$SMSI
SMITH MICRO SOFTWARE, INC.

2016 Q2 Form 10-Q Financial Statement

#000119312516664455 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.459M $9.386M
YoY Change -20.53% 10.06%
Cost Of Revenue $1.913M $2.071M
YoY Change -7.63% -15.5%
Gross Profit $5.547M $7.315M
YoY Change -24.17% 20.37%
Gross Profit Margin 74.37% 77.94%
Selling, General & Admin $5.348M $5.093M
YoY Change 5.01% -10.87%
% of Gross Profit 96.41% 69.62%
Research & Development $4.107M $3.447M
YoY Change 19.15% -4.49%
% of Gross Profit 74.04% 47.12%
Depreciation & Amortization $350.0K $470.0K
YoY Change -25.53% -41.98%
% of Gross Profit 6.31% 6.43%
Operating Expenses $9.455M $8.540M
YoY Change 10.71% -27.37%
Operating Profit -$3.907M -$1.225M
YoY Change 218.94% -78.44%
Interest Expense -$2.000K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$17.00K
YoY Change
Pretax Income -$3.269M -$1.225M
YoY Change 166.86% -78.44%
Income Tax $11.00K $6.000K
% Of Pretax Income
Net Earnings -$3.279M -$1.231M
YoY Change 166.37% -78.38%
Net Earnings / Revenue -43.96% -13.12%
Basic Earnings Per Share -$0.28 -$0.11
Diluted Earnings Per Share -$0.28 -$0.11
COMMON SHARES
Basic Shares Outstanding 11.74M 11.56M
Diluted Shares Outstanding 11.74M 11.56M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.130M $11.50M
YoY Change -37.97% 83.74%
Cash & Equivalents $6.410M $7.174M
Short-Term Investments $720.0K $4.321M
Other Short-Term Assets $1.200M $1.100M
YoY Change 9.09% -31.25%
Inventory $24.00K $66.00K
Prepaid Expenses
Receivables $5.444M $8.597M
Other Receivables $100.0K $0.00
Total Short-Term Assets $13.83M $21.28M
YoY Change -35.02% 32.12%
LONG-TERM ASSETS
Property, Plant & Equipment $1.904M $3.366M
YoY Change -43.43% -37.35%
Goodwill $1.874M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.0K $195.0K
YoY Change 2.05% -4.88%
Total Long-Term Assets $4.590M $3.635M
YoY Change 26.27% -34.83%
TOTAL ASSETS
Total Short-Term Assets $13.83M $21.28M
Total Long-Term Assets $4.590M $3.635M
Total Assets $18.42M $24.91M
YoY Change -26.08% 14.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.740M $1.536M
YoY Change 13.28% 11.47%
Accrued Expenses $5.007M $5.063M
YoY Change -1.11% -24.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.816M $6.786M
YoY Change 15.18% -17.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.970M $3.626M
YoY Change -18.09% -2.03%
Total Long-Term Liabilities $2.970M $3.626M
YoY Change -18.09% -5.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.816M $6.786M
Total Long-Term Liabilities $2.970M $3.626M
Total Liabilities $10.79M $10.41M
YoY Change 3.59% -13.77%
SHAREHOLDERS EQUITY
Retained Earnings -$217.9M -$209.5M
YoY Change 3.98% 1.05%
Common Stock $225.5M $224.0M
YoY Change 0.66% 3.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.631M $14.50M
YoY Change
Total Liabilities & Shareholders Equity $18.42M $24.91M
YoY Change -26.08% 14.9%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.279M -$1.231M
YoY Change 166.37% -78.38%
Depreciation, Depletion And Amortization $350.0K $470.0K
YoY Change -25.53% -41.98%
Cash From Operating Activities -$3.960M -$2.250M
YoY Change 76.0% -54.45%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$40.00K
YoY Change 50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$970.0K -$520.0K
YoY Change 86.54% -136.88%
Cash From Investing Activities -$1.040M -$560.0K
YoY Change 85.71% -141.18%
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 -3.960M -2.250M
Cash From Investing Activities -1.040M -560.0K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -5.000M -2.810M
YoY Change 77.94% -21.51%
FREE CASH FLOW
Cash From Operating Activities -$3.960M -$2.250M
Capital Expenditures -$60.00K -$40.00K
Free Cash Flow -$3.900M -$2.210M
YoY Change 76.47% -54.9%

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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
2000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
689000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
37000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1.&#xA0;The Company</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 high quality of service for mobile users while optimizing networks for wireless service providers and enterprises.&#xA0;Using our intelligent device software, along with premium voice, video and messaging applications, we create new opportunities to engage consumers and monetize mobile services.&#xA0;In addition to wireless solutions, Smith Micro develops 2D/3D graphics software used by professional artists, animators, illustrators, and designers worldwide.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3697000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4026000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46529000 shares
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Common Stock at a ratio of either 1-for-3 or 1-for-4
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46529000 shares
dei Trading Symbol
TradingSymbol
SMSI
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8030000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
7000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4848000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46529000 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Business_Unit
smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
smsi Lease Incentive Amount For Improvement Of Space
LeaseIncentiveAmountForImprovementOfSpace
2200000
smsi Incentives Price Per Square Foot
IncentivesPricePerSquareFoot
40.00
smsi Change In Fair Value Of Contingent Liability
ChangeInFairValueOfContingentLiability
657000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1470000 shares
smsi Extended Period In Which People To Be Employed Under Government Grant
ExtendedPeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
2016-04-30
smsi Lease Agreement Term
LeaseAgreementTerm
P10Y
CY2013 smsi Period In Which People To Be Employed Under Government Grant
PeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
P3Y
CY2013 smsi Minimum Number Of People To Be Employed Under Government Grant
MinimumNumberOfPeopleToBeEmployedUnderGovernmentGrant
232 People
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
134000 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
523000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2865000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1231000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9386000
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2015Q2 us-gaap Gross Profit
GrossProfit
7315000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
8540000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-1231000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1225000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1225000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2071000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46257000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46257000 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3447000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2228000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46257000 shares
CY2015Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1534000 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
405000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2870000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3280000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27000
CY2016Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1913000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46964000 shares
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7459000
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-17000
CY2016Q2 us-gaap Gross Profit
GrossProfit
5546000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
9455000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-3280000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3269000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3909000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46964000 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4107000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2478000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46964000 shares
CY2016Q2 smsi Change In Fair Value Of Contingent Liability
ChangeInFairValueOfContingentLiability
657000
CY2016Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2016Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1470000 shares

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