Yahoo Finance Smith Micro Software, Inc. (NASDAQ:SMSI) Q1 2024 Earnings Call Transcript
Smith Micro Software, Inc. (NASDAQ:SMSI) Q1 2024 Earnings Call Transcript May 9, 2024
Smith Micro Software, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, and welcome to the Smith Micro First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would like to turn the conference over to Charles Messman, Vice President of Marketing. Please go ahead.
Charles Messman: Thank you, operator, and good afternoon everyone. We appreciate you joining us today to discuss Smith Micro financial results for the first quarter ended March 31, 2024. By now you should have received a copy of our press release with the financial results. If you do not have a copy and would like one, please visit the Investor Relations section of our website at www.smithmicro.com. On today's call, we have Bill Smith, our Chairman of the Board, President and Chief Executive Officer; and Jim Kempton, our Chief Financial Officer. Please note that some of the information you will hear during today's discussion consists of forward-looking statements, including without limitations, those regarding the company's future revenue and profitability, our plans and expectations, new product development and availability, new and expanded market opportunities, future product deployments, migrations and/or growth by new and existing customers, operating expenses, cost reduction efforts, and company cash reserves.
Forward-looking statements involve risks and uncertainties, which could cause actual results or trends to differ materially from those expressed or implied by our forward-looking statements. For more information, please refer to the risk factors included in our most recently filed Form 10-K. Smith Micro assumes no obligation to update any forward-looking statements, which speak to our management's beliefs and assumptions only as of the date they are made. I want to point out that in our forthcoming prepared remarks, we will refer to specific non-GAAP financial measures. Please refer to our press release disseminated earlier today for a reconciliation of these non-GAAP financial measures. With that said, I'll turn the call over to Bill. Bill?
Bill Smith: Thanks, Charlie. Good afternoon, and thank you for joining us today for our 2024 first quarter conference call. We appreciate your interest in Smith Micro Software. Let me start my remarks today by saying that we are focused on returning the company to growth in the near-term and have several initiatives underway to realize that target, which I will touch on throughout the presentation today. While we're not quite there yet, we have made a lot of progress in several areas that are projected to set the stage for growth in the back half of this year. Along with our return to growth, we are also working to return to profitability on a non-GAAP basis. In conjunction with our revenue growth initiatives, we plan to bring down our cost structure to achieve that non-GAAP profitability and positive cash flow.
We'll touch on the cost reductions a little later in our presentation. So let me begin by discussing some key milestones we achieved that have laid the foundation for revenue growth. Most significantly, we are pleased to announce today that DISH will be our first customer to launch SafePath Global. DISH is, in fact, the customer we referred to in our earlier press release announcing the signing of our first SafePath Global agreement. DISH's forthcoming launch is particularly exciting for us as SafePath Global is a key component to our long-term strategy, allowing for fast launch that only takes a matter of weeks from contract signing to availability in the market. We believe that this deployment model is very repeatable and is an enormous difference from a more typical launch that can take several months.
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