Marin Software Announces Second Quarter 2016 Financial Results
/EINPresswire.com/ -- SAN FRANCISCO, CA--(Marketwired - August 04, 2016) -
- Reported second quarter net revenues of $25.8 million, as compared to $26.8 during the second quarter of 2015
- Reported second quarter operating cash flows of $1.5 million, as compared to ($6.0) million during the second quarter of 2015
Marin Software Incorporated (NYSE: MRIN), a leading provider of cross-channel, cross-device, enterprise marketing software for advertisers and agencies, today announced financial results for the second quarter ended June 30, 2016.
"We have made solid progress in optimizing the efficiency of our business over the past year as demonstrated by the significant improvement in our operating margins and our third consecutive quarter of generating positive Adjusted EBITDA," said David A. Yovanno, chief executive officer of Marin Software. "We're encouraged by the progress we have made in unifying our search, social, and display advertising suite. Once complete, we expect to be in an attractive position to further extend our market-leading position."
Second Quarter 2016 Financial Highlights:
- Net revenues totaled $25.8 million, a year-over-year decrease of 4%, when compared to $26.8 million in the second quarter of 2015.
- GAAP gross profit was $16.9 million, resulting in a gross margin of 65%, compared to GAAP gross profit of $16.2 million during the second quarter of 2015. Non-GAAP gross profit was $18.3 million, resulting in a non-GAAP gross margin of 71%, compared to non-GAAP gross profit of $17.4 million during the second quarter of 2015.
- GAAP income from operations was ($4.5) million, compared to ($11.7) million for the second quarter of 2015. GAAP operating margin was (17%), compared to (44%) during the second quarter of 2015. Non-GAAP income from operations was ($1.0) million, compared to ($6.8) million for the second quarter of 2015. Non-GAAP operating margin was (4%), compared to (25%) during the second quarter of 2015.
- GAAP net income was ($4.4) million, or ($0.12) per share, based on 38.3 million weighted average shares outstanding. This compares to ($12.0) million, or ($0.33) per share, based upon 36.4 million weighted average shares outstanding during the second quarter of 2015. Non-GAAP net income was ($0.9) million, or ($0.02) per share, based upon 38.3 million weighted average shares outstanding. This compares to ($7.1) million, or ($0.20) per share, based on 36.4 million weighted average shares outstanding during the second quarter of 2015.
- Adjusted EBITDA was $0.5 million, compared to ($5.1) million in the second quarter of 2015.
- As of June 30, 2016, cash and cash equivalents totaled $35.4 million, compared to $37.3 million as of December 31, 2015.
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."
Second Quarter 2016 Product Release Highlights
- Released full reporting and management capabilities for Google's recently updated ad format Expanded Text Ads, which is helping drive improved click-through and conversion rates for advertisers.
- Introduced several product enhancements to its Shopping offering including product feed distribution, SKU level reporting, and enhanced bidding capabilities. Also released Smart Sync for Shopping, currently in alpha, which allows retailers to automatically build Facebook Dynamic Ads from their existing Google Shopping campaigns.
- Released support for Facebook's Lead Ad format, with mass editing capabilities, and the ability to run reports within the app and through an application programming interface.
- Introduced Dynamic Ads Prospecting, currently in beta, which enables advertisers running Facebook Dynamic Ads campaigns on Marin Social to have the ability to target prospects as well as re-market to existing customers who have visited their website or app.
Financial Outlook:
As of August 4, 2016, Marin is initiating guidance for its third quarter 2016 as follows:
Forward-Looking Guidance
In millions, except per share data
Range of Estimate
From To
--------- ----------
Three Months Ending September 30, 2016
Revenues, net $ 23.4 $ 23.9
Non-GAAP loss from operations $ (2.9) $ (2.4)
Non-GAAP net loss per share $ (0.08) $ (0.07)
Weighted-average shares outstanding 38.5
Non-GAAP loss from operations and non-GAAP net loss per share excludes the effects of stock-based compensation, amortization of internally developed software, amortization of intangible assets, noncash expenses related to warrants, non-recurring costs associated with acquisitions and restructurings, and capitalization of internally developed software.
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 June 30, 2016, and its outlook for the future. To access the call, please dial (855) 327-6837 in the U.S. or (778) 327-3988 internationally with reference to the company name and conference title. A live webcast of the conference call will be accessible from Marin Software's website at: http://investor.marinsoftware.com/. Following the completion of the call through 11:59 p.m. Eastern Time on August 11, 2016, a recording will be available for replay at: http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (877) 870-5176 in the U.S. or (858) 384-5517 internationally with the recording access code 10001445.
About Marin Software
Marin Software Incorporated's (NYSE: MRIN) mission is to give advertisers the power to drive higher efficiency, effectiveness, and transparency in their paid marketing programs that run on the world's largest publishers. Marin provides industry leading enterprise marketing software for advertisers and agencies to measure, manage, and optimize more than $7.8 billion in annualized ad spend across the web and mobile devices. Offering an integrated SaaS ad management platform for search, social, and display advertising, Marin helps digital marketers improve financial performance, save time, and make better decisions. Advertisers use Marin to create, target, and convert precise audiences based on recent buying signals from users' search, social, and display interactions. Headquartered in San Francisco, with offices in eight countries, Marin's technology powers marketing campaigns around the globe. For more information about Marin Software, please visit: http://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, the amortization of intangible assets, the capitalization of internally developed software, noncash expenses related to the issuance of warrants, the amortization of internally developed software and the non-recurring costs associated with acquisitions and restructurings. 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.
Adjusted EBITDA. Marin defines Adjusted EBITDA as net income (loss), adjusted for stock-based compensation expense, depreciation, the amortization of internally developed software, the amortization of intangible assets, the capitalization of internally developed software, interest expense, net, the benefit from or provision for income taxes, other income or expenses, net and the non-recurring costs associated with acquisitions and restructurings. 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 and for bonus compensation purposes, 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, growth, benefits of investment in Marin's software platform, progress on product development efforts, customer adoption of our products, product capabilities and future financial results, including its outlook for the third quarter of 2016. 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 grow sales to new and existing customers; our ability to expand our sales and marketing capabilities; our ability to retain and attract qualified management and technical personnel; delays in the release of updates to our product platform or new 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 revenues, 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; adverse changes in our relationships with and access to publishers and advertising agencies; level of usage and advertising spend managed on our platform; our ability to expand sales of our solutions in channels other than search advertising; any slow-down in the search advertising market generally; 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; acceptance and continued usage of our platform and services by customers and 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; adverse changes in general economic or market conditions; and the ability to acquire and integrate other businesses, including our acquisitions of Perfect Audience and SocialMoov. 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, 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 August 4, 2016. 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 Inc.
Condensed Consolidated Balance Sheets
(On a GAAP basis)
June 30, December 31,
(Unaudited; in thousands, except par value) 2016 2015
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 35,442 $ 37,326
Accounts receivable, net 22,963 21,718
Prepaid expenses and other current assets 4,290 4,186
------------- -------------
Total current assets 62,695 63,230
Property and equipment, net 21,088 21,817
Goodwill 19,512 19,417
Intangible assets, net 8,785 10,405
Other noncurrent assets 1,684 1,323
------------- -------------
Total assets $ 113,764 $ 116,192
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 2,971 $ 1,710
Accrued expenses and other current
liabilities 10,384 11,185
Deferred revenues 1,082 1,430
Current portion of long-term debt 768 1,384
------------- -------------
Total current liabilities 15,205 15,709
Long-term debt, less current portion 1,537 1,557
Other long-term liabilities 4,451 4,795
------------- -------------
Total liabilities 21,193 22,061
------------- -------------
Stockholders' equity
Common stock, $0.001 par value 38 37
Additional paid-in capital 282,773 275,604
Accumulated deficit (188,564) (179,733)
Accumulated other comprehensive loss (1,676) (1,777)
------------- -------------
Total stockholders' equity 92,571 94,131
------------- -------------
Total liabilities and stockholders' equity $ 113,764 $ 116,192
============= =============
Marin Software Inc.
Condensed Consolidated
Statements of Operations
(On a GAAP basis)
Three Months Ended Six Months Ended June
June 30, 30,
---------------------- ----------------------
(Unaudited; in thousands,
except per share data) 2016 2015 2016 2015
---------- ---------- ---------- ----------
Revenues, net $ 25,753 $ 26,775 $ 52,941 $ 53,188
Cost of revenues (1) (2) (3) 8,894 10,599 18,084 20,308
---------- ---------- ---------- ----------
Gross profit 16,859 16,176 34,857 32,880
---------- ---------- ---------- ----------
Operating expenses (1) (2)
(3)
Sales and marketing 9,285 13,064 18,392 25,221
Research and development 7,044 9,194 15,053 17,678
General and administrative 5,018 5,655 9,987 11,375
---------- ---------- ---------- ----------
Total operating expenses 21,347 27,913 43,432 54,274
---------- ---------- ---------- ----------
Loss from operations (4,488) (11,737) (8,575) (21,394)
Interest expense, net (34) (8) (52) (19)
Other income (expenses), net 411 (164) 444 80
---------- ---------- ---------- ----------
Loss before provision for
income taxes (4,111) (11,909) (8,183) (21,333)
Provision for income taxes (307) (138) (648) (374)
---------- ---------- ---------- ----------
Net loss $ (4,418) $ (12,047) $ (8,831) $ (21,707)
========== ========== ========== ==========
Net loss per common share,
basic and diluted $ (0.12) $ (0.33) $ (0.23) $ (0.60)
========== ========== ========== ==========
Weighted-average shares
outstanding, basic and
diluted 38,280 36,389 38,023 36,028
---------- ---------- ---------- ----------
(1) Includes stock-based
compensation expense as
follows:
Cost of revenues $ 309 $ 322 $ 730 $ 551
Sales and marketing 422 954 921 1,669
Research and development 1,275 2,340 3,297 3,967
General and administrative 933 1,323 1,813 2,247
---------- ---------- ---------- ----------
Total $ 2,939 $ 4,939 $ 6,761 $ 8,434
========== ========== ========== ==========
(2) Includes amortization of
intangible assets as
follows:
Cost of revenues $ 263 $ 276 $ 534 $ 491
Sales and marketing 240 247 488 427
Research and development 263 276 534 492
General and administrative 28 37 64 72
---------- ---------- ---------- ----------
Total $ 794 $ 836 $ 1,620 $ 1,482
========== ========== ========== ==========
(3) Includes restructuring
related expenses as
follows:
Cost of revenues $ 151 $ - $ 151 $ -
Sales and marketing 211 - 211 -
Research and development 48 - 48 -
General and administrative 15 - 15 -
---------- ---------- ---------- ----------
Total $ 425 $ - $ 425 $ -
========== ========== ========== ==========
Marin Software Inc.
Condensed Consolidated Statements of Cash Flows
(On a GAAP basis)
Six Months Ended June
30,
----------------------
(Unaudited; in thousands) 2016 2015
---------- ----------
Operating activities
Net loss $ (8,831) $ (21,707)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Depreciation 3,207 3,305
Amortization of internally developed software 1,400 1,167
Amortization of intangible assets 1,620 1,482
(Gain) loss on disposal of property and equipment (1) 9
Unrealized foreign currency gains (344) (229)
Noncash interest expense related to warrants
issued in connection with debt 13 17
Stock-based compensation related to equity awards
and restricted stock 6,761 8,434
Provision for bad debts 368 309
Deferred income tax benefits - (80)
Excess tax benefits from stock-based award
activities - (9)
Changes in operating assets and liabilities, net
of effect of acquisitions
Accounts receivable (1,323) (733)
Prepaid expenses and other current assets (16) (1,797)
Other assets (341) 405
Accounts payable 1,275 (1,498)
Deferred revenues (334) (1,043)
Accrued expenses and other current liabilities (1,224) 2,216
---------- ----------
Net cash provided by (used in) operating
activities 2,230 (9,752)
---------- ----------
Investing activities
Purchases of property and equipment (617) (5,459)
Proceeds from disposal of property and equipment 3 -
Capitalization of internally developed software (2,900) (2,424)
Acquisitions of businesses, net of cash acquired - (7,509)
---------- ----------
Net cash used in investing activities (3,514) (15,392)
---------- ----------
Financing activities
Repayment of notes payable (989) (2,376)
Payment of contingent consideration for prior
acquisition (93) -
Repurchase of unvested shares - (2)
Proceeds from exercise of common stock options 189 1,028
Proceeds from employee stock purchase plan, net 430 185
Stock issuance costs - (51)
Excess tax benefits from stock-based award
activities - 9
---------- ----------
Net cash used in financing activities (463) (1,207)
---------- ----------
Effect of foreign exchange rate changes on
cash and cash equivalents (137) (432)
Net decrease in cash and cash equivalents (1,884) (26,783)
Cash and cash equivalents
Beginning of period 37,326 68,253
---------- ----------
End of period $ 35,442 $ 41,470
---------- ----------
Supplemental disclosure of noncash investing and
financing activities
Acquisition of equipment through capital leases $ 339 $ -
Purchases of property and equipment recorded in
accounts payable and accrued expenses 24 1,341
Issuance of common stock under employee stock
purchase plan 328 548
Issuance of common stock in connection with
acquisitions of businesses - 4,337
Marin Software Inc.
Reconciliation of GAAP to Non-GAAP Expenses (1)
Three Months Ended
-----------------------------------------------------
(Unaudited; in March 31, June 30, September 30, December 31,
thousands) 2015 2015 2015 2015
----------- ----------- ------------- ------------
Sales and Marketing
(GAAP) $ 12,157 $ 13,064 $ 10,835 $ 9,076
Less Stock-based
compensation (715) (954) (435) (433)
Less Amortization
of intangible
assets (180) (247) (247) (247)
Less Restructuring
related expenses - - (659) (59)
----------- ----------- ------------- ------------
Sales and Marketing
(Non-GAAP) $ 11,262 $ 11,863 $ 9,494 $ 8,337
Research and
Development (GAAP) $ 8,484 $ 9,194 $ 8,162 $ 7,478
Less Stock-based
compensation (1,627) (2,340) (1,864) (1,687)
Less Amortization
of intangible
assets (216) (276) (271) (271)
Less Restructuring
related expenses - - (53) -
Plus Capitalization
of internally
developed software 827 1,597 1,683 1,461
----------- ----------- ------------- ------------
Research and
Development (Non-
GAAP) $ 7,468 $ 8,175 $ 7,657 $ 6,981
General and
Administrative
(GAAP) $ 5,720 $ 5,655 $ 5,882 $ 5,134
Less Stock-based
compensation (924) (1,323) (1,058) (1,088)
Less Amortization
of intangible
assets (35) (37) (37) (37)
Less Acquisition
related expenses (408) (128) (68) (9)
Less Restructuring
related expenses - - (264) (6)
----------- ----------- ------------- ------------
General and
Administrative
(Non-GAAP) $ 4,353 $ 4,167 $ 4,455 $ 3,994
---------------
Year Ended Three Months Ended
------------ ------------------------
(Unaudited; in December 31, March 31, June 30,
thousands) 2015 2016 2016
------------ ----------- -----------
Sales and Marketing
(GAAP) $ 45,132 $ 9,107 $ 9,285
Less Stock-based
compensation (2,537) (499) (422)
Less Amortization
of intangible
assets (921) (248) (240)
Less Restructuring
related expenses (718) - (211)
------------ ----------- -----------
Sales and Marketing
(Non-GAAP) $ 40,956 $ 8,360 $ 8,412
Research and
Development (GAAP) $ 33,318 $ 8,009 $ 7,044
Less Stock-based
compensation (7,518) (2,022) (1,275)
Less Amortization
of intangible
assets (1,034) (271) (263)
Less Restructuring
related expenses (53) - (48)
Plus Capitalization
of internally
developed software 5,568 1,493 1,407
------------ ----------- -----------
Research and
Development (Non-
GAAP) $ 30,281 $ 7,209 $ 6,865
General and
Administrative
(GAAP) $ 22,391 $ 4,969 $ 5,018
Less Stock-based
compensation (4,393) (880) (933)
Less Amortization
of intangible
assets (146) (36) (28)
Less Acquisition
related expenses (613) (9) (20)
Less Restructuring
related expenses (270) - (15)
------------ ----------- -----------
General and
Administrative
(Non-GAAP) $ 16,969 $ 4,044 $ 4,022
---------------
(1) The sum of the quarterly financial information may vary from full year financial information due to rounding.
Marin Software Inc.
Reconciliation of GAAP to Non-GAAP Measures (1)
Three Months Ended
-----------------------------------------------------
(Unaudited; in March 31, June 30, September 30, December 31,
thousands) 2015 2015 2015 2015
----------- ----------- ------------- ------------
Gross Profit (GAAP) $ 16,704 $ 16,176 $ 15,952 $ 19,561
Plus Stock-based
compensation 229 322 249 371
Plus Amortization
of internally
developed
software 542 625 683 700
Plus Amortization
of intangible
assets 215 276 271 271
Plus Restructuring
related expenses - - 105 68
----------- ------------ -------------- -------------
Gross Profit (Non-
GAAP) $ 17,690 $ 17,399 $ 17,260 $ 20,971
Operating Loss
(GAAP) $ (9,657) $ (11,737) $ (8,927) $ (2,127)
Plus Stock-based
compensation 3,495 4,939 3,606 3,579
Plus Amortization
of internally
developed
software 542 625 683 700
Plus Amortization
of intangible
assets 646 836 826 826
Plus Acquisition
related expenses 408 128 68 9
Plus Restructuring
related expenses - - 1,081 133
Less
Capitalization of
internally
developed
software (827) (1,597) (1,683) (1,461)
----------- ----------- ------------- ------------
Operating (Loss)
Income (Non-GAAP) $ (5,393) $ (6,806) $ (4,346) $ 1,659
Net Loss (GAAP) $ (9,660) $ (12,047) $ (9,504) $ (2,138)
Plus Stock-based
compensation 3,495 4,939 3,606 3,579
Plus Amortization
of internally
developed
software 542 625 683 700
Plus Amortization
of intangible
assets 646 836 826 826
Plus Noncash
expenses related
to warrants 9 8 19 6
Plus Acquisition
related expenses 408 128 68 9
Plus Restructuring
related expenses - - 1,081 133
Less
Capitalization of
internally
developed
software (827) (1,597) (1,683) (1,461)
----------- ----------- ------------- ------------
Net (Loss) Income
(Non-GAAP) $ (5,387) $ (7,108) $ (4,904) $ 1,654
---------------
Year Ended Three Months Ended
------------ ------------------------
(Unaudited; in December 31, March 31, June 30,
thousands) 2015 2016 2016
------------ ----------- -----------
Gross Profit (GAAP) $ 68,393 $ 17,998 $ 16,859
Plus Stock-based
compensation 1,171 421 309
Plus Amortization
of internally
developed
software 2,550 681 719
Plus Amortization
of intangible
assets 1,033 271 263
Plus Restructuring
related expenses 173 - 151
------------ ------------ -----------
Gross Profit (Non-
GAAP) $ 73,320 $ 19,371 $ 18,301
Operating Loss
(GAAP) $ (32,448) $ (4,087) $ (4,488)
Plus Stock-based
compensation 15,619 3,822 2,939
Plus Amortization
of internally
developed
software 2,550 681 719
Plus Amortization
of intangible
assets 3,134 826 794
Plus Acquisition
related expenses 613 9 20
Plus Restructuring
related expenses 1,214 - 425
Less
Capitalization of
internally
developed
software (5,568) (1,493) (1,407)
------------ ----------- -----------
Operating (Loss)
Income (Non-GAAP) $ (14,886) $ (242) $ (998)
Net Loss (GAAP) $ (33,349) $ (4,413) $ (4,418)
Plus Stock-based
compensation 15,619 3,822 2,939
Plus Amortization
of internally
developed
software 2,550 681 719
Plus Amortization
of intangible
assets 3,134 826 794
Plus Noncash
expenses related
to warrants 42 7 6
Plus Acquisition
related expenses 613 9 20
Plus Restructuring
related expenses 1,214 - 425
Less
Capitalization of
internally
developed
software (5,568) (1,493) (1,407)
------------ ----------- -----------
Net (Loss) Income
(Non-GAAP) $ (15,745) $ (561) $ (922)
---------------
(1) The sum of the quarterly financial information may vary from full year financial information due to rounding.
Marin Software Inc.
Calculation of Non-GAAP Earnings Per Share (1)
Three Months Ended
-----------------------------------------------------
(Unaudited; in
thousands, except March 31, June 30, September 30, December 31,
per share data) 2015 2015 2015 2015
----------- ----------- ------------- ------------
Net (Loss) Income
(Non-GAAP) $ (5,387) $ (7,108) $ (4,904) $ 1,654
Weighted-average
shares outstanding,
basic and diluted 35,745 36,389 36,953 37,212
----------- ----------- ------------- ------------
Non-GAAP net (loss)
income per common
share, basic and
diluted $ (0.15) $ (0.20) $ (0.13) $ 0.04
=========== =========== ============= ============
---------------
Year Ended Three Months Ended
------------ ------------------------
(Unaudited; in
thousands, except December 31, March 31, June 30,
per share data) 2015 2016 2016
------------ ----------- -----------
Net (Loss) Income
(Non-GAAP) $ (15,745) $ (561) $ (922)
Weighted-average
shares outstanding,
basic and diluted 36,580 37,767 38,280
------------ ----------- -----------
Non-GAAP net (loss)
income per common
share, basic and
diluted $ (0.43) $ (0.01) $ (0.02)
============ =========== ===========
---------------
Marin Software Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA (1)
Three Months Ended
-----------------------------------------------------
(Unaudited; in March 31, June 30, September 30, December 31,
thousands) 2015 2015 2015 2015
----------- ----------- ------------- ------------
Net Loss $ (9,660) $ (12,047) $ (9,504) $ (2,138)
Depreciation 1,630 1,675 1,861 1,827
Amortization of
internally
developed
software 542 625 683 700
Amortization of
intangible assets 646 836 826 826
Interest expense,
net 11 8 63 36
Provision for
income taxes 236 138 300 331
----------- ----------- ------------- ------------
EBITDA $ (6,595) $ (8,765) $ (5,771) $ 1,582
Stock-based
compensation 3,495 4,939 3,606 3,579
Capitalization of
internally
developed
software (827) (1,597) (1,683) (1,461)
Acquisition
related expenses 408 128 68 9
Restructuring
related expenses - - 1,081 133
Other (income)
expenses, net (244) 164 214 (356)
----------- ----------- ------------- ------------
Adjusted EBITDA $ (3,763) $ (5,131) $ (2,485) $ 3,486
=========== =========== ============= ============
---------------
Year Ended Three Months Ended
------------ ------------------------
(Unaudited; in December 31, March 31, June 30,
thousands) 2015 2016 2016
------------ ----------- -----------
Net Loss $ (33,349) $ (4,413) $ (4,418)
Depreciation 6,993 1,665 1,542
Amortization of
internally
developed
software 2,550 681 719
Amortization of
intangible assets 3,134 826 794
Interest expense,
net 118 18 34
Provision for
income taxes 1,005 341 307
------------ ----------- -----------
EBITDA $ (19,549) $ (882) $ (1,022)
Stock-based
compensation 15,619 3,822 2,939
Capitalization of
internally
developed
software (5,568) (1,493) (1,407)
Acquisition
related expenses 613 9 20
Restructuring
related expenses 1,214 - 425
Other (income)
expenses, net (222) (33) (411)
------------ ----------- -----------
Adjusted EBITDA $ (7,893) $ 1,423 $ 544
============ =========== ===========
---------------
(1) The sum of the quarterly financial information may vary from full year financial information due to rounding.
Investor Relations Contact:
Jason Starr
Investor Relations, Marin Software
415-906-8179
ir@marinsoftware.com
Media Contact:
John McNulty
Marketing, Marin Software
415-906-8165
press@marinsoftware.com
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