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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 | 2.38 | 2.93 | 0 | 09:00:36 |
Record Third Quarter Net Revenues of $20.1 Million, up 30% Year-Over-Year; 18th Consecutive Quarter of Sequential Quarterly Revenue Growth
SAN FRANCISCO, CA--(Marketwired - Nov 6, 2013) - Marin Software Incorporated (NYSE: MRIN), provider of a leading Revenue Acquisition Management platform for advertisers and agencies, today announced financial results for the third quarter ended September 30, 2013.
"We were pleased to record another quarter of strong growth, producing results above our guidance on both the top and bottom line," said Chris Lien, Founder and Chief Executive Officer of Marin. "We continue to innovate on behalf of advertisers and agencies worldwide to address their digital marketing challenges, enabling them to better measure, manage, and optimize their online advertising campaigns across search, display, social, and mobile channels."
Third 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."
Third Quarter 2013 Business Highlights
Financial Outlook:
As of November 6th, 2013, Marin is updating guidance for its fourth quarter and the full year 2013 as follows:
Forward-Looking Guidance | ||||||||
In millions, except per share data | ||||||||
Range of Estimate | ||||||||
From | To | |||||||
Three Months Ending December 31, 2013 | ||||||||
Revenues, net | $ | 21.0 | $ | 21.4 | ||||
Non-GAAP loss from operations | $ | (7.4 | ) | $ | (7.0 | ) | ||
Non-GAAP net loss per share | $ | (0.24 | ) | $ | (0.22 | ) | ||
Weighted average shares outstanding | 33.0 | |||||||
Year Ending December 31, 2013 | ||||||||
Revenues, net | $ | 76.5 | $ | 76.9 | ||||
Non-GAAP loss from operations | $ | (31.6 | ) | $ | (31.2 | ) | ||
Non-GAAP net loss per share | $ | (1.08 | ) | $ | (1.06 | ) | ||
Weighted average shares outstanding | 30.6 | |||||||
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 as of 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 September 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 measure, manage and optimize more than $5 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 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 capitalization of internally developed software, noncash expenses related to the issuance of warrants, and the amortization of internally developed 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, the amortization of internally developed software, the capitalization of internally developed software, 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 the fourth quarter of 2013 and fiscal year 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, including the recent U.S. federal government shut-down, concerns over future U.S. budgetary negotiations; (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 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 November 6, 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) | September 30, | December 31, | ||||||||
2013 | 2012 | |||||||||
Assets | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 111,695 | $ | 31,540 | ||||||
Accounts receivable, net | 13,886 | 13,133 | ||||||||
Prepaid expenses and other current assets | 3,505 | 1,814 | ||||||||
Total current assets | 129,086 | 46,487 | ||||||||
Property and equipment, net | 14,270 | 9,224 | ||||||||
Other noncurrent assets | 447 | 1,513 | ||||||||
Total assets | $ | 143,803 | $ | 57,224 | ||||||
Liabilities, Preferred Stock and Stockholders' Equity (Deficit) | ||||||||||
Current liabilities | ||||||||||
Accounts payable | $ | 1,148 | $ | 1,268 | ||||||
Accrued expenses | 11,013 | 9,661 | ||||||||
Deferred revenue | 2,884 | 618 | ||||||||
Current portion of long-term debt | 3,373 | 1,572 | ||||||||
Total current liabilities | 18,418 | 13,119 | ||||||||
Long-term debt, less current portion | 3,673 | 9,243 | ||||||||
Other long term liabilities | 1,338 | 1,858 | ||||||||
Total liabilities | 23,429 | 24,220 | ||||||||
Convertible preferred stock, $0.001 par value | - | 105,710 | ||||||||
Stockholders' equity (deficit) | ||||||||||
Common stock, $0.001 par value | 33 | 5 | ||||||||
Additional paid-in capital | 225,481 | 4,638 | ||||||||
Accumulated deficit | (105,140 | ) | (77,349 | ) | ||||||
Total stockholders' equity (deficit) | 120,374 | (72,706 | ) | |||||||
Total liabilities, preferred stock and stockholders' equity (deficit) | $ | 143,803 | $ | 57,224 | ||||||
Condensed Consolidated Statements of Operations | Three Months Ended | Nine Months Ended | ||||||||||||||||
(On a GAAP basis) | September 30, | September 30, | ||||||||||||||||
(Unaudited; in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues, net | $ | 20,113 | $ | 15,501 | $ | 55,486 | $ | 42,507 | ||||||||||
Cost of revenues (1) | 7,944 | 6,485 | 23,012 | 17,728 | ||||||||||||||
Gross profit | 12,169 | 9,016 | 32,474 | 24,779 | ||||||||||||||
Operating expenses (1) | ||||||||||||||||||
Sales and marketing | 10,281 | 8,742 | 31,090 | 23,615 | ||||||||||||||
Research and development | 5,072 | 3,606 | 15,055 | 9,651 | ||||||||||||||
General and administrative | 4,681 | 3,091 | 12,755 | 10,001 | ||||||||||||||
Total operating expenses | 20,034 | 15,439 | 58,900 | 43,267 | ||||||||||||||
Loss from operations | (7,865 | ) | (6,423 | ) | (26,426 | ) | (18,488 | ) | ||||||||||
Interest expense, net | (82 | ) | (137 | ) | (375 | ) | (349 | ) | ||||||||||
Other expenses, net | (16 | ) | (25 | ) | (505 | ) | (222 | ) | ||||||||||
Loss before provision for income taxes | (7,963 | ) | (6,585 | ) | (27,306 | ) | (19,059 | ) | ||||||||||
Provision for income taxes | (230 | ) | (63 | ) | (485 | ) | (167 | ) | ||||||||||
Net loss | $ | (8,193 | ) | $ | (6,648 | ) | $ | (27,791 | ) | $ | (19,226 | ) | ||||||
Net loss per common share, basic and diluted | $ | (0.25 | ) | $ | (1.51 | ) | $ | (1.15 | ) | $ | (4.46 | ) | ||||||
Weighted-average shares outstanding, basic and diluted | 32,522 | 4,404 | 24,136 | 4,312 | ||||||||||||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||||
Cost of revenues | $ | 239 | $ | 121 | $ | 689 | $ | 292 | ||||||||||
Sales and marketing | 349 | 261 | 1,003 | 817 | ||||||||||||||
Research and development | 379 | 152 | 990 | 648 | ||||||||||||||
General and administrative | 451 | 295 | 1,270 | 2,490 | ||||||||||||||
$ | 1,418 | $ | 829 | $ | 3,952 | $ | 4,247 | |||||||||||
Condensed Consolidated Statements of Cash Flows | Nine Months Ended | ||||||||||
(On a GAAP basis) | September 30, | ||||||||||
(Unaudited; in thousands) | 2013 | 2012 | |||||||||
Operating activities | |||||||||||
Net loss | $ | (27,791 | ) | $ | (19,226 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
Depreciation | 3,428 | 1,802 | |||||||||
Amortization of internally developed software | 786 | 346 | |||||||||
Noncash expenses related to warrants | 436 | 334 | |||||||||
Stock-based compensation | 3,952 | 4,247 | |||||||||
Provision for bad debt | 288 | 274 | |||||||||
Other noncash expenses | - | 315 | |||||||||
Excess tax benefits from stock-based award activities | (41 | ) | - | ||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | (1,041 | ) | (2,894 | ) | |||||||
Prepaid expenses and other current assets | (1,691 | ) | (831 | ) | |||||||
Other assets | (34 | ) | (26 | ) | |||||||
Accounts payable | 212 | 430 | |||||||||
Deferred revenue | 2,266 | 129 | |||||||||
Accrued expenses and other liabilities | 1,135 | 1,322 | |||||||||
Net cash used in operating activities | (18,095 | ) | (13,778 | ) | |||||||
Investing activities | |||||||||||
Purchases of property and equipment | (3,859 | ) | (4,697 | ) | |||||||
Capitalization of internally developed software | (2,566 | ) | (1,274 | ) | |||||||
Net cash used in investing activities | (6,425 | ) | (5,971 | ) | |||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock in initial public offering, net of issuance costs | 109,414 | - | |||||||||
Proceeds from issuance of note payable, net of issuance costs | 1,666 | 7,314 | |||||||||
Repayment of note payable | (8,775 | ) | (4,011 | ) | |||||||
Redemption of common stock and unvested shares subject to repurchase | (69 | ) | (4,528 | ) | |||||||
Proceeds from issuance of convertible, preferred stock, net of issuance costs | - | 34,294 | |||||||||
Proceeds from common stock purchase agreements and option exercises | 1,193 | 1,951 | |||||||||
Proceeds from employee stock purchase plan | 1,205 | - | |||||||||
Excess tax benefits from stock-based award activities | 41 | - | |||||||||
Net cash provided by financing activities | 104,675 | 35,020 | |||||||||
Net increase in cash and cash equivalents | 80,155 | 15,271 | |||||||||
Cash and cash equivalents | |||||||||||
Beginning of period | 31,540 | 1,719 | |||||||||
End of period | $ | 111,695 | $ | 16,990 | |||||||
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, | September 30, | ||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Gross Profit (GAAP) | $ | 7,720 | $ | 8,043 | $ | 9,016 | $ | 10,015 | $ | 34,794 | $ | 9,783 | $ | 10,522 | $ | 12,169 | |||||||||||||||||
Plus Stock-based compensation | 56 | 115 | 121 | 147 | 439 | 205 | 245 | 239 | |||||||||||||||||||||||||
Plus Amortization of internally developed software | 96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | |||||||||||||||||||||||||
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 | $ | 12,711 | |||||||||||||||||
Operating loss (GAAP) | $ | (6,492 | ) | $ | (5,573 | ) | $ | (6,423 | ) | $ | (6,797 | ) | $ | (25,285 | ) | $ | (9,803 | ) | $ | (8,758 | ) | $ | (7,865 | ) | |||||||||
Plus Stock-based compensation | 2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | |||||||||||||||||||||||||
Plus Amortization of internally developed software | 96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | |||||||||||||||||||||||||
Plus Noncash expenses related to warrants | 60 | - | - | - | 60 | - | - | - | |||||||||||||||||||||||||
Less Capitalization of internally developed software | (303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | |||||||||||||||||
Operating loss (Non-GAAP) | $ | (3,748 | ) | $ | (5,463 | ) | $ | (5,898 | ) | $ | (6,386 | ) | $ | (21,495 | ) | $ | (8,983 | ) | $ | (8,109 | ) | $ | (7,162 | ) | |||||||||
Net Loss (GAAP) | $ | (6,754 | ) | $ | (5,824 | ) | $ | (6,648 | ) | $ | (7,256 | ) | $ | (26,482 | ) | $ | (10,501 | ) | $ | (9,097 | ) | $ | (8,193 | ) | |||||||||
Plus Stock-based compensation | 2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | |||||||||||||||||||||||||
Plus Amortization of internally developed software | 96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | |||||||||||||||||||||||||
Plus Noncash expenses related to warrants | 223 | 50 | 61 | 247 | 581 | 310 | 73 | 53 | |||||||||||||||||||||||||
Less Capitalization of internally developed software | (303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | |||||||||||||||||
Net Loss (Non-GAAP) | $ | (3,847 | ) | $ | (5,664 | ) | $ | (6,062 | ) | $ | (6,598 | ) | $ | (22,171 | ) | $ | (9,371 | ) | $ | (8,375 | ) | $ | (7,437 | ) | |||||||||
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, | September 30, | ||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Net Loss (Non-GAAP) | $ | (3,847 | ) | $ | (5,664 | ) | $ | (6,062 | ) | $ | (6,598 | ) | $ | (22,171 | ) | $ | (9,371 | ) | $ | (8,375 | ) | $ | (7,437 | ) | |||||||||
Weighted-average shares outstanding, basic and diluted | 4,254 | 4,261 | 4,404 | 4,559 | 4,417 | 7,365 | 32,237 | 32,522 | |||||||||||||||||||||||||
Additional weighted average shares giving effect toconversion of convertible preferred stock at thebeginning 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 | 32,522 | |||||||||||||||||||||||||
Non-GAAP net loss per common share, basic and diluted | $ | (0.18 | ) | $ | (0.26 | ) | $ | (0.28 | ) | $ | (0.28 | ) | $ | (0.96 | ) | $ | (0.39 | ) | $ | (0.26 | ) | $ | (0.23 | ) | |||||||||
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, | September 30, | ||||||||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Net loss | $ | (6,754 | ) | $ | (6,648 | ) | $ | (6,648 | ) | $ | (7,256 | ) | $ | (26,482 | ) | $ | (10,501 | ) | $ | (9,097 | ) | $ | (8,193 | ) | |||||||||
Depreciation | 488 | 614 | 700 | 840 | 2,642 | 1,008 | 1,121 | 1,299 | |||||||||||||||||||||||||
Amortization of internally developed software | 96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | |||||||||||||||||||||||||
Interest expense, net | 110 | 102 | 137 | 171 | 520 | 184 | 109 | 82 | |||||||||||||||||||||||||
Provision for income taxes | 49 | 55 | 63 | 54 | 221 | 106 | 149 | 230 | |||||||||||||||||||||||||
EBITDA | (6,011 | ) | (5,763 | ) | (5,612 | ) | (6,012 | ) | (22,574 | ) | (8,976 | ) | (7,462 | ) | (6,279 | ) | |||||||||||||||||
Stock-based compensation | 2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | |||||||||||||||||||||||||
Capitalization of internally developed software | (303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | |||||||||||||||||
Other (income) expenses, net | 103 | 94 | 25 | 234 | 456 | 408 | 81 | 16 | |||||||||||||||||||||||||
Adjusted EBITDA | $ | (3,320 | ) | $ | (5,673 | ) | $ | (5,198 | ) | $ | (5,546 | ) | $ | (18,913 | ) | $ | (7,975 | ) | $ | (6,988 | ) | $ | (5,863 | ) | |||||||||
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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