SOURCE: Marin Software

Marin Software

May 05, 2016 16:15 ET

Marin Software Announces First Quarter 2016 Financial Results

SAN FRANCISCO, CA--(Marketwired - May 05, 2016) -

  • Reported first quarter Adjusted EBITDA of $1.4 million, an increase of $5.2 million, as compared to ($3.8) million in the first quarter of 2015
  • Reported first quarter net revenues of $27.2 million, up 3% year-over-year
  • Reported first quarter operating cash flows of $0.7 million, as compared to ($3.8) million in the first quarter of 2015

Marin Software Incorporated (NYSE: MRIN), a leading cross-channel, cross-device performance advertising cloud provider for advertisers and agencies, today announced financial results for the first quarter ended March 31, 2016.

"Our first quarter results demonstrated strong annual improvement in our gross margins and over $1.4 million in Adjusted EBITDA," said David A. Yovanno, chief executive officer of Marin Software. "With the migration of our social application to the new technology platform complete, we are actively rolling out many new and innovative product enhancements for our customers. We will continue to manage our business with discipline during the migration of our search application, and remain committed to delivering positive Adjusted EBITDA for the year. The investments we are making will enable us to capitalize on the dynamic trends in digital advertising, extend our market leadership, and fuel our longer-term growth."

First Quarter 2016 Financial Highlights:

  • Net revenues totaled $27.2 million, a year-over-year increase of 3%, when compared to $26.4 million in the first quarter of 2015.
  • GAAP gross profit was $18.0 million, resulting in a gross margin of 66%, compared to GAAP gross profit of $16.7 million during the first quarter of 2015. Non-GAAP gross profit was $19.4 million, resulting in a non-GAAP gross margin of 71%, compared to non-GAAP gross profit of $17.7 million during the first quarter of 2015.
  • GAAP income from operations was ($4.1) million, compared to ($9.7) million for the first quarter of 2015. GAAP operating margin was (15%), compared to (37%) during the first quarter of 2015. Non-GAAP income from operations was ($0.2) million, compared to ($5.4) million for the first quarter of 2015. Non-GAAP operating margin was (1%), compared to (20%) during the first quarter of 2015.
  • GAAP net income was ($4.4) million, or ($0.12) per share, based on 37.8 million weighted average shares outstanding. This compares to ($9.7) million, or ($0.27) per share, based upon 35.7 million weighted average shares outstanding during the first quarter of 2015. Non-GAAP net income was ($0.6) million, or ($0.01) per share, based upon 37.8 million weighted average shares outstanding. This compares to ($5.4) million, or ($0.15) per share, based on 35.7 million weighted average shares outstanding during the first quarter of 2015.
  • Adjusted EBITDA was $1.4 million, compared to ($3.8) million in the first quarter of 2015.
  • As of March 31, 2016, cash and cash equivalents totaled $36.2 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."

First Quarter 2016 Product Release Highlights

  • Enhanced support for Facebook's Reach and Frequency product to help social advertisers better control the delivery, cost, and reach of their brand campaigns.
  • Launched support for Google's Mobile App Extensions for better management and measurement of mobile app installs and engagement campaigns.
  • Developed an assisted conversions measurement tool that enables display advertisers to distinguish the return on advertising spend between prospecting and retargeting campaigns and better understand how views and clicks of campaigns assist in subsequent campaigns that drive final conversion.
  • Released Estimated Clear Price Bidding, a new display bidding strategy that uses historical ad auction data to establish a value for a bid that is likely to win an impression for a given publisher with a particular ad format.
  • Announced certified integration with Sizmek SEM Connect, to allow advertisers to create and manage search campaigns within a single tool and build bidding rules around collected revenue data. Customers can gain an accurate, de-duplicated view of their search campaigns' performance and true return on investment.

Financial Outlook:
As of May 5, 2016, Marin is initiating guidance for its second quarter 2016 as follows:

   
Forward-Looking Guidance  
In millions, except per share data  
             
    Range of Estimate  
    From     To  
Three Months Ending June 30, 2016                
  Revenues, net   $ 25.0     $ 25.6  
  Non-GAAP income (loss) from operations   $ (2.9 )   $ (2.3 )
  Non-GAAP net income (loss) per share   $ (0.08 )   $ (0.06 )
  Weighted-average shares outstanding     38.3          
                   

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 March 31, 2016, and its outlook for the future. To access the call, please dial (877) 705-6003 in the U.S. or (201) 493-6725 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 May 12, 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 13635463.

About Marin Software
Marin Software Incorporated (NYSE: MRIN) provides a leading cross-channel, cross-device performance advertising cloud 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's products, 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.

Non-GAAP constant currency revenues and growth. Marin defines non-GAAP constant currency revenues as total revenues excluding the impact of foreign exchange rate movements, and uses it to determine the constant currency revenue growth on a year-over-year basis. Non-GAAP constant currency revenues are calculated by translating current quarter or year-to-date revenues using the average prior period exchange rates. Constant currency revenue growth (expressed as a percentage) is calculated by determining the increase in current quarter and year-to-date revenues over prior period revenues, where current quarter and year-to-date international revenues are translated using prior period exchange rates. The Company considers non-GAAP constant currency revenues and growth as useful metrics as they facilitate management's internal comparison to historical performance, because they exclude the effects of foreign currency volatility that are not indicative of the Company's operating results. Marin believes they provide useful supplemental information to investors about the financial performance of the business, enable a comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating the 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, position in the industry, product capabilities and adjusted EBITDA projections and other future financial results, including its outlook for the second 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 revenue, expenses, Adjusted EBITDA, cash flows or other financial metrics; delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; progress in our efforts to update our software platform; 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 May 5, 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)  
   
    March 31,     December 31,  
(Unaudited; in thousands, except par value)   2016     2015  
Assets                
Current assets                
  Cash and cash equivalents   $ 36,237     $ 37,326  
  Accounts receivable, net     23,858       21,718  
  Prepaid expenses and other current assets     4,208       4,186  
    Total current assets     64,303       63,230  
Property and equipment, net     21,234       21,817  
Goodwill     19,578       19,417  
Intangible assets, net     9,579       10,405  
Other noncurrent assets     1,334       1,323  
    Total assets   $ 116,028     $ 116,192  
Liabilities and Stockholders' Equity                
Current liabilities                
  Accounts payable   $ 1,376     $ 1,710  
  Accrued expenses and other current liabilities     12,071       11,185  
  Deferred revenues     1,544       1,430  
  Current portion of long-term debt     881       1,384  
    Total current liabilities     15,872       15,709  
Long-term debt, less current portion     1,421       1,557  
Other long-term liabilities     4,624       4,795  
    Total liabilities     21,917       22,061  
Stockholders' equity                
  Common stock, $0.001 par value     38       37  
  Additional paid-in capital     279,571       275,604  
  Accumulated deficit     (184,146 )     (179,733 )
  Accumulated other comprehensive loss     (1,352 )     (1,777 )
    Total stockholders' equity     94,111       94,131  
    Total liabilities and stockholders' equity   $ 116,028     $ 116,192  
                     
   
   
Marin Software Inc.  
Condensed Consolidated Statements of Operations  
(On a GAAP basis)  
   
        Three Months Ended March 31,  
(Unaudited; in thousands, except per share data)     2016       2015  
Revenues, net     $ 27,188       $ 26,413  
Cost of revenues (1) (2)       9,190         9,709  
    Gross profit       17,998         16,704  
Operating expenses (1) (2)                    
Sales and marketing       9,107         12,157  
Research and development       8,009         8,484  
General and administrative       4,969         5,720  
    Total operating expenses       22,085         26,361  
    Income (loss) from operations       (4,087 )       (9,657 )
Interest income (expense), net       (18 )       (11 )
Other income (expenses), net       33         244  
    Loss before (provision for) benefit from income taxes       (4,072 )       (9,424 )
(Provision for) benefit from income taxes       (341 )       (236 )
    Net income (loss)     $ (4,413 )     $ (9,660 )
Net income (loss) per common share, basic and diluted     $ (0.12 )     $ (0.27 )
Weighted-average shares outstanding, basic and diluted       37,767         35,745  
                       
(1) Includes stock-based compensation expense as follows:                    
  Cost of revenues     $ 421       $ 229  
  Sales and marketing       499         715  
  Research and development       2,022         1,627  
  General and administrative       880         924  
    Total     $ 3,822       $ 3,495  
                       
(2) Includes amortization of intangible assets as follows:                    
  Cost of revenues     $ 271       $ 215  
  Sales and marketing       248         180  
  Research and development       271         216  
  General and administrative       36         35  
    Total     $ 826       $ 646  
                         
             
             
Marin Software Inc.            
Condensed Consolidated Statements of Cash Flows            
(On a GAAP basis)            
             
    Three Months Ended March 31,  
(Unaudited; in thousands)   2016     2015  
Operating activities                
Net income (loss)   $ (4,413 )   $ (9,660 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities                
  Depreciation     1,665       1,630  
  Amortization of internally developed software     681       542  
  Amortization of intangible assets     826       646  
  Loss on disposal of property and equipment     1       4  
  Unrealized foreign currency losses (gains)     7       (243 )
  Noncash interest expense related to warrants issued in connection with debt     7       9  
  Stock-based compensation related to equity awards and restricted stock     3,822       3,495  
  Provision for bad debts     195       100  
  Deferred income tax benefits     -       (80 )
  Excess tax benefits from stock-based award activities     -       (8 )
  Changes in operating assets and liabilities, net of effect of acquisitions                
    Accounts receivable     (2,204 )     (26 )
    Prepaid expenses and other current assets     -       (1,215 )
    Other assets     (6 )     552  
    Accounts payable     (331 )     961  
    Deferred revenues     122       (318 )
    Accrued expenses and other current liabilities     323       (169 )
      Net cash provided by (used in) operating activities     695       (3,780 )
Investing activities                
Purchases of property and equipment     (267 )     (2,342 )
Capitalization of internally developed software     (1,493 )     (827 )
Payment of contingent consideration for prior acquisition     (93 )     -  
Acquisitions of businesses, net of cash acquired     -       (7,509 )
      Net cash provided by (used in) investing activities     (1,853 )     (10,678 )
Financing activities                
Repayment of notes payable     (646 )     (929 )
Repurchase of unvested shares     -       (2 )
Proceeds from exercise of common stock options     162       333  
Proceeds from employee stock purchase plan, net     384       361  
Stock issuance costs     -       (51 )
Excess tax benefits from stock-based award activities     -       8  
      Net cash provided by (used in) financing activities     (100 )     (280 )
        Effect of foreign exchange rate changes on cash and cash equivalents     169       (717 )
      Net increase (decrease) in cash and cash equivalents     (1,089 )     (15,455 )
Cash and cash equivalents                
Beginning of period     37,326       68,253  
End of period   $ 36,237     $ 52,798  
Supplemental disclosure of noncash investing and financing activities                
Purchases of property and equipment recorded in accounts payable and accrued expenses   $ 4     $ 1,027  
Issuance of common stock in connection with acquisition of businesses     -       4,337  
                 
 
 
Marin Software Inc.
Reconciliation of GAAP to Non-GAAP Expenses (1)
                                     
    Three Months Ended     Year Ended     Three Months Ended  
    March 31,     June 30,     September 30,     December 31,     December 31,     March 31,  
(Unaudited; in thousands)   2015     2015     2015     2015     2015     2016  
Sales and Marketing (GAAP)   $ 12,157     $ 13,064     $ 10,835     $ 9,076     $ 45,132     $ 9,107  
  Less Stock-based compensation     (715 )     (954 )     (435 )     (433 )     (2,537 )     (499 )
  Less Amortization of intangible assets     (180 )     (247 )     (247 )     (247 )     (921 )     (248 )
  Less Restructuring related expenses     -       -       (659 )     (59 )     (718 )     -  
Sales and Marketing (Non-GAAP)   $ 11,262     $ 11,863     $ 9,494     $ 8,337     $ 40,956     $ 8,360  
Research and Development (GAAP)   $ 8,484     $ 9,194     $ 8,162     $ 7,478     $ 33,318     $ 8,009  
  Less Stock-based compensation     (1,627 )     (2,340 )     (1,864 )     (1,687 )     (7,518 )     (2,022 )
  Less Amortization of intangible assets     (216 )     (276 )     (271 )     (271 )     (1,034 )     (271 )
  Less Restructuring related expenses     -       -       (53 )     -       (53 )     -  
  Plus Capitalization of internally developed software     827       1,597       1,683       1,461       5,568       1,493  
Research and Development (Non-GAAP)   $ 7,468     $ 8,175     $ 7,657     $ 6,981     $ 30,281     $ 7,209  
General and Administrative (GAAP)   $ 5,720     $ 5,655     $ 5,882     $ 5,134     $ 22,391     $ 4,969  
  Less Stock-based compensation     (924 )     (1,323 )     (1,058 )     (1,088 )     (4,393 )     (880 )
  Less Amortization of intangible assets     (35 )     (37 )     (37 )     (37 )     (146 )     (36 )
  Less Acquisition related expenses     (408 )     (128 )     (68 )     (9 )     (613 )     (9 )
  Less Restructuring related expenses     -       -       (264 )     (6 )     (270 )     -  
General and Administrative (Non-GAAP)   $ 4,353     $ 4,167     $ 4,455     $ 3,994     $ 16,969     $ 4,044  
                                                 
(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     Year Ended     Three Months Ended  
    March 31,     June 30,     September 30,     December 31,     December 31,     March 31,  
(Unaudited; in thousands)   2015     2015     2015     2015     2015     2016  
Gross Profit (GAAP)   $ 16,704     $ 16,176     $ 15,952     $ 19,561     $ 68,393     $ 17,998  
  Plus Stock-based compensation     229       322       249       371       1,171       421  
  Plus Amortization of internally developed software     542       625       683       700       2,550       681  
  Plus Amortization of intangible assets     215       276       271       271       1,033       271  
  Plus Restructuring related expenses     -       -       105       68       173       -  
Gross Profit (Non-GAAP)   $ 17,690     $ 17,399     $ 17,260     $ 20,971     $ 73,320     $ 19,371  
Operating Income (Loss) (GAAP)   $ (9,657 )   $ (11,737 )   $ (8,927 )   $ (2,127 )   $ (32,448 )   $ (4,087 )
  Plus Stock-based compensation     3,495       4,939       3,606       3,579       15,619       3,822  
  Plus Amortization of internally developed software     542       625       683       700       2,550       681  
  Plus Amortization of intangible assets     646       836       826       826       3,134       826  
  Plus Acquisition related expenses     408       128       68       9       613       9  
  Plus Restructuring related expenses     -       -       1,081       133       1,214       -  
  Less Capitalization of internally developed software     (827 )     (1,597 )     (1,683 )     (1,461 )     (5,568 )     (1,493 )
Operating Income (Loss) (Non-GAAP)   $ (5,393 )   $ (6,806 )   $ (4,346 )   $ 1,659     $ (14,886 )   $ (242 )
Net Income (Loss) (GAAP)   $ (9,660 )   $ (12,047 )   $ (9,504 )   $ (2,138 )   $ (33,349 )   $ (4,413 )
  Plus Stock-based compensation     3,495       4,939       3,606       3,579       15,619       3,822  
  Plus Amortization of internally developed software     542       625       683       700       2,550       681  
  Plus Amortization of intangible assets     646       836       826       826       3,134       826  
  Plus Noncash expenses related to warrants     9       8       19       6       42       7  
  Plus Acquisition related expenses     408       128       68       9       613       9  
  Plus Restructuring related expenses     -       -       1,081       133       1,214       -  
  Less Capitalization of internally developed software     (827 )     (1,597 )     (1,683 )     (1,461 )     (5,568 )     (1,493 )
Net Income (Loss) (Non-GAAP)   $ (5,387 )   $ (7,108 )   $ (4,904 )   $ 1,654     $ (15,745 )   $ (561 )
                                                 
     
(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     Year Ended     Three Months Ended  
    March 31,     June 30,     September 30,     December 31,     December 31,     March 31,  
(Unaudited; in thousands, except per share data)   2015     2015     2015     2015     2015     2016  
Net Income (Loss) (Non-GAAP)   $ (5,387 )   $ (7,108 )   $ (4,904 )   $ 1,654     $ (15,745 )   $ (561 )
Weighted-average shares outstanding, basic and diluted     35,745       36,389       36,953       37,212       36,580       37,767  
Non-GAAP net income (loss) per common share, basic and diluted   $ (0.15 )   $ (0.20 )   $ (0.13 )   $ 0.04     $ (0.43 )   $ (0.01 )
                                                 
 
 
Marin Software Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA (1)
                                     
    Three Months Ended     Year Ended     Three Months Ended  
    March 31,     June 30,     September 30,     December 31,     December 31,     March 31,  
(Unaudited; in thousands)   2015     2015     2015     2015     2015     2016  
Net Income (Loss)   $ (9,660 )   $ (12,047 )   $ (9,504 )   $ (2,138 )   $ (33,349 )   $ (4,413 )
  Depreciation     1,630       1,675       1,861       1,827       6,993       1,665  
  Amortization of internally developed software     542       625       683       700       2,550       681  
  Amortization of intangible assets     646       836       826       826       3,134       826  
  Interest expense, net     11       8       63       36       118       18  
  Provision for (benefit from) income taxes     236       138       300       331       1,005       341  
EBITDA   $ (6,595 )   $ (8,765 )   $ (5,771 )   $ 1,582     $ (19,549 )   $ (882 )
  Stock-based compensation     3,495       4,939       3,606       3,579       15,619       3,822  
  Capitalization of internally developed software     (827 )     (1,597 )     (1,683 )     (1,461 )     (5,568 )     (1,493 )
  Acquisition related expenses     408       128       68       9       613       9  
  Restructuring related expenses     -       -       1,081       133       1,214       -  
  Other (income) expenses, net     (244 )     164       214       (356 )     (222 )     (33 )
Adjusted EBITDA   $ (3,763 )   $ (5,131 )   $ (2,485 )   $ 3,486     $ (7,893 )   $ 1,423  
                                                 
(1)   The sum of the quarterly financial information may vary from full year financial information due to rounding.

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