Smith Micro Software Inc (SMSI) 10-Q Quarterly Report Mon May 11 2020

– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2020.

“The first quarter of 2020 was another very solid quarter for the Company and I was very pleased with the strong results that delivered revenue growth, profitability and strong free cash flow,” said William W. Smith, Jr., President and CEO of Smith Micro. “In response to the current worldwide crisis caused by the COVID-19 pandemic, our global workforce transitioned seamlessly to remote operations and continues to be very productive working from home.”

“Like most companies navigating current market conditions we expect some impact in the short term, but we are in the enviable position of being able to maintain our profitability and free cash flow and have a solid and growing balance sheet at hand as we work through current headwinds.”

First Quarter 2020 Financial Results

Smith Micro reported revenue of $13.3 million for the first quarter ended March 31, 2020, compared to $8.4 million reported in the first quarter ended March 31, 2019.

First quarter 2020 gross profit was $12.1 million compared to $7.5 million reported in the first quarter of 2019.

Gross profit as a percentage of revenue was 91 percent for the first quarter of 2020 compared to 89 percent for the first quarter of 2019.

The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, May 6, 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-Q Quarterly 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-Q Quarterly Report:

Revenue - Product Highlight
This Quarterly Report on Form 10-Q ("Report") contains forward-looking statements regarding Smith Micro which include, but are not limited to, statements concerning customer concentration, projected revenues, market acceptance of products, the success and timing of new product introductions, the competitive factors affecting our business, our ability to raise additional capital, gross profit and income, our ability to remain a going concern, our expenses, and the protection of our intellectual property.

Financial - Expense Highlight
The amortization of intangible assets in selling and marketing expense was $267 thousand and $91 thousand for the three months ended March 31, 2020 and 2019, respectively.
Revenue - Product Highlight
This increase included revenue of $0.6 million related to the newly acquired Circle operator business.
Financial - Expense Highlight
The amortization of intangible assets in research and development expense was $248 thousand and $105 thousand for the three months ended March 31, 2020 and 2019, respectively.
M & A - Other Highlight
This increase was primarily due to $0.9 million of acquisition expenses incurred in 2020 and an increase in non-cash stock compensation.
Financial - Expense
This increase was primarily due...Read more
Revenue - Product
Wireless revenue of $13.2 million...Read more
Revenue - Product
Revenues were $13.3 million and...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001564590-20-024156
Submitted to the SEC: Mon May 11 2020 4:01:58 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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Smith Micro Software, Inc. (SMSI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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