Marin Software: It's Time To Know The Name
Marin Software: Getting Ready For Prime Time
Stone Fox Capital
Stone Fox Capital
Marin Software: Not Ready For Prime Time Yet
Stone Fox Capital
Stone Fox Capital
Fri, May 6, 4:57 PM
- Though Marin Software (MRIN -15.2%) beat Q1 estimates, it's guiding for Q2 revenue of $25M-$25.6M, below a $26.9M consensus and down from $26.8M a year ago. EPS guidance of -$0.06 to -$0.08 is in-line with a -$0.07 consensus. No full-year guidance was given due to product launch delays.
- Deutsche's Nandan Amladi responded by downgrading Marin to Hold, and cutting his target in half to $3. "With the CEO also stepping in as head of sales temporarily and revenue growth heavily dependent on the new platform launch, we see 2016 as a transition year."
- Shares tumbled to new post-IPO lows in regular trading. Marin has been facing stiff competition in the online ad campaign management software space from Adobe and Google's DoubleClick unit.
- Marin's Q1 results, earnings release
Thu, May 5, 4:54 PM
Wed, May 4, 5:35 PM
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Fri, Feb. 19, 10:50 AM
- Having gone into earnings just $0.19 above a 52-week low of $2.61, Marin Software (MRIN +15.4%) has blasted off after its Q4 beat.
- Q1 guidance is for revenue of $26.4M-$27M and EPS of -$0.04 to -$0.06; the former is slightly below a $27.4M consensus, but the latter is above a -$0.10 consensus.
- Financials: Cost cuts boosted Q4 EPS: GAAP operating expenses fell by $3.9M Y/Y to $21.7M - $9.1M was spent on sales/marketing, $7.5M on R&D, and $5.1M on G&A. Also helping: Gross margin rose 200 bps Y/Y to 67.6%. Marin ended 2015 with $37.3M in cash and less than $3M in debt.
- On the earnings call (transcript), CEO David Yovanno mentioned Marin's Q4 sales wins (some involving existing clients) included Hyatt, Microsoft, Volkswagen, and Keurig Green Mountain. Total ad spend managed by Marin's platform rose by $600M in 2015 to $7.8B.
- CFO Catriona Fallon stated Marin expects revenue growth to be "relatively flat" in 1H16 before reaching the low-to-mid single digits by Q4. "[T]he [expected] acceleration of revenue growth remains dependent upon the planned release [of a new platform] for our search, social and display channels as well as customer adoption of the enhanced product features it enables."
- Marin's Q4 results, earnings release
Thu, Feb. 18, 4:19 PM
Wed, Feb. 17, 5:35 PM
Mon, Feb. 8, 2:37 PM
- Many tech stocks are seeing 6%+ losses as investors flee to safety yet again. The Nasdaq is down 3.4%, and the S&P 2.7%.
- As was the case on Friday following Tableau and LinkedIn's disappointing guidance, a slew of enterprise tech stocks are seeing big losses, with cloud software and security tech names well-represented on the casualty list.
- Also: Solar stocks are having another brutal day (TAN -6.7%) as energy stocks get routed amid fears Chesapeake Energy is close to bankruptcy. WTI crude oil is once more near $30/barrel.
- Enterprise software decliners: Adobe (ADBE -9.6%), Paylocity (PCTY -19.1%), Salesforce (CRM -9.9%), Workday (WDAY -12%), Guidewire (GWRE -12.5%), ServiceNow (NOW -11.5%), Zendesk (ZEN -13.8%), Paycom (PAYC -13.4%), Marin Software (MRIN -10.3%), Castlight (CSLT -8.4%), Cornerstone OnDemand (CSOD -12.1%), Atlassian (TEAM -13.2%), inContact (SAAS -9.6%), and Bazaarvoice (BV -14.5%).
- Enterprise security decliners: Palo Alto Networks (PANW -12.2%), FireEye (FEYE -9.8%), CyberArk (CYBR -11.5%), Proofpoint (PFPT -12.7%), Qualys (QLYS -8.9%), Imperva (IMPV -9.7%), Rapid7 (RPD -9.4%), and Barracuda (CUDA -8.4%).
- Solar decliners: SunEdison (SUNE -11.3%), SunPower (SPWR -8.8%), JinkoSolar (JKS -7.6%), SolarEdge (SEDG -7.9%), Yingli (YGE -7.1%), TerraForm Power (TERP -10.7%), and TerraForm Global (GLBL -9.2%).
- Other major decliners: Micron (MU -9.1%), Western Digital (WDC -10.5%), Arista (ANET -10.9%), Universal Display (OLED -10.6%), Rackspace (RAX -11.3%), Fitbit (FIT -8.7%), Nimble Storage (NMBL -11.3%), Sierra Wireless (SWIR -9.9%), Rocket Fuel (FUEL -9.8%), Knowles (KN -9%), Mitel (MITL -8.9%), and Alarm.com (ALRM -8.9%).
- Previously covered: Yelp, Cognizant, Tableau, Globant, Ambarella, European tech stocks
Nov. 4, 2015, 4:17 PM
- Marin Software (NYSE:MRIN): Q3 EPS of -$0.15 beats by $0.02.
- Revenue of $26.32M (+2.5% Y/Y) beats by $0.62M.
Nov. 3, 2015, 5:35 PM
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Oct. 5, 2015, 3:14 PM
- The Nasdaq is up 1.5% as equity markets display a renewed appetite for risk, and a large number of tech companies are posting 5%+ gains.
- Major gainers include 3D printer makers 3D Systems (DDD +6.8%), Stratasys (SSYS +7.3%), and ExOne (XONE +10.4%), solar microinverter maker Enphase (ENPH +10.7%) and rival SolarEdge (SEDG +6.1%), car-buying site TrueCar (TRUE +10%), defense IT firm Kratos (KTOS +9.5%), online ad software firm Marin Software (MRIN +8.3%), and CDN owner Limelight (LLNW +8.9%).
- Others: IP licensing firm Acacia (ACTG +7.2%), application delivery controller/security hardware vendor A10 Networks (ATEN +8.3%), travel deal site Travelzoo (TZOO +7.5%), home automation tech provider Control4 (CTRL +8.5%), M2M/telematics hardware and services firm CalAmp (CAMP +6.1%), online video hosting platform Brightcove (BCOV +6%).
- 3D printing stocks, hit hard in 2014 and 2015, are reversing the big losses seen last Tuesday. Travelzoo's gains follow last Thursday's CEO change announcement. CalAmp is now up 24% since beating FQ2 estimates and providing in-line FQ3 guidance on Oct. 1.
- Previously covered: Twitter, Cisco, Rackspace, Micron, SunEdison, Vivint, Juniper, CEVA, Knowles, Yandex/Qiwi
Sep. 18, 2015, 2:46 PM
- iOS 9 officially launched on Wednesday, and brought with it support for 3rd-party ad-blockers for Apple's Mobile Safari browser. Several ad-blockers - Crystal, Purify, Blockr, and before it was pulled today, Peace - have quickly jumped towards the top of App Store paid download charts.
- Google (GOOG -1.4%), whose various ad platforms (AdWords, AdSense, DoubleClick, YouTube) are vulnerable to browser ad-blockers, is in the crosshairs. As are numerous online ad tech firms connecting publishers and sellers with each other and/or ad exchanges.
- Softening the blow for Google: Browsing done via its Chrome browser or core app - both are popular on iOS - isn't affected, nor is the YouTube app. Meanwhile, Facebook and Twitter, which get far more mobile traffic from their apps than their sites, might see only a modest hit. StatCounter estimates Safari had a 22.9% global mobile/tablet browser share in August, down from 31.2% a year ago and below a combined 46% for Chrome and the stock Android browser.
- On the flip side, iOS accounts for a disproportionate % of mobile usage and online shopping among the higher-income users coveted by advertisers, and also within the U.S. (45% of Google's Q2 revenue). StatCounter pegs Safari's U.S. mobile/tablet share at 55.2%, and Chrome/stock Android's at 39.5%.
- PC browser ad-blocking has already seen tremendous growth, especially in Europe. Defenders of the practice cite privacy concerns and the impact of ads on a device's performance/battery life, while critics argue publishers of free/ad-supported content are being deprived of their livelihoods.
- Ad tech firms: CRTO, FUEL, RUBI, MRIN, SZMK
Aug. 6, 2015, 12:43 PM
Aug. 5, 2015, 7:04 PM
- Though Marin Software (NYSE:MRIN) beat Q2 EPS estimates and only slightly missed on revenue, it's guiding for Q3 revenue of $25.5M-$26M and EPS of -$0.16 to -$0.18 vs. a consensus of $29.5M and -$0.13, and 2015 revenue of $105M-$106.5M and EPS of -$0.57 to -$0.60 vs. a consensus of $114.7M and -$0.57.
- No explanation is given in Marin's earnings release for the light outlook - competition from online/mobile ad campaign software rivals Adobe and Google (DoubleClick) could be a factor. Marin says it's "taking a renewed and disciplined approach to efficiency in the business and remain on track to achieving Adjusted EBITDA breakeven in the fourth quarter of 2015."
- Active advertisers using Marin's platform (ad spend of $2K+ in at least 1 month) rose by 33 Q/Q and 77 Y/Y in Q2 to 853. GAAP operating expenses rose 16% Y/Y to $27.9M.
- Shares have tumbled to $4.97 in AH trading, making new 53-week lows along the way.
- Q2 results, PR
Aug. 5, 2015, 4:16 PM
- Marin Software (NYSE:MRIN): Q2 EPS of -$0.20 beats by $0.02.
- Revenue of $26.78M (+12.3% Y/Y) misses by $0.21M.
Jul. 20, 2015, 5:13 PM
- Catriona Fallon, formerly the chief of staff for the CFO at IT outsourcing giant Cognizant, has been named Marin Software's (NYSE:MRIN) new CFO, effective July 27.
- John Kaelle, Marin's last full-time CFO, departed in May. General counsel/corporate secretary Stephen E. Kim has been serving as interim CFO since.
- The online ad campaign software provider's Q2 report arrives on Aug. 5.
Jun. 24, 2015, 12:51 PM
- Marin Software's (MRIN -3.5%) Smart Sync tool allows users of its ad campaign management software to "easily copy information at the account, campaign, and group levels" from Google to other search ad platforms. Bing is currently supported, and Yahoo will be added in Q4.
- Though Google still accounts for the lion's share of search ad spend for most ad-buyers, Bing/Yahoo now account for ~1/3 of U.S. PC search traffic (per comScore). Smart Sync follows the May launch of a budget-optimization tool for search ad campaigns.
Marin Software, Inc. is a cloud-based digital advertising management company that enables digital marketers to improve performance of their online advertising campaigns, realize efficiencies and time savings, and make better business decisions. The company's integrated platform is a... More
Industry: Internet Information Providers
Country: United States
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