Marin Software Incorporated
Q4 2020 Earnings Call Transcript
Published:
- Operator:
- Greetings, and welcome to the Marin Software's Fourth Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bob Bertz. Thank you, Mr. Bertz, you may begin.
- Bob Bertz:
- Thank you. Good afternoon, everyone, and welcome to Marin Software's fourth quarter 2020 earnings conference call. My name is Bob Bertz, I'm Marin's CFO. And joining me today is Chris Lien, Marin's CEO. By now, you should have received a copy of our earnings release, which crossed the wire a short time ago. The release can also be obtained on our website at investors.marinsoftware.com. Call participants are advised that the audio of this conference call is being recorded for playback purposes, and that the recording will be made available on the Investor Relations section of our website within a few hours.
- Chris Lien:
- Thank you, Bob. Good afternoon, everyone, and thank you for joining our call today. I'll share my observations on the quarter and provide an update on our initiatives to return Marin to growth. Bob will then provide additional detail on our fourth quarter and our outlook for the first quarter. We remain committed to return Marin to growth and to maximize shareholder value. Our plan to achieve this is focused on delivering a leading cross-channel advertising management platform to enable brands and their agencies to grow and optimize returns from their online advertising investments.
- Bob Bertz:
- Thank you, Chris. I'll provide an overview of our fourth quarter results and then share our forecast for the first quarter of 2021. I'll begin with a review of our income statement. For the fourth quarter of 2020, Marin generated $7.3 million of revenue, being the high end of our guidance for the quarter by approximately $500,000, primarily due to higher search revenue. Fourth quarter revenue was down 36% when compared to total revenue for the fourth quarter of 2019 or approximately 28% when adjusted for the revenue impact resulting from the sale of our Perfect Audience business in late 2019 and the revised timing of revenue recognition under a strategic agreement with Google as a result of the amendment signed in Q1 of 2020. For the full year, 2020 revenues totaled $30 million, a year-over-year decrease of 39% as compared to $49 million in 2019 or a decline of approximately 31% when adjusted for the revenue impact resulting from the sale of our Perfect Audience business in late 2019 and the revised timing of revenue recognition under a strategic agreement with Google as a result of the amendment signed in Q1 of 2020. Revenue for both the fourth quarter and the full year was negatively impacted by the COVID-19 global pandemic. Although we have seen improvement in customer spend across most verticals, spend has not yet returned to pre-pandemic levels in most industries. We believe that COVID-19 will continue to have a negative impact on our business in the near term, but the extent and duration of the impact is uncertain at this time. Our geographic split for revenue in the fourth quarter was approximately 73% U.S. and 27% international. For the full year, the geographic split was 75% U.S. and 25% international. Moving onto our operating results. As a reminder, our financial statements and a reconciliation of our GAAP to non-GAAP financial measures can be found in our earnings release issued earlier today. Our non-GAAP operating loss was $2.5 million for the fourth quarter of 2020 as compared to a $2.1 million loss for the fourth quarter of 2019. The $2.5 million non-GAAP operating loss in Q4 includes approximately $700,000 of discretionary bonus expense that was approved by our Board of Directors following the end of 2020 that was not contemplated in our guidance. Without considering the bonus accrual, we would have beat the high end of our guidance.
- Operator:
- Q -:
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- Operator:
- This concludes today's teleconference. You may disconnect your lines now. Thank you for your participation, and have a wonderful day.
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