Marin Software Incorporated (NASDAQ: MRIN) (“Marin”, "Marin
Software" or the “Company”), 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, 2023.
“Companies that are not leveraging AI to plan and manage their
performance media are falling behind,” said Chris Lien, Marin
Software’s CEO. “We’ve published our amazing results with Alumni
Ventures and an agency partner showing how our optimization engine
continues to help agencies and brands accelerate sales, stay on
budget, and get ahead of their competition.”
Fourth Quarter 2023 Product
Highlights:
- Increased our coverage of the Chinese search market by adding
support for Qihoo Search 360, to now provide coverage for more than
90% of searches conducted in this important market.
- Launched our Google Sheets plugin, enabling Marin users to link
Google Sheets to their Marin instance to leverage it as a data
source and destination.
- Released an automated anomaly detector to notify users of any
abnormal campaign performance.
- Enhanced our Forecasting to include a visualization of Return
on Ad Spend vs. Revenue, helping advertisers determine the right
targets by showing how changing their ROAS will affect their
volumes.
- Added “Review and Send” for budget recommendations to provide
enhanced transparency and control over campaign optimization
actions.
- Saved time and increased revenue for an agency customer by 20%
with intelligent budget pacing with Dynamic Allocation.
- Doubled lead volume for Alumni Ventures and reduced CPL by 33%
with Marin budgeting optimization.
- Expanded Performance Max campaign functionality by enabling
Marin users to create and edit for Listing Groups at scale.
- Enhanced in-app e-commerce data to include Amazon Shopping
Product-level Cost and Revenue across both paid and organic sales
for greater transparency and more comprehensive revenue
reporting.
- Enabled support for Amazon Store Spotlight and Sponsored Brand
Video, critical ad types to drive brand awareness, to deliver more
comprehensive campaign management of campaigns on the increasingly
important e-commerce platform.
- Integrated BigQuery data into Marin’s ecosystem to expand
coverage of business insights platforms.
- Simplified deployment of custom scripts with real-time feedback
to accelerate the development of bespoke automation by less
technical users.
- Updated and streamlined UI to provide a more intuitive, modern
user experience.
- Increased revenue for Yotel by 323% using Marin’s Google to
Microsoft Sync.
- Increased Internet Brands’ revenue 30% by uniting customer
lifecycle data with Marin’s Revenue Hub.
Fourth Quarter 2023 Financial
Updates:
- Net revenues totaled $4.4 million, a year-over-year decrease of
16% when compared to $5.2 million in the fourth quarter of
2022.
- GAAP loss from operations was ($5.7) million, resulting in a
GAAP operating margin of (132%), as compared to a GAAP loss from
operations of ($5.2) million and a GAAP operating margin of (102%)
for the fourth quarter of 2022.
- Non-GAAP loss from operations was ($1.9) million, resulting in
a non-GAAP operating margin of (43%), as compared to a non-GAAP
loss from operations of ($4.2) million and a non-GAAP operating
margin of (82%) for the fourth quarter of 2022.
Full Year 2023 Financial
Updates:
- Net revenues totaled $17.7 million, a year-over-year decrease
of 11% when compared to $20.0 million for 2022.
- GAAP loss from operations was ($22.8) million, resulting in a
GAAP operating margin of (129%), as compared to a GAAP loss from
operations of ($22.0) million and a GAAP operating margin of (110%)
for 2022.
- Non-GAAP loss from operations was ($14.6) million, resulting in
a non-GAAP operating margin of (82%), as compared to a non-GAAP
loss from operations of ($17.7) million and a non-GAAP operating
margin of (88%) for 2022.
- Cash and cash equivalents were $11.4 million as of December 31,
2023.
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 2024 as
follows:
Forward-Looking
Guidance
In millions
Range of Estimate
From
To
Three Months Ending March 31,
2024
Revenues, net
$
4.0
$
4.3
Non-GAAP loss from operations
(2.2
)
(1.9
)
Non-GAAP loss from operations excludes the effects of
stock-based compensation expense, 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,
2023, and its outlook for the future. To access the call, please
dial (877) 704-4453 in the United States or (201) 389-0920
internationally with reference to conference ID 13742151. A live
webcast of the conference call will be accessible at
https://viavid.webcasts.com/starthere.jsp?ei=1639585&tp_key=860ce9f72e.
Following the completion of the call through 11:59 p.m. Eastern
Time on February 29, 2024, 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 13742151.
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
expense, amortization of internally developed software and
intangible assets, impairment of 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 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, the increasing complexity in marketing, progress
on product development efforts, product capabilities, advertiser
and customer behavior, and future financial results, including its
outlook for the first quarter of 2024. 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 reduce our expenses or raise additional
capital to meet our obligations as a going concern; our ability to
successfully implement a restructuring plan that we commenced in
July 2023 and the expected costs and savings from the restructuring
plan; the amount of digital advertising spend managed by our
customers using our products; the extent of customer acceptance,
adoption and usage 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 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; 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; 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; our ability to maintain the listing of our common
stock on the Nasdaq; 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 22, 2024. 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)
2023
2022
Assets:
Current assets:
Cash and cash equivalents
$
11,363
$
27,957
Accounts receivable, net
3,864
4,521
Prepaid expenses and other current
assets
1,548
2,016
Total current assets
16,775
34,494
Property and equipment, net
120
3,213
Right-of-use assets, operating leases
1,912
3,844
Other non-current assets
508
533
Total assets
$
19,315
$
42,084
Liabilities and Stockholders'
Equity:
Current liabilities:
Accounts payable
$
664
$
1,011
Accrued expenses and other current
liabilities
2,099
3,513
Operating lease liabilities
1,518
1,645
Total current liabilities
4,281
6,169
Operating lease liabilities,
non-current
394
2,199
Other long-term liabilities
1,001
1,002
Total liabilities
5,676
9,370
Stockholders’ equity:
Convertible preferred stock, $0.001 par
value
—
—
Common stock, $0.001 par value
18
17
Additional paid-in capital
358,869
355,996
Accumulated deficit
(344,251
)
(322,334
)
Accumulated other comprehensive loss
(997
)
(965
)
Total stockholders’ equity
13,639
32,714
Total liabilities and stockholders’
equity
$
19,315
$
42,084
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)
2023
2022
2023
2022
Revenues, net
$
4,350
$
5,161
$
17,731
$
20,019
Cost of revenues
2,134
3,083
11,635
12,795
Gross profit
2,216
2,078
6,096
7,224
Operating expenses:
Sales and marketing
1,078
1,962
6,520
6,997
Research and development
1,636
2,901
10,235
11,832
General and administrative
1,974
2,459
8,871
10,396
Impairment loss on long-lived assets
3,276
—
3,276
—
Total operating expenses
7,964
7,322
28,902
29,225
Loss from operations
(5,748
)
(5,244
)
(22,806
)
(22,001
)
Other income, net
141
190
739
4,079
Loss before income taxes
(5,607
)
(5,054
)
(22,067
)
(17,922
)
Provision for income taxes
(344
)
64
(150
)
305
Net loss
$
(5,263
)
$
(5,118
)
$
(21,917
)
$
(18,227
)
Net loss per common share, basic and
diluted
$
(0.29
)
$
(0.31
)
$
(1.24
)
$
(1.15
)
Weighted-average shares outstanding, basic
and diluted
18,053
16,337
17,656
15,891
Marin Software Incorporated
Condensed Consolidated Statements of
Cash Flows
(On a GAAP basis)
Year Ended December
31,
(Unaudited; in thousands)
2023
2022
Operating activities:
Net loss
$
(21,917
)
$
(18,227
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation
19
447
Amortization of internally developed
software
1,701
1,810
Amortization of right-of-use assets
1,528
2,832
Amortization of deferred costs to obtain
and fulfill contracts
366
352
Forgiveness of Paycheck Protection Program
loan
—
(3,117
)
Impairment loss on long-lived assets
3,276
—
Loss on disposals of property and
equipment and right-of-use assets
3
28
Unrealized foreign currency losses
46
80
Stock-based compensation related to equity
awards
3,006
3,555
Provision for bad debts
(414
)
16
Deferred income tax benefits
(70
)
48
Changes in operating assets and
liabilities
Accounts receivable
1,037
73
Prepaid expenses and other assets
183
(102
)
Accounts payable
(353
)
31
Accrued expenses and other liabilities
(1,466
)
(2,786
)
Operating lease liabilities
(1,528
)
(3,177
)
Net cash used in operating activities
(14,583
)
(18,137
)
Investing activities:
Purchases of property and equipment
—
(24
)
Capitalization of internally developed
software
(1,807
)
(1,740
)
Net cash used in investing activities
(1,807
)
(1,764
)
Financing activities:
Proceeds from issuance of common shares
through at-the-market offering, net of offering costs
—
1,333
Repayment of Paycheck Protection Program
loan
—
(203
)
Employee taxes paid for withheld shares
upon equity award settlement
(206
)
(424
)
Proceeds from employee stock purchase
plan, net
(3
)
34
Net cash provided by (used in) financing
activities
(209
)
740
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
5
61
Net decrease in cash and cash equivalents
and restricted cash
(16,594
)
(19,100
)
Cash and cash equivalents and
restricted cash:
Beginning of period
27,957
47,057
End of the period
$
11,363
$
27,957
Marin Software Incorporated
Reconciliation of GAAP to Non-GAAP
Expenses
Three Months Ended
Year Ended
Three Months Ended
Year Ended
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
Mar 31,
Jun 30,
Sep 30
Dec 31,
Dec 31,
(Unaudited; in thousands)
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
Sales and Marketing (GAAP)
$
1,787
$
1,588
$
1,660
$
1,962
$
6,997
$
2,025
$
1,935
$
1,482
$
1,078
$
6,520
Less Stock-based compensation
(175
)
(157
)
(99
)
(165
)
(596
)
(165
)
(184
)
(88
)
(65
)
(502
)
Less Restructuring related expenses
—
—
—
—
—
—
—
(122
)
—
(122
)
Sales and Marketing (Non-GAAP)
$
1,612
$
1,431
$
1,561
$
1,797
$
6,401
$
1,860
$
1,751
$
1,272
$
1,013
$
5,896
Research and Development (GAAP)
$
2,917
$
2,980
$
3,034
$
2,901
$
11,832
$
2,942
$
2,797
$
2,860
$
1,636
$
10,235
Less Stock-based compensation
(224
)
(213
)
(303
)
(256
)
(996
)
(270
)
(305
)
(131
)
(119
)
(825
)
Less Restructuring related expenses
(36
)
(59
)
(76
)
—
(171
)
—
—
(815
)
(22
)
(837
)
Plus Capitalization of internally
developed software
512
408
449
397
1,766
579
578
354
296
1,807
Research and Development (Non-GAAP)
$
3,169
$
3,116
$
3,104
$
3,042
$
12,431
$
3,251
$
3,070
$
2,268
$
1,791
$
10,380
General and Administrative (GAAP)
$
2,469
$
2,545
$
2,923
$
2,459
$
10,396
$
2,336
$
2,442
$
2,119
$
1,974
$
8,871
Less Stock-based compensation
(334
)
(340
)
(405
)
(403
)
(1,482
)
(473
)
(627
)
(85
)
(187
)
(1,372
)
Less Restructuring related expenses
—
—
(78
)
—
(78
)
—
—
(189
)
—
(189
)
Less Third-party subpoena-related
expenses
(72
)
(99
)
(198
)
(72
)
(441
)
(84
)
(45
)
(36
)
(30
)
(195
)
General and Administrative (Non-GAAP)
$
2,063
$
2,106
$
2,242
$
1,984
$
8,395
$
1,779
$
1,770
$
1,809
$
1,757
$
7,115
Marin Software Incorporated
Reconciliation of GAAP to Non-GAAP
Measures
Three Months Ended
Year Ended
Three Months Ended
Year Ended
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
(Unaudited; in thousands)
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
Gross Profit (GAAP)
$
1,833
$
1,517
$
1,796
$
2,078
$
7,224
$
1,343
$
1,186
$
1,351
$
2,216
$
6,096
Plus Stock-based compensation
124
90
148
119
481
124
137
5
41
307
Plus Amortization of internally developed
software
542
431
419
418
1,810
419
426
433
423
1,701
Plus Restructuring related expenses
17
—
—
—
17
—
—
671
2
673
Gross Profit (Non-GAAP)
$
2,516
$
2,038
$
2,363
$
2,615
$
9,532
$
1,886
$
1,749
$
2,460
$
2,682
$
8,777
Operating Loss (GAAP)
$
(5,340
)
$
(5,596
)
$
(5,821
)
$
(5,244
)
$
(22,001
)
$
(5,960
)
$
(5,988
)
$
(5,110
)
$
(5,748
)
$
(22,806
)
Plus Stock-based compensation
857
800
955
943
3,555
1,032
1,253
309
412
3,006
Plus Amortization of internally developed
software
542
431
419
418
1,810
419
426
433
423
1,701
Plus Restructuring related expenses
53
59
154
—
266
—
—
1,797
24
1,821
Less Capitalization of internally
developed software
(512
)
(408
)
(449
)
(397
)
(1,766
)
(579
)
(578
)
(354
)
(296
)
(1,807
)
Plus Third-party subpoena-related
expenses
72
99
198
72
441
84
45
36
30
195
Plus Impairment loss on long-lived
assets
—
—
—
—
—
—
—
—
3,276
3,276
Operating Loss (Non-GAAP)
$
(4,328
)
$
(4,615
)
$
(4,544
)
$
(4,208
)
$
(17,695
)
$
(5,004
)
$
(4,842
)
$
(2,889
)
$
(1,879
)
$
(14,614
)
Net Loss (GAAP)
$
(1,999
)
$
(5,374
)
$
(5,736
)
$
(5,118
)
$
(18,227
)
$
(5,783
)
$
(5,917
)
$
(4,954
)
$
(5,263
)
$
(21,917
)
Plus Stock-based compensation
857
800
955
943
3,555
1,032
1,253
309
412
3,006
Plus Amortization of internally developed
software
542
431
419
418
1,810
419
426
433
423
1,701
Plus Restructuring related expenses
53
59
154
—
266
—
—
1,797
24
1,821
Less Capitalization of internally
developed software
(512
)
(408
)
(449
)
(397
)
(1,766
)
(579
)
(578
)
(354
)
(296
)
(1,807
)
Plus Third-party subpoena-related
expenses
72
99
198
72
441
84
45
36
30
195
Plus Impairment loss on long-lived
assets
—
—
—
—
—
—
—
—
3,276
3,276
Less Forgiveness and repayment of Paycheck
Protection Program loan
(3,320
)
—
—
—
(3,320
)
—
—
—
—
—
Net Loss (Non-GAAP)
$
(4,307
)
$
(4,393
)
$
(4,459
)
$
(4,082
)
$
(17,241
)
$
(4,827
)
$
(4,771
)
$
(2,733
)
$
(1,394
)
$
(13,725
)
Marin Software Incorporated
Calculation of Non-GAAP Earnings Per
Share
Three Months Ended
Year Ended
Three Months Ended
Year Ended
(Unaudited; in thousands, except per
share data)
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
Net Loss (Non-GAAP)
$
(4,307
)
$
(4,393
)
$
(4,459
)
$
(4,082
)
$
(17,241
)
$
(4,827
)
$
(4,771
)
$
(2,733
)
$
(1,394
)
$
(13,725
)
Weighted-average shares outstanding, basic
and diluted
15,537
15,651
16,030
16,337
15,891
17,235
17,412
17,912
18,053
17,656
Non-GAAP net loss per common share, basic
and diluted
$
(0.28
)
$
(0.28
)
$
(0.28
)
$
(0.25
)
$
(1.08
)
$
(0.28
)
$
(0.27
)
$
(0.15
)
$
(0.08
)
$
(0.78
)
Marin Software Incorporated
Reconciliation of Net Loss to Adjusted
EBITDA
Three Months Ended
Year Ended
Three Months Ended
Year Ended
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Dec 31,
(Unaudited; in thousands)
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
Net Loss
$
(1,999
)
$
(5,374
)
$
(5,736
)
$
(5,118
)
$
(18,227
)
$
(5,783
)
$
(5,917
)
$
(4,954
)
$
(5,263
)
$
(21,917
)
Depreciation
179
199
57
12
447
11
3
3
2
19
Amortization of internally developed
software
542
431
419
418
1,810
419
426
433
423
1,701
Provision for (benefit from) income
taxes
61
75
105
64
305
48
144
2
(344
)
(150
)
Stock-based compensation
857
800
955
943
3,555
1,032
1,253
309
412
3,006
Capitalization of internally developed
software
(512
)
(408
)
(449
)
(397
)
(1,766
)
(579
)
(578
)
(354
)
(296
)
(1,807
)
Restructuring related expenses
53
59
154
—
266
—
—
1,797
24
1,821
Impairment loss on long-lived assets
—
—
—
—
—
—
—
—
3,276
3,276
Other income, net
(3,402
)
(297
)
(190
)
(190
)
(4,079
)
(225
)
(215
)
(158
)
(141
)
(739
)
Third-party subpoena-related expenses
72
99
198
72
441
84
45
36
30
195
Adjusted EBITDA
$
(4,149
)
$
(4,416
)
$
(4,487
)
$
(4,196
)
$
(17,248
)
$
(4,993
)
$
(4,839
)
$
(2,886
)
$
(1,877
)
$
(17,248
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222874542/en/
Investor Relations, Marin Software ir@marinsoftware.com
Media Contact Wesley MacLaggan Marketing, Marin Software
(415) 399-2580 press@marinsoftware.com
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