SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- Marin Software Incorporated (NASDAQ:MRIN), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the fourth quarter and full year ended December 31, 2021.

"As advertisers look to new channels and publishers for growth, MarinOne will be there to help them maximize their digital marketing investments," said Chris Lien, Marin Software's Chairman and CEO, "The addition of support for LinkedIn, CitrusAd, and Amazon DSP in Q4 further expands reach for B2B and retail advertisers."

Fourth Quarter 2021 Product Highlights:

Added support for Amazon DSP, allowing customers to amplify their entire Amazon Advertising portfolio.
Introduced Amazon Inventory (also known as Amazon Shopping Products) to allow users to link Amazon Seller Central accounts. This gives users a more holistic view of their ecommerce efforts, spanning both organic and sponsored listings.
Added support for advertising on CitrusAd, a leading retail media platform.
Expanded our social Message Booster functionality to Instagram, enabling automatic boosting of high-performance organic posts.
Added MarinOne's powerful forecasting features to be available at the Bid Strategy-level, in addition to the existing account-level option. This enables advertisers to forecast performance for subsets of their account.
Rolled out ad extension management functionality to MarinOne so Sitelinks, Call Extensions, Callout Extensions, and Mobile App Extensions can now be managed in a single location.
Redesigned our Insights feature with ease-of-use in mind, introducing shortcuts and color-coded cards so users can quickly jump to the Insights they need most.
Introduced a new Insight, Recently Ended Campaigns, which allows users to confirm which campaigns should no longer be running and make the necessary updates.
Introduced Activity Log alerts, which highlight when changes have been made and need to be synced with publisher accounts.
Added several new multi-edit options, including Bid Overrides and social object status.
Added a number of Apple Search Ads improvements, such as the ability to increase campaign budget by an amount or a percentage and the ability to use scheduled actions.
Named an official measurement partner for LinkedIn Marketing Solutions by LinkedIn, giving advertisers better insights and improves the performance of their LinkedIn campaigns through machine learning and automation.

Fourth Quarter 2021 Financial Updates:

Net revenues totaled $5.9 million, a year-over-year decrease of 19% when compared to $7.3 million in the fourth quarter of 2020.
GAAP loss from operations was ($5.3) million, resulting in a GAAP operating margin of (91%), as compared to a GAAP loss from operations of ($3.1) million and a GAAP operating margin of (43%) for the fourth quarter of 2020.
Non-GAAP loss from operations was ($3.8) million, resulting in a non-GAAP operating margin of (65%), as compared to a non-GAAP loss from operations of ($2.5) million and a non-GAAP operating margin of (34%) for the fourth quarter of 2020.

Full Year 2021 Financial Updates:

Net revenues totaled $24.4 million, a year-over-year decrease of 19% when compared to $30.0 million in 2020.
GAAP loss from operations was ($14.1) million, resulting in a GAAP operating margin of (58%), as compared to a GAAP loss from operations of ($16.3) million and a GAAP operating margin of (54%) for 2020.
Non-GAAP loss from operations was ($12.0) million, resulting in a non-GAAP operating margin of (49%), as compared to a non-GAAP loss from operations of ($12.4) million and a non-GAAP operating margin of (41%) for 2020.
Cash, cash equivalents and restricted cash were $47.1 million in the aggregate at December 31, 2021.
Raised net proceeds of $41.7 million from issuances and sales of common stock under the Company's "at-the-market" securities offering facilities, at a weighted average sales price of $7.85 per share.
Entered into a new three-year revenue share agreement with Google.

In January 2022, an aggregate principal amount of $3.1 million of the loan that the Company obtained pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act was forgiven, and in February 2022, the Company repaid the remaining outstanding balance of the loan of $0.2 million.

Reconciliations of GAAP to non-GAAP financial measures have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading "Non-GAAP Financial Measures."

Financial Outlook:

Marin is providing guidance for its first quarter of 2022 as follows:

Forward-Looking Guidance
In millions

	Range of Estimate
	From		To
Three Months Ending March 31, 2022
Revenues, net	$	4.8	$	5.3
Non-GAAP loss from operations		(4.6)		(4.1)

Non-GAAP loss from operations excludes the effects of stock-based compensation, amortization of internally developed software, impairment of long-lived assets, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook.

Additionally, the Company does not reconcile its forward-looking non-GAAP loss from operations, due to variability between revenues and non-cash items such as stock-based compensation. The GAAP loss from operations includes stock-based compensation expense, which is affected by hiring and retention needs, as well as the future price of Marin's stock. As a result, a reconciliation of the forward-looking non-GAAP financial measures to the corresponding GAAP measures cannot be made without unreasonable effort.

Quarterly Results Conference Call

Marin Software will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the Company's financial results for the quarter and full year ended December 31, 2021, and its outlook for the future. To access the call, please dial (877) 705-6003 in the United States or (201) 493-6725 internationally with reference to conference ID 13726540. A live webcast of the conference call will be accessible at https://themediaframe.com/mediaframe/webcast.html?webcastid=bTpebnys. Following the completion of the call through 11:59 p.m. Eastern Time on March 3, 2022, a recorded replay will be available on the Company's website at http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally with the recording access code 13726540.

About Marin Software

Marin Software Incorporated's (NASDAQ:MRIN) mission is to give advertisers the power to drive higher efficiency and transparency in their paid marketing programs that run on the world's largest publishers. Marin Software provides enterprise marketing software for advertisers and agencies to integrate, align, and amplify their digital advertising spend across the web and mobile devices. Marin Software offers a unified SaaS advertising management platform for search, social, and eCommerce advertising. The Company helps digital marketers convert precise audiences, improve financial performance, and make better decisions. Headquartered in San Francisco with offices worldwide, Marin Software's technology powers marketing campaigns around the globe. For more information about Marin Software, please visit www.marinsoftware.com.

Non-GAAP Financial Measures

Marin uses certain non-GAAP financial measures in this release. Marin uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. Marin believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures that Marin uses may differ from measures that other companies may use.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Non-GAAP expenses, measures and net loss per share. Marin defines non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation, amortization of internally developed software and intangible assets, impairment of goodwill and long-lived assets, non-cash expenses related to debt agreements, capitalization of internally developed software, CARES Act employee retention credit, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding.

Adjusted EBITDA. Marin defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation, amortization of internally developed software and intangible assets, capitalization of internally developed software, impairment of goodwill and long-lived assets, benefit from or provision for income taxes, CARES Act employee retention credit, other income, net, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook. These amounts are often excluded by other companies to help investors understand the operational performance of their business. The Company uses Adjusted EBITDA as a measurement of its operating performance because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that Marin believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Marin's business, impact of investments in product and technology on future operating results, progress on product development efforts, product capabilities, advertiser and customer behavior, effects of the COVID-19 pandemic, and future financial results, including its outlook for the first quarter of 2022. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to any lingering effects of the global outbreak of COVID-19 on demand for our products and services; the amount of digital advertising spend managed by our customers using our products; the extent of customer acceptance and adoption of our MarinOne platform; the productivity of our personnel and other aspects of our business; our ability to maintain or grow sales to new and existing customers; any adverse changes in our relationships with and access to publishers and advertising agencies and strategic business partners, including any adverse changes in our revenue sharing agreement with Google; our ability to raise additional capital; our ability to manage expenses; the success of any increased investments that we may make in our engineering and sales and marketing teams; our ability to retain and attract qualified management, technical and sales and marketing personnel; any delays in the release of updates to our product platform or new features or delays in customer deployment of any such updates or features; competitive factors, including but not limited to pricing pressures, entry of new competitors and new applications; quarterly fluctuations in our operating results due to a number of factors; inability to adequately forecast our future revenues, expenses, Adjusted EBITDA, cash flows or other financial metrics; delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; progress in our efforts to update our software platform; level of usage and advertising spend managed on our platform; our ability to maintain or expand sales of our solutions in channels other than search advertising; any slow-down in the search advertising market generally; any shift in customer digital advertising budgets from search to segments in which we are not as deeply penetrated; the development of the market for digital advertising; acceptance and continued usage of our platform and services by customers and our ability to provide high-quality technical support to our customers; material defects in our platform including those resulting from any updates we introduce to our platform, service interruptions at our single third-party data center or breaches in our security measures; our ability to develop enhancements to our platform; our ability to protect our intellectual property; our ability to manage risks associated with international operations; the impact of fluctuations in currency exchange rates, particularly an increase in the value of the dollar; near term changes in sales of our software services or spend under management may not be immediately reflected in our results due to our subscription business model; and adverse changes in general economic or market conditions. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including our most recent report on Form 10-K, recent reports on Form 10-Q and current reports on Form 8-K, which we may file from time to time, and all of which are available free of charge at the SEC's website at www.sec.gov. Any of these risks could cause actual results to differ materially from expectations set forth in the forward-looking statements. All forward-looking statements in this press release reflect Marin's expectations as of February 24, 2022. Marin assumes no obligation to, and expressly disclaims any obligation to update any such forward-looking statements after the date of this release.

Marin Software Incorporated
Condensed Consolidated Balance Sheets
(On a GAAP basis)

	December 31,		December 31,
(Unaudited; in thousands, except par value)	2021		2020
Assets:
Current assets:
Cash and cash equivalents	$	46,842	$	14,280
Restricted cash		215		540
Accounts receivable, net		4,633		5,063
Prepaid expenses and other current assets		2,324		3,039
Total current assets		54,014		22,922
Property and equipment, net		3,622		5,477
Right-of-use assets, operating leases		1,660		7,737
Other non-current assets		535		873
Total assets	$	59,831	$	37,009
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$	975	$	928
Accrued expenses and other current liabilities		6,176		6,552
Note payable, current		2,226		1,854
Operating lease liabilities		2,006		6,800
Total current liabilities		11,383		16,134
Note payable, net of current		1,094		1,466
Operating lease liabilities, non-current		-		1,814
Other long-term liabilities		1,096		1,780
Total liabilities		13,573		21,194
Stockholders' equity:
Common stock, $0.001 par value		15		10
Additional paid-in capital		351,394		308,065
Accumulated deficit		(304,107)		(291,163)
Accumulated other comprehensive loss		(1,044)		(1,097)
Total stockholders' equity		46,258		15,815
Total liabilities and stockholders' equity	$	59,831	$	37,009

Marin Software Incorporated
Condensed Consolidated Statements of Operations
(On a GAAP basis)

	Three Months Ended December 31,				Year Ended December 31,
(Unaudited; in thousands, except per share data)	2021		2020		2021		2020
Revenues, net	$	5,863	$	7,252	$	24,420	$	29,983
Cost of revenues		3,294		3,693		12,885		17,946
Gross profit		2,569		3,559		11,535		12,037
Operating expenses:
Sales and marketing		1,702		1,275		5,482		6,958
Research and development		3,045		2,934		10,788		12,815
General and administrative		3,151		2,436		9,327		8,559
Total operating expenses		7,898		6,645		25,597		28,332
Loss from operations		(5,329)		(3,086)		(14,062)		(16,295)
Other income, net		138		416		984		1,533
Loss before income taxes		(5,191)		(2,670)		(13,078)		(14,762)
Income tax provision (benefit)		(90)		(143)		(134)		(711)
Net loss	$	(5,101)	$	(2,527)	$	(12,944)	$	(14,051)
Net loss per common share, basic and diluted	$	(0.33)	$	(0.29)	$	(1.01)	$	(1.91)
Weighted-average shares outstanding, basic and diluted		15,513		8,616		12,846		7,344

Marin Software Incorporated
Condensed Consolidated Statements of Cash Flows
(On a GAAP basis)

	Year Ended December 31,
(Unaudited; in thousands)	2021		2020
Operating activities:
Net loss	$	(12,944)	$	(14,051)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation		851		1,924
Amortization of internally developed software		2,356		2,984
Amortization of intangible assets		—		95
Amortization of deferred costs to obtain and fulfill contracts		305		872
Interest expense		6		22
Loss on disposals of property and equipment and right-of-use assets		31		23
Unrealized foreign currency (gains) losses		50		(51)
Stock-based compensation related to equity awards		2,021		1,494
Provision for bad debts		(131)		(177)
Net change in operating leases		(531)		(383)
Deferred income tax benefits		(12)		13
Changes in operating assets and liabilities
Accounts receivable		563		4,056
Prepaid expenses and other assets		353		(42)
Accounts payable		47		(750)
Accrued expenses and other liabilities		(907)		(1,704)
Net cash used in operating activities		(7,942)		(5,675)
Investing activities:
Purchases of property and equipment		(6)		(15)
Capitalization of internally developed software		(1,290)		(1,869)
Net cash (used in) provided by investing activities		(1,296)		(1,884)
Financing activities:
Proceeds from note payable		—		3,320
Proceeds from issuance of common shares through at-the-market offering, net of offering costs		41,888		7,670
Payment of principal on finance lease liabilities		(15)		(598)
Employee taxes paid for withheld shares upon equity award settlement		(428)		(178)
Proceeds from employee stock purchase plan, net		34		19
Net cash provided by financing activities		41,479		10,233
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(4)		41
Net increase in cash and cash equivalents and restricted cash		32,237		2,715
Cash and cash equivalents and restricted cash:
Beginning of year		14,820		12,105
End of year	$	47,057	$	14,820

Marin Software Incorporated
Reconciliation of GAAP to Non-GAAP Expenses

	Three Months Ended								Year Ended		Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
(Unaudited; in thousands)	2020		2020		2020		2020		2020		2021		2021		2021		2021		2021
Sales and Marketing (GAAP)	$	2,312	$	1,880	$	1,491	$	1,275	$	6,958	$	1,246	$	1,268	$	1,266	$	1,702	$	5,482
Less Stock-based compensation		(110)		(149)		(24)		(70)		(353)		(66)		(70)		(122)		(150)		(408)
Less Restructuring related expenses		(50)		—		(214)		(40)		(304)		2		—		—		(136)		(134)
Plus CARES Act employee retention credit		—		—		—		—		—		42		42		60		—		144
Sales and Marketing (Non-GAAP)	$	2,152	$	1,731	$	1,253	$	1,165	$	6,301	$	1,224	$	1,240	$	1,204	$	1,416	$	5,084
Research and Development (GAAP)	$	3,437	$	3,338	$	3,106	$	2,934	$	12,815	$	2,399	$	2,667	$	2,677	$	3,045	$	10,788
Less Stock-based compensation		(167)		(217)		(123)		(100)		(607)		(98)		(133)		(159)		(204)		(594)
Less Amortization of intangible assets		(48)		—		—		—		(48)		—		—		—		—		-
Less Restructuring related expenses		—		—		(185)		(30)		(215)		(2)		—		—		—		(2)
Plus CARES Act employee retention credit		—		—		—		—		—		252		238		245		—		735
Plus Capitalization of internally developed software		540		418		484		427		1,869		434		238		362		343		1,377
Research and Development (Non-GAAP)	$	3,762	$	3,539	$	3,282	$	3,231	$	13,814	$	2,985	$	3,010	$	3,125	$	3,184	$	12,304
General and Administrative (GAAP)	$	1,981	$	2,011	$	2,131	$	2,436	$	8,559	$	1,869	$	1,995	$	2,312	$	3,151	$	9,327
Less Stock-based compensation		(75)		(72)		(67)		(69)		(283)		(63)		(130)		(248)		(287)		(728)
Less Restructuring related expenses		—		—		(123)		(5)		(128)		(2)		—		—		—		(2)
Plus CARES Act employee retention credit		—		—		—		—		—		70		66		67		—		203
Less Third-party subpoena-related expenses		—		—		—		—		—		—		—		(87)		(405)		(492)
General and Administrative (Non-GAAP)	$	1,906	$	1,939	$	1,941	$	2,362	$	8,148	$	1,874	$	1,931	$	2,044	$	2,459	$	8,308

Marin Software Incorporated
Reconciliation of GAAP to Non-GAAP Measures

	Three Months Ended								Year Ended		Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
(Unaudited; in thousands)	2020		2020		2020		2020		2020		2021		2021		2021		2021		2021
Gross Profit (GAAP)	$	3,315	$	2,690	$	2,473	$	3,559	$	12,037	$	3,067	$	2,919	$	2,980	$	2,569	$	11,535
Plus Stock-based compensation		94		129		(19)		47		251		35		46		103		107		291
Plus Amortization of internally developed software		864		818		648		654		2,984		624		596		586		550		2,356
Plus Amortization of intangible assets		47		—		—		—		47		—		—		—		—		—
Plus Restructuring related expenses		(7)		—		529		7		529		1		—		—		42		43
Less CARES Act employee retention credit		—		—		—		—		—		(175)		(179)		(174)		—		(528)
Gross Profit (Non-GAAP)	$	4,313	$	3,637	$	3,631	$	4,267	$	15,848	$	3,552	$	3,382	$	3,495	$	3,268	$	13,697
Operating Loss (GAAP)	$	(4,415)	$	(4,539)	$	(4,255)	$	(3,086)	$	(16,295)	$	(2,447)	$	(3,011)	$	(3,275)	$	(5,329)	$	(14,062)
Plus Stock-based compensation		446		567		195		286		1,494		262		379		632		748		2,021
Plus Amortization of internally developed software		864		818		648		654		2,984		624		596		586		550		2,356
Plus Amortization of intangible assets		95		—		—		—		95		—		—		—		—		—
Plus Restructuring related expenses		43		—		1,051		82		1,176		3		—		—		178		181
Less CARES Act employee retention credit		—		—		—		—		—		(539)		(525)		(546)		—		(1,610)
Less Capitalization of internally developed software		(540)		(418)		(484)		(427)		(1,869)		(434)		(238)		(362)		(343)		(1,377)
Plus Third-party subpoena-related expenses		—		—		—		—		—		—		—		87		405		492
Operating Loss (Non-GAAP)	$	(3,507)	$	(3,572)	$	(2,845)	$	(2,491)	$	(12,415)	$	(2,531)	$	(2,799)	$	(2,878)	$	(3,791)	$	(11,999)
Net Loss (GAAP)	$	(3,971)	$	(3,481)	$	(4,072)	$	(2,527)	$	(14,051)	$	(2,212)	$	(2,501)	$	(3,130)	$	(5,101)	$	(12,944)
Plus Stock-based compensation		446		567		195		286		1,494		262		379		632		748		2,021
Plus Amortization of internally developed software		864		818		648		654		2,984		624		596		586		550		2,356
Plus Amortization of intangible assets		95		—		—		—		95		—		—		—		—		—
Plus Restructuring related expenses		43		—		1,051		82		1,176		3		—		—		178		181
Less CARES Act employee retention credit		—		—		—		—		—		(539)		(525)		(546)		—		(1,610)
Less Capitalization of internally developed software		(540)		(418)		(484)		(427)		(1,869)		(434)		(238)		(362)		(343)		(1,377)
Plus Third-party subpoena-related expenses		—		—		—		—		—		—		—		87		405		492
Net Loss (Non-GAAP)	$	(3,063)	$	(2,514)	$	(2,662)	$	(1,932)	$	(10,171)	$	(2,296)	$	(2,289)	$	(2,733)	$	(3,563)	$	(10,881)

Marin Software Incorporated
Calculation of Non-GAAP Earnings Per Share

	Three Months Ended								Year Ended		Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
(Unaudited; in thousands, except per share data)	2020		2020		2020		2020		2020		2021		2021		2021		2021		2021
Net Loss (Non-GAAP)	$	(3,063)	$	(2,514)	$	(2,662)	$	(1,932)	$	(10,171)	$	(2,296)	$	(2,289)	$	(2,733)	$	(3,563)	$	(10,881)
Weighted-average shares outstanding, basic and diluted		6,819		6,912		7,017		8,616		7,344		10,300		11,034		14,500		15,513		12,846
Non-GAAP net loss per common share, basic and diluted	$	(0.45)	$	(0.36)	$	(0.38)	$	(0.22)	$	(1.38)	$	(0.22)	$	(0.21)	$	(0.19)	$	(0.23)	$	(0.85)

Marin Software Incorporated
Reconciliation of Net Loss to Adjusted EBITDA

	Three Months Ended								Year Ended		Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
(Unaudited; in thousands)	2020		2020		2020		2020		2020		2021		2021		2021		2021		2021
Net Loss	$	(3,971)	$	(3,481)	$	(4,072)	$	(2,527)	$	(14,051)	$	(2,212)	$	(2,501)	$	(3,130)	$	(5,101)	$	(12,944)
Depreciation		893		402		366		263		1,924		240		223		207		181		851
Amortization of internally developed software		864		818		648		654		2,984		624		596		586		550		2,356
Amortization of intangible assets		95		—		—		—		95		—		—		—		—		—
Provision for (benefit from) income taxes		25		(521)		(72)		(143)		(711)		92		(289)		153		(90)		(134)
Stock-based compensation		446		567		195		286		1,494		262		379		632		748		2,021
CARES Act employee retention credit		—		—		—		—		—		(539)		(525)		(546)		—		(1,610)
Capitalization of internally developed software		(540)		(418)		(484)		(427)		(1,869)		(434)		(238)		(362)		(343)		(1,377)
Restructuring related expenses		43		—		1,051		82		1,176		3		—		—		178		181
Other income, net		(469)		(537)		(111)		(416)		(1,533)		(327)		(221)		(298)		(138)		(984)
Third-party subpoena-related expenses		—		—		—		—		—		—		—		87		405		492
Adjusted EBITDA	$	(2,614)	$	(3,170)	$	(2,479)	$	(2,228)	$	(10,491)	$	(2,291)	$	(2,576)	$	(2,671)	$	(3,610)	$	(11,148)

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SOURCE Marin Software

Marin Software Announces Fourth Quarter and Full Year 2021 Financial Results