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Robert Bertz | CFO |
Christopher Lien | CEO |
Greetings, and welcome to the Marin Software Second Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions].
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bob Bertz. Bob. you, Thank
begin. You may
is audio Good our second afternoon, are is recording to you. wire of and received me and Bertz, now, short CEO. you on a The should release, conference our be website our advised a everyone, hours. release XXXX earnings that the Call which Software's investors.marinsoftware.com. have that made website today joining ago. being quarter the time is And name few of on copy Marin's obtained Marin Lien, participants this purposes, call conference Relations Marin's recorded I'm will By can at of Thank a playback CFO. welcome Chris section Investor within earnings call. available Bob also the My for be the crossed
resources, and them. our We QX and digital on capabilities, any expectations XXXX, statements market, of note we These make expectations to our and trends product and Securities of disclaim impact the July to our including our for ad and and new for product historical that global discussion like today of with meaning cash expenses business bookings future Exchange digital return investments business the relationships spending Act of I'd publishers XXXX the activity efforts, Securities our Before include in in update the statements the results. ability about to statements duty lingering our statements suggest parties potential development the include and Act that any our progress future and begin, and manage effects within as to COVID-XX outlook the our about platform, forward-looking improve of XX, our to customer of MarinOne these growth, financial retention will increases, may advertising customers pandemic, migrating forward-looking our our headcount technology and to strategy, business, expected ability and our other results product expectations for to XXXX. economic and
refer For available This be other by different calculations accordance performance of and from contains earnings potential financial A financial future comparable Risk uncertainties as materially GAAP or is that, to business you from to may risks call and measures the that financial predictive XX-Q different XXXX activity. quantitative presentation relating more in Chris. measures over reconciliation certain non-GAAP activity section With are our forward-looking as Form we in SEC as most filings. well could reports to are Form results information expressed stock financial on recent regarding most or directly measures these general, measures implied companies. our cause similar in in our measures and in to Any quarter statements trading any well actual from me GAAP risks on other Factors let our also XX-K comments entitled other the these release. with second calculated differ recent the of to and our those as trading these in not the that used turn
our to quarter you, share additional update observations provide and detail and my then Bob. our Bob Thank everyone, for you will the quarter our and quarter. and third for our Good outlook provide joining call today. recent on on afternoon, the thank events initiatives on growth. I'll second Marin an to return
return committed and we Marin shareholder As maximize always, to remain to growth to value.
call online advertising a investments. advertising delivering from this is focused platform achieve cross-channel and returns and platform MarinOne. optimize enable to leading to this management agencies to plan brands We their on Our grow their
the coming same our show in that efforts on us and would our the revenues longer taken pressure. our continue have will we and believe any than Marin to discussed return have results time, calls, At I've initiatives to quarters. growth sound preferred, As past strategy of our remain that to is under
are Marin there some return addition, yet present, encouraging In signs sufficient even if growth. to not to
are we after that many positive are our MarinOne, on we right the investment and believe track new the that receiving on we quarters develop to feedback platform. With launch of
have end unusual guidance quite $X.X levels the Marine As on stock high release, to sign activity still in began trading moderated today's million which year. attributable prior early and prior Recent weeks most of increase that should end earnings service, in came day, advertising still was reasons our $X.X company. that QX decline, million, popular And in Instacart, better decline a previously also our business price history did the Beginning but was of the and operating high XX, On we loss trading that in bit than in of year-over-year for been but QX QX the announce XXXX, non-GAAP explain, on as above is volume. an can't from of down Marin to our a for was the guidance. June announced some fully in revenues that which probably at the more QX delivery I the support note just published revenue that we has believe public of from Marin's announcement. than improvement. for day
companies which lawsuits upon we're the feedback how from prospects and publisher We MarinOne in their maybe that the platform support on may of delay on in third-party investor stock. as publishers note AMC receiving a Any the these trading could to EU I and and blocking what interest Apple. third-party an resolved, there matters Depending not in in the a dependent is are recently how browser, products. for Marin behind its activity And and Forum highlighted are our that Marin in one of our know UK them with with fee-based in led there with, activity on do we major of strategy driving weeks, is advertising activity have Amazon Chrome, and the interconnects and a GameStop activity combination the outgrowth happened the customers. Facebook, placements past investor or these other in even what the also pending been as items Marine in though most has not may in welcome world's such tracking be traffic. increased companies also popular are and to advertising year Reddit put for able Google, due other tools. Marin recent technology-related and announced our involve do if including to websites. advertising Google and publishers interest of U.S., also of earlier, investor certainty benefit competition each on We antitrust increased are stock but various encouraging The reasons we of has that restrictions
million time to after As cash, was financial global than of At cash than support second leading the has to was XXX our and proceeds capital. and to to past have several few offering a reduction net result resources the team we quarter, trading our from that balance section summer. $XX.X of brands additional With our of $XX we drive will I'm now million in to $XX head more past that delivering comments. activity, our share of aftermarket able the end any million pleased supplemented quarter pursue just strategy than in $XX.X weeks. his raise at significant second million we members, for years more more over roles, is activities the implemented detail provide customers. my of half team with of equity their our reflecting the Marin Bob results count as in Marin in reflecting products our About the to ending last increased stock now technology team in cash in agencies. investment
expect of cost marketing balancing our continue As to to grow technology. management, we as areas and and growth, uses investments our increase closely, with to in monitor sales has been do but we'll return we cash practice, including supporting headcount investments
how seek business to the spend investments revenues, online in have before, and insights. engage focus Brands helps to online the ads all and Marketers and gardens do highlighted, as a supplement prospects advertising and and together, view on focused a performance. publisher. channels, As points from to individual advertising the leading platform. brands agencies. more advertiser The on a an and be not leaving connect optimize of time media, Marin third-party traverse given savings platform customer as silos. not of independent we've we the a to understandably entrants, rise CitrusAds of on walled retail capabilities Amazon publishers the serves increasing Tools to of manage play publisher the the brands newer Marin and a as range including driving their performance, investments, Retail advertising of Customers own. particular provide to their from publishers the fragment performance their of on money layer Google, objective Media an seeks Facebook for purchase. such to publisher measurement the path these discussed well better to Criteo their cross-channel this and and and advertisers world's journey, their at on dots ally of landscape, that Instacart, further customers need online digital measure, devices value advertising to enable Marin
advertising online for across value our brands focus social cross-channel investments channels. to to platform. and maximize Our the next-generation Key search, this add our from their is e-commerce returns is MarinOne, doing to
and platform. upgrade of more continue We to our new our to revenue customers
of As that from of last quarter. MarinOne, today, share XXX% to up revenue running pleased I'm is our XX% on
advertisers is we and its segmentation. inertia around be We programs. level further activity brands in continues user scale. functionality. new investing be foundation their on teams adoption of management customers of industry an which which powerful business rollout continue more This are an to BXC change intraday make faced place to MarinOne customer across Marin's upturn prior engaging enjoy bring and agencies. all to benefits is to tune balance early long-term customers year, to and change, when management and need for enhanced Across but also Even to to users financial and unlock to of as transition MarinOne saw and the and gains base MarinOne we for its to to on as Feedback activities there in Marin's using encouraging, experience. MarinOne and are due more marketers them management BXB adopt we MarinOne new MarinOne. more Marin a trend range the will with across those platform with Analytics, help the performance to its marketing we a to and the agencies. of challenge innovation in taking seeing our gather quarter, feedback a as is to and something and account advertising our expected this serves part data, that Continuing the to at better, gives verticals retention is we add functionality bring capabilities continue conversions flexible to device is its fractional based Core tools as to MarinOne both analysis and
also performance Advanced I sure of machine publisher setup we centric better approach cross to MarinOne as mentioned or that part brands to faster as compare learning-powered reporting launched also publishers calculations. investments. approach last on to optimization advertising customers future and a versus functionality across newest cross-publisher We to they their accuracy. and simplify of also enable performance call through take evaluate bidding our bid the This business-centric and public algorithms algorithm Marin's customer-centric rollout, deliver clustering client designed Bidding, improved MarinOne's advertising current tools. enables provide MarinOne easily to the
improved intraday which bidding, shown SAXXX Marin performance reinforcing has head-to-head Our bid versus average also This results delivered Marin's industry-leading. faster bids benchmarking versus to and accounts. technology better already prior Google's And has for processing trials for enables Marin's larger positioning XX% of an advertisers. bid was performance-driven recent bidding, XX%
advertisers to Search to on provide integrated to return capabilities we functionality Marin's more to leading and for better on past Google's in we target quarter, target capability. UI for MarinOne Google's set and Bidding enables wanting quarter, from advertisers organic choices efficiency. AI their Smart overlay Google's scale Marine paid added Google's organic customers This for revenue well based data and CPA support search also search these optimization those our program bidding supports to enable as adjust Google ad Console This Bidding and the to third-party customers dynamic to goals are MarinOne ML leverage the as spend supporting results, offerings agencies smart search advertisers to native Google. able upload at from versus advertising Google. fitting. to their targets, leverage
at for of brands journey, we of to offerings of connect in delivery support focus the the Instacart services on to As capabilities customer point X online with added our customers part U.S. on Ads cross-channel largest help mirror the purchase the
We an app Search a with in also made official have This who Apple partner is specialization also Ad those for important campaign offering. an management. brands
We support Criteo bidding, continue a network and of for Solutions Display to Media, our invest Advertising, in we leading and retail LinkedIn reporting. both Marketing management expanding also Retail partners. are And Criteo including
publishers provide these with to and of customers prospects All and the Internet. more find advertisers across agencies opportunities
of As performance-based part One rules, and spend added the our MarinOne, Facebook social complement advertisers Facebook this complement bidding functionality we robust capabilities adjustments to of with area provides enhanced daily using in to is its tools. business ads And the that manager. our ratios. we drive continue add to lifetime investment in quarter, budgeting capabilities budget to in functionality to providing focus
We also rating. attributes steps both including management dedicated for support module, at for Marin's enhanced as Facebook program, brand Marin to Amazon title for such marketplace video price, In ad ads, image, support brands space e-commerce debuted and our better and advertising enable sponsored recently our to introduced e-commerce scale. manage
added learning. to keywords expansion additional in keyword insights, advertising negative program investment Amazon we performance. debuted machine also also and leveraging Marin's We AI and enhance And
server-to-server support and is our tracking our continues world XX.X on and privacy that announced that cookie-based advertisers a in opt tracking. I is on and by tracking. brands tracking Google changes last opt in compliant this Marin's its are which efforts note not impacted these approaches. for significantly deployed is cookie-based in using first-party which Tracker X-year As cookie-based has tracking both a Marine challenge blocking In iOS browser, to privacy asks mentioned leading I’d delay its on also in news Safari third-party Marin a a consumers Chrome out, to update, measure accurately able lead but their do view, enables Apple particular, ahead. Apple Despite and change, served accelerator a agencies. that app-based as owned I has our flux. Marin is bring growing Marin tracking additional digital In call, change of burdens opportunity curtailed advertising to to challenges, where which our advertisers is COVID existing an to versus a trends. believe digital has also to tremendous conversions continue into tracking
in Over months, ad have we industry verticals. past few ongoing across spend recovery the seen most
to investments. we As put the other with platform believe more share channels. deployed and Marin customers benefit I overall but in earning expect trends. economic fair digital still seek with in search, an should XXXX advertising quarterly with the and of activity expect in economic see recover, recovery, across increase uptick and expected engage we these travel of population e-commerce MarinOne is digital activity the absent to that along its especially prospects and vaccinated, activities. We all note advertising vaccine an do Delta verticals with slowing businesses updates social from investment in-person balance to and on variant, in as this continue will pressure tourism its
for also cash of quarter better We outlook review now encouraged and with that invest are third financial resources can our customers. quarter support Bob our second our Marin to XXXX. will the our greater results And
third our of a statement. I'll second of income provide then begin for I'll quarter Thank share an review overview you, quarter and our forecast of Chris. with the our results XXXX.
search of a the the million, improved For $X.X high our revenue to of primarily higher retention. result by Marin quarter due guidance of XXXX, as generated beating in the second million revenue, for $X.X quarter end approximately
compared of second down to when quarter XX% was XXXX. the Second for revenue total quarter revenue
spend see While our levels of we continue on pre-COVID impact to revenue, lingering segments. in COVID-XX most largely a customer has to returned
quarter Our and was geographic XX% XX% split for revenue second in the U.S. approximately international.
on to results. our operating Moving
earnings today. found financial As can GAAP earlier our be a measures our issued to in reconciliation a reminder, statements our financial and non-GAAP of release
million was for loss of in operating of by beat second guidance non-GAAP a quarter The compared non-GAAP $X.X high end $X.X the quarter approximately million. the loss for the Our XXXX of our to as operating loss second XXXX. $X.X QX million million $X.X
an under excludes in credit Our current loss non-GAAP retention the that from the $XXX,XXX employee we CARES operating recorded quarter. in Act savings
of similar record to well. expect as in quarter We third a a amount credit the
operating were non-GAAP with basis. down expenses quarter a total the Our year QX year-over-year headcount a XX% versus ago. in on We ended XXX XXX
expense to monitor will We base. operating continue our carefully
total generated new we $XXX,XXX In securities the QX facility. with have balance. in resulting cash net in and balance of in us product terms quarter balance strategy. a ended a sold registered we million excess we of million of $XX.X million, shares return to million July XXXX, stock in our sheet a this Using targeted and XX.X of facility, at-the-market to $XX.X we which costs. outstanding, our our X.X $XX make balance of balance July to representing offering sheet, investments common net our sales on of from teams of offering currently In and million, enables shares our our approximately strengthens now proceeds have a execute We marketing in cash of growth and million $XX decrease cash and
third Moving our quarter. for on outlook to the
million revenues the range be non-GAAP QX $X.X the to expect operating of in range our XXXX, $X we be expected million of to to loss $X.X million. million, For is to and $X.X in
for for forward quarter. employee and concludes again you Our guidance retention third QX during look the This our time, $XXX,XXX estimated expected from call. our we excludes XXXX credit today. updating you call your to for in the the savings earnings Thank
conference. This concludes today's
Thank time. for this at your may You your you disconnect lines participation.
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