EX-99.1 2 mrin-ex99_1.htm EX-99.1 EX-99.1

 

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:

推出了顧問,一個人工智能虛擬助手: 我們的新一個人工智能虛擬助手,讓市營銷人員通過自動化任務和獲取可行的見解來優化其工作流程。由OpenAI提供支持,並與Marin的整個知識中心集成,顧問提供實時性能分析、推薦行動和逐步指導,幫助用戶在Marin的平臺內直接優化其活動。
升級後的Reddit整合: 我們增強的Reddit整合現在支援全面的活動管理,包括預算、預測和自動化—除了我們現有的全渠道報告功能。營銷人員可以以與在Marin平台上應用相同精確度和便利性的方式管理他們的Reddit活動。
啟動已完成的劇集報告: 新的已完成劇集報告提供更大的透明度,展示最新完成劇集的結果。此功能使品牌更深入了解其活動的表現,並凸顯馬林平台所提供的價值。
改進了預算管理控制: 我們引入新的預算下限控制,確保廣告系列保持最低花費以最大化影響並避免因預算不足而導致表現不佳。這些增強功能為用戶提供自動化預算管理,符合所有廣告系列和發佈商的最大和最小閾值。
增強的客戶網格報告: Marin應用程式中的客戶網格現在提供擴展的報告選項,包括轉換類型和跨發布商的自定義列。這次更新為行銷人員提供更靈活的選項和更深入的洞察,讓他們更了解其廣告活動的表現。
亞馬遜 S3 整合: 用戶數現在可以將他們的亞馬遜 S3 存儲桶連接為數據來源,實現對關鍵的收入和轉換等重要活動數據的幾乎實時訪問。該整合確保了無縫的跨渠道洞察,特別是對於那些利用亞馬遜數據解決方案的用戶。
推出了免費的媒體配置審計: 首次,我們提供免費的媒體配置審計。憑藉數十年的專業知識和行業領先的分析,此審計幫助績效營銷人員評估他們的數碼營銷預算是否被最佳投資,提供有價值的建議,以實現增長和效率改善。
與Google簽署了搜尋廣告創新協議: 我們於2024年7月與Google簽訂了一項新的為期三年的搜尋廣告創新協議,該協議於2024年10月1日生效,與過期於2024年9月30日的Google營業收入分潤協議基本相同,包括相同的最低季度支付。

2024年第三季 重要客戶成就:

Fusion 92: Fusion 92是midwest最大的獨立媒體機構之一,利用Marin的預算平台改變了其客戶的預算合規情況,該客戶是一家全國擁有超過1,500家辦公室的牙科服務機構。在不到兩個月的時間內,他們將預算合規率從9%提高到96%,每周節省超過15小時的手動工作。

2024年第三季財務更新:

淨營業收入總計430萬美元,較2023年第三季的440萬美元下降了4%。
根據美國通用會計準則,營運虧損為(2.1)百萬美元,導致營業利潤率為(50%),相較於2023年第三季度的營運虧損為(5.1)百萬美元和營業利潤率為(115%)。
非依照通用會計原則計算的營業虧損為(1.8)百萬美元,導致非依照通用會計原則計算的營業利潤率為(43%),相比於2023年第三季度的非依照通用會計原則計算的營業虧損為(2.9)百萬美元和營業利潤率為(65%)。
截至2024年9月30日,現金及現金等價物為560萬美元。

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

 

 

 

 

 

 

 

 

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

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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