2014 Q2 Form 10-Q Financial Statement

#000119312514190368 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $23.85M $22.82M $17.16M
YoY Change 30.93% 32.99% 32.23%
Cost Of Revenue $8.763M $8.383M $7.372M
YoY Change 13.86% 13.71% 40.31%
Gross Profit $15.09M $14.43M $9.783M
YoY Change 43.41% 47.52% 26.72%
Gross Profit Margin 63.26% 63.26% 57.03%
Selling, General & Admin $17.35M $16.41M $14.51M
YoY Change 20.66% 13.08% 29.01%
% of Gross Profit 114.95% 113.67% 148.29%
Research & Development $6.627M $6.083M $5.079M
YoY Change 35.13% 19.77% 71.18%
% of Gross Profit 43.92% 42.15% 51.92%
Depreciation & Amortization $1.990M $1.795M $1.235M
YoY Change 45.26% 45.34% 111.47%
% of Gross Profit 13.19% 12.44% 12.62%
Operating Expenses $23.97M $22.49M $19.59M
YoY Change 24.34% 14.82% 37.81%
Operating Profit -$8.883M -$8.056M -$9.803M
YoY Change 1.43% -17.82% 51.0%
Interest Expense -$60.00K -$70.00K -$180.0K
YoY Change -45.45% -61.11% 63.64%
% of Operating Profit
Other Income/Expense, Net -$286.0K $4.000K -$408.0K
YoY Change 253.09% -100.98% 296.12%
Pretax Income -$9.231M -$8.118M -$10.40M
YoY Change 3.16% -21.9% 55.03%
Income Tax $2.440M $188.0K $106.0K
% Of Pretax Income
Net Earnings -$6.791M -$8.306M -$10.50M
YoY Change -25.35% -20.9% 55.48%
Net Earnings / Revenue -28.47% -36.41% -61.21%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.316M -$1.757M -$10.00M
COMMON SHARES
Basic Shares Outstanding 33.32M shares 33.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.90M $96.10M $115.5M
YoY Change -30.43% -16.8%
Cash & Equivalents $83.92M $96.13M $115.5M
Short-Term Investments
Other Short-Term Assets $3.600M $3.200M $2.900M
YoY Change 9.09% 10.34%
Inventory
Prepaid Expenses
Receivables $16.92M $14.76M $12.12M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $104.4M $114.1M $130.5M
YoY Change -23.36% -12.61%
LONG-TERM ASSETS
Property, Plant & Equipment $13.52M $13.91M $11.33M
YoY Change 0.69% 22.84%
Goodwill $11.59M
YoY Change
Intangibles $8.368M
YoY Change
Long-Term Investments
YoY Change
Other Assets $838.0K $1.145M $397.0K
YoY Change 111.08% 188.41%
Total Long-Term Assets $34.32M $15.06M $11.72M
YoY Change 148.27% 28.45%
TOTAL ASSETS
Total Short-Term Assets $104.4M $114.1M $130.5M
Total Long-Term Assets $34.32M $15.06M $11.72M
Total Assets $138.8M $129.1M $142.3M
YoY Change -7.55% -9.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.176M $1.234M $2.473M
YoY Change 38.6% -50.1%
Accrued Expenses $10.00M $9.200M $11.00M
YoY Change -5.66% -16.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.929M $3.093M $2.551M
YoY Change 5.28% 21.25%
Total Short-Term Liabilities $18.32M $15.98M $17.42M
YoY Change -2.27% -8.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.721M $2.291M $3.454M
YoY Change -43.87% -33.67%
Other Long-Term Liabilities $1.011M $1.161M $1.670M
YoY Change -32.42% -30.48%
Total Long-Term Liabilities $2.732M $3.452M $5.124M
YoY Change -40.11% -32.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.32M $15.98M $17.42M
Total Long-Term Liabilities $2.732M $3.452M $5.124M
Total Liabilities $21.05M $19.43M $22.55M
YoY Change -9.68% -13.8%
SHAREHOLDERS EQUITY
Retained Earnings -$128.3M -$121.5M -$87.85M
YoY Change 32.34% 38.31%
Common Stock $35.00K $33.00K $31.00K
YoY Change 9.38% 6.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $117.7M $109.7M $119.7M
YoY Change
Total Liabilities & Shareholders Equity $138.8M $129.1M $142.3M
YoY Change -7.55% -9.23%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$6.791M -$8.306M -$10.50M
YoY Change -25.35% -20.9% 55.48%
Depreciation, Depletion And Amortization $1.990M $1.795M $1.235M
YoY Change 45.26% 45.34% 111.47%
Cash From Operating Activities -$6.930M -$7.309M -$6.190M
YoY Change 56.08% 18.08% 105.85%
INVESTING ACTIVITIES
Capital Expenditures -$1.350M $782.0K $992.0K
YoY Change -52.8% -21.17% -25.8%
Acquisitions $0.00
YoY Change
Other Investing Activities -$4.150M
YoY Change
Cash From Investing Activities -$5.500M -$1.399M -$1.624M
YoY Change 92.31% -13.85% -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 350.0K 306.0K 91.76M
YoY Change -97.18% -99.67% 206.85%
NET CHANGE
Cash From Operating Activities -6.930M -7.309M -6.190M
Cash From Investing Activities -5.500M -1.399M -1.624M
Cash From Financing Activities 350.0K 306.0K 91.76M
Net Change In Cash -12.08M -8.402M 83.95M
YoY Change -337.33% -110.01% 232.37%
FREE CASH FLOW
Cash From Operating Activities -$6.930M -$7.309M -$6.190M
Capital Expenditures -$1.350M $782.0K $992.0K
Free Cash Flow -$5.580M -$8.091M -$7.182M
YoY Change 253.16% 12.66% 65.33%

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CY2014Q1 dei Trading Symbol
TradingSymbol
MRIN
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
MARIN SOFTWARE INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2006-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001389002
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0194 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.513 pure
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
120000 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33112000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.33
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7309000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.65
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
175000 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M15D
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
290000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.62
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4653000 shares
CY2014Q1 us-gaap Revenues
Revenues
22815000
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-66000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
488000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8177000
CY2014Q1 us-gaap Gross Profit
GrossProfit
14432000
CY2014Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
0
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
208000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
69000
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-148000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8056000
CY2014Q1 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8118000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
155000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-8306000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
782000
CY2014Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
617000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-129000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4416000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
306000
CY2014Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
347000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-491000
CY2014Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
445000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1497000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
167000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8273000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11989000
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1899000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
324000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
8383000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1399000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6083000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
768000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1795000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
69000
CY2014Q1 us-gaap Depreciation
Depreciation
1350000
CY2014Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-877000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
22488000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
188000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
129000
CY2014Q1 mrin Change In Preferred Stock Warrant Liability
ChangeInPreferredStockWarrantLiability
0
CY2014Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Yield
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendYield
pure
CY2014Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2Granted
P9Y10M6D
CY2014Q1 mrin Payments For Repurchase Of Common Stock And Unvested Shares
PaymentsForRepurchaseOfCommonStockAndUnvestedShares
1000
CY2014Q1 mrin Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
-1569000
CY2014Q1 mrin Weighted Average Period For Unrecognized Estimated Compensation Cost Related To Stock Options
WeightedAveragePeriodForUnrecognizedEstimatedCompensationCostRelatedToStockOptions
P2Y7M6D
CY2014Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedOutstandingWeightedAverageRemainingContractualTerm
P6Y7M21D
CY2014Q1 mrin Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.070 pure
CY2014Q1 mrin Pre Tax Income Loss
PreTaxIncomeLoss
8118000
CY2014Q1 mrin Noncash Interest Expense On Warrants
NoncashInterestExpenseOnWarrants
46000
CY2014Q1 mrin Cash Equivalents Maximum Maturity Period One
CashEquivalentsMaximumMaturityPeriodOne
P3M
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M6D

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