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Smith Micro Software(SMSI) - 2022 Q4 - Annual Report
2023-03-22 22:59
Financial Performance - In 2022, revenues declined by 17% to $48.5 million, primarily due to an $8.9 million decrease in the CommSuite product line [125]. - Gross profit for 2022 was $34.3 million, representing 70.7% of revenues, down from $45.7 million or 78.3% in 2021 [138]. - The net loss for 2022 was $29.3 million, resulting in a net loss per diluted share of $0.53 [125]. Operating Expenses - Operating expenses increased to 134.5% of revenues in 2022, compared to 131.2% in 2021, with significant increases in selling and marketing expenses [128]. - Research and development expenses rose to $29.9 million in 2022, an increase of $3.7 million from 2021, driven by contractor costs for SafePath development [140]. - Net cash used in operating activities was $19.3 million for 2022, primarily due to a net loss of $29.3 million [148]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2022, were approximately $14.0 million, indicating liquidity to meet financial obligations [147]. - Net cash provided by financing activities was $17.1 million in 2022, mainly from a Notes and Warrant Offering of $15.0 million [151]. Research and Development - Research and development costs decreased by approximately $1.5 million, or 18%, in Q4 2022 compared to Q2 2022 as migration efforts neared completion [126]. - The company anticipates that certain costs of sales related to acquired platforms will be eliminated post-migration, potentially increasing gross margins [126]. Corporate Structure and Locations - The corporate headquarters is located in Pittsburgh, Pennsylvania, leasing approximately 35,621 square feet, with the lease expiring on April 30, 2026 [154]. - The company leases an additional 8,513 square feet in Aliso Viejo, California, expiring on October 31, 2024, and 12,728 square feet in Belgrade, Serbia, expiring on July 31, 2026 [154]. Accounting Policies - As of December 31, 2022, there were no off-balance sheet arrangements reported [157]. - The company applies FASB ASC Topic No. 805 for business combinations, recognizing assets and liabilities at fair value on the acquisition date [159]. - Goodwill is assessed for impairment at least annually, with any excess of carrying value over fair value recorded as an impairment loss [167]. - Revenue is recognized based on FASB ASC Topic No. 606, reflecting the transfer of promised goods or services to customers [169]. - Usage-based revenue is generated based on active subscribers' access and usage of software licenses, recognized upon completion of performance obligations [170]. - Stock-based compensation is recognized as an expense over the vesting period using the straight-line method as per FASB ASC Topic No. 718 [173].
Smith Micro Software(SMSI) - 2022 Q4 - Earnings Call Transcript
2023-03-09 23:47
Smith Micro Software, Inc. (NASDAQ:SMSI) Q4 2022 Earnings Conference Call March 9, 2023 4:30 PM ET Company Participants Charles Messman - VP, IR & Corporate Development William Smith - Co-Founder, Chairman, President & CEO James Kempton - VP, CFO & Treasurer Conference Call Participants Scott Searle - ROTH MKM Partners Michael Nichols - B. Riley Securities James McIlree - Dawson James Securities Matthew Harrigan - The Benchmark Company Operator Good day, and welcome to the Smith Micro Fourth Quarter 2022 Ea ...
Smith Micro Software(SMSI) - 2022 Q3 - Earnings Call Transcript
2022-11-11 03:48
Smith Micro Software, Inc. (NASDAQ:SMSI) Q3 2022 Results Conference Call November 9, 2022 4:30 PM ET Company Participants Charles Messman - VP, IR and Corporate Development Bill Smith - Chairman, President and CEO Jim Kempton - CFO Conference Call Participants Scott Searle - Roth Capital Josh Nichols - B. Riley Jim McIlree - Dawson James Operator Thank you for holding. Good day, and welcome to the Smith Micro Third Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operato ...
Smith Micro Software(SMSI) - 2022 Q2 - Quarterly Report
2022-08-12 18:20
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________ FORM 10-Q _____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-35525 _____________________________ SMITH MICRO SOFTWARE, INC. (Exact name of registr ...
Smith Micro Software(SMSI) - 2022 Q2 - Earnings Call Transcript
2022-08-11 23:13
Smith Micro Software, Inc. (NASDAQ:SMSI) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET Company Participants Charles Messman - VP, IR and Corporate Development Bill Smith - Chairman, President and CEO James Kempton - CFO Conference Call Participants Josh Nichols - B. Riley Jim McIlree - Dawson James Scott Searle - ROTH Capital Operator Good day and welcome to the Smith Micro Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After ...
Smith Micro Software(SMSI) - 2022 Q1 - Quarterly Report
2022-05-05 20:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-35525 SMITH MICRO SOFTWARE, INC. (Exact name of registrant as specified in its charter) WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR (State or other jurisdiction of incorporation or organization) Delaware 33 ...
Smith Micro Software(SMSI) - 2022 Q1 - Earnings Call Transcript
2022-05-04 22:31
Smith Micro Software, Inc. (NASDAQ:SMSI) Q1 2022 Earnings Conference Call May 4, 2022 4:30 PM ET Company Participants Charles Messman - VP, IR and Corporate Development Bill Smith - Chairman, President and CEO James Kempton - CFO Conference Call Participants Josh Nichols - B. Riley Jim McIlree - Dawson James Bruce Goldfarb - Lake Street Capital Markets Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designe ...
Smith Micro Software(SMSI) - 2021 Q4 - Annual Report
2022-03-11 21:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 01-35525 SMITH MICRO SOFTWARE, INC. (Exact name of registrant as specified in its charter) Delaware 33-0029027 (State or other ju ...
Smith Micro Software(SMSI) - 2021 Q4 - Earnings Call Transcript
2022-03-11 03:24
Start Time: 16:30 January 1, 0000 5:21 PM ET Smith Micro Software, Inc. (NASDAQ:SMSI) Q4 2021 Earnings Conference Call March 10, 2022, 16:30 PM ET Company Participants Bill Smith - Chairman, President and CEO James Kempton - CFO Charles Messman - VP, IR and Corporate Development Conference Call Participants Josh Nichols - B. Riley Scott Searle - ROTH Capital Eric Martinuzzi - Lake Street Capital Markets Jim McIlree - Dawson James Operator Good afternoon, and welcome to the Smith Micro Software Fourth Quarte ...
Smith Micro Software(SMSI) - 2021 Q3 - Quarterly Report
2021-11-12 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10‑Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001‑35525 SMITH MICRO SOFTWARE, INC. (Exact name of registrant as specified in its charter) DELAWARE 33‑0029027 (State or other jurisdiction of incorporation or o ...