Q2 2024 Marin Software Inc Earnings Call Transcript
Key Points
- Marin Software Inc (MRIN) renewed its strategic partnership agreement with Google for another three years, ensuring continued collaboration and revenue from Google.
- The company's Q2 non-GAAP operating loss was materially lower year-over-year, reflecting benefits from the restructuring and reduction in force plan implemented in July 2023.
- Marin Software Inc (MRIN) introduced new AI-powered features, such as ChatGPT-powered anomaly detection reports and the Advisor tool, enhancing their platform's capabilities.
- The company reported a significant customer success story with EasyGo, achieving a 40% reduction in cost per conversion and a 41% increase in conversions using Marin's platform.
- Marin Software Inc (MRIN) is seeing increased interest in its Ascend product, which is helping drive both new business and renewals, with nearly a quarter of its customers using Ascend's functionality.
- Q2 2024 revenue was $4 million, at the low end of guidance and down approximately 7% year-over-year, primarily due to customer churn outpacing new bookings.
- The company is exploring opportunities to raise additional financing or engage in strategic transactions, indicating potential financial challenges.
- Despite restructuring efforts, Marin Software Inc (MRIN) still reported a non-GAAP operating loss of $1.7 million for Q2 2024.
- The company's total cash balance decreased to $7.9 million at the end of Q2 2024, down from $8.6 million in the previous quarter.
- Marin Software Inc (MRIN) expects continued non-GAAP operating losses in Q3 2024, with projected losses between $2.1 million and $1.9 million.
Greetings, welcome to the Marin Software second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bob Bertz, Marin's Chief Financial Officer.
Thank you, Bob. You may begin.
Thank you. Good afternoon, everyone, and welcome to Marin Software's second-quarter 2024 earnings conference call. My name is Bob Bertz. I'm Marin's CFO, and joining me today is Chris Lien, Marin's CEO. By now, you should have received a copy of our earnings release, which crossed the wire a short time ago. The release can also be obtained on our website at investors.marinsoftware.com.
Call participants are advised that the audio of this conference call is being recorded for playback purposes and that the recording will be made available on the Investor Relations section of our website within a few hours.
Before we begin, I'd like to note that our discussion today will include forward
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