Marin Software Announces Third Quarter 2013 Financial Results
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:
- Net Revenues: Net revenues totaled $20.1 million, a
year-over-year increase of 30% when compared to $15.5 million in
the prior year period.
- Gross profit: GAAP gross profit was $12.2 million, resulting in
gross margin of 61%, compared to GAAP gross margin of 58% during
the third quarter of 2012. Non-GAAP gross profit was $12.7 million,
resulting in non-GAAP gross margin of 63%, compared to non-GAAP
gross margin of 60% during the third quarter of 2012.
- Loss from operations: GAAP loss from operations was ($7.9)
million, compared to ($6.4) million for the third quarter of 2012.
GAAP operating margin was (39%), compared to (41%) during the third
quarter of 2012. Non-GAAP loss from operations was ($7.2) million,
compared to ($5.9) million for the third quarter of 2012. Non-GAAP
operating margin was (36%), compared to (38%) during the third
quarter of 2012.
- Net loss: Net loss was ($8.2) million or ($0.25) per share
based on 32.5 million weighted average shares outstanding. This
compares to a net loss of ($6.6) million or ($1.51) per share based
upon 4.4 million weighted average shares outstanding for the third
quarter of 2012.
- Non-GAAP net loss: Non-GAAP net loss was ($7.4) million or
($0.23) per share based upon 32.5 million weighted average shares
outstanding. This compares to ($6.1) million or ($0.28) per share
based on 21.7 million weighted average shares outstanding during
the third quarter of 2012, which assumes our convertible preferred
stock was converted to common stock for the full quarter.
- Adjusted EBITDA: Adjusted EBITDA was a loss of ($5.9) million,
as compared to a loss of ($5.2) million for the third quarter of
2012.
- Balance Sheet: As of September 30, 2013, cash and cash
equivalents totaled $111.7 million, compared to $31.5 million as of
December 31, 2012. Marin received $109.4 million in proceeds, net
of issuance costs paid, from its initial public offering, including
exercise of the over-allotment option, during the nine months ended
September 30, 2013.
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
- Achieved $5 billion in annualized spend under management,
becoming the first provider within our industry to do so. For the
first time, greater than 25% was targeted to mobile devices
(tablets and smartphones). Customers used the Marin platform to
manage over 6 billion ad units around the globe.
- Expanded the capability and flexibility of its platform with
the release of Marin Channel Connect. Through Channel Connect,
advertisers can incorporate data from multiple publishers,
including new and smaller publisher networks as well as search
engine optimization into the Marin platform. Marketers gain a
single source from which to measure performance, track revenue, and
optimize bidding.
- Augmented support for Google Enhanced Campaigns, adding
additional reporting and bidding capabilities for mobile campaigns.
Through Marin, customers are able to generate group- and
keyword-level reports by type of device, improving campaign
visibility and allowing advertisers to optimize accordingly. To
further maximize mobile marketers' return on investment, Marin now
provides bid recommendations for mobile ads based on specific
end-user conversion events, such as a store location or product
detail view. Marin supports new Enhanced Campaign ad extensions,
including Locations and Calls. Marin also developed further support
for Yahoo! Japan Unified Campaigns. Expanded its Facebook offering,
adding additional ad types to the Marin Campaign Wizard, enabling
marketers to create thousands of ads and target audience
combinations in minutes with a variety of bidding options.
- Increased the number of active advertisers leveraging the Marin
platform. During the third quarter, 610 active advertisers utilized
the Marin platform, compared to 502 during the third quarter of
2012. Marin defines active advertisers as an advertiser from whom
Marin recognized revenues in excess of $2,000 in at least one month
during the quarter.
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
Marin Software (NASDAQ:MRIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marin Software (NASDAQ:MRIN)
Historical Stock Chart
From Jul 2023 to Jul 2024