$MRIN
Marin Software Inc

2013 Q2 Form 10-Q Financial Statement

#000119312513208271 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $18.22M $17.16M $12.97M
YoY Change 29.83% 32.23%
Cost Of Revenue $7.696M $7.372M $5.254M
YoY Change 28.5% 40.31%
Gross Profit $10.52M $9.783M $7.720M
YoY Change 30.82% 26.72%
Gross Profit Margin 57.76% 57.03% 59.5%
Selling, General & Admin $14.38M $14.51M $11.25M
YoY Change 36.42% 29.01%
% of Gross Profit 136.63% 148.29% 145.66%
Research & Development $4.904M $5.079M $2.967M
YoY Change 59.32% 71.18%
% of Gross Profit 46.61% 51.92% 38.43%
Depreciation & Amortization $1.370M $1.235M $584.0K
YoY Change 90.28% 111.47%
% of Gross Profit 13.02% 12.62% 7.56%
Operating Expenses $19.28M $19.59M $14.21M
YoY Change 41.6% 37.81%
Operating Profit -$8.758M -$9.803M -$6.492M
YoY Change 57.15% 51.0%
Interest Expense -$110.0K -$180.0K -$110.0K
YoY Change 10.0% 63.64%
% of Operating Profit
Other Income/Expense, Net -$81.00K -$408.0K -$103.0K
YoY Change -13.83% 296.12%
Pretax Income -$8.948M -$10.40M -$6.705M
YoY Change 55.1% 55.03%
Income Tax $149.0K $106.0K $49.00K
% Of Pretax Income
Net Earnings -$9.097M -$10.50M -$6.754M
YoY Change 56.2% 55.48%
Net Earnings / Revenue -49.93% -61.21% -52.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.974M -$10.00M -$11.07M
COMMON SHARES
Basic Shares Outstanding 32.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.6M $115.5M
YoY Change
Cash & Equivalents $120.6M $115.5M $26.98M
Short-Term Investments
Other Short-Term Assets $3.300M $2.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $12.35M $12.12M
Other Receivables $0.00 $0.00
Total Short-Term Assets $136.3M $130.5M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $13.43M $11.33M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $397.0K $397.0K
YoY Change
Total Long-Term Assets $13.82M $11.72M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $136.3M $130.5M
Total Long-Term Assets $13.82M $11.72M
Total Assets $150.1M $142.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.570M $2.473M
YoY Change
Accrued Expenses $10.60M $11.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.782M $2.551M
YoY Change
Total Short-Term Liabilities $18.75M $17.42M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $3.066M $3.454M
YoY Change
Other Long-Term Liabilities $1.496M $1.670M
YoY Change
Total Long-Term Liabilities $4.562M $5.124M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.75M $17.42M
Total Long-Term Liabilities $4.562M $5.124M
Total Liabilities $23.31M $22.55M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$96.95M -$87.85M
YoY Change
Common Stock $32.00K $31.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.8M $119.7M
YoY Change
Total Liabilities & Shareholders Equity $150.1M $142.3M
YoY Change

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$9.097M -$10.50M -$6.754M
YoY Change 56.2% 55.48%
Depreciation, Depletion And Amortization $1.370M $1.235M $584.0K
YoY Change 90.28% 111.47%
Cash From Operating Activities -$4.440M -$6.190M -$3.007M
YoY Change -15.75% 105.85%
INVESTING ACTIVITIES
Capital Expenditures -$2.860M $992.0K $1.337M
YoY Change 39.51% -25.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.860M -$1.624M -$1.640M
YoY Change 39.51% -0.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.39M 91.76M 29.91M
YoY Change 117.75% 206.85%
NET CHANGE
Cash From Operating Activities -4.440M -6.190M -3.007M
Cash From Investing Activities -2.860M -1.624M -1.640M
Cash From Financing Activities 12.39M 91.76M 29.91M
Net Change In Cash 5.090M 83.95M 25.26M
YoY Change -412.27% 232.37%
FREE CASH FLOW
Cash From Operating Activities -$4.440M -$6.190M -$3.007M
Capital Expenditures -$2.860M $992.0K $1.337M
Free Cash Flow -$1.580M -$7.182M -$4.344M
YoY Change -50.93% 65.33%

Facts In Submission

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Revenues
17155000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
106000
CY2013Q1 mrin Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
769000
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
992000
CY2013Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
1004000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.35
CY2013Q1 us-gaap Depreciation
Depreciation
1008000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1225000
CY2013Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-7553000
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
496000
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6190000
CY2013Q1 us-gaap Cost Of Revenue
CostOfRevenue
7372000
CY2012Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
303000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1640000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2967000
CY2012Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2013Q1 mrin Conversion Of Preferred Stock Warrant To Common Stock Warrant
ConversionOfPreferredStockWarrantToCommonStockWarrant
745000
CY2013Q1 mrin Conversion Of Convertible Preferred Stock Into Common Stock
ConversionOfConvertiblePreferredStockIntoCommonStock
105710000
CY2013Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedOutstandingWeightedAverageRemainingContractualTerm
P6Y9M
CY2013Q1 mrin Receivables From Stock Option Exercise
ReceivablesFromStockOptionExercise
369000
CY2013Q1 mrin Offering Costs Payable
OfferingCostsPayable
2281000
CY2013Q1 mrin Capitalization Of Software Development Costs
CapitalizationOfSoftwareDevelopmentCosts
632000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1102000
CY2013Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodAggregateIntrinsicValue
CY2013Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateAggregateIntrinsicValue
CY2013Q1 mrin Amortization Of Internal Software Development
AmortizationOfInternalSoftwareDevelopment
227000
CY2013Q1 mrin Weighted Average Period For Unrecognized Estimated Compensation Cost Related To Stock Options
WeightedAveragePeriodForUnrecognizedEstimatedCompensationCostRelatedToStockOptions
P3Y
CY2013Q1 mrin Noncash Interest Expense On Warrants
NoncashInterestExpenseOnWarrants
310000
CY2013Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Yield
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendYield
pure
CY2013Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2Granted
P9Y9M18D
CY2013Q1 mrin Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
2281000
CY2013Q1 mrin Pre Tax Income Loss
PreTaxIncomeLoss
10395000
CY2013Q1 mrin Proceeds From Issuance Initial Public Offering Net Of Costs
ProceedsFromIssuanceInitialPublicOfferingNetOfCosts
97258000
CY2013Q1 mrin Payments For Repurchase Of Common Stock And Unvested Shares
PaymentsForRepurchaseOfCommonStockAndUnvestedShares
15000
CY2013Q1 mrin Proceeds From Common Stock Purchase Agreement And Options Exercised
ProceedsFromCommonStockPurchaseAgreementAndOptionsExercised
407000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-103000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
584000
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
394000
CY2012Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
71000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.59
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6705000
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4254000 shares
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2891000
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
140000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
25258000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6852000
CY2012Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
895000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6492000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-56000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-6754000
CY2012Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2376000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0115 pure
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4393000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29905000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.570 pure
CY2012Q1 us-gaap Gross Profit
GrossProfit
7720000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6754000
CY2012Q1 us-gaap Capitalized Computer Software Amortization
CapitalizedComputerSoftwareAmortization
96000
CY2012Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
34294000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-403000
CY2012Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-110000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
14212000
CY2012Q1 us-gaap Revenues
Revenues
12974000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1337000
CY2012Q1 us-gaap Depreciation
Depreciation
488000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2891000
CY2012Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-2921000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-107000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3007000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
5254000
CY2012Q1 mrin Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
730000
CY2012Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.032 pure
CY2012Q1 mrin Capitalization Of Software Development Costs
CapitalizationOfSoftwareDevelopmentCosts
303000
CY2012Q1 mrin Amortization Of Internal Software Development
AmortizationOfInternalSoftwareDevelopment
96000
CY2012Q1 mrin Noncash Interest Expense On Warrants
NoncashInterestExpenseOnWarrants
223000
CY2012Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Yield
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendYield
pure
CY2012Q1 mrin Pre Tax Income Loss
PreTaxIncomeLoss
6705000
CY2012Q1 mrin Payments For Repurchase Of Common Stock And Unvested Shares
PaymentsForRepurchaseOfCommonStockAndUnvestedShares
4488000
CY2012Q1 mrin Proceeds From Common Stock Purchase Agreement And Options Exercised
ProceedsFromCommonStockPurchaseAgreementAndOptionsExercised
644000

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