This past quarter Marin enhanced our core paid search functionality to include support for managing Microsoft advertising’s new automated bidding strategies, providing a more robust tool set for managing search campaign budgets and performance. Marin has invested in our support for leading social publishers including Meta. This past quarter, we enhanced our support for Meta’s advanced advertising features including Outcome-Driven Ad Experiences or ODAX and Dynamic Creatives. These capabilities allow marketers to more effectively manage and optimize their social media campaigns through Marin One, Marin’s cross-channel platform. And Marin has expanded our support for Amazon Ads. Marin now supports Amazon Store spotlight, sponsored brand video, and non-endemic ads, allowing all users to engage with Amazon’s highly active customer base, even those who do not sell directly on the platform.
As we have discussed on past calls, our activities to support brands and their agencies take place against an active backdrop of governmental anti-trust investigation of the businesses of leading publishers in the digital advertising market at the federal and state levels and in the EU. There is also the potential for federal legislation to regulate the conduct of the leading publishers, which could benefit Marin’s role as an independent ad management platform. Marin enjoys coopetition relationships with the leading publishers, and we do not expect significant changes in these relationships in the near term. We see early, but encouraging signs that our latest efforts are resonating more with customers and prospects. Marin can benefit as consumers spend increasing time online and ad dollars follow them, creating more need for brands to measure, manage and optimize these investments to acquire customers and drive revenue outcomes.
With the combined online advertising share of Google and Meta below 50% and the growing fragmentation of digital advertising, we see increasing interest in brands taking a cross-channel approach to their digital advertising investments, leveraging Marin’s cross-channel reporting, management at scale and budget optimization. Marin, with our MarinOne platform and our team of digital advertising experts, is well positioned to support leading brands and their agencies in these efforts. And now Bob will review our first quarter financial results and our outlook for the second quarter of 2024.
Bob Bertz: Thank you, Chris. I’ll provide an overview of our first quarter results and then share our forecast for the second quarter of 2024. I’ll begin with a review of our income statement. For the first quarter of 2024, Marin generated $4 million in revenue, at the low end of our guidance. First quarter revenue was down approximately 12% when compared to total revenue for the first quarter of 2023. The decrease in revenue year-over-year is primarily attributable to the fact that existing customer churn outpaced new bookings. Our geographic split for revenue was approximately 80% U.S. and 20% international during the first quarter of 2024. Moving on to our operating results. As a reminder, our financial statements and a reconciliation of our GAAP to non-GAAP financial measures can be found in our earnings release issued earlier today.
As I’ve discussed on previous calls, we commenced the implementation of a restructuring plan in July of 2023. The restructuring plan is expected to reduce our pre-tax cost structure by approximately $10 million to $13 million on an annualized basis. Close to $10 million of the estimated annualized cost savings is expected to come from the reduction in force, which reduced our workforce globally by 64 positions as well as approximately 15 full-time equivalent contractor roles. The reduction in force was complete as of the end of 2023. We incurred approximately $1.8 million in restructuring costs, substantially all of which relates to severance and other onetime termination benefits. We began to realize the associated savings during the third quarter of 2023, and we expect to fully realize the estimated savings in 2024.
As of the end of Q1 2024, we are on track to achieve our savings target. This restructuring helps to bring our expense base more in line with our current revenues. Our non-GAAP operating loss was $2.1 million for the first quarter of 2024, as compared to a $5 million loss for the first quarter of 2023. The $2.1 million non-GAAP operating loss in Q1 was towards the low end of our guidance due to the revenue results. The decrease in operating losses compared to Q1 2023 is primarily attributable to the realized savings from our restructuring plan implemented during the second half of 2023, which were partially offset by lower revenue in the current period as compared to last year. Our non-GAAP operating expense in Q1 2024 of $4.4 million represents a 36% decrease when compared to the prior year quarter.
The decrease is attributable to the implementation of our restructuring plan. We ended the quarter with 106 total headcount globally versus 176 a year ago. The decrease in head count year-over-year is due to the reduction in force that was commenced in July of 2023 as part of our restructuring plan. About half of our remaining team is in technology roles, which we believe allows us to continue to deliver new products, features and functionality to drive results for leading brands and their agencies. In terms of our balance sheet, we ended the quarter with a total cash balance of $9.6 million as compared to $11.4 million at the end of the previous quarter. Moving on to our outlook. For Q2 2024, we expect revenue to be in the range of $3.9 million to $4.2 million; and our non-GAAP operating loss is expected to be in the range of $2.1 million to $1.8 million.
This concludes our call for today. Thank you for your time, and we look forward to updating you again during our Q2 2024 earnings call.
End of Q&A: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.
