$SMSI
SMITH MICRO SOFTWARE, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019028369 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $10.85M $6.945M $5.463M
YoY Change 56.29% 18.47% -2.03%
Cost Of Revenue $974.0K $1.120M $1.309M
YoY Change -13.04% -13.18% 2.03%
Gross Profit $9.880M $5.829M $4.154M
YoY Change 69.5% 27.35% -3.24%
Gross Profit Margin 91.03% 83.93% 76.04%
Selling, General & Admin $4.194M $3.510M $3.920M
YoY Change 19.49% -5.14% -1.56%
% of Gross Profit 42.45% 60.22% 94.37%
Research & Development $2.743M $2.200M $2.255M
YoY Change 24.68% 1.38% -9.69%
% of Gross Profit 27.76% 37.74% 54.29%
Depreciation & Amortization $360.0K $200.0K $210.0K
YoY Change 80.0% -13.04% -8.7%
% of Gross Profit 3.64% 3.43% 5.06%
Operating Expenses $6.948M $5.755M $6.175M
YoY Change 20.73% -1.96% -10.13%
Operating Profit $2.932M $74.00K -$2.021M
YoY Change 3862.16% -104.57% -21.61%
Interest Expense $30.00K -$2.230M -$310.0K
YoY Change -101.35% 471.79% -9.88%
% of Operating Profit 1.02% -3013.51%
Other Income/Expense, Net -$6.000K -$10.00K -$40.00K
YoY Change -40.0% 300.0%
Pretax Income $3.440M -$2.164M -$2.371M
YoY Change -258.96% 10.97% -17.44%
Income Tax $4.000K $13.00K $10.00K
% Of Pretax Income 0.12%
Net Earnings $3.436M -$2.177M -$2.381M
YoY Change -257.83% 11.53% -17.33%
Net Earnings / Revenue 31.66% -31.35% -43.58%
Basic Earnings Per Share $0.11 -$0.10 -$0.16
Diluted Earnings Per Share $0.10 -$0.10 -$0.16
COMMON SHARES
Basic Shares Outstanding 32.07M 21.89M 15.30M
Diluted Shares Outstanding 35.31M 21.89M 15.30M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.600M $8.700M $3.700M
YoY Change -24.14% 262.5% 48.0%
Cash & Equivalents $6.611M $8.745M $3.654M
Short-Term Investments
Other Short-Term Assets $900.0K $800.0K $500.0K
YoY Change 12.5% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables $13.02M $6.200M $5.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.57M $15.70M $9.500M
YoY Change 30.99% 99.92% 23.38%
LONG-TERM ASSETS
Property, Plant & Equipment $930.0K $1.100M $1.100M
YoY Change -15.45% -28.66% -35.29%
Goodwill $7.797M $3.685M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $267.0K $600.0K $148.0K
YoY Change -55.5% 310.96% 48.0%
Total Long-Term Assets $20.90M $5.700M $5.739M
YoY Change 266.58% -4.83% -7.44%
TOTAL ASSETS
Total Short-Term Assets $20.57M $15.70M $9.500M
Total Long-Term Assets $20.90M $5.700M $5.739M
Total Assets $41.46M $21.40M $15.24M
YoY Change 93.74% 54.6% 9.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.227M $1.300M $1.298M
YoY Change -5.62% 0.31% -18.88%
Accrued Expenses $3.500M $2.400M $2.500M
YoY Change 45.83% -25.28% -24.24%
Deferred Revenue $183.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.945M $4.000M $4.000M
YoY Change 23.63% -43.47% -47.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.900M $2.800M
YoY Change -100.0% 26.09% 33.33%
Other Long-Term Liabilities $168.0K $10.50M $4.700M
YoY Change -98.4% 283.49% 38.24%
Total Long-Term Liabilities $6.850M $13.40M $7.500M
YoY Change -48.88% 112.77% 36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.945M $4.000M $4.000M
Total Long-Term Liabilities $6.850M $13.40M $7.500M
Total Liabilities $11.80M $17.40M $11.50M
YoY Change -32.21% 30.1% -12.88%
SHAREHOLDERS EQUITY
Retained Earnings -$232.6M
YoY Change
Common Stock $262.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.67M $3.984M $3.730M
YoY Change
Total Liabilities & Shareholders Equity $41.46M $21.40M $15.20M
YoY Change 93.74% 54.6% 9.35%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $3.436M -$2.177M -$2.381M
YoY Change -257.83% 11.53% -17.33%
Depreciation, Depletion And Amortization $360.0K $200.0K $210.0K
YoY Change 80.0% -13.04% -8.7%
Cash From Operating Activities -$910.0K -$930.0K -$1.859M
YoY Change -2.15% -56.54% 8.46%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$90.00K -$20.00K
YoY Change 100.0% 80.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $350.0K
YoY Change
Cash From Investing Activities $170.0K -$90.00K -$16.00K
YoY Change -288.89% 80.0% 23.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.462M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 6.120M 3.324M
YoY Change -100.65% 197.09% 66.03%
NET CHANGE
Cash From Operating Activities -910.0K -930.0K -1.859M
Cash From Investing Activities 170.0K -90.00K -16.00K
Cash From Financing Activities -40.00K 6.120M 3.324M
Net Change In Cash -780.0K 5.100M 1.449M
YoY Change -115.29% -4023.08% 426.91%
FREE CASH FLOW
Cash From Operating Activities -$910.0K -$930.0K -$1.859M
Capital Expenditures -$180.0K -$90.00K -$20.00K
Free Cash Flow -$730.0K -$840.0K -$1.839M
YoY Change -13.1% -59.81% 7.92%

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-10000
smsi Gain Loss On Disposal Of Fixed Assets
GainLossOnDisposalOfFixedAssets
-6000
us-gaap Share Based Compensation
ShareBasedCompensation
788000
us-gaap Share Based Compensation
ShareBasedCompensation
410000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5842000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1034000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
138000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
190000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-526000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-351000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2786000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-136000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
188000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5548000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6540000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
287000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
110000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3911000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3974000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
350000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-110000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
5000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
3000
smsi Proceeds From Payments Related To Issuance Of Common Stock
ProceedsFromPaymentsRelatedToIssuanceOfCommonStock
-14000
smsi Proceeds From Payments Related To Issuance Of Common Stock
ProceedsFromPaymentsRelatedToIssuanceOfCommonStock
10759000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
1000000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
67000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
326000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-76000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9436000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12159000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2205000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6611000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8745000
us-gaap Income Taxes Paid
IncomeTaxesPaid
17000
us-gaap Income Taxes Paid
IncomeTaxesPaid
10000
us-gaap Interest Paid Net
InterestPaidNet
219000
smsi Issuance Of Common Stock In Connection With Acquisition
IssuanceOfCommonStockInConnectionWithAcquisition
5129000
us-gaap Stock Issued1
StockIssued1
6780000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. The Company</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Smith Micro Software, Inc. (&#8220;Smith Micro&#8221; or the &#8220;Company&#8221;) develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable multiple service operators (&#8220;MSOs&#8221;) around the world.&#160;From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today&#8217;s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer internet of things (&#8220;IoT&#8221;) devices. Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, optimizing retail content display, analytics capabilities, and graphics applications.</p>
us-gaap Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
-0.20
CY2019Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
10854000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
7717000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
19286000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14232000
CY2019Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3436000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2052000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
3484000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4084000
CY2019Q2 us-gaap Basic Earnings Per Share Pro Forma
BasicEarningsPerShareProForma
0.11
CY2018Q2 us-gaap Basic Earnings Per Share Pro Forma
BasicEarningsPerShareProForma
-0.10
us-gaap Basic Earnings Per Share Pro Forma
BasicEarningsPerShareProForma
0.11
us-gaap Basic Earnings Per Share Pro Forma
BasicEarningsPerShareProForma
-0.20
CY2019Q2 us-gaap Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
0.10
CY2018Q2 us-gaap Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
-0.10
us-gaap Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
0.10
us-gaap Substantial Doubt About Going Concern Managements Evaluation
SubstantialDoubtAboutGoingConcernManagementsEvaluation
In connection with preparing consolidated financial statements for the three and six months ended June 30, 2019, management evaluated whether there were conditions and events that, when considered in the aggregate, raised substantial doubt about the Company’s ability to continue as a going concern within one year from the date that the financial statements are issued.The Company considered the historical operating loss and negative cash flow from operating activities trends, including the positive trends occurring in the recent year. Ordinarily, conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern relate to the entity’s ability to meet its obligations as they become due. The Company evaluated its ability to meet its obligations as they become due within one year from the date that the financial statements are issued by considering the following: In May 2017, the Company raised $2.2 million of new capital in a private placement offering of its common stock. In September 2017, the Company closed on a $5.5 million preferred stock transaction which converted $2.8 million of long and short-term debt and raised $2.7 million of new capital. On March 5, 2018, the Company raised $5.0 million of new capital in a private placement offering of its common stock. On May 3, 2018, the Company raised $7.0 million of new capital in a private placement offering of its common stock. On November 7, 2018, the Company raised $7.5 million of new capital in a private placement offering of its common stock. Following this transaction, $3.2 million of short and long-term debt was repaid. Management believes the Company will generate enough cash from operations to satisfy its obligations for the next twelve months from the issuance date.
CY2017Q3 smsi Shares Issued During Preferred Stock Value New Issues
SharesIssuedDuringPreferredStockValueNewIssues
5500000
CY2017Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2800000
CY2017Q3 smsi Proceeds From Issuance Of Preferred Stock And Preference Stock Gross
ProceedsFromIssuanceOfPreferredStockAndPreferenceStockGross
2700000
us-gaap Substantial Doubt About Going Concern Managements Plans Substantial Doubt Not Alleviated
SubstantialDoubtAboutGoingConcernManagementsPlansSubstantialDoubtNotAlleviated
The Company will take the following actions, if it starts to trend unfavorably against its internal profitability and cash flow projections, in order to mitigate conditions or events that would raise substantial doubt about its ability to continue as a going concern: Raise additional capital through a private placement. Raise additional capital through short-term loans. Implement restructuring and cost reductions. Secure a commercial bank line of credit. Sell or license intellectual property.
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
34000
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
185000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
67000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
326000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3402000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2362000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3417000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4884000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3240000
CY2019Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
125000
CY2018Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
7100000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
125000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
3930000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
27000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3
CY2018Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leases office space and equipment, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
436000
us-gaap Operating Lease Cost
OperatingLeaseCost
790000
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
151000
us-gaap Sublease Income
SubleaseIncome
301000
CY2019Q2 us-gaap Lease Cost
LeaseCost
285000
us-gaap Lease Cost
LeaseCost
489000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
7192000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
685000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1662000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1639000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1220000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1231000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2343000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8780000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1588000
smsi Cumulative Loss Period
CumulativeLossPeriod
P5Y
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52400000

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