附錄99.1
Marin Software宣布2024年第三季度財務結果
2024年10月31日,加州舊金山 - marin software股份有限公司(納斯達克:MRIN) ("馬林","marin software"或"公司"),一家為以效能為導向的廣告主和代理商提供數位行銷軟體的領先供應商,今日宣佈截至2024年9月30日結束的第三季度財務業績。
“marin software很興奮能夠通過我們最新的增強版Advisor,提供下一代人工智能驅動的營銷工具。”Marin Software的CEO Chris Lien說。憑藉這個由OpenAI提供支持的虛擬隊友,marin software的用戶可以以全新方式與平台互動,解鎖數位營銷專家的集體知識,並通過簡單的提示將他們的最佳實踐應用於工作中。這是 marin software 提供創新的另一個例子,可幫助業績營銷人員節省時間並賣出更多產品。.”
2024年第三季度產品和業務亮點:
2024年第三季 重要客戶成就:
2024年第三季財務更新:
本新聞稿中的財務報表中已提供了從GAAP到非GAAP財務衡量標準的對帳說明。這些指標的解釋也包含在下方,標題為“非GAAP 財務衡量標準”之下。
1
在2024年10月,在2024年9月30日第三季度後,我們開始執行組織重組和減少員工計劃以減少公司運營成本(“2024年重組計劃”),預計將導致我們的全球員工數量減少約27名員工,佔截至2024年9月30日總員工數的約26%。我們估計2024年重組計劃將帶來約350到370萬美元的預估税前年度成本節省,這些成本節省均與根據2024年重組計劃的員工減少有關,我們預計將在2024年12月31日結束的三個月內開始實現2024年重組計劃的成本節省。我們估計我們將在2024年12月31日結束的三個月內發生約60到80萬美元的現金支出,與2024年重組計劃相關,其中絕大部分與遣散費用有關,我們預期將在同一期間基本完成2024年重組計劃。
財務展望:
Marin正在提供2024年第四季度的指引,如下:
前瞻性指引 |
|||||||||
百萬 |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
估計範圍 |
|
|
|||||
|
|
從 |
|
|
到 |
|
|
||
截至2024年12月31日的三個月 |
|
|
|
|
|
|
|
||
凈收益 |
|
$ |
4.0 |
|
|
$ |
4.2 |
|
|
營運虧損(非依照績效計算準則) |
|
$ |
(1.4 |
) |
|
$ |
(1.1 |
) |
|
營運的非通用會計損失不包括股票報酬費用、內部開發軟體的攤銷、長期資產減損、內部開發軟體的資本化、與公司重組相關的非遞延成本,以及公司因應與Google和Meta相關的政府調查而遭到的第三方傳票而產生的特定專業費用。
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
今天下午2:00(太平洋時間5:00東部時間),marin software將舉行一場會議通話,以審查截至2024年9月30日季度的財務業績及未來展望。若要參加通話,請撥打(800) 954-0684(美國內)或(212) 231-2929(國際),並提及會議ID 13742154會議通話的現場網路廣播將可在以下網址訪問 https://viavid.webcasts.com/starthere.jsp?ei=1639634&tp_key=333b2eee9c。通話完成後至2024年11月7日東部時間11:59 p.m.,可在公司網站http://investor.marinsoftware.com/上找到錄製重播,或致電(844) 512-2921(美國內)或(412) 317-6671(國際)並輸入錄音存取代碼 13742154.
About Marin Software
marin software(股票代號:納斯達克:MRIN)的使命是為廣告客戶提供在全球最大的出版商上運行的付費營銷計劃中提高效率和透明度的能力。 marin software為廣告客戶和代理商提供企業營銷軟體,以整合、協調和擴大其在網絡和移動設備上的數碼廣告支出。marin software提供統一的saas-云计算廣告管理平臺,可用於搜索、社交和電子商務廣告。該公司幫助數字營銷人員轉化精準的受眾,提高財務表現,做出更好的決策。總部設在舊金山,全球各地設有辦事處,marin software的科技驅動著全球的營銷活動。有關marin software的更多信息,請訪問 www.marinsoftware.com.
非依據通用會計準則的財務指標
Marin在本公告中使用某些非公認會計原則(non-GAAP)財務指標。Marin在內部分析其財務結果時使用這些非公認會計原則財務指標,並認為這些指標對於投資者是有用的,作為評估其持續運營表現的補充。Marin認為,使用這些非公認會計原則財務指標為投資者提供了額外的工具,以評估持續的經營結果和趨勢,並將我們的財務結果與其他公司的比較,許多公司也向投資者提供類似的非公認會計原則財務指標。Marin使用的非公認會計原則財務指標可能與其他公司使用的指標有所不同。
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
2
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.
Investor Relations, Marin Software
ir@marinsoftware.com
Media Contact
Wesley MacLaggan
Marketing, Marin Software
(415) 399-2580
press@marinsoftware.com
3
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 |
|
|
|
|
|
|
|
|
4
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
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 |
|
|
|
|
|
|
|
|
6
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8