Marin Software Announces Third Quarter 2022 Financial Results
Marin Software (NASDAQ: MRIN) reported Q3 2022 net revenues of $5.0 million, down 19% from $6.2 million in Q3 2021. The GAAP loss from operations worsened to ($5.8) million, with a GAAP operating margin of (117%). Non-GAAP loss from operations was ($4.5) million, reflecting a non-GAAP operating margin of (91%). Despite challenges, the company introduced new features in MarinOne, including support for Snapchat Ads and enhanced bidding strategies. Marin aims to provide better marketing insights as economic uncertainty increases.
- Launched support for managing Snapchat Ads, connecting advertisers to over 300 million daily users.
- Introduced features for Pinterest bidding, enhancing advertising capabilities.
- Added one-click implementation for nearly 20 Insights to improve account performance.
- Expanded bidding support options, including Google Smart Bidding.
- Net revenues decreased by 19% year-over-year.
- GAAP operating loss increased to ($5.8) million from ($3.3) million in Q3 2021.
- Non-GAAP operating loss increased to ($4.5) million from ($2.9) million in Q3 2021.
“As marketers face rising economic uncertainty, there is a greater need to be able to measure, manage, and optimize each marketing dollar,” said
Third Quarter 2022 Product Highlights:
- Launched support for managing Snapchat Ads in MarinOne, giving advertisers the ability to connect with over 300 million daily active users with immersive content that inspires action.
- Added support for Pinterest bidding, enabling Pinterest advertisers to leverage MarinOne’s state of the art optimization.
- Introduced one-click support for nearly 20 Insights, allowing users to implement changes with the click of a button to quickly improve the performance of their accounts, rather than having to work through bulksheets.
- Added three new Insights, including automated alerts for RSA Coverage, First Page Minimum Bid, and KPI Performance.
- Introduced three new ways to segment data in the Dimensions tab, giving users a deeper understanding of performance based on device, publisher, and match type.
- Expanded Dynamic Actions to allow changes to additional objects, including Product Targets and Dynamic Targets.
- Introduced sync support for Amazon Portfolios.
- Introduced new ‘Jump To’ filters within Strategies for faster navigation. Users can filter for campaigns, groups, keywords, product groups, and dynamic targets.
- Introduced Responsive Bidding, which allows MarinOne Bidding to sync with publishers more often and with more intelligence. If Responsive Bidding detects a change to rules, boosts, or Strategy assignments, bids will immediately be recalculated.
-
Expanded support for
Google Smart Bidding settings, giving users more flexibility in selecting the bidding tools that best meet their needs acrossGoogle and Marin.
Third Quarter 2022 Financial Updates:
-
Net revenues totaled
$5.0 million 19% when compared to$6.2 million -
GAAP loss from operations was
( , resulting in a GAAP operating margin of ($5.8) million 117% ), as compared to a GAAP loss from operations of( and a GAAP operating margin of ($3.3) million 53% ) for the third quarter of 2021. -
Non-GAAP loss from operations was
( , resulting in a non-GAAP operating margin of ($4.5) million 91% ), as compared to a non-GAAP loss from operations of( and a non-GAAP operating margin of ($2.9) million 47% ) for the third quarter of 2021.
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 fourth quarter of 2022 as follows:
Forward-Looking Guidance |
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In millions |
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Range of Estimate |
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From |
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To |
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Three Months Ending |
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Revenues, net |
|
$ |
4.6 |
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$ |
5.1 |
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|
Non-GAAP loss from operations |
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|
(4.9 |
) |
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(4.5 |
) |
|
Non-GAAP loss from operations excludes the effects of stock-based compensation, 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
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
About
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.
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, amortization of internally developed software and intangible assets, impairment of goodwill and long-lived assets, non-cash expenses related to debt agreements, capitalization of internally developed software, CARES Act employee retention credit, 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
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, impairment of goodwill and long-lived assets, benefit from or provision for income taxes, CARES Act employee retention credit, 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
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, progress on product development efforts, product capabilities, advertiser and customer behavior, effects of the COVID-19 pandemic, and future financial results, including its outlook for the fourth quarter of 2022. 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 any lingering effects of the global outbreak of COVID-19 on demand for our products and services; the amount of digital advertising spend managed by our customers using our products; the extent of customer acceptance and adoption 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 raise additional capital; our ability to manage expenses; the success of any increased investments that we may make in our engineering and sales and marketing teams; 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; level of usage and advertising spend managed on our 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; 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; 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
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Condensed Consolidated Balance Sheets |
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(On a GAAP basis) |
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(Unaudited; in thousands, except par value) |
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2022 |
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|
2021 |
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Assets: |
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|
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Current assets: |
|
|
|
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|
||
Cash and cash equivalents |
|
$ |
31,476 |
|
|
$ |
46,842 |
|
Restricted cash |
|
|
215 |
|
|
|
215 |
|
Accounts receivable, net |
|
|
4,241 |
|
|
|
4,633 |
|
Prepaid expenses and other current assets |
|
|
2,052 |
|
|
|
2,324 |
|
Total current assets |
|
|
37,984 |
|
|
|
54,014 |
|
Property and equipment, net |
|
|
3,205 |
|
|
|
3,622 |
|
Right-of-use assets, operating leases |
|
|
4,240 |
|
|
|
1,660 |
|
Other non-current assets |
|
|
583 |
|
|
|
535 |
|
Total assets |
|
$ |
46,012 |
|
|
$ |
59,831 |
|
Liabilities and Stockholders' Equity: |
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|
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Current liabilities: |
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||
Accounts payable |
|
$ |
710 |
|
|
$ |
975 |
|
Accrued expenses and other current liabilities |
|
|
4,574 |
|
|
|
6,176 |
|
Note payable, current |
|
|
— |
|
|
|
2,226 |
|
Operating lease liabilities |
|
|
1,620 |
|
|
|
2,006 |
|
Total current liabilities |
|
|
6,904 |
|
|
|
11,383 |
|
Note payable, net of current |
|
|
— |
|
|
|
1,094 |
|
Operating lease liabilities, non-current |
|
|
2,620 |
|
|
|
— |
|
Other long-term liabilities |
|
|
947 |
|
|
|
1,096 |
|
Total liabilities |
|
|
10,471 |
|
|
|
13,573 |
|
Stockholders’ equity: |
|
|
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|
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|
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Common stock, |
|
|
16 |
|
|
|
15 |
|
Additional paid-in capital |
|
|
353,702 |
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|
351,394 |
|
Accumulated deficit |
|
|
(317,216 |
) |
|
|
(304,107 |
) |
Accumulated other comprehensive loss |
|
|
(961 |
) |
|
|
(1,044 |
) |
Total stockholders’ equity |
|
|
35,541 |
|
|
|
46,258 |
|
Total liabilities and stockholders’ equity |
|
$ |
46,012 |
|
|
$ |
59,831 |
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Condensed Consolidated Statements of Operations |
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(On a GAAP basis) |
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Three Months Ended |
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Nine Months Ended |
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(Unaudited; in thousands, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues, net |
|
$ |
4,977 |
|
|
$ |
6,155 |
|
|
$ |
14,858 |
|
|
$ |
18,557 |
|
Cost of revenues |
|
|
3,181 |
|
|
|
3,175 |
|
|
|
9,712 |
|
|
|
9,591 |
|
Gross profit |
|
|
1,796 |
|
|
|
2,980 |
|
|
|
5,146 |
|
|
|
8,966 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
1,660 |
|
|
|
1,266 |
|
|
|
5,035 |
|
|
|
3,780 |
|
Research and development |
|
|
3,034 |
|
|
|
2,677 |
|
|
|
8,931 |
|
|
|
7,743 |
|
General and administrative |
|
|
2,923 |
|
|
|
2,312 |
|
|
|
7,937 |
|
|
|
6,176 |
|
Total operating expenses |
|
|
7,617 |
|
|
|
6,255 |
|
|
|
21,903 |
|
|
|
17,699 |
|
Loss from operations |
|
|
(5,821 |
) |
|
|
(3,275 |
) |
|
|
(16,757 |
) |
|
|
(8,733 |
) |
Other income, net |
|
|
190 |
|
|
|
298 |
|
|
|
3,889 |
|
|
|
846 |
|
Loss before income taxes |
|
|
(5,631 |
) |
|
|
(2,977 |
) |
|
|
(12,868 |
) |
|
|
(7,887 |
) |
Income tax provision (benefit) |
|
|
105 |
|
|
|
153 |
|
|
|
241 |
|
|
|
(44 |
) |
Net loss |
|
$ |
(5,736 |
) |
|
$ |
(3,130 |
) |
|
$ |
(13,109 |
) |
|
$ |
(7,843 |
) |
Net loss per common share, basic and diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.83 |
) |
|
$ |
(0.66 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
16,030 |
|
|
|
14,500 |
|
|
|
15,741 |
|
|
|
11,956 |
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Condensed Consolidated Statements of Cash Flows |
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(On a GAAP basis) |
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Nine Months Ended |
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|||||
(Unaudited; in thousands) |
|
2022 |
|
|
2021 |
|
||
Operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(13,109 |
) |
|
$ |
(7,843 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
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|
||
Depreciation |
|
|
435 |
|
|
|
670 |
|
Amortization of internally developed software |
|
|
1,392 |
|
|
|
1,806 |
|
Amortization of deferred costs to obtain and fulfill contracts |
|
|
260 |
|
|
|
364 |
|
Forgiveness of Paycheck Protection Program loan |
|
|
(3,117 |
) |
|
|
— |
|
Interest expense |
|
|
— |
|
|
|
6 |
|
Loss on disposals of property and equipment and right-of-use assets |
|
|
29 |
|
|
|
30 |
|
Unrealized foreign currency losses |
|
|
111 |
|
|
|
43 |
|
Stock-based compensation related to equity awards |
|
|
2,612 |
|
|
|
1,273 |
|
Provision for bad debts |
|
|
(50 |
) |
|
|
(102 |
) |
Net change in operating leases |
|
|
(346 |
) |
|
|
(396 |
) |
Deferred income tax benefits |
|
|
(72 |
) |
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
||
Accounts receivable |
|
|
486 |
|
|
|
551 |
|
Prepaid expenses and other assets |
|
|
55 |
|
|
|
(173 |
) |
Accounts payable |
|
|
(257 |
) |
|
|
(137 |
) |
Accrued expenses and other liabilities |
|
|
(1,717 |
) |
|
|
(1,351 |
) |
Net cash used in operating activities |
|
|
(13,288 |
) |
|
|
(5,259 |
) |
Investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(17 |
) |
|
|
(6 |
) |
Capitalization of internally developed software |
|
|
(1,343 |
) |
|
|
(971 |
) |
Net cash used in investing activities |
|
|
(1,360 |
) |
|
|
(977 |
) |
Financing activities: |
|
|
|
|
|
|
||
Proceeds from issuance of common shares through at-the-market offering, net of offering costs |
|
|
— |
|
|
|
41,888 |
|
Payment of principal on finance lease liabilities |
|
|
— |
|
|
|
(15 |
) |
Repayment of Paycheck Protection Program loan |
|
|
(203 |
) |
|
|
— |
|
Employee taxes paid for withheld shares upon equity award settlement |
|
|
(394 |
) |
|
|
(280 |
) |
Proceeds from employee stock purchase plan, net |
|
|
37 |
|
|
|
29 |
|
Net cash (used in) provided by financing activities |
|
|
(560 |
) |
|
|
41,622 |
|
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash |
|
|
(158 |
) |
|
|
(48 |
) |
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
|
(15,366 |
) |
|
|
35,338 |
|
Cash and cash equivalents and restricted cash: |
|
|
|
|
|
|
||
Beginning of period |
|
|
47,057 |
|
|
|
14,820 |
|
End of the period |
|
$ |
31,691 |
|
|
$ |
50,158 |
|
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|
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Reconciliation of GAAP to Non-GAAP Expenses |
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||||||||
|
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Three Months Ended |
|
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|
Year Ended |
|
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|
Three Months Ended |
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|
|
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|
|
|
|
|
|
|
|
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|
||||||||
(Unaudited; in thousands) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
||||||||
Sales and Marketing (GAAP) |
|
$ |
1,246 |
|
|
$ |
1,268 |
|
|
$ |
1,266 |
|
|
$ |
1,702 |
|
|
|
$ |
5,482 |
|
|
|
$ |
1,787 |
|
|
$ |
1,588 |
|
|
$ |
1,660 |
|
|
Less Stock-based compensation |
|
|
(66 |
) |
|
|
(70 |
) |
|
|
(122 |
) |
|
|
(150 |
) |
|
|
|
(408 |
) |
|
|
|
(175 |
) |
|
|
(157 |
) |
|
|
(99 |
) |
|
Less Restructuring related expenses |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
(136 |
) |
|
|
|
(134 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Plus CARES Act employee retention credit |
|
|
42 |
|
|
|
42 |
|
|
|
60 |
|
|
|
— |
|
|
|
|
144 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Sales and Marketing (Non-GAAP) |
|
$ |
1,224 |
|
|
$ |
1,240 |
|
|
$ |
1,204 |
|
|
$ |
1,416 |
|
|
|
$ |
5,084 |
|
|
|
$ |
1,612 |
|
|
$ |
1,431 |
|
|
$ |
1,561 |
|
|
Research and Development (GAAP) |
|
$ |
2,399 |
|
|
$ |
2,667 |
|
|
$ |
2,677 |
|
|
$ |
3,045 |
|
|
|
$ |
10,788 |
|
|
|
$ |
2,917 |
|
|
$ |
2,980 |
|
|
$ |
3,034 |
|
|
Less Stock-based compensation |
|
|
(98 |
) |
|
|
(133 |
) |
|
|
(159 |
) |
|
|
(204 |
) |
|
|
|
(594 |
) |
|
|
|
(224 |
) |
|
|
(213 |
) |
|
|
(303 |
) |
|
Less Restructuring related expenses |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(2 |
) |
|
|
|
(36 |
) |
|
|
(59 |
) |
|
|
(76 |
) |
|
Plus CARES Act employee retention credit |
|
|
252 |
|
|
|
238 |
|
|
|
245 |
|
|
|
— |
|
|
|
|
735 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Plus Capitalization of internally developed software |
|
|
434 |
|
|
|
238 |
|
|
|
362 |
|
|
|
343 |
|
|
|
|
1,377 |
|
|
|
|
512 |
|
|
|
408 |
|
|
|
449 |
|
|
Research and Development (Non-GAAP) |
|
$ |
2,985 |
|
|
$ |
3,010 |
|
|
$ |
3,125 |
|
|
$ |
3,184 |
|
|
|
$ |
12,304 |
|
|
|
$ |
3,169 |
|
|
$ |
3,116 |
|
|
$ |
3,104 |
|
|
General and Administrative (GAAP) |
|
$ |
1,869 |
|
|
$ |
1,995 |
|
|
$ |
2,312 |
|
|
$ |
3,151 |
|
|
|
$ |
9,327 |
|
|
|
$ |
2,469 |
|
|
$ |
2,545 |
|
|
$ |
2,923 |
|
|
Less Stock-based compensation |
|
|
(63 |
) |
|
|
(130 |
) |
|
|
(248 |
) |
|
|
(287 |
) |
|
|
|
(728 |
) |
|
|
|
(334 |
) |
|
|
(340 |
) |
|
|
(405 |
) |
|
Less Restructuring related expenses |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(2 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
Plus CARES Act employee retention credit |
|
|
70 |
|
|
|
66 |
|
|
|
67 |
|
|
|
— |
|
|
|
|
203 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Less Third-party subpoena-related expenses |
|
|
— |
|
|
|
— |
|
|
|
(87 |
) |
|
|
(405 |
) |
|
|
|
(492 |
) |
|
|
|
(72 |
) |
|
|
(99 |
) |
|
|
(198 |
) |
|
General and Administrative (Non-GAAP) |
|
$ |
1,874 |
|
|
$ |
1,931 |
|
|
$ |
2,044 |
|
|
$ |
2,459 |
|
|
|
$ |
8,308 |
|
|
|
$ |
2,063 |
|
|
$ |
2,106 |
|
|
$ |
2,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of GAAP to Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
|
Year Ended |
|
|
|
Three Months Ended |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Unaudited; in thousands) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
||||||||
Gross Profit (GAAP) |
|
$ |
3,067 |
|
|
$ |
2,919 |
|
|
$ |
2,980 |
|
|
$ |
2,569 |
|
|
|
$ |
11,535 |
|
|
|
$ |
1,833 |
|
|
$ |
1,517 |
|
|
$ |
1,796 |
|
Plus Stock-based compensation |
|
|
35 |
|
|
|
46 |
|
|
|
103 |
|
|
|
107 |
|
|
|
|
291 |
|
|
|
|
124 |
|
|
|
90 |
|
|
|
148 |
|
Plus Amortization of internally developed software |
|
|
624 |
|
|
|
596 |
|
|
|
586 |
|
|
|
550 |
|
|
|
|
2,356 |
|
|
|
|
542 |
|
|
|
431 |
|
|
|
419 |
|
Plus Restructuring related expenses |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
42 |
|
|
|
|
43 |
|
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
Less CARES Act employee retention credit |
|
|
(175 |
) |
|
|
(179 |
) |
|
|
(174 |
) |
|
|
— |
|
|
|
|
(528 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gross Profit (Non-GAAP) |
|
$ |
3,552 |
|
|
$ |
3,382 |
|
|
$ |
3,495 |
|
|
$ |
3,268 |
|
|
|
$ |
13,697 |
|
|
|
$ |
2,516 |
|
|
$ |
2,038 |
|
|
$ |
2,363 |
|
Operating Loss (GAAP) |
|
$ |
(2,447 |
) |
|
$ |
(3,011 |
) |
|
$ |
(3,275 |
) |
|
$ |
(5,329 |
) |
|
|
$ |
(14,062 |
) |
|
|
$ |
(5,340 |
) |
|
$ |
(5,596 |
) |
|
$ |
(5,821 |
) |
Plus Stock-based compensation |
|
|
262 |
|
|
|
379 |
|
|
|
632 |
|
|
|
748 |
|
|
|
|
2,021 |
|
|
|
|
857 |
|
|
|
800 |
|
|
|
955 |
|
Plus Amortization of internally developed software |
|
|
624 |
|
|
|
596 |
|
|
|
586 |
|
|
|
550 |
|
|
|
|
2,356 |
|
|
|
|
542 |
|
|
|
431 |
|
|
|
419 |
|
Plus Restructuring related expenses |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
|
181 |
|
|
|
|
53 |
|
|
|
59 |
|
|
|
154 |
|
Less CARES Act employee retention credit |
|
|
(539 |
) |
|
|
(525 |
) |
|
|
(546 |
) |
|
|
— |
|
|
|
|
(1,610 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less Capitalization of internally developed software |
|
|
(434 |
) |
|
|
(238 |
) |
|
|
(362 |
) |
|
|
(343 |
) |
|
|
|
(1,377 |
) |
|
|
|
(512 |
) |
|
|
(408 |
) |
|
|
(449 |
) |
Plus Third-party subpoena-related expenses |
|
|
— |
|
|
|
— |
|
|
|
87 |
|
|
|
405 |
|
|
|
|
492 |
|
|
|
|
72 |
|
|
|
99 |
|
|
|
198 |
|
Operating Loss (Non-GAAP) |
|
$ |
(2,531 |
) |
|
$ |
(2,799 |
) |
|
$ |
(2,878 |
) |
|
$ |
(3,791 |
) |
|
|
$ |
(11,999 |
) |
|
|
$ |
(4,328 |
) |
|
$ |
(4,615 |
) |
|
$ |
(4,544 |
) |
Net Loss (GAAP) |
|
$ |
(2,212 |
) |
|
$ |
(2,501 |
) |
|
$ |
(3,130 |
) |
|
$ |
(5,101 |
) |
|
|
$ |
(12,944 |
) |
|
|
$ |
(1,999 |
) |
|
$ |
(5,374 |
) |
|
$ |
(5,736 |
) |
Plus Stock-based compensation |
|
|
262 |
|
|
|
379 |
|
|
|
632 |
|
|
|
748 |
|
|
|
|
2,021 |
|
|
|
|
857 |
|
|
|
800 |
|
|
|
955 |
|
Plus Amortization of internally developed software |
|
|
624 |
|
|
|
596 |
|
|
|
586 |
|
|
|
550 |
|
|
|
|
2,356 |
|
|
|
|
542 |
|
|
|
431 |
|
|
|
419 |
|
Plus Restructuring related expenses |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
|
181 |
|
|
|
|
53 |
|
|
|
59 |
|
|
|
154 |
|
Less CARES Act employee retention credit |
|
|
(539 |
) |
|
|
(525 |
) |
|
|
(546 |
) |
|
|
— |
|
|
|
|
(1,610 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less Capitalization of internally developed software |
|
|
(434 |
) |
|
|
(238 |
) |
|
|
(362 |
) |
|
|
(343 |
) |
|
|
|
(1,377 |
) |
|
|
|
(512 |
) |
|
|
(408 |
) |
|
|
(449 |
) |
Plus Third-party subpoena-related expenses |
|
|
— |
|
|
|
— |
|
|
|
87 |
|
|
|
405 |
|
|
|
|
492 |
|
|
|
|
72 |
|
|
|
99 |
|
|
|
198 |
|
Less Forgiveness and repayment of Paycheck Protection Program loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,320 |
) |
|
|
— |
|
|
|
— |
|
Net Loss (Non-GAAP) |
|
$ |
(2,296 |
) |
|
$ |
(2,289 |
) |
|
$ |
(2,733 |
) |
|
$ |
(3,563 |
) |
|
|
$ |
(10,881 |
) |
|
|
$ |
(4,307 |
) |
|
$ |
(4,393 |
) |
|
$ |
(4,459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Calculation of Non-GAAP Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
|
Year Ended |
|
|
|
Three Months Ended |
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Unaudited; in thousands, except per share data) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
||||||||
Net Loss (Non-GAAP) |
|
$ |
(2,296 |
) |
|
$ |
(2,289 |
) |
|
$ |
(2,733 |
) |
|
$ |
(3,563 |
) |
|
|
$ |
(10,881 |
) |
|
|
$ |
(4,307 |
) |
|
$ |
(4,393 |
) |
|
$ |
(4,459 |
) |
|
Weighted-average shares outstanding, basic and diluted |
|
|
10,300 |
|
|
|
11,034 |
|
|
|
14,500 |
|
|
|
15,513 |
|
|
|
|
12,846 |
|
|
|
|
15,537 |
|
|
|
15,651 |
|
|
|
16,030 |
|
|
Non-GAAP net loss per common share, basic and diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.23 |
) |
|
|
$ |
(0.85 |
) |
|
|
$ |
(0.28 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
|
Year Ended |
|
|
|
Three Months Ended |
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Unaudited; in thousands) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
||||||||
Net Loss |
|
$ |
(2,212 |
) |
|
$ |
(2,501 |
) |
|
$ |
(3,130 |
) |
|
$ |
(5,101 |
) |
|
|
$ |
(12,944 |
) |
|
|
$ |
(1,999 |
) |
|
$ |
(5,374 |
) |
|
$ |
(5,736 |
) |
|
Depreciation |
|
|
240 |
|
|
|
223 |
|
|
|
207 |
|
|
|
181 |
|
|
|
|
851 |
|
|
|
|
179 |
|
|
|
199 |
|
|
|
57 |
|
|
Amortization of internally developed software |
|
|
624 |
|
|
|
596 |
|
|
|
586 |
|
|
|
550 |
|
|
|
|
2,356 |
|
|
|
|
542 |
|
|
|
431 |
|
|
|
419 |
|
|
Provision for (benefit from) income taxes |
|
|
92 |
|
|
|
(289 |
) |
|
|
153 |
|
|
|
(90 |
) |
|
|
|
(134 |
) |
|
|
|
61 |
|
|
|
75 |
|
|
|
105 |
|
|
Stock-based compensation |
|
|
262 |
|
|
|
379 |
|
|
|
632 |
|
|
|
748 |
|
|
|
|
2,021 |
|
|
|
|
857 |
|
|
|
800 |
|
|
|
955 |
|
|
CARES Act employee retention credit |
|
|
(539 |
) |
|
|
(525 |
) |
|
|
(546 |
) |
|
|
— |
|
|
|
|
(1,610 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Capitalization of internally developed software |
|
|
(434 |
) |
|
|
(238 |
) |
|
|
(362 |
) |
|
|
(343 |
) |
|
|
|
(1,377 |
) |
|
|
|
(512 |
) |
|
|
(408 |
) |
|
|
(449 |
) |
|
Restructuring related expenses |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
|
181 |
|
|
|
|
53 |
|
|
|
59 |
|
|
|
154 |
|
|
Other income, net |
|
|
(327 |
) |
|
|
(221 |
) |
|
|
(298 |
) |
|
|
(138 |
) |
|
|
|
(984 |
) |
|
|
|
(3,402 |
) |
|
|
(297 |
) |
|
|
(190 |
) |
|
Third-party subpoena-related expenses |
|
|
— |
|
|
|
— |
|
|
|
87 |
|
|
|
405 |
|
|
|
|
492 |
|
|
|
|
72 |
|
|
|
99 |
|
|
|
198 |
|
|
Adjusted EBITDA |
|
$ |
(2,291 |
) |
|
$ |
(2,576 |
) |
|
$ |
(2,671 |
) |
|
$ |
(3,610 |
) |
|
|
$ |
(11,148 |
) |
|
|
$ |
(4,149 |
) |
|
$ |
(4,416 |
) |
|
$ |
(4,487 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005140/en/
Investor Relations,
ir@marinsoftware.com
Media Contact
Marketing,
(415) 399-2580
press@marinsoftware.com
Source:
FAQ
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