Marin Software (MRIN) Financials

$35.3 M

Mkt cap, 15-May-2018

$15.4 M

Revenue Q1, 2018
Gross profit (Q1, 2018)7.8 M
Gross profit margin (Q1, 2018), %50.8%
Net income (Q1, 2018)-9.1 M
EBIT (Q1, 2018)-9.1 M
Cash, 31-Mar-201822 M

Revenue/Financials

Income Statement

Annual

usdFY, 2011FY, 2012FY, 2013FY, 2014Y, 2015FY, 2016FY, 2017

Revenue

36.1 m59.6 m77.3 m99.4 m108.5 m99.9 m75 m

Revenue growth, %

65%30%29%9%(8%)

Cost of goods sold

31.1 m35.6 m40.1 m35.2 m32.5 m

Gross profit

46.2 m63.7 m68.4 m64.7 m42.5 m

Gross profit Margin, %

60%64%63%65%57%

Sales and marketing expense

32.9 m26.9 m

R&D expense

27.8 m26.6 m

General and administrative expense

19.9 m16.4 m

Operating expense total

80.6 m72.7 m

Depreciation and amortization

2.9 m

EBIT

(34.3 m)(34 m)(32.4 m)(15.9 m)(30.3 m)

EBIT margin, %

(44%)(34%)(30%)(16%)(40%)

Interest expense

453 k177 k118 k129 k137 k

Pre tax profit

(35.4 m)(30.5 m)

Income tax expense

139 k221 k492 k(1.5 m)(1 m)

Net Income

(35.9 m)(33.2 m)(33.3 m)(16.5 m)(31.5 m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

20.1 m22.8 m23.9 m25.7 m26.4 m26.8 m26.3 m27.2 m25.8 m24 m20.3 m18.7 b15.4 m

Cost of goods sold

7.9 m8.4 m8.8 m9.1 m9.7 m10.6 m10.4 m9.2 m8.9 m8.7 m8.3 m8.2 b7.6 m

Gross profit

12.2 m14.4 m15.1 m16.5 m16.7 m16.2 m16 m18 m16.9 m15.3 m12 m10.5 b7.8 m

Gross profit Margin, %

61%63%63%64%63%60%61%66%65%64%59%56%51%

Sales and marketing expense

10.3 m12 m12 m12.2 m12.2 m13.1 m10.8 m9.1 m9.3 m7.6 m6.7 m6.7 b7.4 m

R&D expense

5.1 m6.1 m6.6 m7.8 m8.5 m9.2 m8.2 m8 m7 m6.3 m7.1 m6.6 b6.2 m

General and administrative expense

4.7 m4.4 m5.4 m5.7 m5.7 m5.7 m5.9 m5 m5 m4.7 m4.2 m3.9 b3.4 m

Operating expense total

20 m22.5 m24 m25.7 m26.4 m27.9 m24.9 m22.1 m21.3 m18.6 m18 m20.1 b16.9 m

Depreciation and amortization

690 k

EBIT

(7.9 m)(8.1 m)(8.9 m)(9.2 m)(9.7 m)(11.7 m)(8.9 m)(4.1 m)(4.5 m)(3.2 m)(6 m)(9.6 b)(9.1 m)

EBIT margin, %

(39%)(35%)(37%)(36%)(37%)(44%)(34%)(15%)(17%)(13%)(29%)(51%)(59%)

Interest expense

82 k66 k62 k33 k11 k8 k63 k18 k34 k39 k37 k64 m

Pre tax profit

(8 m)(8.1 m)(9.4 m)(11.9 m)(4.1 m)(4.1 m)(5.7 m)(10.1 b)(8.8 m)

Income tax expense

(230 k)(188 k)2.4 m(236 k)(341 k)(307 k)37 k(406 k)(419 m)(324 k)

Net Income

(8.2 m)(8.3 m)(6.8 m)(9.2 m)(9.7 m)(12 m)(9.5 m)(4.4 m)(4.4 m)(3.1 m)(6.1 m)(10.5 b)(9.1 m)

Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

1.2 m1.7 m31.5 m104.4 m68.3 m37.3 m34.4 m27.5 m

Accounts Receivable

14.9 m18.7 m21.7 m18.8 m12.2 m

Inventories

2.7 m4.8 m4.2 m3.8 m

Current Assets

122 m91.7 m63.2 m58.3 m45.1 m

PP&E

14.4 m16.3 m21.8 m20.6 m15.6 m

Goodwill

11.5 m19.4 m19.3 m16.8 m

Total Assets

137.4 m128.2 m116.2 m107.1 m83.4 m

Accounts Payable

1 m3.7 m1.7 m2.4 m2.8 m

Short-term debt

3.3 m2.6 m1.4 m1 m

Current Liabilities

17.8 m20.4 m15.7 m12.6 m14.7 m

Long-term debt

Total Debt

1 m

Total Liabilities

19.5 m20.6 m

Additional Paid-in Capital

228.5 m253.2 m275.6 m286.7 m291.2 m

Retained Earnings

(113.2 m)(146.4 m)(179.7 m)(196.2 m)(227.7 m)

Total Equity

106.1 m94.1 m87.6 m62.8 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0 x

Financial Leverage

1.2 x1.2 x1.2 x1.3 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

111.7 m96.1 m83.9 m75.8 m52.8 m41.5 m33.3 m36.2 m35.4 m36.4 m33 m32.5 m22 m

Accounts Receivable

13.9 m14.8 m16.9 m20.1 m19.9 m20.3 m22.7 m23.9 m23 m20.6 m15.9 m13 m11 m

Current Assets

129.1 m114.1 m104.4 m99.9 m78.7 m68.4 m62.6 m64.3 m62.7 m61.1 m55.5 m51.7 m39.9 m

PP&E

14.3 m13.9 m13.5 m13.8 m16.9 m19.7 m22.9 m21.2 m21.1 m21.5 m19.2 m17.7 m14.6 m

Goodwill

11.6 m11.7 m19.9 m19.6 m19.4 m19.6 m19.5 m19.4 m19.3 m16.7 m16.8 m

Total Assets

143.8 m129.1 m138.8 m134.3 m128.8 m120.6 m117 m116 m113.8 m111.8 m102.2 m93.6 m77.5 m

Accounts Payable

1.1 m1.2 m2.2 m1.8 m5.3 m2.1 m2.9 m1.4 m3 m1.9 m2.4 m2 m2.8 m

Short-term debt

3.4 m3.1 m2.9 m2.8 m3.2 m1.9 m1.8 m881 k768 k870 k1 m1.1 m

Current Liabilities

18.4 m16 m18.3 m20.9 m22.5 m18 m19.1 m15.9 m15.2 m13.8 m12.2 m12.1 m12.7 m

Total Debt

3.4 m3.1 m2.9 m2.8 m3.2 m1.9 m1.8 m881 k768 k870 k1 m1.1 m

Total Liabilities

23.4 m19.4 m21.1 m23.2 m24.9 m22.6 m24.7 m21.9 m21.2 m20.3 m18.8 m18.6 m18.2 m

Additional Paid-in Capital

225.5 m231 m245.7 m249 m261.6 m267.4 m271.2 m279.6 m282.8 m284.7 m288.4 m289.4 m292.1 m

Retained Earnings

(105.1 m)(121.5 m)(128.3 m)(137.5 m)(156.1 m)(168.1 m)(177.6 m)(184.1 m)(188.6 m)(191.6 m)(202.3 m)(212.9 m)(232.6 m)

Total Equity

120.4 m109.7 m117.7 m111.1 m98 m92.3 m94.1 m92.6 m91.5 m83.4 m75 m59.3 m

Financial Leverage

1.2 x1.2 x1.2 x1.2 x1.2 x1.3 x1.2 x1.2 x1.2 x1.2 x1.2 x1.3 x

Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(35.9 m)(33.2 m)(33.3 m)(16.5 m)(31.5 m)

Depreciation and Amortization

4.7 m1.1 m3.1 m3.1 m4.8 m

Accounts Receivable

(2.4 m)(4.6 m)(3 m)795 k4.8 m

Inventories

(881 k)(2 m)575 k546 k

Accounts Payable

75 k1.4 m(1.6 m)741 k306 k

Cash From Operating Activities

(23.4 m)(24.4 m)(7.1 m)5.7 m(4.9 m)

Purchases of PP&E

(5 m)(5.3 m)(8.6 m)(1.2 m)(461 k)

Cash From Investing Activities

(8.2 m)(12.6 m)(21.9 m)(5.9 m)(2.5 m)

Cash From Financing Activities

104.5 m850 k(1.3 m)(383 k)(1.5 m)

Interest Paid

201 k106 k106 k189 k210 k

Income Taxes Paid

276 k221 k404 k728 k1.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

(8.2 m)(8.3 m)(6.8 m)(9.2 m)(9.7 m)(12 m)(9.5 m)(4.4 m)(4.4 m)(3.1 m)(6.1 m)(9.1 m)

Depreciation and Amortization

162 k485 k646 k836 k826 k826 k794 k730 k730 k1.5 m

Accounts Receivable

16.9 m20.1 m19.9 m20.3 m22.7 m23.9 m23 m20.6 m15.9 m1.5 m

Accounts Payable

2.2 m1.8 m5.3 m2.1 m2.9 m1.4 m3 m1.9 m2.4 m(48 k)

Cash From Operating Activities

(4.9 m)

Purchases of PP&E

(98 k)

Cash From Investing Activities

(791 k)

Cash From Financing Activities

(266 k)

Ratios

USDY, 2018

Financial Leverage

1.3 x
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Operating Metrics

FY, 2014FY, 2015FY, 2016

Patents Issued

2 2 3

Patents Pending

5 9 8
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