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| 8-K - FORM 8-K - MARIN SOFTWARE INC | d674716d8k.htm |
Exhibit 99.1
Marin Software Announces Fourth Quarter and Full Year 2013 Financial Results
| • | Record fourth quarter net revenues of $21.8 million, up 28% year-over-year |
| • | 19th consecutive quarter of sequential quarterly revenue growth |
| • | Record 2013 net revenues of $77.3 million, up 30% year-over-year |
| • | Managed $6 billion in annualized marketing spend on Marin’s platform |
San Francisco, CA (February 11, 2014) – Marin Software Incorporated (NYSE: MRIN), provider of a leading Revenue Acquisition Management platform for advertisers and agencies, today announced financial results for the fourth quarter and full year ended December 31, 2013.
“We closed out 2013 on a strong note, with results above our guidance on the top and bottom line,” said Chris Lien, Founder and Chief Executive Officer of Marin. “We also passed another significant milestone during the quarter, with our customers using our platform to manage more than $6 billion of annualized marketing spend. Leading companies across the globe continue to utilize Marin to help them drive superior business results from their digital marketing efforts.”
Fourth Quarter 2013 Financial Highlights:
| • | Net Revenues: Net revenues totaled $21.8 million, a year-over-year increase of 28% when compared to $17.1 million in the prior year period. |
| • | Gross profit: GAAP gross profit was $13.7 million, resulting in gross margin of 63%, compared to GAAP gross margin of 59% during the fourth quarter of 2012. Non-GAAP gross profit was $14.3 million, resulting in non-GAAP gross margin of 66%, compared to non-GAAP gross margin of 61% during the fourth quarter of 2012. |
| • | Loss from operations: GAAP loss from operations was ($7.9) million, compared to ($6.8) million for the fourth quarter of 2012. GAAP operating margin was (36%), compared to (40%) during the fourth quarter of 2012. Non-GAAP loss from operations was ($6.9) million, compared to ($6.4) million for the fourth quarter of 2012. Non-GAAP operating margin was (32%), compared to (37%) during the fourth quarter of 2012. |
| • | Net loss: Net loss was ($8.1) million or ($0.25) per share based on 32.8 million weighted average shares outstanding. This compares to a net loss of ($7.3) million or ($1.59) per share based upon 4.6 million weighted average shares outstanding for the fourth quarter of 2012. |
| • | Non-GAAP net loss: Non-GAAP net loss was ($7.0) million or ($0.21) per share based upon 32.8 million weighted average shares outstanding. This compares to ($6.6) million or ($0.28) per share based on 23.3 million weighted average shares outstanding during the fourth 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 ($5.6) million, as compared to a loss of ($5.5) million for the fourth quarter of 2012. |
| • | Balance Sheet: As of December 31, 2013, cash and cash equivalents totaled $104.4 million, compared to $31.5 million as of December 31, 2012. Marin received $109.4 million in proceeds, net of issuance costs paid, from its initial public offering, including exercise of the over-allotment option, during the year ended December 31, 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.”
Full Year 2013 Financial Highlights:
| • | Net Revenues: Net revenues totaled $77.3 million, a year-over-year increase of 30% when compared to $59.6 million in 2012. |
| • | Gross profit: GAAP gross profit was $46.2 million, resulting in gross margin of 60%, compared to GAAP gross margin of 58% during 2012. Non-GAAP gross profit was $48.2 million, resulting in non-GAAP gross margin of 62%, compared to non-GAAP gross margin of 60% during 2012. |
| • | Loss from operations: GAAP loss from operations was ($34.3) million, compared to ($25.3) million in 2012. GAAP operating margin was (44%), compared to (42%) during 2012. Non-GAAP loss from operations was ($31.2) million, compared to ($21.5) million for 2012. Non-GAAP operating margin was (40%), compared to (36%) during 2012. |
| • | Net loss: Net loss was ($35.9) million or ($1.36) per share based on 26.3 million weighted average shares outstanding. This compares to a net loss of ($26.5) million or ($6.00) per share based upon 4.4 million weighted average shares outstanding for 2012. |
| • | Non-GAAP net loss: Non-GAAP net loss was ($32.2) million or ($1.06) per share based upon 30.5 million weighted average shares outstanding. This compares to ($22.2) million or ($0.96) per share based on 23.2 million weighted average shares outstanding during 2012, which assumes our convertible preferred stock was converted to common stock for the full year. |
| • | Adjusted EBITDA: Adjusted EBITDA was a loss of ($26.5) million, as compared to a loss of ($18.9) million for 2012. |
Fourth Quarter 2013 Business Highlights
| • | Managed $6 billion in annualized spend under management, becoming the first independent platform within our industry to do so. |
| • | Released Audience Connect and partnered with BlueKai to unite advertisers’ customer and audience data with search intent. Advertisers can now target more effectively, customize creative and optimize bidding by specific audiences for search campaigns as well as display, video, analytics, native mobile advertising and site optimization. |
| • | Introduced Revenue Connect, the ability to align marketing campaigns with business analytics and gain a true measure of revenue. Revenue Connect enables digital marketers to see deep into their purchase funnels, bridge offline sales to online advertising campaigns, and optimize to customer lifetime value. |
| • | Developed support for Bing Product Ads. Within the Marin platform, customers can now efficiently create, manage and report on both Google Product Listing Ads (PLAs) and Bing Product Ads. The new capability improves campaign workflow and insight across these search engines. |
| • | Managed advertisers’ initial use of Google PLAs on smartphones. PLAs made their debut on smartphones in October, which Marin previously developed support for. Compared to PLAs on desktop and tablets, Marin customers experienced a 33% higher click-through rate on smartphone PLAs. |
| • | Increased the number of active advertisers leveraging the Marin platform. During the fourth quarter, 673 active advertisers utilized the Marin platform, compared to 531 during the fourth quarter of 2012. Marin defines active advertisers as an advertiser from whom Marin recognized revenues in excess of $2,000 in at least one month during the quarter. |
Financial Outlook:
As of February 11th, 2014, Marin is initiating guidance for its first quarter and full year 2014 as follows:
| Forward-Looking Guidance | ||||||||
| In millions, except per share data |
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| Range of Estimate | ||||||||
| From | To | |||||||
| Three Months Ending March 31, 2014 |
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| Revenues, net |
$ | 21.4 | $ | 21.8 | ||||
| Non-GAAP loss from operations |
$ | (8.9 | ) | $ | (8.5 | ) | ||
| Non-GAAP net loss per share |
$ | (0.28 | ) | $ | (0.26 | ) | ||
| Weighted average shares outstanding |
33.0 | |||||||
| Year Ending December 31, 2014 |
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| Revenues, net |
$ | 95.0 | $ | 96.6 | ||||
| Non-GAAP loss from operations |
$ | (30.5 | ) | $ | (28.9 | ) | ||
| Non-GAAP net loss per share |
$ | (0.94 | ) | $ | (0.90 | ) | ||
| Weighted average shares outstanding |
33.4 | |||||||
Non-GAAP loss from operations and non-GAAP net loss per share excludes the effects of stock-based compensation, amortization of internally developed software, noncash expenses related to warrants and capitalization of internally developed software.
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, 2013 and its outlook for the future. To access the call, please dial (877) 705-6003 in the U.S. or (201) 493-6725 internationally. Passcode is 13574390. A live webcast of the conference will be accessible from Marin Software’s website at: http://investor.marinsoftware.com/. Following the completion of the call through 11:59 p.m. EST on February 18, 2014, a recording will be available for replay at: http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (877) 870-5176 in the U.S. or (858) 384-5517 internationally with the recording access code 13574390.
About Marin Software
Marin Software Incorporated (NYSE: MRIN) provides a leading Revenue Acquisition Management platform used by advertisers and agencies to measure, manage and optimize more than $6 billion in annualized ad spend. Offering an integrated platform for search, display, social, and mobile advertising, Marin helps advertisers and agencies improve financial performance, save time, and make better decisions. Headquartered in San Francisco, with offices worldwide, Marin’s technology powers marketing campaigns in more than 160 countries. For more information about Marin’s products, please visit: http://www.marinsoftware.com/solutions/overview.
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.
Marin defines non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation expense, the capitalization of internally developed software, noncash expenses related to the issuance of warrants, and the amortization of internally developed software. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding that are adjusted to assume the conversion of outstanding preferred shares to common shares as of the beginning of the period.
Marin defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation, the amortization of internally developed software, the capitalization of internally developed software, interest expense, net, provision for income taxes and other income (expenses), net. 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 reflect 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, growth, momentum, and future financial results, including its outlook for the first quarter of 2014 and fiscal year 2014. 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 (i) adverse changes in general economic or market conditions; (ii) delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; (iii) competitive factors, including but not limited to pricing pressures, entry of new competitors and new applications; (iv) adverse changes in our relationships with and access to publishers and advertising agencies; (v) level of usage and advertising spend managed on our platform; (vi) our ability to expand sales of our solutions in channels other than search advertising; (vii) our ability to expand our sales and marketing capabilities and manage our growth effectively; (viii) the development of the market for digital advertising or revenue acquisition management; (ix) acceptance and continued usage of our platform and services by customers and our ability to provide high-quality technical support to our customers; (x) material defects in our platform, service interruptions at our single third-party data center or breaches in our security measures; (xi) our ability to develop enhancements to our platform; (xii) our ability to protect our intellectual property; (xiii) our ability to manage risks associated with international operations; (xiv) 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; (xv) our ability to retain and attract qualified management and technical personnel; and (xvi) 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-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 11, 2014. Marin assumes no obligation to, and expressly disclaims any obligation to update any such forward-looking statements after the date of this release.
Investor Relations Contact:
Greg Kleiner
ICR for Marin Software
415-762-0327
ir@marinsoftware.com
Media Contact:
Greg Kunkel
Corporate Communications, Marin Software
415-857-7663
press@marinsoftware.com
Condensed Consolidated Balance Sheets
(On a GAAP basis)
(Unaudited; in thousands, except par value)
| December 31, 2013 |
December 31, 2012 |
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| Assets |
||||||||
| Current assets |
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| Cash and cash equivalents |
$ | 104,407 | $ | 31,540 | ||||
| Accounts receivable, net |
14,921 | 13,133 | ||||||
| Prepaid expenses and other current assets |
2,695 | 1,814 | ||||||
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| Total current assets |
122,023 | 46,487 | ||||||
| Property and equipment, net |
14,417 | 9,224 | ||||||
| Other noncurrent assets |
937 | 1,513 | ||||||
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| Total assets |
$ | 137,377 | $ | 57,224 | ||||
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| Liabilities, Preferred Stock and Stockholders’ Equity (Deficit) |
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| Current liabilities |
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| Accounts payable |
$ | 1,018 | $ | 1,268 | ||||
| Accrued expenses |
10,950 | 9,661 | ||||||
| Deferred revenue |
2,566 | 618 | ||||||
| Current portion of long-term debt |
3,253 | 1,572 | ||||||
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| Total current liabilities |
17,787 | 13,119 | ||||||
| Long-term debt, less current portion |
2,962 | 9,243 | ||||||
| Other long term liabilities |
1,284 | 1,858 | ||||||
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| Total liabilities |
22,033 | 24,220 | ||||||
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| Convertible preferred stock, $0.001 par value |
— | 105,710 | ||||||
| Stockholders’ equity (deficit) |
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| Common stock, $0.001 par value |
33 | 5 | ||||||
| Additional paid-in capital |
228,512 | 4,638 | ||||||
| Accumulated deficit |
(113,201 | ) | (77,349 | ) | ||||
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| Total stockholders’ equity (deficit) |
115,344 | (72,706 | ) | |||||
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| Total liabilities, preferred stock and stockholders’ equity (deficit) |
$ | 137,377 | $ | 57,224 | ||||
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Condensed Consolidated Statements of Operations
(On a GAAP basis)
(Unaudited; in thousands, except per share data)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues, net |
$ | 21,829 | $ | 17,051 | $ | 77,315 | $ | 59,558 | ||||||||
| Cost of revenues (1) |
8,097 | 7,036 | 31,109 | 24,764 | ||||||||||||
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| Gross profit |
13,732 | 10,015 | 46,206 | 34,794 | ||||||||||||
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| Operating expenses (1) |
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| Sales and marketing |
11,709 | 9,018 | 42,799 | 32,633 | ||||||||||||
| Research and development |
5,660 | 4,363 | 20,715 | 14,014 | ||||||||||||
| General and administrative |
4,273 | 3,431 | 17,028 | 13,432 | ||||||||||||
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| Total operating expenses |
21,642 | 16,812 | 80,542 | 60,079 | ||||||||||||
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| Loss from operations |
(7,910 | ) | (6,797 | ) | (34,336 | ) | (25,285 | ) | ||||||||
| Interest expense, net |
(78 | ) | (171 | ) | (453 | ) | (520 | ) | ||||||||
| Other expenses, net |
(66 | ) | (234 | ) | (571 | ) | (456 | ) | ||||||||
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| Loss before provision for income taxes |
(8,054 | ) | (7,202 | ) | (35,360 | ) | (26,261 | ) | ||||||||
| Provision for income taxes |
(7 | ) | (54 | ) | (492 | ) | (221 | ) | ||||||||
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| Net loss |
$ | (8,061 | ) | $ | (7,256 | ) | $ | (35,852 | ) | $ | (26,482 | ) | ||||
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| Net loss per common share, basic and diluted |
$ | (0.25 | ) | $ | (1.59 | ) | $ | (1.36 | ) | $ | (6.00 | ) | ||||
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| Weighted-average shares outstanding, basic and diluted |
32,768 | 4,559 | 26,312 | 4,417 | ||||||||||||
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| (1) Includes stock-based compensation as follows: |
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| Cost of revenues |
$ | 198 | $ | 147 | $ | 887 | $ | 439 | ||||||||
| Sales and marketing |
301 | 188 | 1,304 | 1,005 | ||||||||||||
| Research and development |
356 | 183 | 1,346 | 831 | ||||||||||||
| General and administrative |
411 | 183 | 1,681 | 2,673 | ||||||||||||
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| $ | 1,266 | $ | 701 | $ | 5,218 | $ | 4,948 | |||||||||
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Condensed Consolidated Statements of Cash Flows
(On a GAAP basis)
(Unaudited; in thousands)
| Year Ended December 31, |
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| 2013 | 2012 | |||||||
| Operating activities |
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| Net loss |
$ | (35,852 | ) | $ | (26,482 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities |
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| Depreciation |
4,722 | 2,642 | ||||||
| Amortization of internally developed software |
1,156 | 525 | ||||||
| Noncash expenses related to warrants |
489 | 581 | ||||||
| Stock-based compensation |
5,218 | 4,948 | ||||||
| Provision for bad debt |
359 | 296 | ||||||
| Other noncash expenses |
255 | 285 | ||||||
| Excess tax benefits from stock-based award activities |
(119 | ) | (192 | ) | ||||
| Changes in operating assets and liabilities |
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| Accounts receivable |
(2,392 | ) | (3,674 | ) | ||||
| Prepaid expenses and other current assets |
(881 | ) | (550 | ) | ||||
| Other assets |
(524 | ) | (55 | ) | ||||
| Accounts payable |
75 | (208 | ) | |||||
| Deferred revenue |
1,948 | 445 | ||||||
| Accrued expenses and other liabilities |
2,149 | 2,344 | ||||||
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| Net cash used in operating activities |
(23,397 | ) | (19,095 | ) | ||||
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| Investing activities |
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| Purchases of property and equipment |
(5,023 | ) | (5,507 | ) | ||||
| Capitalization of internally developed software |
(3,216 | ) | (1,743 | ) | ||||
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| Net cash used in investing activities |
(8,239 | ) | (7,250 | ) | ||||
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| Financing activities |
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| Proceeds from issuance of common stock in initial public offering, net of issuance costs |
109,414 | (107 | ) | |||||
| Proceeds from issuance of note payable, net of issuance costs |
1,667 | 8,631 | ||||||
| Repayment of note payable |
(9,660 | ) | (4,334 | ) | ||||
| Redemption of common stock and unvested shares subject to repurchase |
(77 | ) | (4,536 | ) | ||||
| Proceeds from issuance of convertible, preferred stock, net of issuance costs |
— | 54,196 | ||||||
| Proceeds from common stock purchase agreements and option exercises |
1,541 | 2,124 | ||||||
| Proceeds from employee stock purchase plan |
1,499 | — | ||||||
| Excess tax benefits from stock-based award activities |
119 | 192 | ||||||
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| Net cash provided by financing activities |
104,503 | 56,166 | ||||||
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| Net increase in cash and cash equivalents |
72,867 | 29,821 | ||||||
| Cash and cash equivalents |
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| Beginning of period |
31,540 | 1,719 | ||||||
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| End of period |
$ | 104,407 | $ | 31,540 | ||||
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| Supplemental disclosure of noncash investing activity |
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| Acquisition of equipment through capital lease |
$ | 3,167 | $ | — | ||||
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited; in thousands)
| Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
| March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 |
December 31, 2012 |
March 31, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
December 31, 2013 |
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| Gross Profit (GAAP) |
$ | 7,720 | $ | 8,043 | $ | 9,016 | $ | 10,015 | $ | 34,794 | $ | 9,783 | $ | 10,522 | $ | 12,169 | $ | 13,732 | $ | 46,206 | ||||||||||||||||||||
| Plus Stock-based compensation |
56 | 115 | 121 | 147 | 439 | 205 | 245 | 239 | 198 | 887 | ||||||||||||||||||||||||||||||
| Plus Amortization of internally developed software |
96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | 370 | 1,156 | ||||||||||||||||||||||||||||||
| Less Capitalization of internally developed software |
— | — | (23 | ) | (15 | ) | (38 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
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| Gross Profit (Non-GAAP) |
$ | 7,872 | $ | 8,272 | $ | 9,250 | $ | 10,326 | $ | 35,720 | $ | 10,215 | $ | 11,023 | $ | 12,711 | $ | 14,300 | $ | 48,249 | ||||||||||||||||||||
| Operating loss (GAAP) |
$ | (6,492 | ) | $ | (5,573 | ) | $ | (6,423 | ) | $ | (6,797 | ) | $ | (25,285 | ) | $ | (9,803 | ) | $ | (8,758 | ) | $ | (7,865 | ) | $ | (7,910 | ) | $ | (34,336 | ) | ||||||||||
| Plus Stock-based compensation |
2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | 1,266 | 5,218 | ||||||||||||||||||||||||||||||
| Plus Amortization of internally developed software |
96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | 370 | 1,156 | ||||||||||||||||||||||||||||||
| Plus Noncash expenses related to warrants |
60 | — | — | — | 60 | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Less Capitalization of internally developed software |
(303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | (650 | ) | (3,216 | ) | ||||||||||||||||||||
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| Operating loss (Non-GAAP) |
$ | (3,748 | ) | $ | (5,463 | ) | $ | (5,898 | ) | $ | (6,386 | ) | $ | (21,495 | ) | $ | (8,983 | ) | $ | (8,109 | ) | $ | (7,162 | ) | $ | (6,924 | ) | $ | (31,178 | ) | ||||||||||
| Net Loss (GAAP) |
$ | (6,754 | ) | $ | (5,824 | ) | $ | (6,648 | ) | $ | (7,256 | ) | $ | (26,482 | ) | $ | (10,501 | ) | $ | (9,097 | ) | $ | (8,193 | ) | $ | (8,061 | ) | $ | (35,852 | ) | ||||||||||
| Plus Stock-based compensation |
2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | 1,266 | 5,218 | ||||||||||||||||||||||||||||||
| Plus Amortization of internally developed software |
96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | 370 | 1,156 | ||||||||||||||||||||||||||||||
| Plus Noncash expenses related to warrants |
223 | 50 | 61 | 247 | 581 | 310 | 73 | 53 | 53 | 489 | ||||||||||||||||||||||||||||||
| Less Capitalization of internally developed software |
(303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | (650 | ) | (3,216 | ) | ||||||||||||||||||||
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| Net Loss (Non-GAAP) |
$ | (3,847 | ) | $ | (5,664 | ) | $ | (6,062 | ) | $ | (6,598 | ) | $ | (22,171 | ) | $ | (9,371 | ) | $ | (8,375 | ) | $ | (7,437 | ) | $ | (7,022 | ) | $ | (32,205 | ) | ||||||||||
Calculation of Non-GAAP Earnings Per Share
(Unaudited; in thousands, except per share data)
| Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
| March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 |
December 31, 2012 |
March 31, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
December 31, 2013 |
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| Net Loss (Non-GAAP) |
$ | (3,847 | ) | $ | (5,664 | ) | $ | (6,062 | ) | $ | (6,598 | ) | $ | (22,171 | ) | $ | (9,371 | ) | $ | (8,375 | ) | $ | (7,437 | ) | $ | (7,022 | ) | $ | (32,205 | ) | ||||||||||
| Weighted-average shares outstanding, basic and diluted |
4,254 | 4,261 | 4,404 | 4,559 | 4,417 | 7,365 | 32,237 | 32,522 | 32,768 | 26,312 | ||||||||||||||||||||||||||||||
| Additional weighted average shares giving effect to conversion of convertible preferred stock at the beginning of the period |
17,275 | 17,275 | 17,275 | 18,753 | 18,753 | 16,877 | — | — | — | 4,162 | ||||||||||||||||||||||||||||||
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| Shares used in computing non-GAAP net loss per share,basic and diluted |
21,529 | 21,536 | 21,679 | 23,312 | 23,170 | 24,242 | 32,237 | 32,522 | 32,768 | 30,474 | ||||||||||||||||||||||||||||||
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| Non-GAAP net loss per common share, basic and diluted |
$ | (0.18 | ) | $ | (0.26 | ) | $ | (0.28 | ) | $ | (0.28 | ) | $ | (0.96 | ) | $ | (0.39 | ) | $ | (0.26 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | (1.06 | ) | ||||||||||
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Reconciliation of Net Loss to Adjusted EBITDA
(Unaudited; in thousands)
| Three Months Ended | Year Ended | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
| March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 |
December 31, 2012 |
March 31, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
December 31, 2013 |
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| Net loss |
$ | (6,754 | ) | $ | (7,256 | ) | $ | (6,648 | ) | $ | (7,256 | ) | $ | (26,482 | ) | $ | (10,501 | ) | $ | (9,097 | ) | $ | (8,193 | ) | $ | (8,061 | ) | $ | (35,852 | ) | ||||||||||
| Depreciation |
488 | 614 | 700 | 840 | 2,642 | 1,008 | 1,121 | 1,299 | 1,294 | 4,722 | ||||||||||||||||||||||||||||||
| Amortization of internally developed software |
96 | 114 | 136 | 179 | 525 | 227 | 256 | 303 | 370 | 1,156 | ||||||||||||||||||||||||||||||
| Interest expense, net |
110 | 102 | 137 | 171 | 520 | 184 | 109 | 82 | 78 | 453 | ||||||||||||||||||||||||||||||
| Provision for income taxes |
49 | 55 | 63 | 54 | 221 | 106 | 149 | 230 | 7 | 492 | ||||||||||||||||||||||||||||||
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| EBITDA |
(6,011 | ) | (6,371 | ) | (5,612 | ) | (6,012 | ) | (22,574 | ) | (8,976 | ) | (7,462 | ) | (6,279 | ) | (6,312 | ) | (29,029 | ) | ||||||||||||||||||||
| Stock-based compensation |
2,891 | 527 | 829 | 701 | 4,948 | 1,225 | 1,309 | 1,418 | 1,266 | 5,218 | ||||||||||||||||||||||||||||||
| Capitalization of internally developed software |
(303 | ) | (531 | ) | (440 | ) | (469 | ) | (1,743 | ) | (632 | ) | (916 | ) | (1,018 | ) | (650 | ) | (3,216 | ) | ||||||||||||||||||||
| Other (income) expenses, net |
103 | 94 | 25 | 234 | 456 | 408 | 81 | 16 | 66 | 571 | ||||||||||||||||||||||||||||||
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| Adjusted EBITDA |
$ | (3,320 | ) | $ | (6,281 | ) | $ | (5,198 | ) | $ | (5,546 | ) | $ | (18,913 | ) | $ | (7,975 | ) | $ | (6,988 | ) | $ | (5,863 | ) | $ | (5,630 | ) | $ | (26,456 | ) | ||||||||||
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