$SMSI
SMITH MICRO SOFTWARE, INC.

2015 Q3 Form 10-Q Financial Statement

#000119312515359839 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $9.586M $9.448M
YoY Change 1.46% 8.03%
Cost Of Revenue $1.959M $2.201M
YoY Change -11.0% -11.68%
Gross Profit $7.627M $7.247M
YoY Change 5.24% 15.88%
Gross Profit Margin 79.56% 76.7%
Selling, General & Admin $4.915M $5.203M
YoY Change -5.54% -37.14%
% of Gross Profit 64.44% 71.8%
Research & Development $3.480M $3.188M
YoY Change 9.16% -40.47%
% of Gross Profit 45.63% 43.99%
Depreciation & Amortization $480.0K $700.0K
YoY Change -31.43% -29.29%
% of Gross Profit 6.29% 9.66%
Operating Expenses $8.395M $8.391M
YoY Change 0.05% -56.37%
Operating Profit -$768.0K -$1.144M
YoY Change -32.87% -91.19%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $4.000K -$3.000K
YoY Change -233.33% -142.86%
Pretax Income -$764.0K -$1.147M
YoY Change -33.39% -91.16%
Income Tax $6.000K -$5.000K
% Of Pretax Income
Net Earnings -$770.0K -$1.142M
YoY Change -32.57% -91.25%
Net Earnings / Revenue -8.03% -12.09%
Basic Earnings Per Share -$0.07 -$0.03
Diluted Earnings Per Share -$0.07 -$0.03
COMMON SHARES
Basic Shares Outstanding 11.54M 41.23M shares
Diluted Shares Outstanding 11.54M 41.23M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.61M $12.69M
YoY Change -0.65% -29.71%
Cash & Equivalents $8.531M $10.49M
Short-Term Investments $4.080M $2.201M
Other Short-Term Assets $900.0K $1.300M
YoY Change -30.77% 0.0%
Inventory $64.00K $165.0K
Prepaid Expenses
Receivables $8.005M $7.355M
Other Receivables $0.00 $700.0K
Total Short-Term Assets $21.62M $22.19M
YoY Change -2.57% -18.41%
LONG-TERM ASSETS
Property, Plant & Equipment $2.956M $4.697M
YoY Change -37.07% -40.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $196.0K $205.0K
YoY Change -4.39% -8.07%
Total Long-Term Assets $3.226M $4.902M
YoY Change -34.19% -39.73%
TOTAL ASSETS
Total Short-Term Assets $21.62M $22.19M
Total Long-Term Assets $3.226M $4.902M
Total Assets $24.85M $27.10M
YoY Change -8.29% -23.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.470M $2.145M
YoY Change -31.47% -10.48%
Accrued Expenses $5.030M $6.079M
YoY Change -17.26% -38.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.224M $8.955M
YoY Change -19.33% -37.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.476M $3.736M
YoY Change -6.96% 82.16%
Total Long-Term Liabilities $3.476M $3.888M
YoY Change -10.6% 81.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.224M $8.955M
Total Long-Term Liabilities $3.476M $3.888M
Total Liabilities $10.70M $12.84M
YoY Change -16.69% -21.77%
SHAREHOLDERS EQUITY
Retained Earnings -$210.3M -$208.5M
YoY Change 0.87% 6.93%
Common Stock $224.4M $222.7M
YoY Change 0.76% 4.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.15M $14.25M
YoY Change
Total Liabilities & Shareholders Equity $24.85M $27.10M
YoY Change -8.29% -23.32%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$770.0K -$1.142M
YoY Change -32.57% -91.25%
Depreciation, Depletion And Amortization $480.0K $700.0K
YoY Change -31.43% -29.29%
Cash From Operating Activities $1.180M $1.160M
YoY Change 1.72% -124.47%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$20.00K
YoY Change 250.0% -97.06%
Acquisitions
YoY Change
Other Investing Activities $240.0K -$980.0K
YoY Change -124.49% -113.78%
Cash From Investing Activities $170.0K -$1.010M
YoY Change -116.83% -115.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 5.300M
YoY Change -99.81% 26400.0%
NET CHANGE
Cash From Operating Activities 1.180M 1.160M
Cash From Investing Activities 170.0K -1.010M
Cash From Financing Activities 10.00K 5.300M
Net Change In Cash 1.360M 5.450M
YoY Change -75.05% 218.71%
FREE CASH FLOW
Cash From Operating Activities $1.180M $1.160M
Capital Expenditures -$70.00K -$20.00K
Free Cash Flow $1.250M $1.180M
YoY Change 5.93% -129.06%

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 Share Based Compensation
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
6148000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-848000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6639000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1634000
us-gaap Operating Expenses
OperatingExpenses
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us-gaap Proceeds From Stock Plans
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17000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1330000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
27000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10268000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
397000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1337000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1627000
us-gaap Inventory Write Down
InventoryWriteDown
34000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8437000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1447000
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 Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1520000 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
-289000
smsi Change In Unrealized Gain Loss On Short Term Investments
ChangeInUnrealizedGainLossOnShortTermInvestments
1000
smsi Extended Period In Which People To Be Employed Under Government Grant
ExtendedPeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
2016-04-30
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
CY2013 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
3300000
CY2013 smsi Restructuring Special Charges
RestructuringSpecialCharges
5600000
CY2013 smsi Minimum Number Of People To Be Employed Under Government Grant
MinimumNumberOfPeopleToBeEmployedUnderGovernmentGrant
232 People
CY2013 smsi Period In Which People To Be Employed Under Government Grant
PeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
P3Y
CY2014 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
600000
CY2014 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
800000
CY2014Q2 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
1300000
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2014Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
100000
CY2014Q2 smsi Restructuring Special Charges
RestructuringSpecialCharges
1800000
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
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41225000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41225000 shares
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41225000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-1142000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-1000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9448000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1144000
CY2014Q3 us-gaap Gross Profit
GrossProfit
7247000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1143000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1147000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2201000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2139000
CY2014Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
8391000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3188000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
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532000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3064000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2014Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1596000 shares
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46160000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46160000 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46160000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-770000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9586000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-768000
CY2015Q3 us-gaap Gross Profit
GrossProfit
7627000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-770000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-764000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1959000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2220000
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
8395000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3480000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
527000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2695000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2015Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2038000 shares

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