$SMSI
SMITH MICRO SOFTWARE, INC.

2021 Q2 Form 10-Q Financial Statement

#000156459021043945 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $15.92M $12.93M $13.32M
YoY Change 23.09% 19.15% 57.99%
Cost Of Revenue $3.358M $1.270M $1.170M
YoY Change 164.41% 30.39% 27.73%
Gross Profit $12.56M $11.66M $12.15M
YoY Change 7.69% 18.06% 61.64%
Gross Profit Margin 78.91% 90.19% 91.2%
Selling, General & Admin $8.063M $5.200M $6.190M
YoY Change 55.06% 23.99% 32.55%
% of Gross Profit 64.19% 44.58% 50.95%
Research & Development $7.063M $4.240M $3.480M
YoY Change 66.58% 54.58% 29.85%
% of Gross Profit 56.23% 36.35% 28.64%
Depreciation & Amortization $2.981M $1.020M $640.0K
YoY Change 192.25% 183.33% 100.0%
% of Gross Profit 23.73% 8.74% 5.27%
Operating Expenses $17.77M $10.29M $10.19M
YoY Change 72.7% 48.1% 36.71%
Operating Profit -$5.210M $1.377M $1.959M
YoY Change -478.36% -53.04% 3059.68%
Interest Expense $16.00K $0.00 $90.00K
YoY Change -100.0%
% of Operating Profit 0.0% 4.59%
Other Income/Expense, Net $5.000K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$5.189M $1.379M $2.050M
YoY Change -476.29% -59.91% 3842.31%
Income Tax $14.00K $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$5.203M $1.379M $2.045M
YoY Change -477.3% -59.87% 4160.42%
Net Earnings / Revenue -32.68% 10.66% 15.35%
Basic Earnings Per Share -$0.10 $0.03 $0.05
Diluted Earnings Per Share -$0.10 $0.03 $0.05
COMMON SHARES
Basic Shares Outstanding 53.02M shares 41.13M 39.48M
Diluted Shares Outstanding 53.02M shares 43.08M 42.19M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.94M $23.60M $19.50M
YoY Change 26.85% 257.58% 163.51%
Cash & Equivalents $29.94M $23.61M $19.46M
Short-Term Investments
Other Short-Term Assets $2.046M $1.400M $600.0K
YoY Change 46.14% 55.56% 0.0%
Inventory
Prepaid Expenses
Receivables $14.94M $12.50M $11.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $46.92M $37.60M $31.90M
YoY Change 24.8% 82.83% 88.82%
LONG-TERM ASSETS
Property, Plant & Equipment $8.565M $8.400M $8.500M
YoY Change 1.96% 803.23% 897.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $597.0K $600.0K $600.0K
YoY Change -0.5% 124.72% 50.0%
Total Long-Term Assets $90.50M $35.50M $36.50M
YoY Change 154.94% 69.9% 118.48%
TOTAL ASSETS
Total Short-Term Assets $46.92M $37.60M $31.90M
Total Long-Term Assets $90.50M $35.50M $36.50M
Total Assets $137.4M $73.10M $68.40M
YoY Change 88.0% 76.31% 103.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.372M $3.900M $3.500M
YoY Change -13.54% 217.85% 191.67%
Accrued Expenses $8.476M $4.300M $3.800M
YoY Change 97.12% 22.86% 11.76%
Deferred Revenue $900.0K $1.700M $1.690M
YoY Change -47.06% 828.96% 622.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.71M $9.800M $8.982M
YoY Change 29.71% 98.18% 83.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.181M $6.400M $6.500M
YoY Change -19.05% 3709.52% 150.0%
Total Long-Term Liabilities $5.181M $6.400M $6.500M
YoY Change -19.05% -6.57% 150.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.71M $9.800M $8.982M
Total Long-Term Liabilities $5.181M $6.400M $6.500M
Total Liabilities $17.95M $16.20M $15.50M
YoY Change 10.81% 37.35% 103.95%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.5M $56.90M $52.85M
YoY Change
Total Liabilities & Shareholders Equity $137.4M $73.10M $68.40M
YoY Change 88.0% 76.31% 103.57%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.203M $1.379M $2.045M
YoY Change -477.3% -59.87% 4160.42%
Depreciation, Depletion And Amortization $2.981M $1.020M $640.0K
YoY Change 192.25% 183.33% 100.0%
Cash From Operating Activities -$2.204M $2.080M $2.261M
YoY Change -205.96% -328.57% -445.72%
INVESTING ACTIVITIES
Capital Expenditures -$146.0K -$80.00K -$770.0K
YoY Change 82.5% -55.56% 600.0%
Acquisitions
YoY Change
Other Investing Activities -$56.81M $20.00K $215.0K
YoY Change -284130.0% -94.29% -105.42%
Cash From Investing Activities -$56.95M -$70.00K -$13.14M
YoY Change 81260.0% -141.18% 221.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -152.0K 2.160M 2.063M
YoY Change -107.04% -5500.0% -4897.67%
NET CHANGE
Cash From Operating Activities -2.204M 2.080M 2.261M
Cash From Investing Activities -56.95M -70.00K -13.14M
Cash From Financing Activities -152.0K 2.160M 2.063M
Net Change In Cash -59.31M 4.170M -8.812M
YoY Change -1522.25% -634.62% 84.31%
FREE CASH FLOW
Cash From Operating Activities -$2.204M $2.080M $2.261M
Capital Expenditures -$146.0K -$80.00K -$770.0K
Free Cash Flow -$2.058M $2.160M $3.031M
YoY Change -195.28% -395.89% -657.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<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. (“Smith Micro”, the “Company”, “we”, “us”, or “our”) develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless and cable service providers around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, we strive to enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. Our portfolio includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, retail content display optimization and performance analytics on any product set.</p>
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us-gaap Lessee Operating Lease Description
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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.
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151000
us-gaap Sublease Income
SubleaseIncome
301000
us-gaap Sublease Income
SubleaseIncome
301000
CY2021Q2 us-gaap Lease Cost
LeaseCost
409000
CY2020Q2 us-gaap Lease Cost
LeaseCost
382000
us-gaap Lease Cost
LeaseCost
819000
us-gaap Lease Cost
LeaseCost
760000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
916000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1621000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1606000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1227000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
867000
CY2021Q2 smsi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
291000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6528000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
816000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5712000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0675
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
49400000
CY2020Q4 smsi Outstanding Tax Audit
OutstandingTaxAudit
0

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