MRIN
$4.49
Marin Sotfware
$.09
2.05%
Earnings Details
Quarter December 2018
Thursday, February 14, 2019 4:35:00 PM
Tweet Share Watch
Summary

Marin Sotfware (MRIN) Recent Earnings

Marin Sotfware (MRIN) reported a Quarter December 2018 loss of $0.24 per share on revenue of $15.8 million.. Revenue fell 10.6% compared to the same quarter a year ago.

Marin Software Inc provides a cloud-based digital advertising management solution for search, display, social and mobile advertising channels to improve financial performance, realize efficiencies and time savings, and improve business decisions.

Results
Reported Earnings
($0.24)
Earnings Whisper
-
Consensus Estimate
Reported Revenue
$15.8 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Marin Software Announces Fourth Quarter 2018 Financial Results

SAN FRANCISCO, Feb. 14, 2019 /PRNewswire/ -- Marin Software Incorporated (NASDAQ: MRIN), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the fourth quarter and full year ended December 31, 2018.

"We saw increasing adoption of our MarinOne platform in the fourth quarter," said Chris Lien, Chief Executive Officer of Marin Software. "All of our customers now have access to our latest technology to help them deliver performance from their Search, Social and eCommerce advertising. Support for additional channels like Apple Search Ads and YouTube, along with our recently announced revenue share agreement with Google, will help us drive growth for our customers in 2019."

Fourth Quarter 2018 Business and Product Release Highlights:

  • Expanded MarinOne access to all customers, giving advertisers a more extensive view into advertising performance across Search, Social and eCommerce advertising.
  • Added support for Apple Search Ads and YouTube in MarinOne, providing greater coverage for key publishers.
  • Increased Amazon Advertising spend managed by Marin by 85% from the first quarter to the fourth quarter of 2018.
  • Published two case studies highlighting the successful performance results driven by Marin Bidding for Amazon Sponsored Products.
  • Launched support for Google Expanded Text Ads Enhancements, allowing longer ad copy, particularly for ads running on mobile.
  • Certified by Google as one of the only click-measurement providers to measure select ad interaction events that occur on Google-hosted properties globally, including Showcase Shopping Ads, Local Inventory Ads and Model Automotive Ads.
  • Debuted Marin Social Pacing Dashboard, a real-time view into performance against configurable targets on Facebook.
  • Introduced Dynamic Product Ads for Auto on Social, which are a way to combine effortless automation with segmented targeting for prospects that are lower in the purchase funnel.
  • Entered into and announced a three-year revenue share agreement with Google through which Marin will receive quarterly payments from Google to further develop Marin's enterprise technology platform and software products.

Fourth Quarter 2018 Financial Updates:

  • Net revenues totaled $15.8 million, a year-over-year decrease of 11% when compared to $17.7 million in the fourth quarter of 2017.
  • GAAP loss from operations was ($3.0) million, resulting in a GAAP operating margin of (19%), compared to a GAAP loss from operations of ($7.5) million and a GAAP operating margin of (42%) for the fourth quarter of 2017.
  • Non-GAAP loss from operations was ($0.6) million, resulting in a non-GAAP operating margin of (4%), as compared to a non-GAAP loss from operations of ($5.4) million and a non-GAAP operating margin of (31%) for the fourth quarter of 2017.

Full Year 2018 Financial Updates:

  • Net revenues totaled $58.6 million, a year-over-year decrease of 22% when compared to $75.0 million in 2017.
  • GAAP loss from operations was ($42.3) million, resulting in a GAAP operating margin of (72%), compared to a GAAP loss from operations of ($30.3) million and a GAAP operating margin of (40%) for 2017.
  • Non-GAAP loss from operations was ($17.5) million, resulting in a non-GAAP operating margin of (30%), as compared to a non-GAAP loss from operations of ($18.3) million and a non-GAAP operating margin of (24%) for 2017.
  • Cash, cash equivalents and restricted cash totaled $11.5 million as of December 31, 2018, as compared to $28.8 million as of December 31, 2017.

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 first quarter of 2019 as follows:

Forward-Looking Guidance


In millions













Range of Estimate




From



To


Three Months Ending March 31, 2019









Revenues, net


$

12.3



$

12.8


Non-GAAP loss from operations



(4.2)




(3.7)


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.

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 and full year ended December 31, 2018, and its outlook for the future. To access the call, please dial (877) 705-6003 in the United States or (201) 493-6725 internationally with reference to the company name and conference title. A live webcast of the conference call will be accessible at http://public.viavid.com/index.php?id=133029. Following the completion of the call through 11:59 p.m. Eastern Time on February 21, 2019, a recorded replay will be available for replay on the Company's website at http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally with the recording access code 13686928.

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 provides enterprise marketing software for advertisers and agencies to integrate, align, and amplify their digital advertising spend across the web and mobile devices. Offering a unified SaaS advertising management platform for search, social, and eCommerce advertising, Marin helps digital marketers convert precise audiences, improve financial performance, and make better decisions. Headquartered in San Francisco, with offices worldwide, Marin's technology powers marketing campaigns around the globe. For more information about Marin Software, 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, amortization of internally developed software, intangible assets and deferred costs to obtain and fulfill contracts, impairment of goodwill and long-lived assets, non-cash expenses related to debt agreements, capitalization of internally developed software, deferral of costs to obtain and fulfill contracts and non-recurring costs associated with restructurings. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding.

Adjusted EBITDA. Marin defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation, amortization of internally developed software, intangible assets and deferred costs to obtain and fulfill contracts, capitalization of internally developed software, deferral of costs to obtain and fulfill contracts, impairment of goodwill and long-lived assets, provision for income taxes, other income or expenses, net and non-recurring costs associated with 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 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.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Marin's business, expectations about our ability to return to growth, impact of investments in product and technology on future operating results, progress on product development efforts, product capabilities and future financial results, including its outlook for the first quarter of 2019. 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 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; 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. 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 February 14, 2019. 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

Condensed Consolidated Balance Sheets

(On a GAAP basis)












December 31,



December 31,


(Unaudited; in thousands, except par value)


2018



2017


Assets









Current assets









Cash and cash equivalents


$

10,210



$

27,544


Restricted cash



1,293




1,293


Accounts receivable, net



12,906




12,237


Prepaid expenses and other current assets



4,642




3,989


Total current assets



29,051




45,063


Property and equipment, net



11,815




15,559


Goodwill



1,943




16,768


Intangible assets, net



1,938




4,475


Other non-current assets



2,046




1,504


Total assets


$

46,793



$

83,369


Liabilities and Stockholders' Equity









Current liabilities









Accounts payable


$

2,699



$

2,826


Accrued expenses and other current liabilities



9,809




10,474


Capital lease obligations



1,249




1,416


Total current liabilities



13,757




14,716


Capital lease obligations, non-current



549




1,687


Other long-term liabilities



3,541




4,183


Total liabilities



17,847




20,586


Stockholders' equity









Common stock, $0.001 par value



6




6


Additional paid-in capital



295,116




291,163


Accumulated deficit



(265,138)




(227,704)


Accumulated other comprehensive loss



(1,038)




(682)


Total stockholders' equity



28,946




62,783


Total liabilities and stockholders' equity


$

46,793



$

83,369











 

Marin Software Incorporated


Condensed Consolidated Statements of Operations


(On a GAAP basis)





















Three Months Ended December 31,



Year Ended December 31


(Unaudited; in thousands, except per share data)


2018



2017



2018



2017


Revenues, net


$

15,825



$

17,692



$

58,631



$

74,991


Cost of revenues



6,160




7,733




27,154




32,520


Gross profit



9,665




9,959




31,477




42,471


Operating expenses

















Sales and marketing



4,594




6,920




23,425




26,936


Research and development



5,007




6,108




22,450




26,564


General and administrative



3,049




4,402




13,113




16,444


Impairment of goodwill









14,740




2,797


Total operating expenses



12,650




17,430




73,728




72,741


Loss from operations



(2,985)




(7,471)




(42,251)




(30,270)


Other income (expenses), net



585




231




1,593




(214)


Loss before provision for income taxes



(2,400)




(7,240)




(40,658)




(30,484)


Provision for income taxes



(387)




(31)




(1,011)




(1,007)


Net loss


$

(2,787)



$

(7,271)



$

(41,669)



$

(31,491)


Net loss per common share, basic and diluted


$

(0.48)



$

(1.28)



$

(7.21)



$

(5.59)


Weighted-average shares outstanding, basic and diluted



5,841




5,677




5,783




5,638



















 

Marin Software Incorporated

Condensed Consolidated Statements of Cash Flows

(On a GAAP basis)












Year Ended December 31,


(Unaudited; in thousands)


2018



2017


Operating activities









Net loss


$

(41,669)



$

(31,491)


Adjustments to reconcile net loss to net cash used in operating activities









Impairment of goodwill



14,740




2,797


Depreciation



2,658




4,758


Amortization of internally developed software



3,774




3,669


Amortization of intangible assets



2,537




2,850


Amortization of deferred costs to obtain and fulfill contracts



2,045





Gain on disposal of property and equipment



(1)




(11)


Unrealized foreign currency (gains) losses



(118)




986


Non-cash interest expense related to debt agreements






15


Stock-based compensation related to equity awards and restricted stock



3,971




4,704


Provision for bad debts



48




1,507


Deferred income tax benefits



(398)




(358)


Changes in operating assets and liabilities









Accounts receivable



(669)




4,754


Prepaid expenses and other assets



(610)




(310)


Accounts payable



(97)




306


Accrued expenses and other current liabilities



809




954


Net cash used in operating activities



(12,980)




(4,870)


Investing activities









Purchases of property and equipment



(586)




(461)


Proceeds from disposal of property and equipment



8




11


Capitalization of internally developed software



(2,129)




(2,068)


Net cash used in investing activities



(2,707)




(2,518)


Financing activities









Repayments of capital lease obligations



(1,304)




(1,160)


Employee taxes paid for withheld shares upon equity award settlement



(265)




(604)


Proceeds from employee stock purchase plan, net



282




312


Net cash used in financing activities



(1,287)




(1,452)


Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash



(360)




1,964


Net decrease in cash and cash equivalents and restricted cash



(17,334)




(6,876)


Cash and cash equivalents and restricted cash









Beginning of period



28,837




35,713


End of period


$

11,503



$

28,837











 

Marin Software Incorporated
















Reconciliation of GAAP to Non-GAAP Expenses



























































Three Months Ended



Year
Ended



Three Months Ended



Year
Ended




March 31,
2017



June 30,
2017



September 30,
2017



December 31,
2017



December 31,

2017



March 31,

2018



June 30,

2018



September 30,

2018



December 31,

2018



December 31,

2018


(Unaudited; in thousands)

Sales and Marketing (GAAP)


$

6,676



$

6,710



$

6,630



$

6,920



$

26,936



$

7,381



$

6,154



$

5,296



$

4,594



$

23,425


Less Stock-based compensation



(212)




(200)




(197)




(218)




(827)




(240)




(271)




(181)




(265)




(957)


Less Amortization of intangible assets



(223)




(222)




(216)




(216)




(877)




(213)




(184)




(130)




(131)




(658)


Less Amortization of deferred costs to obtain contracts


















(432)




(384)




(336)




(289)




(1,441)


Less Restructuring related expenses


















(497)




(48)




(113)




(169)




(827)


Plus Deferral of costs to obtain contracts


















257




335




283




219




1,094


Sales and Marketing (Non-GAAP)


$

6,241



$

6,288



$

6,217



$

6,486



$

25,232



$

6,256



$

5,602



$

4,819



$

3,959



$

20,636


Research and Development (GAAP)


$

7,138



$

6,646



$

6,672



$

6,108



$

26,564



$

6,155



$

5,817



$

5,471



$

5,007



$

22,450


Less Stock-based compensation



(996)




(318)




(326)




(356)




(1,996)




(339)




(314)




(339)




(406)




(1,398)


Less Amortization of intangible assets



(247)




(244)




(239)




(239)




(969)




(237)




(234)




(234)




(233)




(938)


Less Restructuring related expenses


















(115)













(115)


Plus Capitalization of internally developed software



543




413




442




670




2,068




693




602




398




436




2,129


Research and Development (Non-GAAP)


$

6,438



$

6,497



$

6,549



$

6,183



$

25,667



$

6,157



$

5,871



$

5,296



$

4,804



$

22,128


General and Administrative (GAAP)


$

4,177



$

3,945



$

3,920



$

4,402



$

16,444



$

3,377



$

3,766



$

2,921



$

3,049



$

13,113


Less Stock-based compensation



(323)




(248)




(234)




(254)




(1,059)




(245)




(273)




(195)




(164)




(877)


Less Amortization of intangible assets



(13)




(10)




(5)




(5)




(33)




(3)













(3)


Less Restructuring related expenses


















(111)




(36)




(11)







(158)


General and Administrative (Non-GAAP)


$

3,841



$

3,687



$

3,681



$

4,143



$

15,352



$

3,018



$

3,457



$

2,715



$

2,885



$

12,075


 

Marin Software Incorporated


















Reconciliation of GAAP to Non-GAAP Measures 


























































Three Months Ended



Year
Ended



Three Months Ended



Year
Ended




March 31,

2017



June 30,

2017



September 30,

2017



December 31,

2017



December 31,

2017



March 31,

2018



June 30,

2018



September 30,

2018



December 31,

2018



December 31,

2018


(Unaudited; in thousands)

Gross Profit (GAAP)


$

12,009



$

10,535



$

9,968



$

9,959



$

42,471



$

7,830



$

7,288



$

6,694



$

9,665



$

31,477


Plus Stock-based compensation



311




152




166




193




822




204




172




160




203




739


Plus Amortization of internally developed software



788




867




1,016




998




3,669




957




986




928




903




3,774


Plus Amortization of intangible assets



247




245




240




239




971




237




233




234




234




938


Plus Amortization of deferred costs to fulfill contracts


















173




156




143




132




604


Plus Restructuring related expenses


















139







37







176


Less Deferral of costs to fulfill contracts


















(115)




(81)




(76)




(58)




(330)


Gross Profit (Non-GAAP)


$

13,355



$

11,799



$

11,390



$

11,389



$

47,933



$

9,425



$

8,754



$

8,120



$

11,079



$

37,378


Operating Loss (GAAP)


$

(5,982)



$

(9,563)



$

(7,254)



$

(7,471)



$

(30,270)



$

(9,083)



$

(8,449)



$

(21,734)



$

(2,985)



$

(42,251)


Plus Impairment of goodwill






2,797










2,797










14,740







14,740


Plus Stock-based compensation



1,842




918




923




1,021




4,704




1,028




1,030




875




1,038




3,971


Plus Amortization of internally developed software



788




867




1,016




998




3,669




957




986




928




903




3,774


Plus Amortization of intangible assets



730




721




700




699




2,850




690




651




598




598




2,537


Plus Amortization of deferred costs to fulfill contracts


















173




156




143




132




604


Plus Amortization of deferred costs to obtain contracts


















432




384




336




289




1,441


Plus Restructuring related expenses


















862




84




161




169




1,276


Less Capitalization of internally developed software



(543)




(413)




(442)




(670)




(2,068)




(693)




(602)




(398)




(436)




(2,129)


Less Deferral of costs to fulfill contracts


















(115)




(81)




(76)




(58)




(330)


Less Deferral of costs to obtain contracts


















(257)




(335)




(283)




(219)




(1,094)


Operating Loss (Non-GAAP)


$

(3,165)



$

(4,673)



$

(5,057)



$

(5,423)



$

(18,318)



$

(6,006)



$

(6,176)



$

(4,710)



$

(569)



$

(17,461)


Net Loss (GAAP)


$

(6,126)



$

(10,545)



$

(7,549)



$

(7,271)



$

(31,491)



$

(9,112)



$

(8,276)



$

(21,494)



$

(2,787)



$

(41,669)


Plus Impairment of goodwill






2,797










2,797










14,740







14,740


Plus Stock-based compensation



1,842




918




923




1,021




4,704




1,028




1,030




875




1,038




3,971


Plus Amortization of internally developed software



788




867




1,016




998




3,669




957




986




928




903




3,774


Plus Amortization of intangible assets



730




721




700




699




2,850




690




651




598




598




2,537


Plus Amortization of deferred costs to fulfill contracts


















173




156




143




132




604


Plus Amortization of deferred costs to obtain contracts


















432




384




336




289




1,441


Plus Non-cash expenses related to debt agreements



6




7




2







15

















Plus Restructuring related expenses


















862




84




161




169




1,276


Less Capitalization of internally developed software



(543)




(413)




(442)




(670)




(2,068)




(693)




(602)




(398)




(436)




(2,129)


Less Deferral of costs to fulfill contracts


















(115)




(81)




(76)




(58)




(330)


Less Deferral of costs to obtain contracts


















(257)




(335)




(283)




(219)




(1,094)


Net Loss (Non-GAAP)


$

(3,303)



$

(5,648)



$

(5,350)



$

(5,223)



$

(19,524)



$

(6,035)



$

(6,003)



$

(4,470)



$

(371)



$

(16,879)











































 

Marin Software Incorporated














Calculation of Non-GAAP Earnings Per Share



























































Three Months Ended



Year
Ended



Three Months Ended



Year
Ended




March 31,

2017



June 30,

2017



September 30,

2017



December 31,

2017



December 31,

2017



March 31,

2018



June 30,

2018



September 30,

2018



December 31,

2018



December 31,

2018


(Unaudited; in thousands, except per share data)

Net Loss (Non-GAAP)


$

(3,303)



$

(5,648)



$

(5,350)



$

(5,223)



$

(19,524)



$

(6,035)



$

(6,003)



$

(4,470)



$

(371)



$

(16,879)


Weighted-average shares outstanding, basic and diluted



5,583




5,640




5,651




5,677




5,638




5,736




5,767




5,787




5,841




5,783


Non-GAAP net loss per common share, basic and diluted


$

(0.59)



$

(1.00)



$

(0.95)



$

(0.92)



$

(3.46)



$

(1.05)



$

(1.04)



$

(0.77)



$

(0.06)



$

(2.92)











































 

Marin Software Incorporated
















Reconciliation of Net Loss to Adjusted EBITDA



























































Three Months Ended



Year
Ended



Three Months Ended



Year
Ended




March 31,

2017



June 30,

2017



September 30,

2017



December 31,

2017



December 31,

2017



March 31,

2018



June 30,

2018



September 30,

2018



December 31,

2018



December 31,

2018


(Unaudited; in thousands)

Net Loss


$

(6,126)



$

(10,545)



$

(7,549)



$

(7,271)



$

(31,491)



$

(9,112)



$

(8,276)



$

(21,494)



$

(2,787)



$

(41,669)


Depreciation



1,336




1,263




1,149




1,010




4,758




798




759




628




473




2,658


Amortization of internally developed software



788




867




1,016




998




3,669




957




986




928




903




3,774


Amortization of intangible assets



730




721




700




699




2,850




690




651




598




598




2,537


Amortization of deferred costs to obtain and fulfill contracts


















605




540




479




421




2,045


Provision for income taxes



406




419




151




31




1,007




324




204




96




387




1,011


Impairment of goodwill






2,797










2,797










14,740







14,740


Stock-based compensation



1,842




918




923




1,021




4,704




1,028




1,030




875




1,038




3,971


Capitalization of internally developed software



(543)




(413)




(442)




(670)




(2,068)




(693)




(602)




(398)




(436)




(2,129)


Deferral of costs to obtain and fulfill contracts


















(372)




(416)




(359)




(277)




(1,424)


Restructuring related expenses


















862




84




161




169




1,276


Other (income) expenses, net



(262)




563




144




(231)




214




(295)




(377)




(336)




(585)




(1,593)


Adjusted EBITDA


$

(1,829)



$

(3,410)



$

(3,908)



$

(4,413)



$

(13,560)



$

(5,208)



$

(5,417)



$

(4,082)



$

(96)



$

(14,803)











































 

Cision View original content:http://www.prnewswire.com/news-releases/marin-software-announces-fourth-quarter-2018-financial-results-300796265.html

SOURCE Marin Software