SAN
FRANCISCO, May 5, 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 first quarter ended
March 31, 2022.
"As Tik Tok captures an increasing share of consumer attention,
it provides great opportunity for brands to connect with their
customers," said Chris Lien, Marin
Software's Chairman and CEO. "We're excited to have support for
TikTok as well as Yahoo DSP now available in MarinOne."
First Quarter 2022 Product Highlights:
- Launched support for TikTok to help advertisers connect with
customers on the fastest growing social network.
- Added support for display advertising campaigns Yahoo DSP to
helps advertisers understand and reach their audiences across
multiple dimensions on every device.
- Enhanced our LinkedIn support to make linking and managing
campaigns easier as well as tracking conversions.
- Introduced Amazon Inventory, which allows ecommerce retailers
to see all of their products side-by-side, across organic and
sponsored listings, in MarinOne's Shopping Products grid.
- Expanded Marin Insight to give our users actionable changes to
help manage campaigns more effectively and more efficiently,
including Responsive Search Ads, First Page Minimum Bid, and
Recently Ended Campaigns.
- Redesigned our Insights tab to include shortcuts, categories,
and color-coded cards, allowing advertisers to quickly jump to the
Insights they need to see most.
- Introduced Activity Log notification alerts, allowing users to
quickly see when there are changes that need to be posted to their
publisher accounts.
- Migrated customers from Google's asset-based ad extensions to
feed-based ad extensions to help reduce the complexity of
management and align with changes coming from Google.
- Added History reporting to Marin Dimensions, which allows users
to see performance history of a segment (or multiple segments,
compared up against one another) over a period of time.
- Expanded MarinOne Engine to support Shopping Products. MarinOne
Engine already powers MarinOne's newest and most advanced grids and
enables new campaign types, more data, more flexible reporting, and
enhanced processing for scalability.
- Introduced chat support directly from MarinOne, making it
easier than ever to reach our customer support team.
First Quarter 2022 Financial Updates:
- Net revenues totaled $5.2
million, a year-over-year decrease of 18% when compared to
$6.3 million in the first quarter of
2021.
- GAAP loss from operations was ($5.3)
million, resulting in a GAAP operating margin of (103%), as
compared to a GAAP loss from operations of ($2.4) million and a GAAP operating margin of
(39%) for the first quarter of 2021.
- Non-GAAP loss from operations was ($4.3)
million, resulting in a non-GAAP operating margin of (84%),
as compared to a non-GAAP loss from operations of ($2.5) million and a non-GAAP operating margin of
(40%) for the first quarter of 2021.
- 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. In February 2022, the Company repaid the remaining
outstanding balance of the loan of approximately $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 second
quarter of 2022 as follows:
Forward-Looking Guidance
|
In millions
|
|
|
|
|
|
|
|
|
|
|
Range of Estimate
|
|
|
|
|
From
|
|
|
To
|
|
|
Three Months Ending June 30,
2022
|
|
|
|
|
|
|
|
Revenues,
net
|
|
$
|
4.5
|
|
|
$
|
5.0
|
|
|
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 ended May 5, 2022, 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
13728727. A live webcast of the conference call will be accessible
at
https://services.choruscall.com/mediaframe/webcast.html?webcastid=1I1l517G.
Following the completion of the call through 11:59 p.m. Eastern Time on May 12, 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
13728727.
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 second 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 May 5, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
(Unaudited; in thousands, except par
value)
|
|
2022
|
|
|
2021
|
|
Assets:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
41,541
|
|
|
$
|
46,842
|
|
Restricted cash
|
|
|
215
|
|
|
|
215
|
|
Accounts receivable, net
|
|
|
4,324
|
|
|
|
4,633
|
|
Prepaid expenses and other current assets
|
|
|
1,657
|
|
|
|
2,324
|
|
Total current assets
|
|
|
47,737
|
|
|
|
54,014
|
|
Property and equipment,
net
|
|
|
3,424
|
|
|
|
3,622
|
|
Right-of-use assets,
operating leases
|
|
|
840
|
|
|
|
1,660
|
|
Other non-current
assets
|
|
|
586
|
|
|
|
535
|
|
Total assets
|
|
$
|
52,587
|
|
|
$
|
59,831
|
|
Liabilities and Stockholders'
Equity:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
737
|
|
|
$
|
975
|
|
Accrued expenses and other current liabilities
|
|
|
4,608
|
|
|
|
6,176
|
|
Note payable, current
|
|
|
—
|
|
|
|
2,226
|
|
Operating lease liabilities
|
|
|
1,051
|
|
|
|
2,006
|
|
Total current
liabilities
|
|
|
6,396
|
|
|
|
11,383
|
|
Note payable, net of
current
|
|
|
—
|
|
|
|
1,094
|
|
Operating lease
liabilities, non-current
|
|
|
—
|
|
|
|
—
|
|
Other long-term
liabilities
|
|
|
1,075
|
|
|
|
1,096
|
|
Total liabilities
|
|
|
7,471
|
|
|
|
13,573
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $0.001 par value
|
|
|
15
|
|
|
|
15
|
|
Additional paid-in capital
|
|
|
352,248
|
|
|
|
351,394
|
|
Accumulated deficit
|
|
|
(306,106)
|
|
|
|
(304,107)
|
|
Accumulated other comprehensive loss
|
|
|
(1,041)
|
|
|
|
(1,044)
|
|
Total stockholders'
equity
|
|
|
45,116
|
|
|
|
46,258
|
|
Total liabilities and
stockholders' equity
|
|
$
|
52,587
|
|
|
$
|
59,831
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
(On a GAAP basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
(Unaudited; in thousands, except per share
data)
|
|
2022
|
|
|
2021
|
|
|
Revenues,
net
|
|
$
|
5,161
|
|
|
$
|
6,308
|
|
|
Cost of
revenues
|
|
|
3,328
|
|
|
|
3,241
|
|
|
Gross profit
|
|
|
1,833
|
|
|
|
3,067
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
1,787
|
|
|
|
1,246
|
|
|
Research and
development
|
|
|
2,917
|
|
|
|
2,399
|
|
|
General and
administrative
|
|
|
2,469
|
|
|
|
1,869
|
|
|
Total operating
expenses
|
|
|
7,173
|
|
|
|
5,514
|
|
|
Loss from operations
|
|
|
(5,340)
|
|
|
|
(2,447)
|
|
|
Other income,
net
|
|
|
3,402
|
|
|
|
327
|
|
|
Loss before income
taxes
|
|
|
(1,938)
|
|
|
|
(2,120)
|
|
|
Income tax
provision
|
|
|
61
|
|
|
|
92
|
|
|
Net loss
|
|
$
|
(1,999)
|
|
|
$
|
(2,212)
|
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.13)
|
|
|
$
|
(0.21)
|
|
|
Weighted-average shares
outstanding, basic and diluted
|
|
|
15,537
|
|
|
|
10,300
|
|
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows
|
|
|
|
|
|
|
(On a GAAP basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
(Unaudited; in thousands)
|
|
2022
|
|
|
2021
|
|
Operating activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,999)
|
|
|
$
|
(2,212)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
Depreciation
|
|
|
179
|
|
|
|
240
|
|
Amortization of internally developed software
|
|
|
542
|
|
|
|
624
|
|
Amortization of intangible assets
|
|
|
—
|
|
|
|
-
|
|
Amortization of deferred costs to obtain and fulfill
contracts
|
|
|
83
|
|
|
|
133
|
|
Forgiveness of Paycheck Protection Program loan
|
|
|
(3,117)
|
|
|
|
-
|
|
Interest expense
|
|
|
3
|
|
|
|
5
|
|
Loss on disposals of property and equipment and right-of-use
assets
|
|
|
1
|
|
|
|
30
|
|
Unrealized foreign currency (gains) losses
|
|
|
26
|
|
|
|
25
|
|
Stock-based compensation related to equity awards
|
|
|
857
|
|
|
|
262
|
|
Provision for bad debts
|
|
|
20
|
|
|
|
(58)
|
|
Net
change in operating leases
|
|
|
(134)
|
|
|
|
(122)
|
|
Deferred income tax benefits
|
|
|
(83)
|
|
|
|
-
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
Accounts receivable
|
|
|
291
|
|
|
|
628
|
|
Prepaid expenses and other
assets
|
|
|
616
|
|
|
|
215
|
|
Accounts payable
|
|
|
(238)
|
|
|
|
(445)
|
|
Accrued expenses and other
liabilities
|
|
|
(1,629)
|
|
|
|
(1,566)
|
|
Net cash used in
operating activities
|
|
|
(4,582)
|
|
|
|
(2,241)
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(12)
|
|
|
|
(6)
|
|
Capitalization of
internally developed software
|
|
|
(486)
|
|
|
|
(420)
|
|
Net cash used in
investing activities
|
|
|
(498)
|
|
|
|
(426)
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from issuance
of common shares through at-the-market offering, net of offering
costs
|
|
|
—
|
|
|
|
3,120
|
|
Payment of principal on
finance lease liabilities
|
|
|
—
|
|
|
|
(11)
|
|
Repayment of Paycheck
Protection Program loan
|
|
|
(203)
|
|
|
|
—
|
|
Employee taxes paid for
withheld shares upon equity award settlement
|
|
|
(12)
|
|
|
|
(24)
|
|
Proceeds from employee
stock purchase plan, net
|
|
|
21
|
|
|
|
17
|
|
Net cash provided by
financing activities
|
|
|
(194)
|
|
|
|
3,102
|
|
Effect of foreign exchange rate
changes on cash and cash equivalents and restricted cash
|
|
|
(27)
|
|
|
|
(44)
|
|
Net (decrease) increase
in cash and cash equivalents and restricted cash
|
|
|
(5,301)
|
|
|
|
391
|
|
Cash and cash equivalents and restricted
cash:
|
|
|
|
|
|
|
Beginning of
year
|
|
|
47,057
|
|
|
|
14,820
|
|
End of year
|
|
$
|
41,756
|
|
|
$
|
15,211
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
Three
Months
Ended
|
|
|
|
|
March 31, 2021
|
|
|
June 30, 2021
|
|
|
September 30, 2021
|
|
|
December 31, 2021
|
|
|
|
December 31, 2021
|
|
|
|
March 31, 2022
|
|
|
(Unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing
(GAAP)
|
|
$
|
1,246
|
|
|
$
|
1,268
|
|
|
$
|
1,266
|
|
|
$
|
1,702
|
|
|
|
$
|
5,482
|
|
|
|
$
|
1,787
|
|
|
Less Stock-based compensation
|
|
|
(66)
|
|
|
|
(70)
|
|
|
|
(122)
|
|
|
|
(150)
|
|
|
|
|
(408)
|
|
|
|
|
(175)
|
|
|
Less Restructuring related expenses
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(136)
|
|
|
|
|
(134)
|
|
|
|
|
—
|
|
|
Plus CARES Act employee retention credit
|
|
|
42
|
|
|
|
42
|
|
|
|
60
|
|
|
|
—
|
|
|
|
|
144
|
|
|
|
|
—
|
|
|
Sales and Marketing
(Non-GAAP)
|
|
$
|
1,224
|
|
|
$
|
1,240
|
|
|
$
|
1,204
|
|
|
$
|
1,416
|
|
|
|
$
|
5,084
|
|
|
|
$
|
1,612
|
|
|
Research and
Development (GAAP)
|
|
$
|
2,399
|
|
|
$
|
2,667
|
|
|
$
|
2,677
|
|
|
$
|
3,045
|
|
|
|
$
|
10,788
|
|
|
|
$
|
2,917
|
|
|
Less Stock-based compensation
|
|
|
(98)
|
|
|
|
(133)
|
|
|
|
(159)
|
|
|
|
(204)
|
|
|
|
|
(594)
|
|
|
|
|
(224)
|
|
|
Less Restructuring related expenses
|
|
|
(2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(2)
|
|
|
|
|
(36)
|
|
|
Plus CARES Act employee retention credit
|
|
|
252
|
|
|
|
238
|
|
|
|
245
|
|
|
|
—
|
|
|
|
|
735
|
|
|
|
|
—
|
|
|
Plus Capitalization of internally developed
software
|
|
|
434
|
|
|
|
238
|
|
|
|
362
|
|
|
|
343
|
|
|
|
|
1,377
|
|
|
|
|
512
|
|
|
Research and
Development (Non-GAAP)
|
|
$
|
2,985
|
|
|
$
|
3,010
|
|
|
$
|
3,125
|
|
|
$
|
3,184
|
|
|
|
$
|
12,304
|
|
|
|
$
|
3,169
|
|
|
General and
Administrative (GAAP)
|
|
$
|
1,869
|
|
|
$
|
1,995
|
|
|
$
|
2,312
|
|
|
$
|
3,151
|
|
|
|
$
|
9,327
|
|
|
|
$
|
2,469
|
|
|
Less Stock-based compensation
|
|
|
(63)
|
|
|
|
(130)
|
|
|
|
(248)
|
|
|
|
(287)
|
|
|
|
|
(728)
|
|
|
|
|
(334)
|
|
|
Less Restructuring related expenses
|
|
|
(2)
|
|
|
|
—
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(2)
|
|
|
|
|
—
|
|
|
Plus CARES Act employee retention credit
|
|
|
70
|
|
|
|
66
|
|
|
|
67
|
|
|
|
—
|
|
|
|
|
203
|
|
|
|
|
—
|
|
|
Less Third-party subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(87)
|
|
|
|
(405)
|
|
|
|
|
(492)
|
|
|
|
|
(72)
|
|
|
General and
Administrative (Non-GAAP)
|
|
$
|
1,874
|
|
|
$
|
1,931
|
|
|
$
|
2,044
|
|
|
$
|
2,459
|
|
|
|
$
|
8,308
|
|
|
|
$
|
2,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
Three
Months
Ended
|
|
|
|
|
March 31, 2021
|
|
|
June 30, 2021
|
|
|
September 30, 2021
|
|
|
December 31, 2021
|
|
|
|
December 31, 2021
|
|
|
|
March 31, 2022
|
|
|
(Unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
(GAAP)
|
|
$
|
3,067
|
|
|
$
|
2,919
|
|
|
$
|
2,980
|
|
|
$
|
2,569
|
|
|
|
$
|
11,535
|
|
|
|
$
|
1,833
|
|
|
Plus Stock-based compensation
|
|
|
35
|
|
|
|
46
|
|
|
|
103
|
|
|
|
107
|
|
|
|
|
291
|
|
|
|
|
124
|
|
|
Plus Amortization of internally developed software
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
|
|
542
|
|
|
Plus Restructuring related expenses
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42
|
|
|
|
|
43
|
|
|
|
|
17
|
|
|
Less CARES Act employee retention credit
|
|
|
(175)
|
|
|
|
(179)
|
|
|
|
(174)
|
|
|
|
—
|
|
|
|
|
(528)
|
|
|
|
|
—
|
|
|
Gross Profit
(Non-GAAP)
|
|
$
|
3,552
|
|
|
$
|
3,382
|
|
|
$
|
3,495
|
|
|
$
|
3,268
|
|
|
|
$
|
13,697
|
|
|
|
$
|
2,516
|
|
|
Operating Loss
(GAAP)
|
|
$
|
(2,447)
|
|
|
$
|
(3,011)
|
|
|
$
|
(3,275)
|
|
|
$
|
(5,329)
|
|
|
|
$
|
(14,062)
|
|
|
|
$
|
(5,340)
|
|
|
Plus Stock-based compensation
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
|
|
857
|
|
|
Plus Amortization of internally developed software
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
|
|
542
|
|
|
Plus Restructuring related expenses
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
|
|
53
|
|
|
Less CARES Act employee retention credit
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
|
|
—
|
|
|
Less Capitalization of internally developed
software
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
|
|
(512)
|
|
|
Plus Third-party subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
|
|
72
|
|
|
Operating Loss
(Non-GAAP)
|
|
$
|
(2,531)
|
|
|
$
|
(2,799)
|
|
|
$
|
(2,878)
|
|
|
$
|
(3,791)
|
|
|
|
$
|
(11,999)
|
|
|
|
$
|
(4,328)
|
|
|
Net Loss
(GAAP)
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
$
|
(3,130)
|
|
|
$
|
(5,101)
|
|
|
|
$
|
(12,944)
|
|
|
|
$
|
(1,999)
|
|
|
Plus Stock-based compensation
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
|
|
857
|
|
|
Plus Amortization of internally developed software
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
|
|
542
|
|
|
Plus Restructuring related expenses
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
|
|
53
|
|
|
Less CARES Act employee retention credit
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
|
|
—
|
|
|
Less Capitalization of internally developed
software
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
|
|
(512)
|
|
|
Plus Third-party subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
|
|
72
|
|
|
Less Forgiveness and repayment of Paycheck Protection Program
loan
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(3,320)
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
$
|
(2,733)
|
|
|
$
|
(3,563)
|
|
|
|
$
|
(10,881)
|
|
|
|
$
|
(4,307)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Non-GAAP Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
March 31,
|
|
|
(Unaudited; in thousands, except per share
data)
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
|
2022
|
|
|
Net Loss
(Non-GAAP)
|
|
$
|
(2,296)
|
|
|
$
|
(2,289)
|
|
|
$
|
(2,733)
|
|
|
$
|
(3,563)
|
|
|
|
$
|
(10,881)
|
|
|
|
$
|
(4,307)
|
|
|
Weighted-average shares
outstanding, basic and diluted
|
|
|
10,300
|
|
|
|
11,034
|
|
|
|
14,500
|
|
|
|
15,513
|
|
|
|
|
12,846
|
|
|
|
|
15,537
|
|
|
Non-GAAP net loss per
common share, basic and diluted
|
|
$
|
(0.22)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.23)
|
|
|
|
$
|
(0.85)
|
|
|
|
$
|
(0.28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marin Software Incorporated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
March 31,
|
|
|
(Unaudited; in thousands)
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
|
2021
|
|
|
|
2022
|
|
|
Net Loss
|
|
$
|
(2,212)
|
|
|
$
|
(2,501)
|
|
|
$
|
(3,130)
|
|
|
$
|
(5,101)
|
|
|
|
$
|
(12,944)
|
|
|
|
$
|
(1,999)
|
|
|
Depreciation
|
|
|
240
|
|
|
|
223
|
|
|
|
207
|
|
|
|
181
|
|
|
|
|
851
|
|
|
|
|
179
|
|
|
Amortization of internally developed software
|
|
|
624
|
|
|
|
596
|
|
|
|
586
|
|
|
|
550
|
|
|
|
|
2,356
|
|
|
|
|
542
|
|
|
Provision for (benefit from) income taxes
|
|
|
92
|
|
|
|
(289)
|
|
|
|
153
|
|
|
|
(90)
|
|
|
|
|
(134)
|
|
|
|
|
61
|
|
|
Stock-based compensation
|
|
|
262
|
|
|
|
379
|
|
|
|
632
|
|
|
|
748
|
|
|
|
|
2,021
|
|
|
|
|
857
|
|
|
CARES Act employee retention credit
|
|
|
(539)
|
|
|
|
(525)
|
|
|
|
(546)
|
|
|
|
—
|
|
|
|
|
(1,610)
|
|
|
|
|
—
|
|
|
Capitalization of internally developed software
|
|
|
(434)
|
|
|
|
(238)
|
|
|
|
(362)
|
|
|
|
(343)
|
|
|
|
|
(1,377)
|
|
|
|
|
(512)
|
|
|
Restructuring related expenses
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
|
181
|
|
|
|
|
53
|
|
|
Other income, net
|
|
|
(327)
|
|
|
|
(221)
|
|
|
|
(298)
|
|
|
|
(138)
|
|
|
|
|
(984)
|
|
|
|
|
(3,402)
|
|
|
Third-party subpoena-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
87
|
|
|
|
405
|
|
|
|
|
492
|
|
|
|
|
72
|
|
|
Adjusted
EBITDA
|
|
$
|
(2,291)
|
|
|
$
|
(2,576)
|
|
|
$
|
(2,671)
|
|
|
$
|
(3,610)
|
|
|
|
$
|
(11,148)
|
|
|
|
$
|
(4,149)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/marin-software-announces-first-quarter-2022-financial-results-301541312.html
SOURCE Marin Software