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
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
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
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
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
Mar. 12, 2015, 3:13 PM
- Major tech gainers are about even with major decliners on a day the Nasdaq is up 0.8% (thanks to a broader market rally) in spite of Intel's Q1 warning.
- Notable gainers include 3D printer maker Voxeljet (VJET +5.9%), cloud ERP/HR software provider NetSuite (N +3.7%), flash sales site Zulily (ZU +7.5%), stock photo marketplace Shutterstock (SSTK +6.5%), cloud telecom expense software vendor Tangoe (TNGO +5.6%), It services provider Virtusa (VRTU +4.7%), online video ad platform TubeMogul (TUBE +4%), and online ad campaign software provider Marin (MRIN +4.2%).
- Notable decliners include several Chinese firms. Specifically, search/portal/game provider Sohu (SOHU -5.3%), entertainment/IM/gaming platform YY (YY -4.2%), mobile game publisher Sky-mobi (MOBI -5.8%), and sports lottery site 500.com (WBAI -5.6%).
- Other big decliners include printer maker Lexmark (LXK -2.6%), chip packaging/testing provider ChipMOS (IMOS -4.7%), and smart grid/wind turbine component maker AMSC (AMSC -6.3%).
- Zulily is just a day removed from making fresh lows the wake of last month's Q4 miss and soft guidance. BMO provided an upbeat note on TubeMogul yesterday.
- YY has now more than given back the gains it saw last week following its Q4 beat. ChipMOS posts Q4 results after the close, and is two days removed from reporting its February sales rose 10.5% Y/Y, a slower pace than in recent months (thanks in part to the timing of the Chinese New Year). 500.com recently crashed due to license suspensions, but had bounced from its lows. Lexmark drop comes shortly after HP refreshed its printer lineup.
- Previously covered: Box, Rosetta Stone, CyberArk, Integrated Silicon, Universal Display, Spherix, Synchronoss, Ingram Micro
Oct. 15, 2014, 2:08 PM
- Daina Middleton, Twitter's head of global business marketing, has joined Marin Software's (MRIN +3.5%) board. Before working at Twitter, Middleton was the CEO of Performics, ad giant Publicis' search/performance ad unit.
- Twitter is one of the many digital ad channels supported by Marin's ad campaign management platform.
Aug. 7, 2014, 2:41 PM
- Marin Software (MRIN -15%) expects Q3 revenue of $25M-$25.4M and EPS of -$0.23 to -$0.25 vs. a consensus of $24.7M and -$0.22.
- Full-year guidance is for revenue of $98.2M-$99M and EPS of -$0.85 to -$0.87, above a consensus of $97.4M and -$0.88. However, recently-acquired Perfect Audience is expected to contribute $2M to 2H14 sales, after contributing $300K+ in Q2.
- The online ad campaign software provider admits it "saw some weakness in new business activity for [its] base business in the quarter," and says it has "taken steps" to improve execution. It's 3 months removed from announcing a CEO change.
- Shares are making new 52-week lows.
- Q2 results, PR
May 7, 2014, 5:45 PM
May 7, 2014, 5:37 PM
- Along with its Q1 results, Marin Software (MRIN) announces it has hired David Yovanno, most recently the EVP of technology solutions at online ad services firm Conversant, to be its CEO. Founder Chris Lien, who has been CEO since Marin's birth, will stick around as executive chairman.
- Marin is guiding for Q2 revenue of $22.9M-$23.3M and EPS of -$0.26 to -$0.28 vs. a consensus of $22.8M and -$0.24. Full-year guidance is for revenue of $96.8M-$98M and EPS of -$0.87 to -$0.90, above a consensus of $95.8M and -$0.92.
- 704 advertisers used Marin's ad tech platform in Q1, up from 673 in Q4 and 542 a year ago. Gross margin was 66%, flat Q/Q and up from 60% a year ago.
- MRIN +7.3% AH. Q1 results, PR.
May 7, 2014, 4:49 PM
- Marin Software (MRIN): Q1 EPS of -$0.21 beats by $0.06.
- Revenue of $22.82M (+33.0% Y/Y) beats by $1.18M.
- Shares +9.08% AH.
Feb. 11, 2014, 5:40 PM
Feb. 11, 2014, 5:29 PM
- Trimble (TRMB) expects Q1 revenue of $610M-$630M and EPS of $0.40-$0.43 vs. a consensus of $617M and $0.42. Shares +7% AH. (Q4 results, PR)
- Marin Software (MRIN) expects Q1 revenue of $21.4M-$21.8M and EPS of -$0.28 to -$0.26 vs. a consensus of $21.6M and -$0.26. However, full-year guidance is for revenue of $95M-$96.6M and EPS of -$0.94 to -$0.90, above a consensus of $93.7M and -$0.96. Shares +14.1% AH. (Q4 results, PR)
- Marketo (MKTO) expects Q1 revenue of $29.5M-$30.5M and EPS of -$0.28 to -$0.30 vs. a consensus of $28.2M and -$0.22. Full-year guidance is for revenue of $130M-$135M and EPS of -$1.09 to -$1.15 vs. a consensus of $125.6M and -$0.82. Shares -2.2% AH. (Q4 results, PR)
Sep. 12, 2013, 2:40 PM
- A number of companies are outperforming or underperforming the market following executive presentations made either today or after the close yesterday at Deutsche's dbAccess Technology Conference.
- Winners include YuMe (YUME +5.3%), Proofpoint (PFPT +2.5%), STMicroelectronics (STM +5.9% - previous), Angie's List (ANGI +1.4%), Synchronoss (SNCR +1.4%), Bazaarvoice (BV +1.3%), and Finisar (FNSR +1.2%).
- Decliners include Nuance (NUAN -2%), Marin Software (MRIN -3.7%), Calix (CALX -1.5%), Xerox (XRX -1.5%), and Enphase Energy (ENPH -1.6%).
Yesterday's movers, conference schedule
Aug. 7, 2013, 6:42 PM
- Marin Software (MRIN) +5.2% AH after beating consensus Q2 earnings and revenue estimates.
- Non-GAAP gross profit was $11M (margin of 61%, up 2% Y/Y).
- Adjusted EBITDA was -$7M, compared to -$4.8M in Q2 2012, as operating expenses ballooned 41.6%. (8-K)
- Marin had 584 active advertisers (generating at least $2K in revenue during at least one month), up from 487 last year.
- The company's Q3 revenue outlook of $19.6M-20M is a hair above consensus of $19.5M. Likewise, full-year revenue guidance of $76M-76.8M comes above a consensus of $75.61M.
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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