Smith Micro Software Inc (SMSI) 10-K Annual Report Fri Mar 13 2020

– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2019.

“The Company’s fiscal 2019 was an extremely positive year and exciting time for us, as we delivered strong revenue growth, profits, and cash flow from operations throughout the year,” said William W. Smith, Jr., President and CEO of Smith Micro. “We begin 2020 with a strong tailwind, a more diversified customer base, and overall enhanced product portfolio for our flagship SafePath platform, as we look to expand our leadership in the value-added services market within the mobile operators space.”

Fourth Quarter 2019 Financial Results

Smith Micro reported revenue of $12.3 million for the fourth quarter ended December 31, 2019, compared to $7.4 million reported in the fourth quarter ended December 31, 2018.

Fourth quarter 2019 gross profit was $11.3 million compared to $6.4 million reported in the fourth quarter of 2018.

Gross profit as a percentage of revenue was 92 percent for the fourth quarter of 2019 compared to 87 percent for the fourth quarter of 2018.

Generally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the fourth quarter of 2019 was $3.7 million, or $0.09 diluted earnings per share,

The following information was filed by Smith Micro Software Inc (SMSI) on Thursday, March 5, 2020 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 - Income Highlight
Subsequent to the end of the measurement period or the Company's 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 - Earnings Highlight
Gross profit of $39.4 million or 91% of revenues in 2019 increased $17.5 million, or 80%, from $22.0 million, or 84% of revenues in 2018.
Revenue - Product Highlight
When the customer pays upfront, we record the payments as contract liabilities and recognize revenue ratably over the contract period as this is our stand ready performance obligation that is satisfied ratably over the maintenance and technology services period.
Financial - Expense
General and administrative expenses consist...Read more
Financial - Expense
General and administrative expenses of...Read more
Other - Other
In connection with preparing consolidated...Read more
Revenue - Product
The increase was primarily due...Read more
M & A - Other
Goodwill as of the acquisition...Read more
Financial - Expense
Establishing, reducing or increasing a...Read more
Financial - Expense
Selling and marketing expenses consist...Read more
Revenue - Product
ASU 2014-09 clarifies the principles...Read more
Other - Other
If the fair value of...Read more
Revenue - Product
Revenues of $43.3 million in...Read more
Revenue - Product
Wireless revenues of $42.6 million...Read more
Financial - Expense
Research and development expenses of...Read more
Other - Other
In connection with preparing its...Read more
Financial - Expense
A liability for costs associated...Read more
Revenue - Product
The growth in Wireless revenues...Read more
Financial - Expense
This increase was primarily due...Read more
Other - Other
This ASU is effective for...Read more
Other - Other
The amortization of intangible assets...Read more
Revenue - Product
Gain resulting from the sale...Read more
Financial - Income
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 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

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: 0001564590-20-010806
Submitted to the SEC: Fri Mar 13 2020 4:01:58 PM EST
Accepted by the SEC: Fri Mar 13 2020
Period: Tuesday, December 31, 2019
Industry: Prepackaged Software

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Smith Micro Software, Inc. (SMSI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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