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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 |
Marin Software Incorporated (NYSE: MRIN), provider of a leading Revenue Acquisition Management platform for advertisers and agencies, today announced financial results for the second quarter ended June 30, 2013.
“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:
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 30.5Non-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 assetsCash 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) Three Months Ended Year Ended Three Months Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, 2012 2012 2012 2012 2012 2013 2013 Gross Profit (GAAP) $ 7,720 $ 8,043 $ 9,016 $ 10,015 $ 34,794 $ 9,783 $ 10,522 Plus Stock-based compensation 56 115 121 147 439 205 245 Plus Amortization of internally developed software 96 114 136 179 525 227 256 Less Capitalization of internally developed software - - (23 ) (15 ) (38 ) - - Gross Profit (Non-GAAP) $ 7,872 $ 8,272 $ 9,250 $ 10,326 $ 35,720 $ 10,215 $ 11,023 Operating loss (GAAP) $ (6,492 ) $ (5,573 ) $ (6,423 ) $ (6,797 ) $ (25,285 ) $ (9,803 ) $ (8,758 ) Plus Stock-based compensation 2,891 527 829 701 4,948 1,225 1,309 Plus Amortization of internally developed software 96 114 136 179 525 227 256 Plus Noncash expenses related to warrants 60 - - - 60 - - Less Capitalization of internally developed software (303 ) (531 ) (440 ) (469 ) (1,743 ) (632 ) (916 ) Operating loss (Non-GAAP) $ (3,748 ) $ (5,463 ) $ (5,898 ) $ (6,386 ) $ (21,495 ) $ (8,983 ) $ (8,109 ) Net Loss (GAAP) $ (6,754 ) $ (5,824 ) $ (6,648 ) $ (7,256 ) $ (26,482 ) $ (10,501 ) $ (9,097 ) Plus Stock-based compensation 2,891 527 829 701 4,948 1,225 1,309 Plus Amortization of internally developed software 96 114 136 179 525 227 256 Plus Noncash expenses related to warrants 223 50 61 247 581 310 73 Less Capitalization of internally developed software (303 ) (531 ) (440 ) (469 ) (1,743 ) (632 ) (916 ) Net Loss (Non-GAAP) $ (3,847 ) $ (5,664 ) $ (6,062 ) $ (6,598 ) $ (22,171 ) $ (9,371 ) $ (8,375 ) Calculation of Non-GAAP Earnings Per Share (Unaudited; in thousands, except per share data) Three Months Ended Year Ended Three Months Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, 2012 2012 2012 2012 2012 2013 2013 Net Loss (Non-GAAP) $ (3,847 ) $ (5,664 ) $ (6,062 ) $ (6,598 ) $ (22,171 ) $ (9,371 ) $ (8,375 ) Weighted-average shares outstanding, basic and diluted 4,254 4,261 4,404 4,559 4,417 7,365 32,237 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 16,877 - Shares used in computing non-GAAP net loss per share, basic and diluted 21,529 21,536 21,679 23,312 23,170 24,242 32,237 Non-GAAP net loss per common share, basic and diluted $ (0.18 ) $ (0.26 ) $ (0.28 ) $ (0.28 ) $ (0.96 ) $ (0.39 ) $ (0.26 ) Reconciliation of Net Loss to Adjusted EBITDA (Unaudited; in thousands) Three Months Ended Year Ended Three Months Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, 2012 2012 2012 2012 2012 2013 2013 Net loss $ (6,754 ) $ (5,824 ) $ (6,648 ) $ (7,256 ) $ (26,482 ) $ (10,501 ) $ (9,097 ) Depreciation 488 614 700 840 2,642 1,008 1,121 Amortization of internally developed software 96 114 136 179 525 227 256 Interest expense, net 110 102 137 171 520 184 109 Provision for income taxes 49 55 63 54 221 106 149 EBITDA (6,011 ) (4,939 ) (5,612 ) (6,012 ) (22,574 ) (8,976 ) (7,462 ) Stock-based compensation 2,891 527 829 701 4,948 1,225 1,309 Capitalization of internally developed software (303 ) (531 ) (440 ) (469 ) (1,743 ) (632 ) (916 ) Other (income) expenses, net 103 94 25 234 456 408 81 Adjusted EBITDA $ (3,320 ) $ (4,849 ) $ (5,198 ) $ (5,546 ) $ (18,913 ) $ (7,975 ) $ (6,988 )
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