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SMSI Smith Micro Software

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.

Company profile

Ticker
SMSI
Exchange
CEO
William Smith
Employees
Incorporated
Location
Fiscal year end
Former names
SMITH MICRO SOFTWARE INC, SMITH MICRO SOFTWARE, INC
SEC CIK
IRS number
330029027

SMSI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 89.25M 89.25M 89.25M 89.25M 89.25M 89.25M
Cash burn (monthly) (positive/no burn) (positive/no burn) 1.08M 79.75K (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a 3.01M 222.22K n/a n/a
Cash remaining n/a n/a 86.24M 89.02M n/a n/a
Runway (months of cash) n/a n/a 79.9 1116.3 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 21 Huffmyer Timothy C. Common Stock Payment of exercise Dispose F No No 5.43 3,567 19.37K 331,736
17 Jun 21 William W Smith JR Common Stock Payment of exercise Dispose F No No 5.43 5,975 32.44K 4,491,403
19 May 21 Campbell Thomas G Common Stock Sell Dispose S No No 5.1179 15,000 76.77K 57,000
18 May 21 William W Smith JR Common Stock Payment of exercise Dispose F No No 5.05 5,976 30.18K 4,497,378
18 May 21 Huffmyer Timothy C. Common Stock Payment of exercise Dispose F No No 5.05 3,569 18.02K 335,303

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

34.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 95 64 +48.4%
Opened positions 36 15 +140.0%
Closed positions 5 12 -58.3%
Increased positions 33 26 +26.9%
Reduced positions 19 14 +35.7%
13F shares
Current Prev Q Change
Total value 219.53M 97.08M +126.1%
Total shares 18.08M 10.66M +69.7%
Total puts 346K 390.9K -11.5%
Total calls 551.7K 438.5K +25.8%
Total put/call ratio 0.6 0.9 -29.6%
Largest owners
Shares Value Change
BLK Blackrock 2.23M $12.27M +3.5%
Vanguard 2.06M $11.33M +32.2%
Pacific Ridge Capital Partners 1.28M $7.03M +41.9%
MS Morgan Stanley 971.28K $5.35M +3588.9%
Polar Asset Management Partners 875K $4.82M NEW
FMR 752.12K $4.14M NEW
Wellington Management 675K $3.72M NEW
ATAC Neuberger Berman 631.14K $3.47M NEW
Geode Capital Management 604.72K $3.33M +14.9%
Susquehanna International 589.73K $3.25M +6.8%
Largest transactions
Shares Bought/sold Change
MS Morgan Stanley 971.28K +944.95K +3588.9%
Polar Asset Management Partners 875K +875K NEW
FMR 752.12K +752.12K NEW
Wellington Management 675K +675K NEW
ATAC Neuberger Berman 631.14K +631.14K NEW
Vanguard 2.06M +501.53K +32.2%
Pacific Ridge Capital Partners 1.28M +377.38K +41.9%
IVZ Invesco 21.79K -375.19K -94.5%
WFC Wells Fargo & Co. 425.54K +362.3K +573.0%
Nokomis Capital, L.L.C. 325K +325K NEW

Financial report summary

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Risks
  • We derive a significant portion of our revenues from sales to a concentrated number of clients, and a reduction in sales to any of them may adversely impact our revenues and operating results.
  • Our growth depends in part on our customers’ ability and willingness to promote our services and attract and retain new end user customers or achieve other goals outside of our control.
  • If we are unable to retain key personnel, the loss of their services could materially and adversely affect our business, financial condition and results of operations.
  • Security and privacy breaches may harm our business.
  • Interruptions or delays in service from data center hosting facilities could impair the delivery of our service and harm our business.
  • The success of our products depends upon effective operation with operating systems, devices, networks and standards that we do not control and on our continued relationships with mobile operating system providers and device manufacturers.
  • Our products may contain undetected software defects, which could negatively affect our revenues.
  • We derive a significant portion of our revenues from only a few core vertical markets, and changes within these vertical markets, or failure to penetrate new markets, could adversely impact our revenues and operating results.
  • Our results of operations and financial condition may be adversely affected by public health epidemics, including the ongoing COVID-19 global health pandemic.
  • Technology and customer needs change rapidly in our market, which could render our products obsolete and negatively affect our business, financial condition, and results of operations.
  • Competition within our target markets is intense and includes numerous established competitors and new entrants, which could negatively affect our revenues and results of operations.
  • Our business, financial condition and operating results could be adversely affected as a result of legal, business, and economic risks specific to international operations.
  • Evolving information security and data privacy laws and regulations may result in increased compliance costs, impediments to the development or performance of our offerings, and monetary or other penalties.
  • Regulations affecting our customers and us and future regulations, to which they or we may become subject to, may harm our business.
  • We may be unable to adequately protect our intellectual property and other proprietary rights, and we may be subject to claims for intellectual property infringement, which could negatively impact our business and financial results.
  • If we fail to meet the requirements for continued listing on the NASDAQ Stock Market, our common stock could be delisted from trading on NASDAQ, which would likely reduce the liquidity of our common stock and could cause our trading price to decline.
  • We may raise additional capital through the issuance of equity or convertible debt securities or by borrowing money in order to meet our capital needs. Additional funds to allow us to meet our capital needs may not be available on terms acceptable to us or at all.
  • The Company has a history of net losses, may incur substantial net losses in the future, and may not maintain profitability.
  • If we are unable to meet our obligations as they become due over the next twelve months, the Company may not be able to continue as a going concern.
  • Our operating income or loss may continue to change due to shifts in our sales mix and variability in our operating expenses.
  • Our acquisitions of companies or technologies may disrupt our business and divert management attention and cause our other operations to suffer.
  • We rely directly and indirectly on third-party intellectual property and licenses, which may not be available on commercially reasonable terms or at all.
  • Our quarterly revenues and operating results are difficult to predict and could fall below analyst or investor expectations, which could cause the price of our common stock to fall.
Management Discussion
  • The table below sets forth certain statements of operations and comprehensive loss data expressed as a percentage of revenues for the three months ended March 31, 2021 and 2020. Our historical results are not necessarily indicative of the operating results that may be expected in the future.
  • Revenues. Revenues were $11.4 million and $13.3 million for the three months ended March 31, 2021 and 2020, respectively, representing a decrease of $1.9 million, or 15%. This decline is a due to a reduced number of SafePath subscribers, which we believe were due to store closures related to the COVID-19 pandemic, and a recent customer merger resulting in a lack of marketing initiatives by the customer on the current product, offset by a full quarter of revenue from the acquisition of the Circle operator business and an acceleration of $0.6 million of deferred revenue associated with a UK-based contract subjected to early termination which reduced the service period by two years.
  • Cost of revenues. Cost of revenues were $1.5 million and $1.2 million for the three months ended March 31, 2021 and 2020, respectively. This increase was primarily due to higher external costs associated with maintaining the newer SafePath platform.
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