Smith Micro Software Inc (SMSI) 10-K Annual Report Fri Mar 11 2022

– 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, 2021.

“This past year’s momentum, spurred by the largest acquisition in our history, was truly transformational for Smith Micro, positioning us for success in 2022 and beyond,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “During 2021, we accomplished several key milestones across the entire organization building a stronger foundation for ongoing success. In 2021, we added several Tier 1 carriers to our global digital family safety customer base, expanding our leadership by delivering our Family Digital Lifestyle vision to a large and growing marketplace.

“We have gained valuable experience and learned critical lessons over the past year that will pave the way for a smooth migration of carriers to the SafePath^® platform, offering a seamless transition for the consumers using these family safety solutions,” Smith continued. “Our exciting transformation will carry on through 2022 as we continue to strengthen both our market growth and our partnerships with our valuable carrier customers.”

Fourth Quarter 2021 Financial Results

Smith Micro reported revenue of $14.7 million for the fourth quarter ended December 31, 2021, compared to $12.4 million reported in the fourth quarter ended December 31, 2020.

Fourth quarter 2021 gross profit was $10.6 million compared to $11.0 million reported in the fourth quarter of 2020.

The following information was filed by Smith Micro Software Inc (SMSI) on Thursday, March 10, 2022 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:

Other - Other Highlight
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, which replaces the "incurred loss" credit losses framework with a new accounting standard that requires management's measurement of the allowance for credit losses to be based on a broader range of reasonable and supportable information for lifetime credit loss estimates.

Financial - Expense Highlight
In 2021, net cash used in operating activities was $12.9 million, primarily due to the net loss of $31.0 million, coupled with a decrease in accounts payable and accrued liabilities of $16.3 million, partially offset by add-backs of non-cash expenses totaling $28.2 million.
Financial - Expense Highlight
In addition, we incurred approximately $1.7 million in transaction costs while amortization expenses increased by $5.2 million due to intangible assets obtained as part of the acquisition.
Financial - Expense Highlight
We believe that once we are able to fully migrate our customers onto our SafePath platform, which we have targeted for completion for our largest customers over the next year, our development costs should decline.
Financial - Expense Highlight
In addition, we have experienced higher development costs as part of our operating expenses to facilitate the migration to the SafePath platform.
Revenue - Product
This initiative also negatively impacted...Read more
M & A - Other
The decrease in accounts payable...Read more
Financial - Income
Subsequent to the end of...Read more
M & A - Other
Due to the Family Safety...Read more
M & A - Other
In 2021, cash provided by...Read more
Financial - Expense
Amortization of intangible assets consists...Read more
Revenue - Product
When the customer pays upfront,...Read more
Financial - Earnings
Gross profit of $45.7 million,...Read more
Financial - Earnings
As a result, we experienced...Read more
Financial - Expense
Our operating expenses increased during...Read more
Financial - Expense
General and administrative expenses consist...Read more
Financial - Expense
General and administrative expenses of...Read more
M & A - Other
Goodwill as of the acquisition...Read more
Financial - Expense
Establishing, reducing, or increasing a...Read more
Financial - Expense
This increase was primarily due...Read more
Revenue - Product
Revenues of $58.4 million in...Read more
Revenue - Product
Family Safety revenues of $41.0...Read more
Revenue - Product
In future quarters, we expect...Read more
Financial - Earnings
In 2020, net cash provided...Read more
Financial - Expense
Research and development expenses of...Read more
Revenue - Product
Gain on sale of software...Read more
Financial - Expense
A liability for costs associated...Read more
Other - Other
We have no indefinite-lived intangible...Read more
Revenue - Product
Our CommSuite revenues declined by...Read more
Financial - Expense
Amortization expense related to our...Read more
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This increase was primarily due...Read more
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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: 0001564590-22-009851
Submitted to the SEC: Fri Mar 11 2022 4:02:29 PM EST
Accepted by the SEC: Fri Mar 11 2022
Period: Friday, December 31, 2021
Industry: Prepackaged Software

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Smith Micro Software, Inc. (SMSI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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