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MRIN Marin Software Incorporated

2.00
0.065 (3.36%)
21 Dec 2024 - Closed
Delayed by 15 minutes
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
  0.065 3.36% 2.00 1.80 20.88 2.0299 1.9103 1.94 33,628 05:00:04

Marin Software Announces Third Quarter 2024 Financial Results

31/10/2024 8:14pm

Business Wire


Marin Software (NASDAQ:MRIN)
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Marin Software Incorporated (NASDAQ: MRIN) (“Marin”, “Marin Software” or the “Company”), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the third quarter ended September 30, 2024.

“Marin is excited to deliver the next generation of AI-powered performance marketing tools with our latest enhancement, Advisor,” said Chris Lien, Marin Software’s CEO. “With this OpenAI-powered virtual teammate, Marin users can interact with the platform in an entirely new way – unlocking the collective knowledge of digital marketing thought leaders and putting their best practices to work with a simple prompt. This is another example of Marin delivering innovations to help performance marketers save time and sell more.”

Third Quarter 2024 Product and Business Highlights:

  • Launched Advisor, An AI-Powered Virtual Assistant: Our new AI-powered virtual assistant allows marketers to streamline their workflow by automating tasks and receiving actionable insights. Powered by OpenAI and integrated with Marin’s entire Knowledge Center, Advisor provides real-time performance analysis, recommended actions, and step-by-step guidance, helping users optimize their campaigns directly within Marin’s platform.
  • Upgraded Reddit Integration: Our enhanced Reddit integration now supports full campaign management, including budgeting, forecasting, and automation—on top of our existing omni-channel reporting capabilities. Marketers can manage their Reddit campaigns with the same precision and ease they apply across other platforms in Marin.
  • Launched the Completed Episode Report: The new Completed Episode report offers greater transparency by showcasing results from the latest completed episode. This feature gives brands deeper insights into the performance of their campaigns and highlights the value delivered by the Marin platform.
  • Improved Budget Management Controls: We’ve introduced new budget floor controls, ensuring campaigns maintain a minimum spend to maximize impact and avoid underperformance due to budget shortfalls. These enhancements provide users with automated budget management that adheres to both maximum and minimum thresholds across all campaigns and publishers.
  • Enhanced Client Grid Reporting: Marin’s in-app client grid now offers expanded reporting options, including conversion types and custom columns across publishers. This update gives marketers more flexibility and deeper insights into their campaign performance.
  • Amazon S3 Integration: Users can now connect their Amazon S3 buckets as a data source, enabling near real-time access to critical campaign data such as revenue and conversions. This integration ensures seamless cross-channel insights, particularly for those leveraging Amazon’s data solutions.
  • Launched Free Media Allocation Audit: For the first time, we’re offering a complimentary media allocation audit. With our decades of expertise and industry-leading analytics, this audit helps performance marketers assess if their digital marketing budgets are being invested optimally, providing valuable recommendations to deliver growth and efficiency improvements.
  • Search Ads Innovation Agreement with Google: In July 2024, we entered into a new three-year Search Ads Innovation Agreement with Google that commenced on October 1, 2024, which is substantially similar to the Revenue Share Agreement with Google that expired on September 30, 2024, including the same minimum quarterly payments.

Third Quarter 2024 Notable Client Achievements:

  • Fusion 92: Fusion 92, one of the Midwest’s largest independent media agencies, utilized Marin’s budgeting platform to transform budget compliance for their client, a dental services organization with over 1,500 offices nationwide. In just under two months, they improved budget compliance from 9% to 96%, saving over 15 hours of manual work per week.

Third Quarter 2024 Financial Updates:

  • Net revenue totaled $4.3 million, a year-over-year decrease of 4% when compared to $4.4 million for the third quarter of 2023.
  • GAAP loss from operations was ($2.1) million, resulting in a GAAP operating margin of (50%), as compared to a GAAP loss from operations of ($5.1) million and a GAAP operating margin of (115%) for the third quarter of 2023.
  • Non-GAAP loss from operations was ($1.8) million, resulting in a non-GAAP operating margin of (43%), as compared to a non-GAAP loss from operations of ($2.9) million and a non-GAAP operating margin of (65%) for the third quarter of 2023.
  • Cash and cash equivalents were $5.6 million as of September 30, 2024.

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.”

In October 2024, after the third quarter of September 30, 2024, we commenced the implementation of an organizational restructuring and reduction-in-force plan to reduce the Company’s operating costs (the “2024 Restructuring Plan”), which is expected to result in the reduction of our global employees by approximately 27 employees, representing approximately 26% of our total headcount as of September 30, 2024. We estimate that the 2024 Restructuring Plan will result in estimated pre-tax annualized cost savings of approximately $3.5 million to $3.7 million, all of which is related to the reduction-in-force pursuant to the 2024 Restructuring Plan, and we expect to begin realizing the cost savings from the 2024 Restructuring Plan during the three months ended December 31, 2024. We estimate that we will incur between approximately $0.6 million and $0.8 million of cash expenditures during the three months ended December 31, 2024 in connection with the 2024 Restructuring Plan, substantially all of which relates to severance costs, and we expect to substantially complete the 2024 Restructuring Plan in the same period.

Financial Outlook:

Marin is providing guidance for its fourth quarter of 2024, as follows:

Forward-Looking Guidance

In millions

 

 

 

Range of Estimate

 

From

To

Three Months Ending December 31, 2024

 

 

 

 

Revenue, net

$

4.0

 

$

4.2

 

Operating loss (Non-GAAP)

$

(1.4

)

$

(1.1

)

Non-GAAP loss from operations excludes the effects of stock-based compensation expense, 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 Meta.

Additionally, the Company does not reconcile its forward-looking non-GAAP loss from operations, due to variability between revenue 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 September 30, 2024, and its outlook for the future. To access the call, please dial (800) 954-0684 in the United States or (212) 231-2929 internationally with reference to conference ID 13742154. A live webcast of the conference call will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1639634&tp_key=333b2eee9c. Following the completion of the call through 11:59 p.m. Eastern Time on November 7, 2024, 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 13742154.

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 expense, amortization of internally developed software and intangible 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 Meta. 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, benefit from or provision for income taxes, 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 Meta. 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, the increasing complexity in marketing, progress on product development efforts, product capabilities, advertiser and customer behavior, and future financial results, including its outlook for the fourth quarter of 2024. 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 reduce our expenses or raise additional capital to meet our obligations as a going concern; our ability to successfully implement a restructuring plan that we commenced in October 2024 and the expected costs and savings from the restructuring plan; the amount of digital advertising spend managed by our customers using our products; the extent of customer acceptance, adoption and usage 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 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 revenue, 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; 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; 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; our ability to maintain the listing of our common stock on the Nasdaq; 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 October 31, 2024. 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)

 

 

 

 

 

 

 

September 30,

 

December 31,

(Unaudited; in thousands, except par value)

 

2024

 

2023

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,588

 

 

$

11,363

 

Accounts receivable, net

 

 

3,661

 

 

 

3,864

 

Prepaid expenses and other current assets

 

 

1,479

 

 

 

1,548

 

Total current assets

 

 

10,728

 

 

 

16,775

 

Property and equipment, net

 

 

115

 

 

 

120

 

Right-of-use assets, operating leases

 

 

819

 

 

 

1,912

 

Other non-current assets

 

 

518

 

 

 

508

 

Total assets

 

$

12,180

 

 

$

19,315

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

579

 

 

$

664

 

Accrued expenses and other current liabilities

 

 

2,089

 

 

 

2,099

 

Operating lease liabilities

 

 

819

 

 

 

1,518

 

Total current liabilities

 

 

3,487

 

 

 

4,281

 

Operating lease liabilities, non-current

 

 

 

 

 

394

 

Other long-term liabilities

 

 

1,015

 

 

 

1,001

 

Total liabilities

 

 

4,502

 

 

 

5,676

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value

 

 

 

 

 

 

Common stock, $0.001 par value

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

359,718

 

 

 

358,884

 

Accumulated deficit

 

 

(351,006

)

 

 

(344,251

)

Accumulated other comprehensive loss

 

 

(1,037

)

 

 

(997

)

Total stockholders’ equity

 

 

7,678

 

 

 

13,639

 

Total liabilities and stockholders’ equity

 

$

12,180

 

 

$

19,315

 

Marin Software Incorporated

 

 

Condensed Consolidated Statements of Operations

 

 

(On a GAAP basis)

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(Unaudited; in thousands, except per share data)

 

2024

 

2023

 

2024

 

2023

Revenue, net

 

$

4,282

 

 

$

4,438

 

 

$

12,358

 

 

$

13,381

 

Cost of revenue

 

 

1,703

 

 

 

3,087

 

 

 

5,136

 

 

 

9,501

 

Gross profit

 

 

2,579

 

 

 

1,351

 

 

 

7,222

 

 

 

3,880

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

1,091

 

 

 

1,482

 

 

 

3,384

 

 

 

5,442

 

Research and development

 

 

1,760

 

 

 

2,860

 

 

 

5,440

 

 

 

8,599

 

General and administrative

 

 

1,860

 

 

 

2,119

 

 

 

5,144

 

 

 

6,897

 

Total operating expenses

 

 

4,711

 

 

 

6,461

 

 

 

13,968

 

 

 

20,938

 

Loss from operations

 

 

(2,132

)

 

 

(5,110

)

 

 

(6,746

)

 

 

(17,058

)

Other income, net

 

 

(176

)

 

 

158

 

 

 

66

 

 

 

598

 

Loss before income taxes

 

 

(2,308

)

 

 

(4,952

)

 

 

(6,680

)

 

 

(16,460

)

Provision for income taxes

 

 

18

 

 

 

2

 

 

 

75

 

 

 

194

 

Net loss

 

$

(2,326

)

 

$

(4,954

)

 

$

(6,755

)

 

$

(16,654

)

Net loss per common share, basic and diluted

 

$

(0.74

)

 

$

(1.66

)

 

$

(2.19

)

 

$

(5.70

)

Weighted-average shares outstanding, basic and diluted

 

 

3,135

 

 

 

2,985

 

 

 

3,089

 

 

 

2,920

 

Marin Software Incorporated

 

 

Condensed Consolidated Statements of Cash Flows

 

 

(On a GAAP basis)

 

 

 

 

 

 

 

Nine Months Ended September 30,

(Unaudited; in thousands)

 

2024

 

2023

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(6,755

)

 

$

(16,654

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

Depreciation

 

 

5

 

 

 

17

 

Amortization of internally developed software

 

 

 

 

 

1,278

 

Amortization of right-of-use assets

 

 

1,165

 

 

 

1,162

 

Amortization of deferred costs to obtain and fulfill contracts

 

 

267

 

 

 

277

 

Loss on disposals of property and equipment

 

 

 

 

 

2

 

Unrealized foreign currency losses

 

 

199

 

 

 

43

 

Stock-based compensation related to equity awards

 

 

957

 

 

 

2,594

 

Provision for credit losses

 

 

(7

)

 

 

(388

)

Deferred income tax benefits

 

 

(3

)

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

113

 

 

 

872

 

Prepaid expenses and other assets

 

 

(235

)

 

 

345

 

Accounts payable

 

 

(102

)

 

 

21

 

Accrued expenses and other liabilities

 

 

(85

)

 

 

(1,041

)

Operating lease liabilities

 

 

(1,165

)

 

 

(1,162

)

Net cash used in operating activities

 

 

(5,646

)

 

 

(12,634

)

Investing activities:

 

 

 

 

 

 

Capitalization of internally developed software

 

 

 

 

 

(1,511

)

Net cash used in investing activities

 

 

 

 

 

(1,511

)

Financing activities:

 

 

 

 

 

 

Employee taxes paid for withheld shares upon equity award settlement

 

 

(116

)

 

 

(199

)

Proceeds from employee stock purchase plan, net

 

 

 

 

 

(3

)

Net cash provided by (used in) financing activities

 

 

(116

)

 

 

(202

)

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(13

)

 

 

(13

)

Net decrease in cash and cash equivalents

 

 

(5,775

)

 

 

(14,360

)

Cash and cash equivalents:

 

 

 

 

 

 

Beginning of period

 

 

11,363

 

 

 

27,957

 

End of the period

 

$

5,588

 

 

$

13,597

 

Marin Software Incorporated

 

 

Reconciliation of GAAP to Non-GAAP Expenses

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

Mar 31,

 

Jun 30,

 

Sep 30

 

Dec 31,

 

 

Dec 31,

 

 

Mar 31,

 

Jun 30,

 

Sep 30

(Unaudited; in thousands)

 

2023

 

2023

 

2023

 

2023

 

 

2023

 

 

2024

 

2024

 

2024

Sales and marketing

 

$

2,025

 

 

$

1,935

 

 

$

1,482

 

 

$

1,078

 

 

 

$

6,520

 

 

 

$

1,250

 

 

$

1,043

 

 

$

1,091

 

Stock-based compensation

 

 

(165

)

 

 

(184

)

 

 

(88

)

 

 

(65

)

 

 

 

(502

)

 

 

 

(64

)

 

 

(60

)

 

 

(38

)

Restructuring related expenses

 

 

 

 

 

 

 

 

(122

)

 

 

 

 

 

 

(122

)

 

 

 

 

 

 

 

 

 

 

Sales and marketing (Non-GAAP)

 

$

1,860

 

 

$

1,751

 

 

$

1,272

 

 

$

1,013

 

 

 

$

5,896

 

 

 

$

1,186

 

 

$

983

 

 

$

1,053

 

Research and development

 

$

2,942

 

 

$

2,797

 

 

$

2,860

 

 

$

1,636

 

 

 

$

10,235

 

 

 

$

1,881

 

 

$

1,799

 

 

$

1,760

 

Stock-based compensation

 

 

(270

)

 

 

(305

)

 

 

(131

)

 

 

(119

)

 

 

 

(825

)

 

 

 

(127

)

 

 

(124

)

 

 

(86

)

Restructuring related expenses

 

 

 

 

 

 

 

 

(815

)

 

 

(22

)

 

 

 

(837

)

 

 

 

 

 

 

 

 

 

 

Capitalization of internally developed software

 

 

579

 

 

 

578

 

 

 

354

 

 

 

296

 

 

 

 

1,807

 

 

 

 

 

 

 

 

 

 

 

Research and development (Non-GAAP)

 

$

3,251

 

 

$

3,070

 

 

$

2,268

 

 

$

1,791

 

 

 

$

10,380

 

 

 

$

1,754

 

 

$

1,675

 

 

$

1,674

 

General and administrative

 

$

2,336

 

 

$

2,442

 

 

$

2,119

 

 

$

1,974

 

 

 

$

8,871

 

 

 

$

1,684

 

 

$

1,600

 

 

$

1,860

 

Stock-based compensation

 

 

(473

)

 

 

(627

)

 

 

(85

)

 

 

(187

)

 

 

 

(1,372

)

 

 

 

(183

)

 

 

(109

)

 

 

(57

)

Restructuring related expenses

 

 

 

 

 

 

 

 

(189

)

 

 

 

 

 

 

(189

)

 

 

 

 

 

 

 

 

 

 

Third-party subpoena-related expenses

 

 

(84

)

 

 

(45

)

 

 

(36

)

 

 

(30

)

 

 

 

(195

)

 

 

 

(60

)

 

 

(81

)

 

 

(93

)

General and administrative (Non-GAAP)

 

$

1,779

 

 

$

1,770

 

 

$

1,809

 

 

$

1,757

 

 

 

$

7,115

 

 

 

$

1,441

 

 

$

1,410

 

 

$

1,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marin Software Incorporated

 

 

Reconciliation of GAAP to Non-GAAP Measures

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

 

Dec 31,

 

 

Dec 31,

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

(Unaudited; in thousands)

 

2023

 

2023

 

2023

 

2023

 

 

2023

 

 

2024

 

2024

 

2024

Gross profit

 

$

1,343

 

 

$

1,186

 

 

$

1,351

 

 

$

2,216

 

 

 

$

6,096

 

 

 

$

2,288

 

 

$

2,355

 

 

$

2,579

 

Stock-based compensation

 

 

124

 

 

 

137

 

 

 

5

 

 

 

41

 

 

 

 

307

 

 

 

 

39

 

 

 

38

 

 

 

32

 

Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

 

 

 

 

 

 

 

Restructuring related expenses

 

 

 

 

 

 

 

 

671

 

 

 

2

 

 

 

 

673

 

 

 

 

 

 

 

 

 

 

 

Gross profit (Non-GAAP)

 

$

1,886

 

 

$

1,749

 

 

$

2,460

 

 

$

2,682

 

 

 

$

8,777

 

 

 

$

2,327

 

 

$

2,393

 

 

$

2,611

 

Operating loss

 

$

(5,960

)

 

$

(5,988

)

 

$

(5,110

)

 

$

(5,748

)

 

 

$

(22,806

)

 

 

$

(2,527

)

 

$

(2,087

)

 

$

(2,132

)

Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

 

331

 

 

 

213

 

Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

 

 

 

 

 

 

 

Restructuring related expenses

 

 

 

 

 

 

 

 

1,797

 

 

 

24

 

 

 

 

1,821

 

 

 

 

 

 

 

 

 

 

 

Capitalization of internally developed software

 

 

(579

)

 

 

(578

)

 

 

(354

)

 

 

(296

)

 

 

 

(1,807

)

 

 

 

 

 

 

 

 

 

 

Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

 

81

 

 

 

93

 

Impairment loss on long-lived assets

 

 

 

 

 

 

 

 

 

 

 

3,276

 

 

 

 

3,276

 

 

 

 

 

 

 

 

 

 

 

Operating loss (Non-GAAP)

 

$

(5,004

)

 

$

(4,842

)

 

$

(2,889

)

 

$

(1,879

)

 

 

$

(14,614

)

 

 

$

(2,054

)

 

$

(1,675

)

 

$

(1,826

)

Net loss

 

$

(5,783

)

 

$

(5,917

)

 

$

(4,954

)

 

$

(5,263

)

 

 

$

(21,917

)

 

 

$

(2,411

)

 

$

(2,018

)

 

$

(2,326

)

Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

 

331

 

 

 

213

 

Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

 

 

 

 

 

 

 

Restructuring related expenses

 

 

 

 

 

 

 

 

1,797

 

 

 

24

 

 

 

 

1,821

 

 

 

 

 

 

 

 

 

 

 

Capitalization of internally developed software

 

 

(579

)

 

 

(578

)

 

 

(354

)

 

 

(296

)

 

 

 

(1,807

)

 

 

 

 

 

 

 

 

 

 

Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

 

81

 

 

 

93

 

Impairment loss on long-lived assets

 

 

 

 

 

 

 

 

 

 

 

3,276

 

 

 

 

3,276

 

 

 

 

 

 

 

 

 

 

 

Net loss (Non-GAAP)

 

$

(4,827

)

 

$

(4,771

)

 

$

(2,733

)

 

$

(1,394

)

 

 

$

(13,725

)

 

 

$

(1,938

)

 

$

(1,606

)

 

$

(2,020

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marin Software Incorporated

 

 

Calculation of Non-GAAP Earnings Per Share

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

 

Dec 31,

 

 

Dec 31,

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

(Unaudited; in thousands, except per share data)

 

2023

 

2023

 

2023

 

2023

 

 

2023

 

 

2024

 

2024

 

2024

Net loss (Non-GAAP)

 

$

(4,827

)

 

$

(4,771

)

 

$

(2,733

)

 

$

(1,394

)

 

 

$

(13,725

)

 

 

$

(1,938

)

 

$

(1,606

)

 

$

(2,020

)

Weighted-average shares outstanding, basic and diluted

 

 

2,873

 

 

 

2,902

 

 

 

2,985

 

 

 

3,009

 

 

 

 

2,943

 

 

 

 

3,024

 

 

 

3,108

 

 

 

3,135

 

Net loss per share, basic and diluted (Non-GAAP)

 

$

(1.68

)

 

$

(1.64

)

 

$

(0.92

)

 

$

(0.46

)

 

 

$

(4.66

)

 

 

$

(0.64

)

 

$

(0.52

)

 

$

(0.64

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marin Software Incorporated

 

 

Reconciliation of Net Loss to Adjusted EBITDA

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

Three Months Ended

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

 

Dec 31,

 

 

Dec 31,

 

 

Mar 31,

 

Jun 30,

 

Sep 30,

(Unaudited; in thousands)

 

2023

 

2023

 

2023

 

2023

 

 

2023

 

 

2024

 

2024

 

2024

Net loss

 

$

(5,783

)

 

$

(5,917

)

 

$

(4,954

)

 

$

(5,263

)

 

 

$

(21,917

)

 

 

$

(2,411

)

 

$

(2,018

)

 

$

(2,326

)

Depreciation

 

 

11

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

19

 

 

 

 

2

 

 

 

2

 

 

 

1

 

Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes

 

 

48

 

 

 

144

 

 

 

2

 

 

 

(344

)

 

 

 

(150

)

 

 

 

(12

)

 

 

69

 

 

 

18

 

Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

 

331

 

 

 

213

 

Capitalization of internally developed software

 

 

(579

)

 

 

(578

)

 

 

(354

)

 

 

(296

)

 

 

 

(1,807

)

 

 

 

 

 

 

 

 

 

 

Restructuring related expenses

 

 

 

 

 

 

 

 

1,797

 

 

 

24

 

 

 

 

1,821

 

 

 

 

 

 

 

 

 

 

 

Impairment loss on long-lived assets

 

 

 

 

 

 

 

 

 

 

 

3,276

 

 

 

 

3,276

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

(225

)

 

 

(215

)

 

 

(158

)

 

 

(141

)

 

 

 

(739

)

 

 

 

(104

)

 

 

(138

)

 

 

176

 

Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

 

81

 

 

 

93

 

Adjusted EBITDA

 

$

(4,993

)

 

$

(4,839

)

 

$

(2,886

)

 

$

(1,877

)

 

 

$

(14,595

)

 

 

$

(2,052

)

 

$

(1,673

)

 

$

(1,825

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Relations, Marin Software ir@marinsoftware.com

Media Contact Wesley MacLaggan Marketing, Marin Software (415) 399-2580 press@marinsoftware.com

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