SAN FRANCISCO, July 15, 2021 /PRNewswire/ -- Marin Software
Incorporated (NASDAQ: MRIN), a leading provider of digital
marketing software for performance-driven advertisers and agencies,
today announced the following estimated preliminary financial
results for the second quarter ended June
30, 2021:
Second Quarter 2021 Estimated Preliminary Financial
Results:
- Net revenues are estimated to total $6.1
million, as compared to $7.3
million in the second quarter of 2020.
- GAAP loss from operations is estimated to range from
$(3.0) million to $(3.3) million, as compared to $(4.5) million for the second quarter of
2020.
- Non-GAAP loss from operations is estimated to range from
$(2.8) million to $(3.1) million, as compared to $(3.6) million for the second quarter of
2020.
- Cash, cash equivalents and restricted cash are estimated to be
$14.4 million in the aggregate at
June 30, 2021.
The estimated preliminary results presented above are based on
the information available to us as of the date of this press
release. Our actual results for the second quarter ended
June 30, 2021 may vary from these
estimated preliminary results and will not be finalized until after
the date of this press release.
A reconciliation of the estimated preliminary non-GAAP loss from
operations to the corresponding GAAP measure is provided in the
table included in this press release. An explanation of
non-GAAP loss from operations is also included below, under the
heading Non-GAAP Financial Measures.
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. Marin Software 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 a non-GAAP
financial measure in this release. Marin uses this non-GAAP
financial measure internally in analyzing its financial results and
believes it is useful to investors, as a supplement to GAAP
measures, in evaluating its ongoing operational performance. Marin
believes that the use of this non-GAAP financial measure 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 measure to its most directly comparable GAAP measure has
been provided in the financial statement tables included below in
this press release. Investors are encouraged to review the
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
Non-GAAP loss from operations. Marin defines
non-GAAP loss from operations as GAAP loss from operations,
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, CARES Act employee retention credit, capitalization of
internally developed software and non-recurring costs associated
with restructurings and divestitures.
Forward-Looking Statements
This press release contains
forward-looking statements, including our estimated preliminary
financial results for the three months ended June 30, 2021. Actual results for the three
months ended June 30, 2021 may differ
materially from these estimated preliminary results. These
estimates should not be viewed as a substitute for our full
financial statements prepared in accordance with U.S. generally
accepted accounting principles. Accordingly, you should not place
undue reliance on this preliminary data.
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 the effects of the
continuing 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 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 manage expenses and liquidity and raise additional capital; our
ability to retain and attract qualified management, technical and
sales and marketing personnel; any default under or required
repayment of our indebtedness or any delays or reductions in
forgiveness of such indebtedness; 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;
adverse changes in general economic or market conditions; and our
ability to acquire and integrate other businesses or sell business
assets. 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
July 15, 2021. 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
Incorporated
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Reconciliation of
GAAP to Non-GAAP Measures
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Estimated Quarter
Ended
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Actual Quarter
Ended
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June 30,
2021
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(Unaudited; in
millions)
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June 30,
2020
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Low
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High
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Operating Loss
(GAAP)
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$
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(4.5)
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$
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(3.0)
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$
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(3.3)
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Plus Stock-based
compensation
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0.5
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0.4
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0.4
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Plus Amortization of
internally developed software
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0.8
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0.6
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0.6
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Less CARES Act
employee retention credit
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-
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(0.5)
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(0.5)
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Less Capitalization of
internally developed software
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(0.4)
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(0.3)
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(0.3)
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Operating Loss
(Non-GAAP)
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$
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(3.6)
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$
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(2.8)
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$
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(3.1)
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SOURCE Marin Software