MARIN SOFTWARE INC: restructuring charge — Marin Software Q2 revenue drops 8% to $4.4M; cuts 37% of workforce in restructuring

MARIN SOFTWARE INC

Net revenue $4.4M, down 8% YoY from $4.7M; GAAP operating loss $6.0M (margin -137%).
Non-GAAP operating loss $4.8M (margin -111%); cash and equivalents $19.0M at June 30, 2023.
Reducing global workforce by ~64 employees (37%) and 14 contractors, total ~40% reduction from 195 to 117.
Estimated cash restructuring costs $1.0M-$1.5M, primarily severance; expects completion by Q3 2023.
Pre-tax annualized cost savings of $10.0M-$13.0M from restructuring and other planned savings.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MARIN SOFTWARE INC reported the second quarter ended June 30, 2023 results: revenue $4.4 million.

Period: the second quarter ended June 30, 2023
Revenue: $4.4 million
Result: reported results

Exact text from the filing

a brand new help center with an updated design, improved categorization, and an easier-to-use feedback system. Second Quarter 2023 Financial Updates: • Net revenues totaled $4.4 million, a year-over-year decrease of 8% when compared to $4.7 million in the second quarter of 2022. • GAAP loss from operations was ($6.0) million, resulting in a GAAP operating margin

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MARIN SOFTWARE INC announced a restructuring with charges of approximately $1.0 million to $1.5 million affecting global employees (approximately 64 employees, representing approximately 37% of its global employees as of June 30, 2023).

Type: restructuring
Charge: approximately $1.0 million to $1.5 million
Affected area: global employees
Headcount: approximately 64 employees, representing approximately 37% of its global employees as of June 30, 2023

Exact text from the filing

Company expects to substantially complete the 2023 Restructuring Plan by the end of the quarter ending September 30, 2023. The Company estimates that it will incur approximately $1.0 million to $1.5 million of cash expenditures in connection with the 2023 Restructuring Plan, substantially all of which relates to severance costs. The Company expects to recognize the

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Source: SEC EDGAR

accession 0000950170-23-038037

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