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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 | 2.88 | 2 | 11:30:02 |
From Jul 2019 to Jul 2024
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, 2014.
“We made important moves during the second quarter to help position Marin to scale our business and serve a broader set of needs for digital marketers worldwide,” said David A. Yovanno, Chief Executive Officer of Marin. “We believe that the combination of the display and social retargeting capabilities we added through the acquisition of Perfect Audience and our leading enterprise search marketing platform will create significant value for our customers. While we saw some weakness in new business activity for our base business in the quarter, we have taken steps to improve our execution going forward.”
Second Quarter 2014 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 2014 Business Highlights
Financial Outlook:
As of August 6th, 2014, Marin is initiating guidance for its third quarter and updating guidance for the full year 2014 as follows:
Forward-Looking GuidanceIn millions, except per share data Range of Estimate From To Three Months Ending September 30, 2014 Revenues, net $ 25.0 $ 25.4 Non-GAAP loss from operations $ (8.4 ) $ (8.0 ) Non-GAAP net loss per share $ (0.25 ) $ (0.23 ) Weighted average shares outstanding 34.9 Year Ending December 31, 2014 Revenues, net $ 98.2 $ 99.0 Non-GAAP loss from operations $ (28.8 ) $ (28.0 ) Non-GAAP net loss per share $ (0.87 ) $ (0.85 ) Weighted average shares outstanding 34.2Non-GAAP loss from operations and non-GAAP net loss per share excludes the effects of stock-based compensation, amortization of internally developed software, amortization of intangible assets, noncash expenses related to warrants, non-recurring costs associated with acquisitions, benefit from income taxes related to acquisition and capitalization of internally developed software.
Quarterly Results Conference CallMarin 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, 2014 and its outlook for the future. To access the call, please dial (877) 705-6003 in the U.S. or (201) 493-6725 internationally with reference to the company name and conference title. A live webcast of the conference will be accessible from Marin Software’s website at: http://investor.marinsoftware.com/. Following the completion of the call through 11:59 p.m. EST on August 13, 2014 a recording will be available for replay at: http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (877) 870-5176 in the U.S. or (858) 384-5517 internationally with the recording access code 13586014.
About Marin SoftwareMarin Software Incorporated (NYSE: MRIN) provides a leading Revenue Acquisition Management platform used by advertisers and agencies to measure, manage and optimize more than $6 billion in annualized ad spend. Offering an integrated platform for search, display, social, 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 MeasuresMarin 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.
Marin defines non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation expense, the amortization of intangible assets, the capitalization of internally developed software, noncash expenses related to the issuance of warrants, the amortization of internally developed software, the benefit from income taxes related to acquisition and the non-recurring costs associated with acquisitions. 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, the amortization of internally developed software, the amortization of intangible assets, the capitalization of internally developed software, interest expense, net, the benefit from or provision for income taxes, other income (expenses), net and the non-recurring costs associated with acquisitions. 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 StatementsThis 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 the third quarter of 2014 and fiscal year 2014. 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 following recent turnover in our executive team; 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; delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; 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; the development of the market for digital advertising or revenue acquisition management; 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, 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; 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, including our acquisition of Perfect Audience. 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 August 6, 2014. 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)
(Unaudited; in thousands, except par value)
June 30, 2014
December 31, 2013
Assets Current assets Cash and cash equivalents $ 83,922 $ 104,407 Accounts receivable, net 16,921 14,921 Prepaid expenses and other current assets 3,591 2,695 Total current assets 104,434 122,023 Property and equipment, net 13,519 14,417 Intangible assets, net 8,368 - Goodwill 11,593 - Other noncurrent assets 838 937 Total assets $ 138,752 $ 137,377 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,176 $ 1,018 Accrued expenses and other current liabilities 11,715 10,950 Deferred revenues 1,499 2,566 Current portion of long-term debt 2,929 3,253 Total current liabilities 18,319 17,787 Long-term debt, less current portion 1,721 2,962 Other long term liabilities 1,011 1,284 Total liabilities 21,051 22,033 Stockholders’ equity Common stock, $0.001 par value 35 33 Additional paid-in capital 245,748 228,512 Accumulated deficit (128,298 ) (113,201 ) Accumulated other comprehensive income 216 - Total stockholders’ equity 117,701 115,344 Total liabilities and stockholders’ equity $ 138,752 $ 137,377Marin Software Inc.
Condensed Consolidated Statements of Operations
(On a GAAP basis)
(Unaudited; in thousands, except per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2014 2013 2014 2013 Revenues, net $ 23,853 $ 18,218 $ 46,669 $ 35,373 Cost of revenues (1) (2) 8,763 7,696 17,146 15,068 Gross profit 15,090 10,522 29,523 20,305 Operating expenses (1) (2) Sales and marketing 11,978 10,350 23,966 20,809 Research and development 6,627 4,904 12,710 9,983 General and administrative 5,368 4,026 9,786 8,074 Total operating expenses 23,973 19,280 46,462 38,866 Loss from operations (8,883 ) (8,758 ) (16,939 ) (18,561 ) Interest expense, net (62 ) (109 ) (128 ) (293 ) Other expenses, net (286 ) (81 ) (281 ) (489 ) Loss before benefit from (provision for) income taxes (9,231 ) (8,948 ) (17,348 ) (19,343 ) Benefit from (provision for) income taxes 2,440 (149 ) 2,252 (255 ) Net loss $ (6,791 ) $ (9,097 ) $ (15,096 ) $ (19,598 ) Net loss per common share, basic and diluted $ (0.20 ) $ (0.28 ) $ (0.45 ) $ (0.99 ) Weighted-average shares outstanding, basic and diluted 33,771 32,237 33,563 19,871 (1) Includes stock-based compensation expense as follows: Cost of revenues $ 192 $ 245 $ 403 $ 450 Sales and marketing 449 361 852 654 Research and development 649 303 1,086 611 General and administrative 651 400 1,097 819 Total $ 1,941 $ 1,309 $ 3,438 $ 2,534 (2) Includes amortization of intangible assets as follows: Cost of revenues $ 57 $ - $ 57 $ - Sales and marketing 37 - 37 - Research and development 57 - 57 - General and administrative 11 - 11 - Total $ 162 $ - $ 162 $ - Marin Software Inc.Condensed Consolidated Statements of Cash Flows(On a GAAP basis)(Unaudited; in thousands) Six Months EndedJune 30, 2014 2013 Operating activities Net loss $ (15,096 ) $ (19,598 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation 2,717 2,129 Amortization of internally developed software 910 483 Amortization of intangible assets 162 - Noncash interest expense related to warrants issued in connection with debt 92 383 Stock-based compensation 3,438 2,534 Loss on disposal of property and equipment 14 - Provision for bad debt 287 114 Deferred income tax benefits (2,802 ) - Excess tax benefits from stock-based award activities (65 ) (37 ) Other noncash expenses 268 - Changes in operating assets and liabilities Accounts receivable (1,913 ) 665 Prepaid expenses and other current assets (803 ) (1,514 ) Other assets 252 16 Accounts payable 524 (826 ) Deferred revenues (1,061 ) 3,139 Accrued expenses and other liabilities (1,167 ) 1,879 Net cash used in operating activities (14,243 ) (10,633 ) Investing activities Purchases of property and equipment (1,405 ) (2,934 ) Capitalization of internally developed software (1,346 ) (1,548 ) Acquisition of business, net of cash acquired (4,151 ) - Net cash used in investing activities (6,902 ) (4,482 ) 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 Repayment of note payable (1,657 ) (8,034 ) Repurchase of unvested shares (6 ) (45 ) Proceeds from exercise of common stock options 1,532 1,024 Proceeds from employee stock purchase plan 726 - Excess tax benefits from stock-based award activities 65 37 Net cash provided by financing activities 660 104,154 Net (decrease) increase in cash and cash equivalents (20,485 ) 89,039 Cash and cash equivalents Beginning of period 104,407 31,540 End of period $ 83,922 $ 120,579 Supplemental disclosure of noncash investing and financing activities Accounts payable related purchases of property and equipment $ 110 $ 1,661 Acquisition of equipment through capital lease - 1,204 Conversion of convertible preferred stock to common stock - 105,710Conversion of warrant to purchase Series B convertible preferred stock to common stock warrant
- 745 Issuance of common stock under employee stock purchase plan 715 - Issuance of common stock in connection with business acquisition 11,195 - Unpaid deferred initial public offering costs - 49Marin Software Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited; in thousands)
Three Months Ended Year Ended Three Months Ended March 31,2013 June 30,2013 September 30,2013 December 31,2013 December 31,2013 March 31,2014 June 30,2014 Gross Profit (GAAP) $ 9,783 $ 10,522 $ 12,169 $ 13,732 $ 46,206 $ 14,432 $ 15,090 Plus Stock-based compensation 205 245 239 198 887 211 192 Plus Amortization of internally developed software 227 256 303 370 1,156 445 465Plus Amortization of intangible assets
- - - - - - 57 Gross Profit (Non-GAAP) $ 10,215 $ 11,023 $ 12,711 $ 14,300 $ 48,249 $ 15,088 $ 15,804 Operating Loss (GAAP) $ (9,803 ) $ (8,758 ) $ (7,865 ) $ (7,910 ) $ (34,336 ) $ (8,056 ) $ (8,883 ) Plus Stock-based compensation 1,225 1,309 1,418 1,266 5,218 1,497 1,941Plus Amortization of internally developed software
227 256 303 370 1,156 445 465 Plus Amortization of intangible assets - - - - - - 162 Plus Acquisition related expenses - - - - - - 217 Less Capitalization of internally developed software (632 ) (916 ) (1,018 ) (650 ) (3,216 ) (617 ) (729 ) Operating Loss (Non-GAAP) $ (8,983 ) $ (8,109 ) $ (7,162 ) $ (6,924 ) $ (31,178 ) $ (6,731 ) $ (6,827 ) Net Loss (GAAP) $ (10,501 ) $ (9,097 ) $ (8,193 ) $ (8,061 ) $ (35,852 ) $ (8,306 ) $ (6,791 ) Plus Stock-based compensation 1,225 1,309 1,418 1,266 5,218 1,497 1,941Plus Amortization of internally developed software
227 256 303 370 1,156 445 465 Plus Amortization of intangible assets - - - - - - 162 Plus Noncash expenses related to warrants 310 73 53 53 489 46 46 Plus Acquisition related expenses - - - - - - 217 Less Capitalization of internally developed software (632 ) (916 ) (1,018 ) (650 ) (3,216 ) (617 ) (729 ) Less Benefit from income taxes related to acquisition - - - - - - (2,603 ) Net Loss (Non-GAAP) $ (9,371 ) $ (8,375 ) $ (7,437 ) $ (7,022 ) $ (32,205 ) $ (6,935 ) $ (7,292 )Marin Software Inc.
Calculation of Non-GAAP Earnings Per Share
(Unaudited; in thousands, except per share data)
Three Months Ended Year Ended Three Months Ended March 31,2013 June 30,2013 September 30,2013 December 31,2013 December 31,2013 March 31,2014 June 30,2014 Net Loss (Non-GAAP) $ (9,371 ) $ (8,375 ) $ (7,437 ) $ (7,022 ) $ (32,205 ) $ (6,935 ) $ (7,292 ) Weighted-average shares outstanding, basic and diluted 7,365 32,237 32,522 32,768 26,312 33,112 33,771Additional weighted average shares giving effect to
conversion of convertible preferred stock at the
beginning of the period
16,877 - - - 4,162 - -Shares used in computing non-GAAP net loss per share,
basic and diluted
24,242 32,237 32,522 32,768 30,474 33,112 33,771 Non-GAAP net loss per common share, basic and diluted $ (0.39 ) $ (0.26 ) $ (0.23 ) $ (0.21 ) $ (1.06 ) $ (0.21 ) $ (0.22 )Reconciliation of Net Loss to Adjusted EBITDA
(Unaudited; in thousands)
Three Months Ended Year Ended Three Months Ended March 31,2013 June 30,2013 September 30,2013 December 31,2013 December 31,2013 March 31,2014 June 30,2014 Net loss $ (10,501 ) $ (9,097 ) $ (8,193 ) $ (8,061 ) $ (35,852 ) $ (8,306 ) $ (6,791 ) Depreciation 1,008 1,121 1,299 1,294 4,722 1,350 1,367 Amortization of internally developed software 227 256 303 370 1,156 445 465 Amortization of intangible assets - - - - - - 162 Interest expense, net 184 109 82 78 453 66 62 Provision for (benefit from) income taxes 106 149 230 7 492 188 (2,440 ) EBITDA (8,976 ) (7,462 ) (6,279 ) (6,312 ) (29,029 ) (6,257 ) (7,175 ) Stock-based compensation 1,225 1,309 1,418 1,266 5,218 1,497 1,941 Capitalization of internally developed software (632 ) (916 ) (1,018 ) (650 ) (3,216 ) (617 ) (729 ) Acquisition related expenses - - - - - - 217 Other expenses (income), net 408 81 16 66 571 (4 ) 286 Adjusted EBITDA $ (7,975 ) $ (6,988 ) $ (5,863 ) $ (5,630 ) $ (26,456 ) $ (5,381 ) $ (5,460 )
Investor Relations Contact:ICR for Marin SoftwareGreg Kleiner, 415-762-0327ir@marinsoftware.comorMedia Contact:Marin SoftwareGreg Kunkel, 415-857-7663Corporate Communicationspress@marinsoftware.com
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