0000950170-24-052158.txt : 20240502 0000950170-24-052158.hdr.sgml : 20240502 20240502162014 ACCESSION NUMBER: 0000950170-24-052158 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20240502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240502 DATE AS OF CHANGE: 20240502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARIN SOFTWARE INC CENTRAL INDEX KEY: 0001389002 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] ORGANIZATION NAME: 06 Technology IRS NUMBER: 204647180 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35838 FILM NUMBER: 24908630 BUSINESS ADDRESS: STREET 1: 123 MISSION ST STREET 2: 25TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-399-2580 MAIL ADDRESS: STREET 1: 123 MISSION ST STREET 2: 25TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 8-K 1 mrin-20240502.htm 8-K 8-K
false000138900200013890022024-05-022024-05-02

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 2, 2024

 

Marin Software Incorporated

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-35838

20-4647180

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

149 New Montgomery Street, 4th Floor

San Francisco, California

94105

(Address of Principal Executive Offices)

(Zip Code)

 

(415) 399-2580

Registrant’s Telephone Number, Including Area Code

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share

MRIN

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2024, Marin Software Incorporated (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2024. The press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Item 2.02 on Form 8-K and Exhibit 99.1 attached hereto are being furnished pursuant to Item 2.02 of Form 8-K and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

Our common stock is listed on the Nasdaq Capital Market, or Nasdaq. We previously reported that we received a deficiency notice from Nasdaq on April 26, 2023, advising that the closing bid price of our common stock for the previous 30 consecutive business days was below Nasdaq's minimum bid price requirement of $1.00 and, therefore, we no longer satisfied this Nasdaq continued listing requirement. In accordance with Nasdaq rules, we had until October 23, 2023 (180 calendar days from the date of the Nasdaq deficiency notice) to regain compliance with the minimum bid price requirement, which we did not achieve prior to October 23, 2023. In October 2023, we applied to Nasdaq for an additional 180 calendar day compliance period and, in connection with such application, applied to transfer the listing of our common stock from the Nasdaq Global Market to the Nasdaq Capital Market. Nasdaq approved our application effective on October 24, 2023, and the listing of our common stock transferred to the Nasdaq Capital Market effective October 25, 2023. After the extension of the compliance period, we completed a 1-for-6 reverse stock split on April 12, 2024. Since the completion of the reverse stock split, the bid price of our common stock has closed at or above $1.00 per share for a minimum of 10 consecutive business days. On April 29, 2024, Nasdaq notified us that we have regained compliance with the minimum bid price requirement.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press release issued by Marin Software Incorporated on May 2, 2024.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Marin Software Incorporated

Date: May 2, 2024

By:

/s/ Robert Bertz

Robert Bertz

Chief Financial Officer

 

 

 

(Principal Financial and Accounting Officer)

 

2

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

 

Exhibit 99.1

Marin Software Announces First Quarter 2024 Financial Results

San Francisco, CA (May 2, 2024) – Marin Software Incorporated (NASDAQ: MRIN) (“Marin”, "Marin Software" or the “Company”), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the first quarter ended March 31, 2024.

"Empowering performance marketers to excel demands more than just innovation; it requires a relentless commitment to evolving technologies” said Chris Lien, Marin Software’s CEO. “At Marin Software, we're laser-focused on creating the most powerful and adaptable platform, driven by a diverse array of AI capabilities, enabling marketers to work smarter, achieve more, and thrive in an ever-changing landscape."

First Quarter 2024 Product Highlights:

•
Automated Anomaly Detection: We debuted ChatGPT-powered anomaly detection reports, a part of Marin's Advanced Analytics, designed to identify and summarize performance outliers. These reports are delivered in a concise, easy-to-understand format via email, enabling marketers to quickly review and address significant deviations in campaign performance.
•
Innovative Marketing Calendar: Our newly launched Marketing Calendar allows users to effectively track and analyze the impact of various events—such as holidays, promotions, and competitor actions—on campaign outcomes. This tool is essential for strategic planning and optimizing marketing efforts to capitalize on these events.
•
Enhanced Marin Scripts Integration: We've expanded the capabilities of Marin Scripts by integrating them with Google Sheets and custom reports. This enhancement allows performance marketers to harness the collaborative features of Google's cloud-based spreadsheets along with Marin’s comprehensive analytics to measure, optimize, and automate campaigns with the latest data available.
•
Scalable Script Upgrades: Marin Scripts now feature upgraded functionalities that enable reports to run across multiple accounts and automatically filter results tailored to specific users. This upgrade is particularly beneficial for agencies and teams managing large-scale operations, simplifying report management and enhancing efficiency.
•
Advanced Budget and Target Automation: Our optimization tools now allow fine-grained control of the posting of budgets and/or targets to ad platforms with Ascend. This feature ensures that budgets are dynamically adjusted to maximize campaign performance without manual intervention.
•
Upgraded Paid Search Capabilities: We have enhanced our core paid search functionality to include support for managing Microsoft Advertising’s new automated bidding strategies, providing a more robust toolset for managing search campaigns budgets and performance.
•
Expanded Advertising Options on Amazon: Marin now supports Amazon Store Spotlight, Sponsored Brand Video, and non-endemic ads, allowing all users to engage with Amazon's highly active customer base—even those who do not sell directly on the platform.
•
Enhanced Features for Meta Campaigns: We have bolstered our support for Meta’s advanced advertising features, including Outcome-Driven Ad Experiences (ODAX) and dynamic creatives. This enhancement allows marketers to more effectively manage and optimize their social media campaigns through Marin's cross-channel platform.
•
Automated Data Posting with FTP: Our Auto-post functionality has been expanded to include an FTP option, improving the automation process and making data handling more efficient.
•
Data Sonification in Charts: We have upgraded our data visualization tools to include sonification, enabling users to not only view but also hear data trends in applicable charts, enhancing the data analysis experience.

First Quarter 2024 Notable Client Achievements:

•
Operational Efficiency: Rainmaker Ad Ventures saved over 26 hours of manual work weekly by leveraging Marin’s powerful automation tools.
•
Revenue Growth: A leading Amazon retailer saw a revenue increase of more than 155% through optimized campaign management.

First Quarter 2024 Financial Updates:

•
Net revenues totaled $4.0 million, a year-over-year decrease of 12% when compared to $4.6 million for the first quarter of 2023.
•
GAAP loss from operations was ($2.5) million, resulting in a GAAP operating margin of (63%), as compared to a GAAP loss from operations of ($6.0) million and a GAAP operating margin of (130%) for the first quarter of 2023.
•
Non-GAAP loss from operations was ($2.1) million, resulting in a non-GAAP operating margin of (51%), as compared to a non-GAAP loss from operations of ($5.0) million and a non-GAAP operating margin of (109%) for the first quarter of 2023.

1

 

•
Cash and cash equivalents were $9.6 million as of March 31, 2024.

Reconciliations of GAAP to non-GAAP financial measures have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading “Non-GAAP Financial Measures.”

Financial Outlook:

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

Forward-Looking Guidance

In millions

 

 

 

 

 

 

 

 

 

 

Range of Estimate

 

 

 

 

From

 

 

To

 

 

Three Months Ending June 30, 2024

 

 

 

 

 

 

 

Revenues, net

 

$

3.9

 

 

$

4.2

 

 

Non-GAAP loss from operations

 

 

(2.1

)

 

 

(1.8

)

 

Non-GAAP loss from operations excludes the effects of stock-based compensation expense, amortization of internally developed software, impairment of long-lived assets, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Meta.

Additionally, the Company does not reconcile its forward-looking non-GAAP loss from operations, due to variability between revenues and non-cash items such as stock-based compensation. The GAAP loss from operations includes stock-based compensation expense, which is affected by hiring and retention needs, as well as the future price of Marin’s stock. As a result, a reconciliation of the forward-looking non-GAAP financial measures to the corresponding GAAP measures cannot be made without unreasonable effort.

Quarterly Results Conference Call

Marin Software will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the Company’s financial results for the quarter ended March 31, 2024, and its outlook for the future. To access the call, please dial (800) 954-0684 in the United States or (212) 231-2929 internationally with reference to conference ID 13742152. A live webcast of the conference call will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1639600&tp_key=84848adece. Following the completion of the call through 11:59 p.m. Eastern Time on May 9, 2024, a recorded replay will be available on the Company’s website at http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally with the recording access code 13742152.

About Marin Software

Marin Software Incorporated’s (NASDAQ: MRIN) mission is to give advertisers the power to drive higher efficiency and transparency in their paid marketing programs that run on the world’s largest publishers. Marin Software provides enterprise marketing software for advertisers and agencies to integrate, align, and amplify their digital advertising spend across the web and mobile devices. Marin Software offers a unified SaaS advertising management platform for search, social, and eCommerce advertising. The Company helps digital marketers convert precise audiences, improve financial performance, and make better decisions. Headquartered in San Francisco with offices worldwide, Marin Software’s technology powers marketing campaigns around the globe. For more information about Marin Software, please visit www.marinsoftware.com.

Non-GAAP Financial Measures

Marin uses certain non-GAAP financial measures in this release. Marin uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. Marin believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures that Marin uses may differ from measures that other companies may use.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Non-GAAP expenses, measures and net loss per share. Marin defines non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation expense, amortization of internally developed software and intangible assets, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in

2

 

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 second 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 July 2023 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 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; 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 May 2, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

(Unaudited; in thousands, except par value)

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,563

 

 

$

11,363

 

Accounts receivable, net

 

 

3,422

 

 

 

3,864

 

Prepaid expenses and other current assets

 

 

1,386

 

 

 

1,548

 

Total current assets

 

 

14,371

 

 

 

16,775

 

Property and equipment, net

 

 

118

 

 

 

120

 

Right-of-use assets, operating leases

 

 

1,613

 

 

 

1,912

 

Other non-current assets

 

 

504

 

 

 

508

 

Total assets

 

$

16,606

 

 

$

19,315

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

609

 

 

$

664

 

Accrued expenses and other current liabilities

 

 

1,820

 

 

 

2,099

 

Operating lease liabilities

 

 

1,613

 

 

 

1,518

 

Total current liabilities

 

 

4,042

 

 

 

4,281

 

Operating lease liabilities, non-current

 

 

—

 

 

 

394

 

Other long-term liabilities

 

 

980

 

 

 

1,001

 

Total liabilities

 

 

5,022

 

 

 

5,676

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value

 

 

—

 

 

 

—

 

Common stock, $0.001 par value

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

359,234

 

 

 

358,884

 

Accumulated deficit

 

 

(346,662

)

 

 

(344,251

)

Accumulated other comprehensive loss

 

 

(991

)

 

 

(997

)

Total stockholders’ equity

 

 

11,584

 

 

 

13,639

 

Total liabilities and stockholders’ equity

 

$

16,606

 

 

$

19,315

 

 

 

 

 

 

 

 

 

4

 

Marin Software Incorporated

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

 

(On a GAAP basis)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

(Unaudited; in thousands, except per share data)

 

2024

 

 

2023

 

Revenues, net

 

$

4,031

 

 

$

4,583

 

Cost of revenues

 

 

1,743

 

 

 

3,240

 

Gross profit

 

 

2,288

 

 

 

1,343

 

Operating expenses:

 

 

 

 

 

 

Sales and marketing

 

 

1,250

 

 

 

2,025

 

Research and development

 

 

1,881

 

 

 

2,942

 

General and administrative

 

 

1,684

 

 

 

2,336

 

Total operating expenses

 

 

4,815

 

 

 

7,303

 

Loss from operations

 

 

(2,527

)

 

 

(5,960

)

Other income, net

 

 

104

 

 

 

225

 

Loss before income taxes

 

 

(2,423

)

 

 

(5,735

)

Provision for (benefit from) income taxes

 

 

(12

)

 

 

48

 

Net loss

 

$

(2,411

)

 

$

(5,783

)

Net loss per common share, basic and diluted

 

$

(0.80

)

 

$

(2.01

)

Weighted-average shares outstanding, basic and diluted

 

 

3,024

 

 

 

2,873

 

 

 

 

 

 

 

 

 

5

 

Marin Software Incorporated

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

 

 

 

 

 

(On a GAAP basis)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

(Unaudited; in thousands)

 

2024

 

 

2023

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(2,411

)

 

$

(5,783

)

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

 

 

 

 

 

 

Depreciation

 

 

2

 

 

 

11

 

Amortization of internally developed software

 

 

—

 

 

 

419

 

Amortization of right-of-use assets

 

 

371

 

 

 

399

 

Amortization of deferred costs to obtain and fulfill contracts

 

 

87

 

 

 

94

 

Unrealized foreign currency losses

 

 

(1

)

 

 

4

 

Stock-based compensation related to equity awards

 

 

413

 

 

 

1,032

 

Provision for credit losses

 

 

(10

)

 

 

(279

)

Deferred income tax benefits

 

 

3

 

 

 

—

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

459

 

 

 

734

 

Prepaid expenses and other assets

 

 

81

 

 

 

232

 

Accounts payable

 

 

(55

)

 

 

194

 

Accrued expenses and other liabilities

 

 

(297

)

 

 

(350

)

Operating lease liabilities

 

 

(371

)

 

 

(399

)

Net cash used in operating activities

 

 

(1,729

)

 

 

(3,692

)

Investing activities:

 

 

 

 

 

 

Capitalization of internally developed software

 

 

—

 

 

 

(579

)

Net cash used in investing activities

 

 

—

 

 

 

(579

)

Financing activities:

 

 

 

 

 

 

Employee taxes paid for withheld shares upon equity award settlement

 

 

(60

)

 

 

(10

)

Proceeds from employee stock purchase plan, net

 

 

—

 

 

 

18

 

Net cash provided by (used in) financing activities

 

 

(60

)

 

 

8

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(11

)

 

 

22

 

Net decrease in cash and cash equivalents

 

 

(1,800

)

 

 

(4,241

)

Cash and cash equivalents:

 

 

 

 

 

 

Beginning of period

 

 

11,363

 

 

 

27,957

 

End of the period

 

$

9,563

 

 

$

23,716

 

 

 

 

 

 

 

 

 

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,

 

 

(Unaudited; in thousands)

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

Sales and Marketing (GAAP)

 

$

2,025

 

 

$

1,935

 

 

$

1,482

 

 

$

1,078

 

 

 

$

6,520

 

 

 

$

1,250

 

 

Less Stock-based compensation

 

 

(165

)

 

 

(184

)

 

 

(88

)

 

 

(65

)

 

 

 

(502

)

 

 

 

(64

)

 

Less Restructuring related expenses

 

 

—

 

 

 

—

 

 

 

(122

)

 

 

—

 

 

 

 

(122

)

 

 

 

—

 

 

Sales and Marketing (Non-GAAP)

 

$

1,860

 

 

$

1,751

 

 

$

1,272

 

 

$

1,013

 

 

 

$

5,896

 

 

 

$

1,186

 

 

Research and Development (GAAP)

 

$

2,942

 

 

$

2,797

 

 

$

2,860

 

 

$

1,636

 

 

 

$

10,235

 

 

 

$

1,881

 

 

Less Stock-based compensation

 

 

(270

)

 

 

(305

)

 

 

(131

)

 

 

(119

)

 

 

 

(825

)

 

 

 

(127

)

 

Less Restructuring related expenses

 

 

—

 

 

 

—

 

 

 

(815

)

 

 

(22

)

 

 

 

(837

)

 

 

 

—

 

 

Plus 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

 

 

General and Administrative (GAAP)

 

$

2,336

 

 

$

2,442

 

 

$

2,119

 

 

$

1,974

 

 

 

$

8,871

 

 

 

$

1,684

 

 

Less Stock-based compensation

 

 

(473

)

 

 

(627

)

 

 

(85

)

 

 

(187

)

 

 

 

(1,372

)

 

 

 

(183

)

 

Less Restructuring related expenses

 

 

—

 

 

 

—

 

 

 

(189

)

 

 

—

 

 

 

 

(189

)

 

 

 

—

 

 

Less Third-party subpoena-related expenses

 

 

(84

)

 

 

(45

)

 

 

(36

)

 

 

(30

)

 

 

 

(195

)

 

 

 

(60

)

 

General and Administrative (Non-GAAP)

 

$

1,779

 

 

$

1,770

 

 

$

1,809

 

 

$

1,757

 

 

 

$

7,115

 

 

 

$

1,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

(Unaudited; in thousands)

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

Gross Profit (GAAP)

 

$

1,343

 

 

$

1,186

 

 

$

1,351

 

 

$

2,216

 

 

 

$

6,096

 

 

 

$

2,288

 

 

Plus Stock-based compensation

 

 

124

 

 

 

137

 

 

 

5

 

 

 

41

 

 

 

 

307

 

 

 

 

39

 

 

Plus Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

—

 

 

Plus Restructuring related expenses

 

 

-

 

 

 

—

 

 

 

671

 

 

 

2

 

 

 

 

673

 

 

 

 

—

 

 

Gross Profit (Non-GAAP)

 

$

1,886

 

 

$

1,749

 

 

$

2,460

 

 

$

2,682

 

 

 

$

8,777

 

 

 

$

2,327

 

 

Operating Loss (GAAP)

 

$

(5,960

)

 

$

(5,988

)

 

$

(5,110

)

 

$

(5,748

)

 

 

$

(22,806

)

 

 

$

(2,527

)

 

Plus Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

Plus Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

—

 

 

Plus Restructuring related expenses

 

 

-

 

 

 

—

 

 

 

1,797

 

 

 

24

 

 

 

 

1,821

 

 

 

 

—

 

 

Less Capitalization of internally developed software

 

 

(579

)

 

 

(578

)

 

 

(354

)

 

 

(296

)

 

 

 

(1,807

)

 

 

 

—

 

 

Plus Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

Plus 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

)

 

Net Loss (GAAP)

 

$

(5,783

)

 

$

(5,917

)

 

$

(4,954

)

 

$

(5,263

)

 

 

$

(21,917

)

 

 

$

(2,411

)

 

Plus Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

Plus Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

—

 

 

Plus Restructuring related expenses

 

 

-

 

 

 

—

 

 

 

1,797

 

 

 

24

 

 

 

 

1,821

 

 

 

 

—

 

 

Less Capitalization of internally developed software

 

 

(579

)

 

 

(578

)

 

 

(354

)

 

 

(296

)

 

 

 

(1,807

)

 

 

 

—

 

 

Plus Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

Plus 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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

Marin Software Incorporated

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Non-GAAP Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Year Ended

 

 

 

Three Months Ended

(Unaudited; in thousands, except per share data)

 

Mar 31,

 

 

Jun 30,

 

 

Sep 30,

 

 

Dec 31,

 

 

 

Dec 31,

 

 

 

Mar 31,

 

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

Net Loss (Non-GAAP)

 

$

(4,827

)

 

$

(4,771

)

 

$

(2,733

)

 

$

(1,394

)

 

 

$

(13,725

)

 

 

$

(1,938

)

 

Weighted-average shares outstanding, basic and diluted

 

 

2,873

 

 

 

2,902

 

 

 

2,985

 

 

 

3,009

 

 

 

 

2,943

 

 

 

 

3,024

 

 

Non-GAAP net loss per common share, basic and diluted

 

$

(1.68

)

 

$

(1.64

)

 

$

(0.92

)

 

$

(0.46

)

 

 

$

(4.66

)

 

 

$

(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,

 

 

(Unaudited; in thousands)

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

2023

 

 

 

2024

 

 

Net Loss

 

$

(5,783

)

 

$

(5,917

)

 

$

(4,954

)

 

$

(5,263

)

 

 

$

(21,917

)

 

 

$

(2,411

)

 

Depreciation

 

 

11

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

 

19

 

 

 

 

2

 

 

Amortization of internally developed software

 

 

419

 

 

 

426

 

 

 

433

 

 

 

423

 

 

 

 

1,701

 

 

 

 

—

 

 

Provision for (benefit from) income taxes

 

 

48

 

 

 

144

 

 

 

2

 

 

 

(344

)

 

 

 

(150

)

 

 

 

(12

)

 

Stock-based compensation

 

 

1,032

 

 

 

1,253

 

 

 

309

 

 

 

412

 

 

 

 

3,006

 

 

 

 

413

 

 

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

)

 

Third-party subpoena-related expenses

 

 

84

 

 

 

45

 

 

 

36

 

 

 

30

 

 

 

 

195

 

 

 

 

60

 

 

Adjusted EBITDA

 

$

(4,993

)

 

$

(4,839

)

 

$

(2,886

)

 

$

(1,877

)

 

 

$

(14,595

)

 

 

$

(2,052

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

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Document and Entity Information
May 02, 2024
Entity Addresses [Line Items]  
Entity Registrant Name Marin Software Incorporated
Amendment Flag false
Entity Central Index Key 0001389002
Document Type 8-K
Document Period End Date May 02, 2024
Entity Incorporation State Country Code DE
Entity File Number 001-35838
Entity Tax Identification Number 20-4647180
Entity Address, Address Line One 149 New Montgomery Street
Entity Address, Address Line Two 4th Floor
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94105
City Area Code 415
Local Phone Number 399-2580
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common stock, par value $0.001 per share
Trading Symbol MRIN
Entity Emerging Growth Company false
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