479)
|
|
|
$
|
(2,228)
|
|
|
|
$
|
(10,491)
|
|
|
|
$
|
(2,291)
|
|
|
$
|
(2,576)
|
|
|
$
|
(2,671)
|
|
|
$
|
(3,610)
|
|
|
|
$
|
(11,148)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/marin-software-announces-fourth-quarter-and-full-year-2021-financial-results-301490115.html
SOURCE Marin Software