Smith Micro Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Smith Micro Software, Inc. (NASDAQ: SMSI) reported a revenue increase to $14.7 million in Q4 2021 from $12.4 million in Q4 2020. However, gross profit decreased to $10.6 million compared to $11.0 million year-over-year. The company's GAAP net loss for Q4 2021 was $4.0 million, a downturn from a $0.6 million net income in Q4 2020. For fiscal year 2021, revenue rose to $58.4 million from $51.3 million, but a significant GAAP net loss of $31.0 million was noted, compared to a net income of $4.2 million in 2020. Cash and cash equivalents totaled $16.1 million.
- Revenue increased by 19% to $58.4 million for the year ending December 31, 2021.
- Added Tier 1 carriers to the global digital family safety customer base.
- Fourth quarter gross profit percentage declined to 72% from 89% year-over-year.
- GAAP net loss for Q4 2021 was $4.0 million, contrasting with a $0.6 million net income in Q4 2020.
- Fiscal year GAAP net loss was $31.0 million, down from a $4.2 million net income in 2020.
“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
“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
Fourth quarter 2021 gross profit was
Gross profit as a percentage of revenue was 72 percent for the fourth quarter of 2021 compared to 89 percent for the fourth quarter of 2020.
Generally accepted accounting principles in
Non-GAAP net loss (which excludes stock-based compensation, amortization of intangibles, CFO transition costs, gain on sale of software product, and acquisition costs) for the fourth quarter of 2021 was
Fiscal Year 2021 Financial Results
Smith Micro reported revenue of
Gross profit for the year ended
Gross profit as a percentage of revenue was 78 percent for the year ended
GAAP net loss for the year ended
Non-GAAP net loss (which excludes stock-based compensation, amortization of intangibles, CFO transition costs, acquisition costs which include changes in fair value of contingent consideration, costs related to the acquisition of certain non-development intellectual property, and gain on sale of software product) for the year ended
Total cash and cash equivalents as of
To supplement our financial information presented in accordance with GAAP, the Company considers, and has included in this press release, certain non-GAAP financial measures and a non-GAAP reconciliation from GAAP gross profit, net (loss) income before taxes, and net (loss) income to the following non-GAAP metrics: non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing our income generation and has therefore excluded the following items from GAAP earnings calculations: stock-based compensation, amortization of intangibles, CFO transition costs, acquisition costs, including changes in fair value of contingent consideration, costs related to the acquisition of certain non-development intellectual property, and gain on sale of software product. Additionally, since the Company currently has federal and state net operating loss carryforwards that can be utilized to reduce future cash payments for income taxes, these non-GAAP adjustments have not been tax effected, and the resulting income tax expense reflects actual taxes paid or accrued during each period. This presentation may be considered more indicative of our ongoing operational performance. The table below presents the differences between non-GAAP net income (loss) and net income (loss) on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.
Investor Conference Call
Smith Micro will hold an investor conference call today,
About
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit www.smithmicro.com.
Smith Micro and the Smith Micro logo are registered trademarks or trademarks of
Forward-Looking Statements
Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including statements related to our financial prospects and other projections of our outlook or performance and our future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are customer concentration, given that the majority of our sales depend on a few large customer relationships, the impact of the COVID-19 pandemic on our business and financial results, delays in adoption of our products and services by our customers and their end users, changes in demand for our products from our customers and their end-users, changes in requirements for our products imposed by our customers or by the third party providers of software and/or platforms that we use, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies, customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies. These and other factors discussed in our filings with the
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
unaudited |
|
|
audited |
|
||
|
|
|
|
|
|
||
|
2021 |
|
|
2020 |
|
||
ASSETS |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash & cash equivalents |
$ |
16,078 |
|
|
$ |
25,754 |
|
Accounts receivable, net |
|
10,590 |
|
|
|
12,347 |
|
Prepaid and other assets |
|
1,988 |
|
|
|
1,189 |
|
Total current assets |
|
28,656 |
|
|
|
39,290 |
|
Equipment & improvements, net |
|
2,698 |
|
|
|
2,170 |
|
Right-of-use assets |
|
5,710 |
|
|
|
5,785 |
|
Other assets |
|
620 |
|
|
|
694 |
|
Intangible assets, net |
|
42,631 |
|
|
|
12,698 |
|
|
|
35,041 |
|
|
|
12,266 |
|
TOTAL ASSETS |
$ |
115,356 |
|
|
$ |
72,903 |
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
3,301 |
|
|
$ |
2,282 |
|
Accrued payroll and benefits |
|
4,055 |
|
|
|
2,867 |
|
Current operating lease liabilities |
|
1,400 |
|
|
|
1,433 |
|
Other accrued liabilities |
|
436 |
|
|
|
216 |
|
Deferred revenue |
|
176 |
|
|
|
1,572 |
|
Total current liabilities |
|
9,368 |
|
|
|
8,370 |
|
Operating lease liabilities |
|
4,467 |
|
|
|
4,805 |
|
Deferred rent and other long-term liabilities |
|
844 |
|
|
|
953 |
|
Deferred tax liability, net |
|
117 |
|
|
|
59 |
|
Total non-current liabilities |
|
5,428 |
|
|
|
5,817 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
Common stock |
|
54 |
|
|
|
41 |
|
Additional paid in capital |
|
352,779 |
|
|
|
279,905 |
|
Accumulated comprehensive deficit |
|
(252,273 |
) |
|
|
(221,230 |
) |
Total stockholders' equity |
|
100,560 |
|
|
|
58,716 |
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
115,356 |
|
|
$ |
72,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unaudited |
|
|
unaudited |
|
|
audited |
|
|||||||
|
For the Three Months |
|
|
For the Twelve Months |
|
||||||||||
|
Ended |
|
|
Ended |
|
||||||||||
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenues |
$ |
14,679 |
|
|
$ |
12,416 |
|
|
$ |
58,422 |
|
|
$ |
51,300 |
|
Cost of revenues |
|
4,103 |
|
|
|
1,422 |
|
|
|
12,698 |
|
|
|
5,190 |
|
Gross profit |
|
10,576 |
|
|
|
10,994 |
|
|
|
45,724 |
|
|
|
46,110 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
3,153 |
|
|
|
2,266 |
|
|
|
11,581 |
|
|
|
9,096 |
|
Research and development |
|
7,137 |
|
|
|
4,965 |
|
|
|
26,197 |
|
|
|
17,772 |
|
General and administrative |
|
4,174 |
|
|
|
3,060 |
|
|
|
17,920 |
|
|
|
12,801 |
|
Amortization of intangible assets |
|
142 |
|
|
|
715 |
|
|
|
8,100 |
|
|
|
2,920 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
12,864 |
|
|
|
— |
|
Total operating expenses |
|
14,606 |
|
|
|
11,006 |
|
|
|
76,662 |
|
|
|
42,589 |
|
Operating (loss) income |
|
(4,030 |
) |
|
|
(12 |
) |
|
|
(30,938 |
) |
|
|
3,521 |
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
9 |
|
|
|
2 |
|
|
|
34 |
|
|
|
96 |
|
Gain on sale of software product |
|
— |
|
|
|
711 |
|
|
|
— |
|
|
|
711 |
|
Other income (expense), net |
|
69 |
|
|
|
(5 |
) |
|
|
76 |
|
|
|
(3 |
) |
(Loss) income before provision for income taxes |
|
(3,952 |
) |
|
|
696 |
|
|
|
(30,828 |
) |
|
|
4,325 |
|
Income tax expense |
|
56 |
|
|
|
116 |
|
|
|
215 |
|
|
|
160 |
|
Net (loss) income |
$ |
(4,008 |
) |
|
$ |
580 |
|
|
$ |
(31,043 |
) |
|
$ |
4,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
0.01 |
|
|
$ |
(0.61 |
) |
|
$ |
0.10 |
|
Diluted |
$ |
(0.07 |
) |
|
$ |
0.01 |
|
|
$ |
(0.61 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
54,454 |
|
|
|
41,262 |
|
|
|
51,232 |
|
|
|
40,808 |
|
Diluted |
|
54,454 |
|
|
|
43,305 |
|
|
|
51,232 |
|
|
|
42,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unaudited |
|
|
unaudited |
|
|
audited |
|
|||||||
|
|
For the Three Months |
|
|
For the Twelve Months |
|
||||||||||
|
|
Ended |
|
|
Ended |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,008 |
) |
|
$ |
580 |
|
|
$ |
(31,043 |
) |
|
$ |
4,165 |
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
466 |
|
|
$ |
906 |
|
|
|
9,338 |
|
|
|
3,582 |
|
Non-cash rent expense |
|
$ |
341 |
|
|
$ |
305 |
|
|
|
1,160 |
|
|
|
1,110 |
|
Change in fair value of contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
|
12,864 |
|
|
|
— |
|
Gain on sale of software products |
|
$ |
— |
|
|
$ |
(711 |
) |
|
|
— |
|
|
|
(711 |
) |
Provision for adjustments to accounts receivable and doubtful accounts |
|
$ |
8 |
|
|
$ |
(1 |
) |
|
|
5 |
|
|
|
(60 |
) |
Provision for excess and obsolete inventory |
|
$ |
— |
|
|
$ |
— |
|
|
|
(97 |
) |
|
|
— |
|
Gain on disposal of fixed assets |
|
$ |
(14 |
) |
|
$ |
— |
|
|
|
(14 |
) |
|
|
— |
|
Stock based compensation |
|
$ |
1,226 |
|
|
$ |
812 |
|
|
|
4,848 |
|
|
|
3,064 |
|
Deferred income taxes |
|
$ |
58 |
|
|
$ |
153 |
|
|
|
58 |
|
|
|
153 |
|
Changes in operating accounts: |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
1,987 |
|
|
$ |
(2,428 |
) |
|
|
7,938 |
|
|
|
(1,269 |
) |
Prepaid expenses and other assets |
|
$ |
(69 |
) |
|
$ |
142 |
|
|
|
(268 |
) |
|
|
(388 |
) |
Accounts payable and accrued liabilities |
|
$ |
(14,661 |
) |
|
$ |
(121 |
) |
|
|
(16,309 |
) |
|
|
(1,906 |
) |
Deferred revenue |
|
$ |
(525 |
) |
|
$ |
11 |
|
|
|
(1,396 |
) |
|
|
184 |
|
Net cash (used in) provided by operating activities |
|
|
(15,191 |
) |
|
|
(352 |
) |
|
|
(12,916 |
) |
|
|
7,924 |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions, net |
|
$ |
— |
|
|
$ |
— |
|
|
|
(56,865 |
) |
|
|
(13,500 |
) |
Proceeds from sale of software products |
|
$ |
118 |
|
|
$ |
367 |
|
|
|
192 |
|
|
|
367 |
|
Capital expenditures |
|
$ |
(92 |
) |
|
$ |
(111 |
) |
|
|
(830 |
) |
|
|
(1,323 |
) |
Purchase of equity instrument |
|
$ |
— |
|
|
$ |
(32 |
) |
|
|
— |
|
|
|
(225 |
) |
Net cash used in investing activities |
|
|
26 |
|
|
|
224 |
|
|
|
(57,503 |
) |
|
|
(14,681 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock warrants |
|
$ |
— |
|
|
$ |
— |
|
|
|
2,066 |
|
|
|
4,196 |
|
Payments related to contingent consideration |
|
$ |
(1,136 |
) |
|
$ |
— |
|
|
|
(1,136 |
) |
|
|
— |
|
Proceeds from stock sale for employee stock purchase plan |
|
$ |
28 |
|
|
$ |
11 |
|
|
|
65 |
|
|
|
29 |
|
Proceeds from exercise of stock options |
|
$ |
(21 |
) |
|
$ |
(1 |
) |
|
|
37 |
|
|
|
18 |
|
Proceeds from common stock offering |
|
$ |
— |
|
|
$ |
— |
|
|
|
59,711 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
(1,129 |
) |
|
|
10 |
|
|
|
60,743 |
|
|
|
4,243 |
|
Net (decrease) in cash and cash equivalents |
|
|
(16,294 |
) |
|
|
(118 |
) |
|
|
(9,676 |
) |
|
|
(2,514 |
) |
Cash and cash equivalents, beginning of period |
|
|
32,372 |
|
|
|
25,872 |
|
|
|
25,754 |
|
|
|
28,268 |
|
Cash and cash equivalents, end of period |
|
$ |
16,078 |
|
|
$ |
25,754 |
|
|
$ |
16,078 |
|
|
$ |
25,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation of GAAP to Non-GAAP Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands, except per share data) - unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
GAAP |
|
|
Stock
|
|
|
|
|
Intangibles
|
|
|
|
|
CFO
|
|
|
|
|
Gain on
|
|
|
Acquisition
|
|
|
|
Non-
|
|
|||||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
10,576 |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
|
$ |
10,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
3,153 |
|
|
|
(239 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
2,914 |
|
Research and development expenses |
|
7,137 |
|
|
|
(260 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
6,877 |
|
General and administrative expenses |
|
4,174 |
|
|
|
(727 |
) |
|
|
|
|
- |
|
|
|
|
|
(179 |
) |
|
|
|
|
- |
|
|
|
(81 |
) |
|
|
|
3,187 |
|
Amortization of intangible assets |
|
142 |
|
|
|
- |
|
|
|
|
|
(142 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
Change in fair value of contingent consideration |
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
Total operating expenses |
|
14,606 |
|
|
|
(1,226 |
) |
|
|
|
|
(142 |
) |
|
|
|
|
(179 |
) |
|
|
|
|
- |
|
|
|
(81 |
) |
|
|
|
12,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before provision for income taxes |
|
(3,952 |
) |
|
|
1,226 |
|
|
|
|
|
142 |
|
|
|
|
|
179 |
|
|
|
|
|
- |
|
|
|
81 |
|
|
|
|
(2,324 |
) |
Net (loss) income |
|
(4,008 |
) |
|
|
1,226 |
|
|
|
|
|
142 |
|
|
|
|
|
179 |
|
|
|
|
|
- |
|
|
|
81 |
|
|
|
|
(2,380 |
) |
(Loss) earnings per share: basic |
|
(0.07 |
) |
|
|
0.02 |
|
|
|
|
|
0.00 |
|
|
|
|
|
0.00 |
|
|
|
|
|
- |
|
|
|
0.00 |
|
|
|
|
(0.04 |
) |
(Loss) earnings per share: diluted |
|
(0.07 |
) |
|
|
0.02 |
|
|
|
|
|
0.00 |
|
|
|
|
|
0.00 |
|
|
|
|
|
- |
|
|
|
0.00 |
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
10,994 |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
|
$ |
10,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
2,266 |
|
|
|
(145 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
2,121 |
|
Research and development expenses |
|
4,965 |
|
|
|
(147 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
4,818 |
|
General and administrative expenses |
|
3,060 |
|
|
|
(520 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
2,540 |
|
Amortization of intangible assets |
|
715 |
|
|
|
- |
|
|
|
|
|
(715 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
Total operating expenses |
|
11,006 |
|
|
|
(812 |
) |
|
|
|
|
(715 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
9,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision for income taxes |
|
696 |
|
|
|
812 |
|
|
|
|
|
715 |
|
|
|
|
|
- |
|
|
|
|
|
(711 |
) |
|
|
- |
|
|
|
|
1,512 |
|
Net income (loss) |
|
580 |
|
|
|
812 |
|
|
|
|
|
715 |
|
|
|
|
|
- |
|
|
|
|
|
(711 |
) |
|
|
- |
|
|
|
|
1,396 |
|
Earnings (loss) per share: basic |
|
0.01 |
|
|
|
0.02 |
|
|
|
|
|
0.02 |
|
|
|
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
0.03 |
|
Earnings (loss) per share: diluted |
|
0.01 |
|
|
|
0.02 |
|
|
|
|
|
0.02 |
|
|
|
|
|
- |
|
|
|
|
|
(0.02 |
) |
|
|
- |
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Earnings (loss) per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation of GAAP to Non-GAAP Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands, except per share data) - unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
GAAP |
|
|
Stock
|
|
|
|
|
Intangibles
|
|
|
|
|
CFO
|
|
|
|
|
Acquisition
|
|
|
Non
|
|
|
Gain on
|
|
|
Non-
|
|
||||||||
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
45,724 |
|
|
$ |
1 |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
45,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
11,581 |
|
|
|
(901 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,680 |
|
Research and development expenses |
|
26,197 |
|
|
|
(965 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,232 |
|
General and administrative expenses |
|
17,920 |
|
|
|
(2,981 |
) |
|
|
|
|
- |
|
|
|
|
|
(322 |
) |
|
|
|
|
(1,668 |
) |
|
|
(1,000 |
) |
|
|
- |
|
|
|
11,949 |
|
Amortization of intangible assets |
|
8,100 |
|
|
|
- |
|
|
|
|
|
(8,100 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in fair value of contingent consideration |
|
12,864 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(12,864 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
76,662 |
|
|
|
(4,847 |
) |
|
|
|
|
(8,100 |
) |
|
|
|
|
(322 |
) |
|
|
|
|
(14,532 |
) |
|
|
(1,000 |
) |
|
|
- |
|
|
|
47,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before provision for income taxes |
|
(30,828 |
) |
|
|
4,848 |
|
|
|
|
|
8,100 |
|
|
|
|
|
322 |
|
|
|
|
|
14,532 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
(2,026 |
) |
Net (loss) income |
|
(31,043 |
) |
|
|
4,848 |
|
|
|
|
|
8,100 |
|
|
|
|
|
322 |
|
|
|
|
|
14,532 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
(2,241 |
) |
(Loss) earnings per share: basic |
|
(0.61 |
) |
|
|
0.09 |
|
|
|
|
|
0.16 |
|
|
|
|
|
0.01 |
|
|
|
|
|
0.28 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
(0.04 |
) |
(Loss) earnings per share: diluted |
|
(0.61 |
) |
|
|
0.09 |
|
|
|
|
|
0.16 |
|
|
|
|
|
0.01 |
|
|
|
|
|
0.28 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
46,110 |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
46,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
9,096 |
|
|
|
(549 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,547 |
|
Research and development expenses |
|
17,772 |
|
|
|
(559 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17,213 |
|
General and administrative expenses |
|
12,801 |
|
|
|
(1,956 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(918 |
) |
|
|
- |
|
|
|
- |
|
|
|
9,927 |
|
Amortization of intangible assets |
|
2,920 |
|
|
|
- |
|
|
|
|
|
(2,920 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
42,589 |
|
|
|
(3,064 |
) |
|
|
|
|
(2,920 |
) |
|
|
|
|
- |
|
|
|
|
|
(918 |
) |
|
|
- |
|
|
|
- |
|
|
|
35,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision for income taxes |
|
4,325 |
|
|
|
3,064 |
|
|
|
|
|
2,920 |
|
|
|
|
|
- |
|
|
|
|
|
918 |
|
|
|
- |
|
|
|
(711 |
) |
|
|
10,516 |
|
Net income (loss) |
|
4,165 |
|
|
|
3,064 |
|
|
|
|
|
2,920 |
|
|
|
|
|
- |
|
|
|
|
|
918 |
|
|
|
- |
|
|
|
(711 |
) |
|
|
10,356 |
|
Earnings (loss) per share: basic |
|
0.10 |
|
|
|
0.08 |
|
|
|
|
|
0.07 |
|
|
|
|
|
- |
|
|
|
|
|
0.02 |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
0.25 |
|
Earnings (loss) per share: diluted |
|
0.10 |
|
|
|
0.07 |
|
|
|
|
|
0.07 |
|
|
|
|
|
- |
|
|
|
|
|
0.02 |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Earnings (loss) per share: basic and diluted - may be impacted by rounding to allow rows to calculate. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005934/en/
IR INQUIRIES:
Investor Relations
949-362-5800
IR@smithmicro.com
Source:
FAQ
What were the financial results of Smith Micro Software for the fourth quarter of 2021?
How did Smith Micro's annual revenue perform in 2021?
What was the gross profit margin for Smith Micro in 2021?