Smith Micro Software Inc (SMSI) 10-K Annual Report March 2019

“Our fiscal 2018 was a solid year for the Company, achieving several significant milestones across all facets of the organization,” said William W. Smith Jr., President and CEO of Smith Micro Software. “We entered 2018 with a concentrated focus of returning the company to growth, profitability, and positive cash flow. I am pleased to report that we achieved success on all three fronts, while continuing to streamline our operations and rationalize our product lineup.”

“During the year, we significantly strengthened our balance sheet, paid down substantially all our debt obligations, and strategically acquired a third leg to our wireless product stool with the acquisition of the Smart Retail product suite that we have branded as ViewSpot.”

Mr. Smith concluded, “We enter 2019 with strong momentum, focused on maintaining our technology leadership position, adding new customers, and accelerating growth.”

Fourth Quarter 2018 Financial Results:

Smith Micro Software reported revenue of $7.4 million for the fourth quarter ended December 31, 2018, compared to $5.7 million reported in the fourth quarter ended December 31, 2017.

Fourth quarter 2018 gross profit was $6.4 million, compared to $4.4 million reported in the fourth quarter of 2017.

The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, March 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Smith Micro Software Inc's 10-K Annual Report:

Financial - Expense Highlight
Additionally, the Company continued to make cost adjustments throughout the year, all resulting in lower annual operating expenses.

Financial - Income Highlight
Subsequent to the end of the measurement period or the Companys final determination of the value of the tax allowance or contingency, whichever comes first, changes to these uncertain tax positions and tax-related valuation allowances will affect the provision for income taxes in the consolidated statement of operations, and could have a material impact on results of operations and financial position.
Financial - Dividend Highlight
In 2018, cash provided by financing activities was $13.0 million due to net proceeds from common stock offerings of $17.6 million, offset by repayments of notes payable of $4.2 million and preferred stock dividend payments of $0.4 million.
Other - Other Highlight
In 2018, net cash used in operating activities was $2.9 million primarily due to an increase in accounts receivable of $1.9 million and a decrease in accounts payable and accrued liabilities of $1.1 million.
Financial - Expense Highlight
Selling and marketing expenses of $5.8 million in 2018 decreased $0.4 million, or 6.5%, from $6.2 million in 2017.
Financial - Earnings
Gross profit of $22.0 million...Read more
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When the customer pays upfront,...Read more
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The ASU is effective for...Read more
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ASU 2017-11 is effective for...Read more
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In 2017, net cash used...Read more
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Research and development expenses of...Read more
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M & A - Other
Goodwill as of the acquisition...Read more
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ASU 2014-09 clarifies the principles...Read more
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Revenues of $26.3 million in...Read more
Revenue - Product
Wireless revenues of $24.5 million...Read more
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CommSuite has achieved five quarters...Read more
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CommSuite has achieved five quarters...Read more
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A liability for costs associated...Read more
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Graphics sales decreased $2.8 million,...Read more
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Provision for income tax expense...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Smith Micro Software Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: SMSI
CIK: 948708
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-009576
Submitted to the SEC: Wed Mar 27 2019 12:06:57 PM EST
Accepted by the SEC: Wed Mar 27 2019
Period: Monday, December 31, 2018
Industry: Prepackaged Software

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Smith Micro Software, Inc. (SMSI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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