SAN FRANCISCO, Feb. 22, 2018 /PRNewswire/ -- Marin Software
Incorporated (NYSE: MRIN), a leading provider of cross-channel,
cross-device, enterprise marketing software for advertisers and
agencies, today announced financial results for the fourth quarter
and full year ended December 31,
2017.
"By integrating the management of Google and Facebook ad
placements to reflect today's complex customer journey,
Marin's cross-channel platform
enables advertisers to drive greater performance and efficiency
from their online advertising investments," said Chris Lien, Chief Executive Officer of Marin
Software. "Our ongoing investments are focused on returning
Marin to growth and are balanced
against the need to operate with financial discipline."
Fourth Quarter 2017 Financial Highlights:
- Net revenues totaled $17.7
million, a year-over-year decrease of 23%, when compared to
$22.9 million in the fourth quarter
of 2016.
- GAAP gross profit was $10.0
million, resulting in a gross margin of 56%, compared to
GAAP gross profit of $14.5 million
and a gross margin of 63% during the fourth quarter of 2016.
Non-GAAP gross profit was $11.4
million, resulting in a non-GAAP gross margin of 64%,
compared to non-GAAP gross profit of $15.8
million and a non-GAAP gross margin of 69% during the fourth
quarter of 2016.
- GAAP loss from operations was ($7.5)
million, resulting in a GAAP operating margin of (42%),
compared to a GAAP loss from operations of ($4.1) million and a GAAP operating margin of
(18%) for the fourth quarter of 2016. Non-GAAP loss from operations
was ($5.4) million, resulting in a
non-GAAP operating margin of (31%), as compared to a non-GAAP loss
from operations of ($1.4) million and
a non-GAAP operating margin of (6%) for the fourth quarter of
2016.
- GAAP net loss was ($7.3) million,
or ($1.28) per share, based upon 5.7
million weighted average shares outstanding. This compares to
($4.6) million, or ($0.83) per share, based upon 5.5 million
weighted average shares outstanding during the fourth quarter of
2016.
- Non-GAAP net loss was ($5.2)
million, or ($0.92) per share,
based upon 5.7 million weighted average shares outstanding. This
compares to ($1.9) million, or
($0.33) per share, based upon 5.5
million weighted average shares outstanding during the fourth
quarter of 2016.
- Adjusted EBITDA was ($4.4)
million, compared to $0.03
million in the fourth quarter of 2016.
Full Year 2017 Financial Highlights:
- As of December 31, 2017, cash,
cash equivalents and restricted cash totaled $28.8 million, compared to $35.7 million as of December 31, 2016.
- Net revenues totaled $75.0
million, a year-over-year decrease of 25%, when compared to
$99.9 million in 2016.
- GAAP gross profit was $42.5
million, resulting in a gross margin of 57%, compared to
GAAP gross profit of $64.7 million
and a gross margin of 65% during 2016. Non-GAAP gross profit was
$47.9 million, resulting in a
non-GAAP gross margin of 64%, compared to non-GAAP gross profit of
$70.2 million and a non-GAAP gross
margin of 70% during 2016.
- GAAP loss from operations was ($30.3)
million, resulting in a GAAP operating margin of (40%),
compared to GAAP loss from operations of ($15.9) million and a GAAP operating margin of
(16%) in 2016. Non-GAAP loss from operations was ($18.3) million, resulting in a non-GAAP
operating margin of (24%), as compared to non-GAAP loss from
operations of ($3.7) and a non-GAAP
operating margin of (4%) in 2016.
- Non-GAAP net loss was ($19.5)
million, or ($3.46) per share,
based upon 5.6 million weighted average shares outstanding. This
compares to ($4.2) million, or
($0.76) per share, based upon 5.5
million weighted average shares outstanding during 2016.
- Adjusted EBITDA was ($13.6)
million, compared to $2.4
million in 2016.
In October 2017, the Company
completed a one-for-seven reverse stock split of its issued and
outstanding common stock. All share and per share amounts
throughout this release, including the attached tables, have been
adjusted to account for the impact of this reverse stock split.
A reconciliation of GAAP to non-GAAP financial measures has 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."
Fourth Quarter 2017 Business and Product Release
Highlights:
- Added full reporting and management capabilities for Facebook
In-Stream Video Ads, which allows advertisers to reach consumers
with engaging video content.
- Debuted product group splitter for Google Shopping to save
advertisers time and boost overall yields by automatically
promoting profitable SKUs.
- Continued development of "TruePath," an industry-first
cross-channel, impression-level attribution solution designed to
help marketers understand the true customer journey from start to
finish.
- Launched support for Amazon Advertising, which provides our
advertisers with a major new channel to reach in-market audiences
at scale.
- Launched support for Search Ads on Pinterest, which gives our
advertisers access to new customers early in their buying
cycle.
- Launched impression-share optimization, which ensures Brand
advertisers maintain and expand their exposure on key search
queries.
Financial Outlook:
Marin is providing guidance for
its first quarter of 2018 as follows:
Forward-Looking
Guidance
|
In millions,
except per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Estimate
|
|
|
|
|
|
From
|
|
|
|
To
|
|
|
Three Months
Ending March 31, 2018
|
|
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
14.3
|
|
|
$
|
14.8
|
|
|
Non-GAAP loss from
operations
|
|
$
|
(7.5)
|
|
|
$
|
(7.0)
|
|
|
Non-GAAP loss per
share
|
|
$
|
(1.36)
|
|
|
$
|
(1.28)
|
|
|
Weighted-average
shares outstanding
|
|
|
5.7
|
|
|
|
|
|
|
Non-GAAP loss from operations and non-GAAP net loss per share
excludes the effects of 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, non-recurring costs associated with restructurings, and
capitalization of internally developed software.
Additionally, the Company does not reconcile its forward-looking
non-GAAP financial measures, non-GAAP loss from operations and
non-GAAP net loss per share, due to variability between revenues
and non-cash items such as stock-based compensation. The GAAP
measures, loss from operations and net loss per share, include
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, 2017, 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=128247. Following
the completion of the call through 11:59
p.m. Eastern Time on March 1,
2018, a recorded replay will be available for replay 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
13676115.
About Marin Software
Marin Software Incorporated's (NYSE: MRIN) mission is to
give advertisers the power to drive higher efficiency,
effectiveness, and transparency in their paid marketing programs
that run on the world's largest publishers. Marin provides
industry leading enterprise marketing software for advertisers and
agencies to measure, manage, and optimize billions of dollars in
annualized ad spend across the web and mobile devices. Offering a
SaaS advertising management platform for search,
social, and display advertising, Marin helps digital marketers improve
financial performance, save time, and make better decisions.
Advertisers use Marin to create,
target, and convert precise audiences based on recent buying
signals from users' search, social, and display interactions.
Headquartered in San Francisco,
with offices in eight countries, Marin'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,
non-recurring costs associated with restructurings and
capitalization of internally developed software. 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 income (loss), adjusted for
stock-based compensation expense, depreciation, the amortization of
internally developed software and intangible assets, the
capitalization of internally developed software, the impairment of
goodwill and long-lived assets, interest expense, net, the benefit
from or provision for income taxes, other income or expenses, net
and the 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.
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 first quarter of 2018. 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, 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, 2018.
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
Inc.
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
(Unaudited; in
thousands, except par value)
|
|
2017
|
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
27,544
|
|
|
$
|
34,420
|
|
Restricted
cash
|
|
|
1,293
|
|
|
|
1,293
|
|
Accounts receivable,
net
|
|
|
12,237
|
|
|
|
18,761
|
|
Prepaid expenses and
other current assets
|
|
|
3,989
|
|
|
|
3,808
|
|
Total current
assets
|
|
|
45,063
|
|
|
|
58,282
|
|
Property and
equipment, net
|
|
|
15,559
|
|
|
|
20,581
|
|
Goodwill
|
|
|
16,768
|
|
|
|
19,318
|
|
Intangible assets,
net
|
|
|
4,475
|
|
|
|
7,325
|
|
Other non-current
assets
|
|
|
1,504
|
|
|
|
1,587
|
|
Total
assets
|
|
$
|
83,369
|
|
|
$
|
107,093
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,826
|
|
|
$
|
2,434
|
|
Accrued expenses and
other current liabilities
|
|
|
10,015
|
|
|
|
8,362
|
|
Deferred
revenues
|
|
|
459
|
|
|
|
795
|
|
Capital lease
obligations
|
|
|
1,416
|
|
|
|
1,015
|
|
Total current
liabilities
|
|
|
14,716
|
|
|
|
12,606
|
|
Capital lease
obligations, non-current
|
|
|
1,687
|
|
|
|
2,381
|
|
Other long-term
liabilities
|
|
|
4,183
|
|
|
|
4,508
|
|
Total
liabilities
|
|
|
20,586
|
|
|
|
19,495
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value
|
|
|
6
|
|
|
|
6
|
|
Additional paid-in
capital
|
|
|
291,163
|
|
|
|
286,692
|
|
Accumulated
deficit
|
|
|
(227,704)
|
|
|
|
(196,213)
|
|
Accumulated other
comprehensive loss
|
|
|
(682)
|
|
|
|
(2,887)
|
|
Total stockholders'
equity
|
|
|
62,783
|
|
|
|
87,598
|
|
Total liabilities and
stockholders' equity
|
|
$
|
83,369
|
|
|
$
|
107,093
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Inc.
|
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)
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
Revenues,
net
|
|
$
|
17,692
|
|
|
$
|
22,924
|
|
|
$
|
74,991
|
|
|
$
|
99,878
|
|
Cost of revenues (1)
(2) (3)
|
|
|
7,733
|
|
|
|
8,451
|
|
|
|
32,520
|
|
|
|
35,203
|
|
Gross
profit
|
|
|
9,959
|
|
|
|
14,473
|
|
|
|
42,471
|
|
|
|
64,675
|
|
Operating expenses
(1) (2) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
6,920
|
|
|
|
6,916
|
|
|
|
26,936
|
|
|
|
32,889
|
|
Research and
development
|
|
|
6,108
|
|
|
|
6,520
|
|
|
|
26,564
|
|
|
|
27,841
|
|
General and
administrative
|
|
|
4,402
|
|
|
|
5,168
|
|
|
|
16,444
|
|
|
|
19,890
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
2,797
|
|
|
|
—
|
|
Total operating
expenses
|
|
|
17,430
|
|
|
|
18,604
|
|
|
|
72,741
|
|
|
|
80,620
|
|
Loss from
operations
|
|
|
(7,471)
|
|
|
|
(4,131)
|
|
|
|
(30,270)
|
|
|
|
(15,945)
|
|
Interest expense,
net
|
|
|
(28)
|
|
|
|
(38)
|
|
|
|
(137)
|
|
|
|
(129)
|
|
Other income
(expenses), net
|
|
|
259
|
|
|
|
366
|
|
|
|
(77)
|
|
|
|
998
|
|
Loss before provision
for income taxes
|
|
|
(7,240)
|
|
|
|
(3,803)
|
|
|
|
(30,484)
|
|
|
|
(15,076)
|
|
Provision for income
taxes
|
|
|
(31)
|
|
|
|
(793)
|
|
|
|
(1,007)
|
|
|
|
(1,404)
|
|
Net loss
|
|
$
|
(7,271)
|
|
|
$
|
(4,596)
|
|
|
$
|
(31,491)
|
|
|
$
|
(16,480)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(1.28)
|
|
|
$
|
(0.83)
|
|
|
$
|
(5.59)
|
|
|
$
|
(3.01)
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
5,677
|
|
|
|
5,528
|
|
|
|
5,638
|
|
|
|
5,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
|
193
|
|
|
$
|
299
|
|
|
$
|
822
|
|
|
$
|
1,314
|
|
Sales and
marketing
|
|
|
218
|
|
|
|
198
|
|
|
|
827
|
|
|
|
1,281
|
|
Research and
development
|
|
|
356
|
|
|
|
840
|
|
|
|
1,996
|
|
|
|
4,989
|
|
General and
administrative
|
|
|
254
|
|
|
|
366
|
|
|
|
1,059
|
|
|
|
2,711
|
|
Total
|
|
$
|
1,021
|
|
|
$
|
1,703
|
|
|
$
|
4,704
|
|
|
$
|
10,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes
amortization of intangible assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
|
239
|
|
|
$
|
247
|
|
|
$
|
971
|
|
|
$
|
1,027
|
|
Sales and
marketing
|
|
|
216
|
|
|
|
223
|
|
|
|
877
|
|
|
|
934
|
|
Research and
development
|
|
|
239
|
|
|
|
247
|
|
|
|
969
|
|
|
|
1,027
|
|
General and
administrative
|
|
|
5
|
|
|
|
13
|
|
|
|
33
|
|
|
|
92
|
|
Total
|
|
$
|
699
|
|
|
$
|
730
|
|
|
$
|
2,850
|
|
|
$
|
3,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Includes
restructuring related expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
184
|
|
Sales and
marketing
|
|
|
—
|
|
|
|
135
|
|
|
|
—
|
|
|
|
348
|
|
Research and
development
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
44
|
|
General and
administrative
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
20
|
|
Total
|
|
$
|
—
|
|
|
$
|
147
|
|
|
$
|
—
|
|
|
$
|
596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Inc.
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
(On a GAAP
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
(Unaudited; in
thousands)
|
|
|
2017
|
|
|
|
2016
|
|
Operating
activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(31,491)
|
|
|
$
|
(16,480)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities
|
|
|
|
|
|
|
|
|
Impairment of
goodwill
|
|
|
2,797
|
|
|
|
—
|
|
Depreciation
|
|
|
4,758
|
|
|
|
6,035
|
|
Amortization of
internally developed software
|
|
|
3,669
|
|
|
|
2,988
|
|
Amortization of
intangible assets
|
|
|
2,850
|
|
|
|
3,080
|
|
Gain on disposal of
property and equipment
|
|
|
(11)
|
|
|
|
(3)
|
|
Unrealized foreign
currency losses (gains)
|
|
|
986
|
|
|
|
(419)
|
|
Non-cash interest
expense related to debt agreements
|
|
|
15
|
|
|
|
27
|
|
Stock-based
compensation related to equity awards and restricted
stock
|
|
|
4,704
|
|
|
|
10,295
|
|
Provision for bad
debts
|
|
|
1,507
|
|
|
|
2,328
|
|
Deferred income tax
benefits
|
|
|
(358)
|
|
|
|
(305)
|
|
Payment of contingent
consideration for prior acquisition
|
|
|
—
|
|
|
|
(93)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
4,754
|
|
|
|
795
|
|
Prepaid expenses and
other current assets
|
|
|
(268)
|
|
|
|
546
|
|
Other
assets
|
|
|
(42)
|
|
|
|
(346)
|
|
Accounts
payable
|
|
|
306
|
|
|
|
741
|
|
Deferred
revenues
|
|
|
(346)
|
|
|
|
(628)
|
|
Accrued expenses and
other current liabilities
|
|
|
1,300
|
|
|
|
(2,480)
|
|
Net cash (used in)
provided by operating activities
|
|
|
(4,870)
|
|
|
|
6,081
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(461)
|
|
|
|
(1,207)
|
|
Proceeds from
disposal of property and equipment
|
|
|
11
|
|
|
|
5
|
|
Capitalization of
internally developed software
|
|
|
(2,068)
|
|
|
|
(4,712)
|
|
Net cash used in
investing activities
|
|
|
(2,518)
|
|
|
|
(5,914)
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
Repayments of capital
lease obligations
|
|
|
(1,160)
|
|
|
|
(1,436)
|
|
Employee taxes paid
for withheld shares upon equity award settlement
|
|
|
(604)
|
|
|
|
(362)
|
|
Proceeds from
exercise of common stock options
|
|
|
—
|
|
|
|
390
|
|
Proceeds from
employee stock purchase plan, net
|
|
|
312
|
|
|
|
663
|
|
Net cash used in
financing activities
|
|
|
(1,452)
|
|
|
|
(745)
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents and restricted
cash
|
|
|
1,964
|
|
|
|
(1,035)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
|
(6,876)
|
|
|
|
(1,613)
|
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
Beginning of
period
|
|
|
35,713
|
|
|
|
37,326
|
|
End of
period
|
|
$
|
28,837
|
|
|
$
|
35,713
|
|
Supplemental
disclosure of non-cash investing and financing
activities
|
|
|
|
|
|
|
|
|
Acquisition of
equipment through capital leases
|
|
$
|
852
|
|
|
$
|
1,864
|
|
Purchases of property
and equipment recorded in accounts payable and accrued
expenses
|
|
|
30
|
|
|
|
5
|
|
Issuance of common
stock under employee stock purchase plan
|
|
|
362
|
|
|
|
547
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Inc.
|
Reconciliation of
GAAP to Non-GAAP Expenses (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
2017
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
9,107
|
|
|
$
|
9,285
|
|
|
$
|
7,581
|
|
|
$
|
6,916
|
|
|
|
$
|
32,889
|
|
|
|
$
|
6,676
|
|
|
$
|
6,710
|
|
|
$
|
6,630
|
|
|
$
|
6,920
|
|
|
|
$
|
26,936
|
|
|
Less Stock-based
compensation
|
|
|
(499)
|
|
|
|
(422)
|
|
|
|
(162)
|
|
|
|
(198)
|
|
|
|
|
(1,281)
|
|
|
|
|
(212)
|
|
|
|
(200)
|
|
|
|
(197)
|
|
|
|
(218)
|
|
|
|
|
(827)
|
|
|
Less Amortization of
intangible assets
|
|
|
(248)
|
|
|
|
(240)
|
|
|
|
(223)
|
|
|
|
(223)
|
|
|
|
|
(934)
|
|
|
|
|
(223)
|
|
|
|
(222)
|
|
|
|
(216)
|
|
|
|
(216)
|
|
|
|
|
(877)
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
(211)
|
|
|
|
(2)
|
|
|
|
(135)
|
|
|
|
|
(348)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
8,360
|
|
|
$
|
8,412
|
|
|
$
|
7,194
|
|
|
$
|
6,360
|
|
|
|
$
|
30,326
|
|
|
|
$
|
6,241
|
|
|
$
|
6,288
|
|
|
$
|
6,217
|
|
|
$
|
6,486
|
|
|
|
$
|
25,232
|
|
|
Research and
Development (GAAP)
|
|
$
|
8,009
|
|
|
$
|
7,044
|
|
|
$
|
6,268
|
|
|
$
|
6,520
|
|
|
|
$
|
27,841
|
|
|
|
$
|
7,138
|
|
|
$
|
6,646
|
|
|
$
|
6,672
|
|
|
$
|
6,108
|
|
|
|
$
|
26,564
|
|
|
Less Stock-based
compensation
|
|
|
(2,022)
|
|
|
|
(1,275)
|
|
|
|
(852)
|
|
|
|
(840)
|
|
|
|
|
(4,989)
|
|
|
|
|
(996)
|
|
|
|
(318)
|
|
|
|
(326)
|
|
|
|
(356)
|
|
|
|
|
(1,996)
|
|
|
Less Amortization of
intangible assets
|
|
|
(271)
|
|
|
|
(263)
|
|
|
|
(246)
|
|
|
|
(247)
|
|
|
|
|
(1,027)
|
|
|
|
|
(247)
|
|
|
|
(244)
|
|
|
|
(239)
|
|
|
|
(239)
|
|
|
|
|
(969)
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
(48)
|
|
|
|
4
|
|
|
|
—
|
|
|
|
|
(44)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Capitalization of
internally developed software
|
|
|
1,493
|
|
|
|
1,407
|
|
|
|
1,150
|
|
|
|
662
|
|
|
|
|
4,712
|
|
|
|
|
543
|
|
|
|
413
|
|
|
|
442
|
|
|
|
670
|
|
|
|
|
2,068
|
|
|
Research and
Development (Non-GAAP)
|
|
$
|
7,209
|
|
|
$
|
6,865
|
|
|
$
|
6,324
|
|
|
$
|
6,095
|
|
|
|
$
|
26,493
|
|
|
|
$
|
6,438
|
|
|
$
|
6,497
|
|
|
$
|
6,549
|
|
|
$
|
6,183
|
|
|
|
$
|
25,667
|
|
|
General and
Administrative (GAAP)
|
|
$
|
4,969
|
|
|
$
|
5,018
|
|
|
$
|
4,735
|
|
|
$
|
5,168
|
|
|
|
$
|
19,890
|
|
|
|
$
|
4,177
|
|
|
$
|
3,945
|
|
|
$
|
3,920
|
|
|
$
|
4,402
|
|
|
|
$
|
16,444
|
|
|
Less Stock-based
compensation
|
|
|
(880)
|
|
|
|
(933)
|
|
|
|
(532)
|
|
|
|
(366)
|
|
|
|
|
(2,711)
|
|
|
|
|
(323)
|
|
|
|
(248)
|
|
|
|
(234)
|
|
|
|
(254)
|
|
|
|
|
(1,059)
|
|
|
Less Amortization of
intangible assets
|
|
|
(36)
|
|
|
|
(28)
|
|
|
|
(15)
|
|
|
|
(13)
|
|
|
|
|
(92)
|
|
|
|
|
(13)
|
|
|
|
(10)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
|
(33)
|
|
|
Less Acquisition
related expenses
|
|
|
(9)
|
|
|
|
(20)
|
|
|
|
—
|
|
|
|
(11)
|
|
|
|
|
(40)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Less Restructuring
related expenses
|
|
|
—
|
|
|
|
(15)
|
|
|
|
(2)
|
|
|
|
(3)
|
|
|
|
|
(20)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
4,044
|
|
|
$
|
4,022
|
|
|
$
|
4,186
|
|
|
$
|
4,775
|
|
|
|
$
|
17,027
|
|
|
|
$
|
3,841
|
|
|
$
|
3,687
|
|
|
$
|
3,681
|
|
|
$
|
4,143
|
|
|
|
$
|
15,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The sum of the
quarterly financial information may vary from full year financial
information due to rounding.
|
Marin Software
Inc.
|
Reconciliation of
GAAP to Non-GAAP Measures (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
2017
|
|
|
Gross Profit
(GAAP)
|
|
$
|
17,998
|
|
|
$
|
16,859
|
|
|
$
|
15,345
|
|
|
$
|
14,473
|
|
|
|
$
|
64,675
|
|
|
|
$
|
12,009
|
|
|
$
|
10,535
|
|
|
$
|
9,968
|
|
|
$
|
9,959
|
|
|
|
$
|
42,471
|
|
|
Plus Stock-based
compensation
|
|
|
421
|
|
|
|
309
|
|
|
|
285
|
|
|
|
299
|
|
|
|
|
1,314
|
|
|
|
|
311
|
|
|
|
152
|
|
|
|
166
|
|
|
|
193
|
|
|
|
|
822
|
|
|
Plus Amortization of
internally developed software
|
|
|
681
|
|
|
|
719
|
|
|
|
780
|
|
|
|
808
|
|
|
|
|
2,988
|
|
|
|
|
788
|
|
|
|
867
|
|
|
|
1,016
|
|
|
|
998
|
|
|
|
|
3,669
|
|
|
Plus Amortization of
intangible assets
|
|
|
271
|
|
|
|
263
|
|
|
|
246
|
|
|
|
247
|
|
|
|
|
1,027
|
|
|
|
|
247
|
|
|
|
245
|
|
|
|
240
|
|
|
|
239
|
|
|
|
|
971
|
|
|
Plus Restructuring
related expenses
|
|
|
—
|
|
|
|
151
|
|
|
|
24
|
|
|
|
9
|
|
|
|
|
184
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
19,371
|
|
|
$
|
18,301
|
|
|
$
|
16,680
|
|
|
$
|
15,836
|
|
|
|
$
|
70,188
|
|
|
|
$
|
13,355
|
|
|
$
|
11,799
|
|
|
$
|
11,390
|
|
|
$
|
11,389
|
|
|
|
$
|
47,933
|
|
|
Operating Loss
(GAAP)
|
|
$
|
(4,087)
|
|
|
$
|
(4,488)
|
|
|
$
|
(3,239)
|
|
|
$
|
(4,131)
|
|
|
|
$
|
(15,945)
|
|
|
|
$
|
(5,982)
|
|
|
$
|
(9,563)
|
|
|
$
|
(7,254)
|
|
|
$
|
(7,471)
|
|
|
|
$
|
(30,270)
|
|
|
Plus Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
2,797
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
2,797
|
|
|
Plus Stock-based
compensation
|
|
|
3,822
|
|
|
|
2,939
|
|
|
|
1,831
|
|
|
|
1,703
|
|
|
|
|
10,295
|
|
|
|
|
1,842
|
|
|
|
918
|
|
|
|
923
|
|
|
|
1,021
|
|
|
|
|
4,704
|
|
|
Plus Amortization of
internally developed software
|
|
|
681
|
|
|
|
719
|
|
|
|
780
|
|
|
|
808
|
|
|
|
|
2,988
|
|
|
|
|
788
|
|
|
|
867
|
|
|
|
1,016
|
|
|
|
998
|
|
|
|
|
3,669
|
|
|
Plus Amortization of
intangible assets
|
|
|
826
|
|
|
|
794
|
|
|
|
730
|
|
|
|
730
|
|
|
|
|
3,080
|
|
|
|
|
730
|
|
|
|
721
|
|
|
|
700
|
|
|
|
699
|
|
|
|
|
2,850
|
|
|
Plus Acquisition
related expenses
|
|
|
9
|
|
|
|
20
|
|
|
|
—
|
|
|
|
11
|
|
|
|
|
40
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
—
|
|
|
|
425
|
|
|
|
24
|
|
|
|
147
|
|
|
|
|
596
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Less Capitalization of
internally developed software
|
|
|
(1,493)
|
|
|
|
(1,407)
|
|
|
|
(1,150)
|
|
|
|
(662)
|
|
|
|
|
(4,712)
|
|
|
|
|
(543)
|
|
|
|
(413)
|
|
|
|
(442)
|
|
|
|
(670)
|
|
|
|
|
(2,068)
|
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(242)
|
|
|
$
|
(998)
|
|
|
$
|
(1,024)
|
|
|
$
|
(1,394)
|
|
|
|
$
|
(3,658)
|
|
|
|
$
|
(3,165)
|
|
|
$
|
(4,673)
|
|
|
$
|
(5,057)
|
|
|
$
|
(5,423)
|
|
|
|
$
|
(18,318)
|
|
|
Net Loss
(GAAP)
|
|
$
|
(4,413)
|
|
|
$
|
(4,418)
|
|
|
$
|
(3,053)
|
|
|
$
|
(4,596)
|
|
|
|
$
|
(16,480)
|
|
|
|
$
|
(6,126)
|
|
|
$
|
(10,545)
|
|
|
$
|
(7,549)
|
|
|
$
|
(7,271)
|
|
|
|
$
|
(31,491)
|
|
|
Plus Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
2,797
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
2,797
|
|
|
Plus Stock-based
compensation
|
|
|
3,822
|
|
|
|
2,939
|
|
|
|
1,831
|
|
|
|
1,703
|
|
|
|
|
10,295
|
|
|
|
|
1,842
|
|
|
|
918
|
|
|
|
923
|
|
|
|
1,021
|
|
|
|
|
4,704
|
|
|
Plus Amortization of
internally developed software
|
|
|
681
|
|
|
|
719
|
|
|
|
780
|
|
|
|
808
|
|
|
|
|
2,988
|
|
|
|
|
788
|
|
|
|
867
|
|
|
|
1,016
|
|
|
|
998
|
|
|
|
|
3,669
|
|
|
Plus Amortization of
intangible assets
|
|
|
826
|
|
|
|
794
|
|
|
|
730
|
|
|
|
730
|
|
|
|
|
3,080
|
|
|
|
|
730
|
|
|
|
721
|
|
|
|
700
|
|
|
|
699
|
|
|
|
|
2,850
|
|
|
Plus Non-cash expenses
related to debt agreements
|
|
|
7
|
|
|
|
6
|
|
|
|
5
|
|
|
|
9
|
|
|
|
|
27
|
|
|
|
|
6
|
|
|
|
7
|
|
|
|
2
|
|
|
|
—
|
|
|
|
|
15
|
|
|
Plus Acquisition
related expenses
|
|
|
9
|
|
|
|
20
|
|
|
|
—
|
|
|
|
11
|
|
|
|
|
40
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Plus Restructuring
related expenses
|
|
|
—
|
|
|
|
425
|
|
|
|
24
|
|
|
|
147
|
|
|
|
|
596
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Less Capitalization of
internally developed software
|
|
|
(1,493)
|
|
|
|
(1,407)
|
|
|
|
(1,150)
|
|
|
|
(662)
|
|
|
|
|
(4,712)
|
|
|
|
|
(543)
|
|
|
|
(413)
|
|
|
|
(442)
|
|
|
|
(670)
|
|
|
|
|
(2,068)
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(561)
|
|
|
$
|
(922)
|
|
|
$
|
(833)
|
|
|
$
|
(1,850)
|
|
|
|
$
|
(4,166)
|
|
|
|
$
|
(3,303)
|
|
|
$
|
(5,648)
|
|
|
$
|
(5,350)
|
|
|
$
|
(5,223)
|
|
|
|
$
|
(19,524)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The sum of the
quarterly financial information may vary from full year financial
information due to rounding.
|
Marin Software
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Non-GAAP Earnings Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
2017
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(561)
|
|
|
$
|
(922)
|
|
|
$
|
(833)
|
|
|
$
|
(1,850)
|
|
|
|
$
|
(4,166)
|
|
|
|
$
|
(3,303)
|
|
|
$
|
(5,648)
|
|
|
$
|
(5,350)
|
|
|
$
|
(5,223)
|
|
|
|
$
|
(19,524)
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
|
|
5,395
|
|
|
|
5,469
|
|
|
|
5,503
|
|
|
|
5,528
|
|
|
|
|
5,474
|
|
|
|
|
5,583
|
|
|
|
5,640
|
|
|
|
5,651
|
|
|
|
5,677
|
|
|
|
|
5,638
|
|
|
Non-GAAP net loss per
common share, basic and diluted
|
|
$
|
(0.10)
|
|
|
$
|
(0.17)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.33)
|
|
|
|
$
|
(0.76)
|
|
|
|
$
|
(0.59)
|
|
|
$
|
(1.00)
|
|
|
$
|
(0.95)
|
|
|
$
|
(0.92)
|
|
|
|
$
|
(3.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss to Adjusted EBITDA (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
|
2017
|
|
|
Net Loss
|
|
$
|
(4,413)
|
|
|
$
|
(4,418)
|
|
|
$
|
(3,053)
|
|
|
$
|
(4,596)
|
|
|
|
$
|
(16,480)
|
|
|
|
$
|
(6,126)
|
|
|
$
|
(10,545)
|
|
|
$
|
(7,549)
|
|
|
$
|
(7,271)
|
|
|
|
$
|
(31,491)
|
|
|
Depreciation
|
|
|
1,665
|
|
|
|
1,542
|
|
|
|
1,403
|
|
|
|
1,425
|
|
|
|
|
6,035
|
|
|
|
|
1,336
|
|
|
|
1,263
|
|
|
|
1,149
|
|
|
|
1,010
|
|
|
|
|
4,758
|
|
|
Amortization of
internally developed software
|
|
|
681
|
|
|
|
719
|
|
|
|
780
|
|
|
|
808
|
|
|
|
|
2,988
|
|
|
|
|
788
|
|
|
|
867
|
|
|
|
1,016
|
|
|
|
998
|
|
|
|
|
3,669
|
|
|
Amortization of
intangible assets
|
|
|
826
|
|
|
|
794
|
|
|
|
730
|
|
|
|
730
|
|
|
|
|
3,080
|
|
|
|
|
730
|
|
|
|
721
|
|
|
|
700
|
|
|
|
699
|
|
|
|
|
2,850
|
|
|
Interest expense,
net
|
|
|
18
|
|
|
|
34
|
|
|
|
39
|
|
|
|
38
|
|
|
|
|
129
|
|
|
|
|
37
|
|
|
|
64
|
|
|
|
8
|
|
|
|
28
|
|
|
|
|
137
|
|
|
Provision for (benefit
from) income taxes
|
|
|
341
|
|
|
|
307
|
|
|
|
(37)
|
|
|
|
793
|
|
|
|
|
1,404
|
|
|
|
|
406
|
|
|
|
419
|
|
|
|
151
|
|
|
|
31
|
|
|
|
|
1,007
|
|
|
EBITDA
|
|
$
|
(882)
|
|
|
$
|
(1,022)
|
|
|
$
|
(138)
|
|
|
$
|
(802)
|
|
|
|
$
|
(2,844)
|
|
|
|
$
|
(2,829)
|
|
|
$
|
(7,211)
|
|
|
$
|
(4,525)
|
|
|
$
|
(4,505)
|
|
|
|
$
|
(19,070)
|
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
2,797
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
2,797
|
|
|
Stock-based
compensation
|
|
|
3,822
|
|
|
|
2,939
|
|
|
|
1,831
|
|
|
|
1,703
|
|
|
|
|
10,295
|
|
|
|
|
1,842
|
|
|
|
918
|
|
|
|
923
|
|
|
|
1,021
|
|
|
|
|
4,704
|
|
|
Capitalization of
internally developed software
|
|
|
(1,493)
|
|
|
|
(1,407)
|
|
|
|
(1,150)
|
|
|
|
(662)
|
|
|
|
|
(4,712)
|
|
|
|
|
(543)
|
|
|
|
(413)
|
|
|
|
(442)
|
|
|
|
(670)
|
|
|
|
|
(2,068)
|
|
|
Acquisition related
expenses
|
|
|
9
|
|
|
|
20
|
|
|
|
—
|
|
|
|
11
|
|
|
|
|
40
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Restructuring related
expenses
|
|
|
—
|
|
|
|
425
|
|
|
|
24
|
|
|
|
147
|
|
|
|
|
596
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Other (income)
expenses, net
|
|
|
(33)
|
|
|
|
(411)
|
|
|
|
(188)
|
|
|
|
(366)
|
|
|
|
|
(998)
|
|
|
|
|
(299)
|
|
|
|
499
|
|
|
|
136
|
|
|
|
(259)
|
|
|
|
|
77
|
|
|
Adjusted
EBITDA
|
|
$
|
1,423
|
|
|
$
|
544
|
|
|
$
|
379
|
|
|
$
|
31
|
|
|
|
$
|
2,377
|
|
|
|
$
|
(1,829)
|
|
|
$
|
(3,410)
|
|
|
$
|
(3,908)
|
|
|
$
|
(4,413)
|
|
|
|
$
|
(13,560)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The sum of the
quarterly financial information may vary from full year financial
information due to rounding.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/marin-software-announces-fourth-quarter-and-full-year-2017-financial-results-300602912.html
SOURCE Marin Software