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Marin Software Announces Second Quarter 2013 Financial Results

Marin Software Incorporated (NYSE: MRIN), provider of a leading Revenue Acquisition Management platform for advertisers and agencies, today announced financial results for the second quarter ended June 30, 2013.

“Marin showed strong revenue growth in the second quarter as more advertisers and agencies adopted our cloud-based Revenue Acquisition Management platform to measure, manage, and optimize their digital advertising investments across search, display, social, and mobile channels,” said Chris Lien, founder and chief executive officer of Marin. “Leading digital marketers globally choose Marin’s solution to drive better revenue and business outcomes, while saving time and unlocking business insights.”

Second Quarter 2013 Financial Highlights:
  • Net Revenues: Net revenues totaled $18.2 million, a year-over-year increase of 30% when compared to $14.0 million in the prior year period.
  • Gross profit: GAAP gross profit was $10.5 million, resulting in gross margin of 58%, compared to GAAP gross margin of 57% during the second quarter of 2012. Non-GAAP gross profit was $11.0 million, resulting in non-GAAP gross margin of 61%, compared to non-GAAP gross margin of 59% during the second quarter of 2012.
  • Loss from operations: GAAP loss from operations was ($8.8) million, compared to ($5.6) million for the second quarter of 2012. GAAP operating margin was (48%), compared to (40%) during the second quarter of 2012. Non-GAAP loss from operations was ($8.1) million, compared to ($5.5) million for the second quarter of 2012. Non-GAAP operating margin was (45%), compared to (39%) during the second quarter of 2012.
  • Net loss: Net loss was ($9.1) million or ($0.28) per share based on 32.2 million weighted average shares outstanding. This compares to a net loss of ($5.8) million or ($1.37) per share based upon 4.3 million weighted average shares outstanding for the second quarter of 2012.
  • Non-GAAP net loss: Non-GAAP net loss was ($8.4) million or ($0.26) per share based upon 32.2 million weighted average shares outstanding. This compares to ($5.7) million or ($0.26) per share based on 21.5 million weighted average shares outstanding during the second quarter of 2012, which assumes our convertible preferred stock was converted to common stock for the full quarter.
  • Adjusted EBITDA: Adjusted EBITDA was a loss of ($7.0) million, as compared to a loss of ($4.8) million for the second quarter of 2012.
  • Balance Sheet: At June 30, 2013, cash and cash equivalents totaled $120.6 million, compared to $31.5 million as of December 31, 2012. Marin received $109.3 million in proceeds, net of issuance costs paid, from its initial public offering, including exercise of the over-allotment option, during the six months ended June 30, 2013.

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."

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