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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Marin Software Incorporated | NASDAQ:MRIN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.45 | 2.44 | 2.93 | 0 | 09:33:03 |
From Jul 2019 to Jul 2024
"Marin showed strong revenue growth in the second quarter as more advertisers and agencies adopted our cloud-based Revenue Acquisition Management platform to measure, manage, and optimize their digital advertising investments across search, display, social, and mobile channels," said Chris Lien, founder and chief executive officer of Marin. "Leading digital marketers globally choose Marin's solution to drive better revenue and business outcomes, while saving time and unlocking business insights."
Second Quarter 2013 Financial Highlights:
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."
Second Quarter 2013 Business Highlights
Financial Outlook:
As of August 7th, 2013, Marin is initiating guidance for its third quarter and updating the full year 2013 as follows:
Hot Features
Premium
Forward-Looking Guidance
In millions, except per share data
---------------------------------------------------------------------------
Range of Estimate
From To
--------- ---------
Three Months Ending September 30, 2013
Revenues, net $ 19.6 $ 20.0
Non-GAAP loss from operations $ (8.5) $ (8.1)
Non-GAAP net loss per share $ (0.28) $ (0.26)
Weighted average shares outstanding 32.4
Twelve Months Ending December 31, 2013
Revenues, net $ 76.0 $ 76.8
Non-GAAP loss from operations $ (33.0) $ (32.2)
Non-GAAP net loss per share $ (1.15) $ (1.12)
Weighted average shares outstanding 30.5
Non-GAAP loss from operations and non-GAAP net loss per share excludes the effects of stock-based compensation, amortization of internally developed software, noncash expenses related to warrants and capitalization of internally developed software. Additionally, the weighted average shares outstanding for the twelve months ending December 31, 2013 gives effect to the conversion of convertible preferred stock at the beginning of the period.
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 June 30, 2013 and its outlook for the future. To access the call, please dial (877) 705-6003 in the U.S. or (201) 493-6725 internationally. Passcode is 411944. A live webcast of the conference will be accessible from Marin Software's website at: http://investor.marinsoftware.com/. A recording will be available for replay at: http://investor.marinsoftware.com/.
About Marin Software Marin Software Incorporated (NYSE: MRIN) provides a leading Revenue Acquisition Management platform used by advertisers and agencies to manage more than $4 billion in annualized ad spend. Offering an integrated platform for search, social, display, and mobile advertising, Marin helps advertisers and agencies improve financial performance, save time, and make better decisions. Headquartered in San Francisco, with offices worldwide, Marin's technology powers marketing campaigns in more than 160 countries. For more information about Marin's products, please visit: http://www.marinsoftware.com/solutions/overview.
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 its 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.
Marin defines non-GAAP gross profit, loss from operations and net loss as the respective GAAP balances, adjusted for stock-based compensation expense, capitalized internal-use software development costs, noncash expenses from the issuance of warrants, and the amortization of capitalized internal-use software. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding that are adjusted to assume the conversion of outstanding preferred shares to common shares as of the beginning of the period.
Marin defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation and amortization, capitalized internal-use software development costs, interest expense, net, provision for income taxes and other income (expenses), net. 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 reflect 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, growth, momentum, and future financial results, including its outlook for Q3 2013 and FY 2013. 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 (i) adverse changes in general economic or market conditions; (ii) delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; (iii) competitive factors, including but not limited to pricing pressures, entry of new competitors and new applications; (iv) adverse changes in our relationships with and access to publishers and advertising agencies; (v) level of usage and advertising spend managed on our platform; (vi) our ability to expand sales of our solutions in channels other than search advertising; (vii) our ability to expand our sales and marketing capabilities and manage our growth effectively; (viii) the development of the market for digital advertising or revenue acquisition management; (ix) acceptance and continued usage of our platform and services by customers and our ability to provide high-quality technical support to our customers; (x) material defects in our platform, service interruptions at our single third-party data center or breaches in our security measures; (xi) our ability to develop enhancements to our platform; (xii) our ability to protect our intellectual property; (xiii) our ability to manage risks associated with international operations; (xiv) 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 and business model; (xv) our ability to retain and attract qualified management and technical personnel; and (xvi) 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-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 August 7, 2013. Marin assumes no obligation to, and expressly disclaims any obligation to update any such forward-looking statements after the date of this release.
Condensed Consolidated Balance Sheets
(On a GAAP basis)
(Unaudited; in thousands, except par value) June 30, December 31,
2013 2012
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 120,579 $ 31,540
Accounts receivable, net 12,354 13,133
Prepaid expenses and other current assets 3,328 1,814
------------- -------------
Total current assets 136,261 46,487
Property and equipment, net 13,426 9,224
Other noncurrent assets 397 1,513
------------- -------------
Total assets $ 150,084 $ 57,224
============= =============
Liabilities, Preferred Stock and Stockholders'
Equity (Deficit)
Current liabilities
Accounts payable $ 1,570 $ 1,268
Accrued expenses 10,636 9,661
Deferred revenue 3,757 618
Current portion of long-term debt 2,782 1,572
------------- -------------
Total current liabilities 18,745 13,119
Long-term debt, less current portion 3,066 9,243
Other long term liabilities 1,496 1,858
------------- -------------
Total liabilities 23,307 24,220
------------- -------------
Convertible preferred stock, $0.001 par value - 105,710
Stockholders' equity (deficit)
Common stock, $0.001 par value 32 5
Additional paid-in capital 223,692 4,638
Accumulated deficit (96,947) (77,349)
------------- -------------
Total stockholders' equity (deficit) 126,777 (72,706)
------------- -------------
Total liabilities, preferred stock and
stockholders' equity (deficit) $ 150,084 $ 57,224
============= =============
Condensed Consolidated Statements of
Operations Three Months Ended Six Months Ended
(On a GAAP basis) June 30, June 30,
------------------ ------------------
(Unaudited; in thousands, except per
share data) 2013 2012 2013 2012
-------- -------- -------- --------
Revenues, net $ 18,218 $ 14,032 $ 35,373 $ 27,006
Cost of revenues (1) 7,696 5,989 15,068 11,243
-------- -------- -------- --------
Gross profit 10,522 8,043 20,305 15,763
-------- -------- -------- --------
Operating expenses (1)
Sales and marketing 10,350 8,021 20,809 14,873
Research and development 4,904 3,078 9,983 6,045
General and administrative 4,026 2,517 8,074 6,910
-------- -------- -------- --------
Total operating expenses 19,280 13,616 38,866 27,828
-------- -------- -------- --------
Loss from operations (8,758) (5,573) (18,561) (12,065)
Interest expense, net (109) (102) (293) (212)
Other expenses, net (81) (94) (489) (197)
-------- -------- -------- --------
Loss before provision for income
taxes (8,948) (5,769) (19,343) (12,474)
Provision for income taxes (149) (55) (255) (104)
-------- -------- -------- --------
Net loss $ (9,097) $ (5,824) $(19,598) $(12,578)
======== ======== ======== ========
Net loss per common share, basic and
diluted $ (0.28) $ (1.37) $ (0.99) $ (2.94)
-------- -------- -------- --------
Weighted-average shares outstanding,
basic and diluted 32,237 4,261 19,871 4,282
-------- -------- -------- --------
(1) Includes stock-based
compensation as follows:
Cost of revenues $ 245 $ 115 $ 450 $ 171
Sales and marketing 361 124 654 556
Research and development 303 132 611 496
General and administrative 400 156 819 2,195
-------- -------- -------- --------
$ 1,309 $ 527 $ 2,534 $ 3,418
======== ======== ======== ========
Condensed Consolidated Statements of Cash Flows Six Months Ended
(On a GAAP basis) June 30,
--------------------
(Unaudited; in thousands) 2013 2012
--------- ---------
Operating activities
Net loss $ (19,598) $ (12,578)
Adjustments to reconcile net loss to net cash used in
operating activities
Depreciation 2,129 1,102
Amortization of internally developed software 483 210
Noncash expenses related to warrants 383 273
Stock-based compensation 2,534 3,418
Provision for bad debt 114 227
Other noncash expenses - 74
Excess tax benefits from stock-based award
activities (37) -
Changes in operating assets and liabilities
Accounts receivable 665 (1,695)
Prepaid expenses and other current assets (1,514) (293)
Other assets 16 (60)
Accounts payable (826) 56
Deferred revenue 3,139 445
Accrued expenses and other liabilities 1,879 540
--------- ---------
Net cash used in operating activities (10,633) (8,281)
--------- ---------
Investing activities
Purchases of property and equipment (2,934) (2,855)
Capitalization of internally developed software (1,548) (834)
--------- ---------
Net cash used in investing activities (4,482) (3,689)
--------- ---------
Financing activities
Proceeds from issuance of common stock in initial
public offering, net of issuance costs 109,454 -
Proceeds from issuance of note payable, net of
issuance costs 1,718 7,314
Repayment of note payable (8,034) (3,383)
Redemption of common stock and unvested shares subject
to repurchase (45) (4,502)
Proceeds from issuance of convertible, preferred
stock, net of issuance costs - 34,294
Proceeds from common stock purchase agreements and
option exercises 1,024 1,876
Excess tax benefits from stock-based award activities 37 -
--------- ---------
Net cash provided by financing activities 104,154 35,599
--------- ---------
Net increase in cash and cash equivalents 89,039 23,629
Cash and cash equivalents
Beginning of period 31,540 1,719
--------- ---------
End of period $ 120,579 $ 25,348
========= =========
Reconciliation of GAAP to
Non-GAAP Measures
---------
(Unaudited; in thousands) Year
Three Months Ended Ended
------------------------------------- ---------
March June September December December
31, 30, 30, 31, 31,
2012 2012 2012 2012 2012
------- ------- --------- -------- ---------
Gross Profit (GAAP) $ 7,720 $ 8,043 $ 9,016 $ 10,015 $ 34,794
Plus Stock-based
compensation 56 115 121 147 439
Plus Amortization of
internally developed
software 96 114 136 179 525
Less Capitalization of
internally developed
software - - (23) (15) (38)
------- ------- --------- -------- ---------
Gross Profit (Non-GAAP) $ 7,872 $ 8,272 $ 9,250 $ 10,326 $ 35,720
Operating loss (GAAP) $(6,492) $(5,573) $ (6,423) $ (6,797) $(25,285)
Plus Stock-based
compensation 2,891 527 829 701 4,948
Plus Amortization of
internally developed
software 96 114 136 179 525
Plus Noncash expenses
related to warrants 60 - - - 60
Less Capitalization of
internally developed
software (303) (531) (440) (469) (1,743)
------- ------- --------- -------- ---------
Operating loss (Non-GAAP) $(3,748) $(5,463) $ (5,898) $ (6,386) $(21,495)
Net Loss (GAAP) $(6,754) $(5,824) $ (6,648) $ (7,256) $(26,482)
Plus Stock-based
compensation 2,891 527 829 701 4,948
Plus Amortization of
internally developed
software 96 114 136 179 525
Plus Noncash expenses
related to warrants 223 50 61 247 581
Less Capitalization of
internally developed
software (303) (531) (440) (469) (1,743)
------- ------- --------- -------- ---------
Net Loss (Non-GAAP) $(3,847) $(5,664) $ (6,062) $ (6,598) $(22,171)
---------
Reconciliation of GAAP to
Non-GAAP Measures
(Unaudited; in thousands) Three Months
Ended
-----------------
March June
31, 30,
2013 2013
-------- -------
Gross Profit (GAAP) $ 9,783 $10,522
Plus Stock-based
compensation 205 245
Plus Amortization of
internally developed
software 227 256
Less Capitalization of
internally developed
software - -
-------- -------
Gross Profit (Non-GAAP) $ 10,215 $11,023
Operating loss (GAAP) $ (9,803) $(8,758)
Plus Stock-based
compensation 1,225 1,309
Plus Amortization of
internally developed
software 227 256
Plus Noncash expenses
related to warrants - -
Less Capitalization of
internally developed
software (632) (916)
-------- -------
Operating loss (Non-GAAP) $ (8,983) $(8,109)
Net Loss (GAAP) $(10,501) $(9,097)
Plus Stock-based
compensation 1,225 1,309
Plus Amortization of
internally developed
software 227 256
Plus Noncash expenses
related to warrants 310 73
Less Capitalization of
internally developed
software (632) (916)
-------- -------
Net Loss (Non-GAAP) $ (9,371) $(8,375)
Calculation of Non-GAAP
Earnings Per Share
----------
(Unaudited; in thousands, Year
except per share data) Three Months Ended Ended
------------------------------------- ----------
March June September December December
31, 30, 30, 31, 31,
2012 2012 2012 2012 2012
------- ------- --------- -------- ----------
Net Loss (Non-GAAP) $(3,847) $(5,664) $ (6,062) $ (6,598) $ (22,171)
Weighted-average shares
outstanding, basic and
diluted 4,254 4,261 4,404 4,559 4,417
Additional weighted
average shares giving
effect to conversion
of convertible
preferred stock at the
beginning of the
period 17,275 17,275 17,275 18,753 18,753
------- ------- --------- -------- ----------
Shares used in computing
non-GAAP net loss per
share, basic and diluted 21,529 21,536 21,679 23,312 23,170
------- ------- --------- -------- ----------
Non-GAAP net loss per
common share, basic and
diluted $ (0.18) $ (0.26) $ (0.28) $ (0.28) $ (0.96)
======= ======= ========= ======== ==========
Calculation of Non-GAAP
Earnings Per Share
(Unaudited; in thousands, Three Months
except per share data) Ended
----------------
March June
31, 30,
2013 2013
------- -------
Net Loss (Non-GAAP) $(9,371) $(8,375)
Weighted-average shares
outstanding, basic and
diluted 7,365 32,237
Additional weighted
average shares giving
effect to conversion
of convertible
preferred stock at the
beginning of the
period 16,877 -
------- -------
Shares used in computing
non-GAAP net loss per
share, basic and diluted 24,242 32,237
------- -------
Non-GAAP net loss per
common share, basic and
diluted $ (0.39) $ (0.26)
======= =======
Reconciliation of Net Loss
to Adjusted EBITDA
---------
(Unaudited; in thousands) Year
Three Months Ended Ended
------------------------------------- ---------
March June September December December
31, 30, 30, 31, 31,
2012 2012 2012 2012 2012
------- ------- --------- -------- ---------
Net loss $(6,754) $(5,824) $ (6,648) $ (7,256) $(26,482)
Depreciation 488 614 700 840 2,642
Amortization of
internally developed
software 96 114 136 179 525
Interest expense, net 110 102 137 171 520
Provision for income
taxes 49 55 63 54 221
------- ------- --------- -------- ---------
EBITDA (6,011) (4,939) (5,612) (6,012) (22,574)
Stock-based compensation 2,891 527 829 701 4,948
Capitalization of
internally developed
software (303) (531) (440) (469) (1,743)
Other (income) expenses,
net 103 94 25 234 456
------- ------- --------- -------- ---------
Adjusted EBITDA $(3,320) $(4,849) $ (5,198) $ (5,546) $(18,913)
======= ======= ========= ======== =========
Reconciliation of Net Loss
to Adjusted EBITDA
(Unaudited; in thousands) Three Months
Ended
-----------------
March June
31, 30,
2013 2013
-------- -------
Net loss $(10,501) $(9,097)
Depreciation 1,008 1,121
Amortization of
internally developed
software 227 256
Interest expense, net 184 109
Provision for income
taxes 106 149
-------- -------
EBITDA (8,976) (7,462)
Stock-based compensation 1,225 1,309
Capitalization of
internally developed
software (632) (916)
Other (income) expenses,
net 408 81
-------- -------
Adjusted EBITDA $ (7,975) $(6,988)
======== =======
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Investor Relations Contact: Greg Kleiner ICR for Marin Software 415-762-0327 ir@marinsoftware.com Media Contact: Greg Kunkel Corporate Communications, Marin Software 415-857-7663 press@marinsoftware.com
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