Marin Software Incorporated, a leading provider of digital marketing software for performance-driven advertisers and agencies, announced financial results for the second quarter ended June 30, 2019.

“Marin strengthened its balance sheet during the second quarter and continued to expand support for emerging channels such as Amazon, LinkedIn, and Apple Search Ads,” said Chris Lien, Chief Executive Officer of Marin Software. “We are also helping navigate significant industry changes such as Intelligent Tracking Prevention, so that advertisers can focus on growing their business through search, social, and eCommerce advertising.”

Second Quarter 2019 Business and Product Release Highlights:

• Expanded Amazon Sponsored Brands support with a new campaign creation tool and added algorithmic bidding capability.
• Built a Linking Wizard for seamless onboarding of new Amazon Sponsored Products campaigns.
• Released an Intelligent Tracking Prevention impact analysis tool, which will estimate missing conversion data on the Safari browser.
• Added support for LinkedIn reporting, which helps marketers looking to leverage LinkedIn’s audience data to measure performance alongside other media channels, resulting in smarter cross-channel budget allocation.
• Launched Cross-Channel Audience Hub, which gives users the ability to automatically sync CRM Audience Lists across Google and Facebook within the same workflow.
• Released Keyword-by-Device reporting in MarinOne, which provides a detailed understanding of mobile ad effectiveness.
• Added bidding support for Apple Search Ads, which allows Marin customers to leverage a full-funnel view with Marin’s cross-channel reporting tool and allocate spend to the most efficient marketing channels.

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Second Quarter 2019 Financial Updates:

• Net revenues totaled $12.5 million, a year-over-year decrease of 12% when compared to $14.3 million in the second quarter of 2018.
• GAAP loss from operations was ($4.5) million, resulting in a GAAP operating margin of (36%), as compared to a GAAP loss from operations of ($8.4) million and a GAAP operating margin of (59%) for the second quarter of 2018.
• Non-GAAP loss from operations was ($2.6) million, resulting in a non-GAAP operating margin of (21%), as compared to a non-GAAP loss from operations of ($6.3) million and a non-GAAP operating margin of (44%) for the second quarter of 2018.
• Cash, cash equivalents and restricted cash totaled $10.9 million as of June 30, 2019, as compared to $11.5 million as of December 31, 2018.

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.”

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Financial Outlook:

Marin is providing guidance for its third quarter of 2019 as follows:

Non-GAAP loss from operations excludes the effects of stock-based compensation, amortization of internally developed software and intangible assets, impairment of goodwill and long-lived assets, capitalization of internally developed software and non-recurring costs associated with restructurings.

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.

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