$SMSI
SMITH MICRO SOFTWARE, INC.

2016 Q3 Form 10-Q Financial Statement

#000119312516751363 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $6.478M $9.586M
YoY Change -32.42% 1.46%
Cost Of Revenue $1.798M $1.959M
YoY Change -8.22% -11.0%
Gross Profit $4.680M $7.627M
YoY Change -38.64% 5.24%
Gross Profit Margin 72.24% 79.56%
Selling, General & Admin $5.063M $4.915M
YoY Change 3.01% -5.54%
% of Gross Profit 108.18% 64.44%
Research & Development $4.174M $3.480M
YoY Change 19.94% 9.16%
% of Gross Profit 89.19% 45.63%
Depreciation & Amortization $320.0K $480.0K
YoY Change -33.33% -31.43%
% of Gross Profit 6.84% 6.29%
Operating Expenses $9.237M $8.395M
YoY Change 10.03% 0.05%
Operating Profit -$4.557M -$768.0K
YoY Change 493.36% -32.87%
Interest Expense $83.00K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$9.000K $4.000K
YoY Change -325.0% -233.33%
Pretax Income -$4.621M -$764.0K
YoY Change 504.84% -33.39%
Income Tax $11.00K $6.000K
% Of Pretax Income
Net Earnings -$4.314M -$770.0K
YoY Change 460.26% -32.57%
Net Earnings / Revenue -66.59% -8.03%
Basic Earnings Per Share -$0.35 -$0.07
Diluted Earnings Per Share -$0.35 -$0.07
COMMON SHARES
Basic Shares Outstanding 12.21M 11.54M
Diluted Shares Outstanding 12.21M 11.54M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.944M $12.61M
YoY Change -52.87% -0.65%
Cash & Equivalents $5.943M $8.531M
Short-Term Investments $1.000K $4.080M
Other Short-Term Assets $1.200M $900.0K
YoY Change 33.33% -30.77%
Inventory $18.00K $64.00K
Prepaid Expenses
Receivables $5.257M $8.005M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.46M $21.62M
YoY Change -42.37% -2.57%
LONG-TERM ASSETS
Property, Plant & Equipment $1.834M $2.956M
YoY Change -37.96% -37.07%
Goodwill $3.368M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $196.0K
YoY Change -21.43% -4.39%
Total Long-Term Assets $6.597M $3.226M
YoY Change 104.49% -34.19%
TOTAL ASSETS
Total Short-Term Assets $12.46M $21.62M
Total Long-Term Assets $6.597M $3.226M
Total Assets $19.06M $24.85M
YoY Change -23.3% -8.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.775M $1.470M
YoY Change 20.75% -31.47%
Accrued Expenses $4.665M $5.030M
YoY Change -7.26% -17.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.792M $7.224M
YoY Change 21.71% -19.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.800M $0.00
YoY Change
Other Long-Term Liabilities $3.108M $3.476M
YoY Change -10.59% -6.96%
Total Long-Term Liabilities $4.874M $3.476M
YoY Change 40.22% -10.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.792M $7.224M
Total Long-Term Liabilities $4.874M $3.476M
Total Liabilities $13.67M $10.70M
YoY Change 27.72% -16.69%
SHAREHOLDERS EQUITY
Retained Earnings -$222.2M -$210.3M
YoY Change 5.65% 0.87%
Common Stock $227.6M $224.4M
YoY Change 1.4% 0.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.392M $14.15M
YoY Change
Total Liabilities & Shareholders Equity $19.06M $24.85M
YoY Change -23.3% -8.29%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$4.314M -$770.0K
YoY Change 460.26% -32.57%
Depreciation, Depletion And Amortization $320.0K $480.0K
YoY Change -33.33% -31.43%
Cash From Operating Activities -$4.300M $1.180M
YoY Change -464.41% 1.72%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$70.00K
YoY Change 142.86% 250.0%
Acquisitions
YoY Change
Other Investing Activities $170.0K $240.0K
YoY Change -29.17% -124.49%
Cash From Investing Activities -$10.00K $170.0K
YoY Change -105.88% -116.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.840M 10.00K
YoY Change 38300.0% -99.81%
NET CHANGE
Cash From Operating Activities -4.300M 1.180M
Cash From Investing Activities -10.00K 170.0K
Cash From Financing Activities 3.840M 10.00K
Net Change In Cash -470.0K 1.360M
YoY Change -134.56% -75.05%
FREE CASH FLOW
Cash From Operating Activities -$4.300M $1.180M
Capital Expenditures -$170.0K -$70.00K
Free Cash Flow -$4.130M $1.250M
YoY Change -430.4% 5.93%

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us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
Through 2022
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-335000
us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Three months or less
us-gaap Sales Revenue Net
SalesRevenueNet
21151000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-30000
us-gaap Gross Profit
GrossProfit
15327000
us-gaap Income Taxes Paid
IncomeTaxesPaid
37000
us-gaap Operating Expenses
OperatingExpenses
27471000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
4080000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
13000
us-gaap Net Income Loss
NetIncomeLoss
-11300000
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
558000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11252000
us-gaap Interest Expense
InterestExpense
81000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
1272000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
83000
us-gaap Inventory Write Down
InventoryWriteDown
8000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3143000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1927000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
173000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1917000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-13000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
-12144000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-99000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3847000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
323000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-796000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-335000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
2000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1060000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. The Company</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. Using our intelligent device software, along with premium voice, video and messaging applications, we create new opportunities to engage consumers and monetize mobile services. 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
-7995000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5824000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11829000 shares
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Common stock at a ratio of one (1) share for every four (4) shares outstanding, so that every four (4) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split.
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11826000 shares
dei Trading Symbol
TradingSymbol
SMSI
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12204000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1917000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
13000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7389000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1736000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11826000 shares
smsi Amortization Of Debt Discount And Financing Costs
AmortizationOfDebtDiscountAndFinancingCosts
53000
smsi Gain Loss On Disposal Of Fixed Assets
GainLossOnDisposalOfFixedAssets
-27000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2062000 shares
smsi Extended Period In Which People To Be Employed Under Government Grant
ExtendedPeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
2016-04-30
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 Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2016-08-17
smsi Change In Fair Value Of Contingent Liability
ChangeInFairValueOfContingentLiability
668000
smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
smsi Change In Unrealized Gain Loss On Short Term Investments
ChangeInUnrealizedGainLossOnShortTermInvestments
2000
smsi Lease Agreement Term
LeaseAgreementTerm
P10Y
smsi Fair Value Of Warrant Discount
FairValueOfWarrantDiscount
2100000
smsi Equity Changes Due To Reverse Stock Splits Value
EquityChangesDueToReverseStockSplitsValue
1000
smsi Debt Issuance Costs To Related Party
DebtIssuanceCostsToRelatedParty
83000
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
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
527000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2695000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-770000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9586000
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000
CY2015Q3 us-gaap Gross Profit
GrossProfit
7627000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
8395000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-770000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-764000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-768000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1959000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11540000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11540000 shares
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3480000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2220000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11540000 shares
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
510000 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
408000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2522000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4314000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-335000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6478000
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000
CY2016Q3 us-gaap Gross Profit
GrossProfit
4680000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
9237000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-4314000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4303000
CY2016Q3 us-gaap Interest Expense
InterestExpense
83000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000 shares
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4557000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
CY2016Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1798000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12211000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12209000 shares
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4174000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2541000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12209000 shares
CY2016Q3 smsi Change In Fair Value Of Contingent Liability
ChangeInFairValueOfContingentLiability
11000
CY2016Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2016Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2062000 shares

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smsi-20160930.xml Edgar Link completed
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smsi-20160930_cal.xml Edgar Link unprocessable
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