$SMSI
SMITH MICRO SOFTWARE, INC.

2015 Q2 Form 10-Q Financial Statement

#000119312515267692 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $9.386M $8.528M
YoY Change 10.06% -18.66%
Cost Of Revenue $2.071M $2.451M
YoY Change -15.5% 2.08%
Gross Profit $7.315M $6.077M
YoY Change 20.37% -24.82%
Gross Profit Margin 77.94% 71.26%
Selling, General & Admin $5.093M $5.714M
YoY Change -10.87% -39.41%
% of Gross Profit 69.62% 94.03%
Research & Development $3.447M $3.609M
YoY Change -4.49% -38.83%
% of Gross Profit 47.12% 59.39%
Depreciation & Amortization $470.0K $810.0K
YoY Change -41.98% -22.86%
% of Gross Profit 6.43% 13.33%
Operating Expenses $8.540M $11.76M
YoY Change -27.37% -23.31%
Operating Profit -$1.225M -$5.681M
YoY Change -78.44% -21.62%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$2.000K
YoY Change -125.0%
Pretax Income -$1.225M -$5.683M
YoY Change -78.44% -21.51%
Income Tax $6.000K $12.00K
% Of Pretax Income
Net Earnings -$1.231M -$5.695M
YoY Change -78.38% -21.38%
Net Earnings / Revenue -13.12% -66.78%
Basic Earnings Per Share -$0.11 -$0.15
Diluted Earnings Per Share -$0.11 -$0.15
COMMON SHARES
Basic Shares Outstanding 11.56M 38.52M shares
Diluted Shares Outstanding 11.56M 38.52M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $6.256M
YoY Change 83.74% -73.34%
Cash & Equivalents $7.174M $5.036M
Short-Term Investments $4.321M $1.220M
Other Short-Term Assets $1.100M $1.600M
YoY Change -31.25% 14.29%
Inventory $66.00K $169.0K
Prepaid Expenses
Receivables $8.597M $7.389M
Other Receivables $0.00 $700.0K
Total Short-Term Assets $21.28M $16.11M
YoY Change 32.12% -52.76%
LONG-TERM ASSETS
Property, Plant & Equipment $3.366M $5.373M
YoY Change -37.35% -41.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $195.0K $205.0K
YoY Change -4.88% 11.41%
Total Long-Term Assets $3.635M $5.578M
YoY Change -34.83% -40.76%
TOTAL ASSETS
Total Short-Term Assets $21.28M $16.11M
Total Long-Term Assets $3.635M $5.578M
Total Assets $24.91M $21.68M
YoY Change 14.9% -50.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.536M $1.378M
YoY Change 11.47% -24.62%
Accrued Expenses $5.063M $6.722M
YoY Change -24.68% 3.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.786M $8.219M
YoY Change -17.44% -12.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.626M $3.701M
YoY Change -2.03% 30.36%
Total Long-Term Liabilities $3.626M $3.855M
YoY Change -5.94% 31.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.786M $8.219M
Total Long-Term Liabilities $3.626M $3.855M
Total Liabilities $10.41M $12.07M
YoY Change -13.77% -2.23%
SHAREHOLDERS EQUITY
Retained Earnings -$209.5M -$207.3M
YoY Change 1.05% 13.96%
Common Stock $224.0M $217.0M
YoY Change 3.26% 1.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.50M $9.610M
YoY Change
Total Liabilities & Shareholders Equity $24.91M $21.68M
YoY Change 14.9% -50.16%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.231M -$5.695M
YoY Change -78.38% -21.38%
Depreciation, Depletion And Amortization $470.0K $810.0K
YoY Change -41.98% -22.86%
Cash From Operating Activities -$2.250M -$4.940M
YoY Change -54.45% 4.44%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$40.00K
YoY Change 0.0% -20.0%
Acquisitions
YoY Change
Other Investing Activities -$520.0K $1.410M
YoY Change -136.88% 17.5%
Cash From Investing Activities -$560.0K $1.360M
YoY Change -141.18% 18.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -2.250M -4.940M
Cash From Investing Activities -560.0K 1.360M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -2.810M -3.580M
YoY Change -21.51% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$2.250M -$4.940M
Capital Expenditures -$40.00K -$40.00K
Free Cash Flow -$2.210M -$4.900M
YoY Change -54.9% 4.7%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. The Company</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Smith Micro Software, Inc. (&#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; &#x201C;Smith Micro,&#x201D; or the &#x201C;Company&#x201D;) provides software solutions to simplify and enhance the mobile experience. As a leader in wireless connectivity, our applications ensure the best Quality of Experience for mobile users while optimizing networks for wireless service providers and enterprises. Using our intelligent policy-on-device platform, along with premium voice, video and content monetization services, we create new opportunities to engage consumers and capitalize on the growth of connected devices. In addition to wireless and mobility software, Smith Micro develops and distributes personal, professional and educational productivity and graphics products and tools for consumers, artists, animators and designers worldwide.</p> </div>
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4419000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2991000
us-gaap Operating Expenses
OperatingExpenses
16949000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
8000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1503000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6788000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
277000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-968000
us-gaap Proceeds From Stock Options Exercised
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10000
us-gaap Inventory Write Down
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31000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5742000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
970000
smsi Lease Incentive Amount For Improvement Of Space
LeaseIncentiveAmountForImprovementOfSpace
2200000
smsi Number Of Customers
NumberOfCustomers
2 Customer
smsi Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Aggregate Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedAggregateValue
2100000
smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
smsi Extended Period In Which People To Be Employed
ExtendedPeriodInWhichPeopleToBeEmployed
2016-04-30
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1489000 shares
smsi Lease Agreement Term
LeaseAgreementTerm
P10Y
smsi Incentives Price Per Square Foot
IncentivesPricePerSquareFoot
40.00
smsi Increase Decrease In Reserves Against Accounts Receivable
IncreaseDecreaseInReservesAgainstAccountsReceivable
-291000
CY2013 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1000000
CY2013 us-gaap Severance Costs1
SeveranceCosts1
1100000
CY2013 us-gaap Other Restructuring Costs
OtherRestructuringCosts
200000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46257000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46257000 shares
CY2013 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
3300000
CY2013 smsi Period In Which People To Be Employed
PeriodInWhichPeopleToBeEmployed
P3Y
CY2013 smsi Restructuring Special Charges
RestructuringSpecialCharges
5600000
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38518000 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38518000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2013 smsi Minimum Number Of People To Be Employed
MinimumNumberOfPeopleToBeEmployed
232 People
CY2014 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
600000
CY2014 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
800000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38518000 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-5695000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
8528000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5681000
CY2014Q2 us-gaap Gross Profit
GrossProfit
6077000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2000
CY2014Q2 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
1300000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5694000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5683000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1846000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2451000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2296000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
11758000
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
2435000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3609000
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3418000
CY2014Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
100000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q2 smsi Restructuring Special Charges
RestructuringSpecialCharges
1800000
CY2014Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2014Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2090000 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
134000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46257000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-1231000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9386000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1225000
CY2015Q2 us-gaap Gross Profit
GrossProfit
7315000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1231000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1225000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
523000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2071000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2228000
CY2015Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1534000 shares
CY2013Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.26 pure
CY2013Q3 smsi Annualized Savings From Restructuring
AnnualizedSavingsFromRestructuring
16000000
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
8540000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3447000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2865000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location

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