Earnings call transcript: Smith Micro Software Q1 2025 reveals revenue drop

Smith Micro Software (SMSI) reported its Q1 2025 financial results, highlighting a decline in revenue and a notable stock price movement. According to InvestingPro analysis, the company currently appears undervalued based on its Fair Value assessment, despite facing significant operational challenges with a market capitalization of just $17.88 million. The company experienced a 20% decrease in total revenue year-over-year, with a GAAP net loss of $5.2 million, translating to a $0.28 loss per share. Despite the revenue drop, the company’s gross margin improved to 73%. Following the earnings announcement, Smith Micro’s stock showed significant volatility, with a 13.1% rise during regular trading hours, followed by a 5.26% drop in aftermarket trading.

Key Takeaways

• Smith Micro’s Q1 2025 revenue fell by 20% compared to Q1 2024.
• The company reported a GAAP net loss of $5.2 million, or $0.28 per share.
• Gross margin increased to 73%, up from 66% in the previous year.
• Stock price surged 13.1% during the day but fell 5.26% in aftermarket trading.
• New AI-powered features announced for upcoming SafePath 8 platform.

Company Performance

Smith Micro Software’s performance in Q1 2025 reflected the challenges facing the company, with significant declines in revenue across most segments. InvestingPro data reveals a concerning 49.7% revenue decline over the last twelve months, with 12 additional key insights available to subscribers through ProTips. The Family Safety segment, a major revenue driver, saw a 15% year-over-year decline. However, the company managed to increase its gross margin to 73%, indicating improved cost efficiency. The CommSuite segment showed some positive momentum, with revenue increasing by $100,000 compared to Q1 2024.

Financial Highlights

• Revenue: $4.6 million (20% decrease from Q1 2024)
• GAAP Net Loss: $5.2 million ($0.28 per share)
• Non-GAAP Net Loss: $2.9 million ($0.16 per share)
• Gross Margin: 73% (up from 66% in Q1 2024)
• Cash and Cash Equivalents: $2.3 million as of March 31, 2025

Market Reaction

Smith Micro’s stock experienced significant movement following the earnings release. The stock price rose by 13.1% during regular trading hours, reflecting initial investor optimism. However, in the aftermarket session, the stock fell by 5.26%, closing at $0.99. InvestingPro data shows the stock trading at just 0.4 times book value, with a notable 26.06% price return over the past six months despite high price volatility. This volatility suggests mixed investor sentiment, possibly influenced by the company’s revenue decline and future prospects.

Outlook & Guidance

For Q2 2025, Smith Micro forecasts consolidated revenue between $4.4 million and $4.8 million, with a gross margin expected to range from 72% to 75%. The company anticipates meaningful product launches in Q3, including the SafePath Seniors and SafePath 8 platforms, which are expected to drive future growth.

Executive Commentary

CEO Bill Smith emphasized the importance of family subscribers to carriers, stating, "There is no more valuable sub that a carrier can attract than a family sub." He also highlighted the company’s commitment to innovation: "We want to lead this market. This is what leaders do. They continually move the product forward."

Risks and Challenges

• Revenue Decline: Continued decreases in revenue could impact financial stability.
• Competitive Pressure: The need to differentiate in a crowded market with unique AI-powered solutions.
• Cash Reserves: Limited cash reserves could constrain future investments and operations.
• Market Volatility: Stock price fluctuations may affect investor confidence.
• Product Launch Risks: Delays or issues with upcoming product launches could hinder growth prospects.

Q&A

During the earnings call, analysts inquired about the reception of Orange Spain’s 2U rate plan and the ongoing trials with European mobile operators. Management expressed optimism about these initiatives and the company’s continued focus on product development in AI and family safety.

Full transcript - Smith Micro Software Inc (SMSI) Q1 2025:

Conference Operator: Good day, and welcome to the Smith Micro First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Charles Messman, Vice President, Marketing. Please go ahead.

Charles Messman, Vice President, Marketing, Smith Micro Software: Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to discuss Smith Micro Software financial results for the first quarter ended 03/31/2025. By now, you should have received a copy of the 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 Kimpton, our Chief Financial Officer.

Please note that some of the information you will hear today during today’s call discussion consist 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, growth by new and existing customers, operating expenses 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 recent filed Form 10 ks. Smith Micro assumes no obligation to update any forward looking statements, which speak to management’s beliefs and assumptions only as of the date they are made. I want to point out in our forthcoming prepared remarks, we will refer to specific non GAAP financial measures.

Please refer to the 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, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Thanks, Charlie. Good afternoon and thank you for joining us today for our first quarter twenty twenty five conference call. We appreciate your interest. Throughout the first quarter and to date, we have been extremely busy on several fronts. Most notably, we have been executing on the new initiatives we discussed on our last call with a keen focus on SafePath OS for kids phones and senior phones and on our SafePath Kids Great Plan solution.

We have engaged in extensive discussions with current and prospective mobile operator partners regarding these solutions, which align with the operator’s core business strengths and objectives, selling devices and rate plans and adding subscribers. Our focus on SafePath OS for kids and senior phones and on our SafePath Kids rate plan solution has also broadened our reach into the carriers’ organizations, which we believe will position us to be more strategically aligned with their long term vision. I remain very confident about where we stand today and I am pleased with the reception we are getting in the market. I am optimistic about closing new customer deals and expanding agreements with our current customer base in the coming weeks and months for our new and expanded offerings. It is an exciting time for us here at Smith Micro.

As we’ve seen over the years, the process of selling, contracting and launching new offerings with mobile operators can take longer than we would like, given the size and complexity of our customer organizations. But we are making good, steady progress. I am as confident as ever that we will get them to the finish line, building on the strong global demand for digital family safety solutions that we believe present immense opportunities for Smith Micro and our shareholders. As excited as we are about delivering our latest solutions, we also continue to keep an eye on the future with a continual focus on innovation. Our SafePath platform product roadmap is aimed at ensuring that we and our operator customers will be able to offer cutting edge solutions that families want.

Our latest round of development efforts will culminate in the release of SafePath eight, the next generation of our SafePath platform. This upgrade will introduce an AI centric set of features and capabilities that will enhance our platform to better serve our markets and elevate our core solution to a new level of performance. Later in the call, I will provide more detail on SafePath eight as well as updates on some of our key customers and opportunities. But first, let’s go ahead and turn the call over to Jim to discuss our financial results. Jim?

Jim Kimpton, Chief Financial Officer, Smith Micro Software: Thanks, Bill, and good afternoon, everyone. I’ll now be covering the financial results for the first quarter of twenty twenty five. During the first quarter, we recognized revenue of $4,600,000 compared to $5,800,000 for the same quarter of 2024, a decrease of approximately 20%. When compared to the fourth quarter of twenty twenty four, revenue decreased by approximately $300,000 or 7%. During the first quarter of twenty twenty five, Family Safety revenues were $3,800,000 which decreased by approximately $700,000 or 15% compared to the first quarter of the prior year, driven in part by the continued decline in legacy Sprint safe and found revenue as was expected.

Family safety revenues were essentially flat compared to the fourth quarter of twenty twenty four. During the first quarter of twenty twenty five, CommSuite revenue was approximately $700,000 which increased by approximately $100,000 compared to the first quarter of twenty twenty four. Revenue from CommSuite decreased by approximately $400,000 compared to the fourth quarter of twenty twenty four due to a favorable adjustment to revenue recognized during the fourth quarter of twenty twenty four. ViewSpot revenue was approximately $100,000 for the first quarter of twenty twenty five and declined by approximately $600,000 compared to the first quarter of the prior year. The decline in ViewSpot revenues compared to the first quarter of twenty twenty four was primarily due to the end of one of our ViewSpot contracts last year.

ViewSpot revenues increased nominally compared to the fourth quarter of twenty twenty four. In the second quarter of twenty twenty five, we are expecting consolidated revenues to be in a range approximately $4,400,000 to $4,800,000 For the first quarter of twenty twenty five, gross profit was approximately $3,400,000 compared to approximately $3,800,000 during the same period of the prior year, a decrease of approximately $400,000 due to the period over period decline in revenues. Gross margin was at 73% for the quarter compared to the sixty six percent realized in the first quarter of twenty twenty four. The gross profit of $3,400,000 in the first quarter of twenty twenty five decreased by approximately $400,000 compared to the gross profit produced in the fourth quarter of twenty twenty four, driven primarily by the sequential decrease in revenues. In the second quarter of twenty twenty five, we expect gross margin to be in the range of 72% to 75%.

GAAP operating expenses for the first quarter of twenty twenty five were $8,600,000 a decrease of $26,700,000 or 76% compared to the first quarter of twenty twenty four, primarily attributable to the goodwill impairment charge of $24,000,000 recorded in the first quarter of twenty twenty four, coupled with the cost reduction activities that we executed last year and a decline in amortization costs associated with our intangible assets. Non GAAP operating expenses for the first quarter of twenty twenty five were $6,100,000 compared to $8,100,000 in the first quarter of twenty twenty four, a decrease of approximately $2,000,000 or 24%. Sequentially, non GAAP operating expenses increased by approximately $300,000 or 5% from the fourth quarter of twenty twenty four. We expect second quarter twenty twenty five non GAAP operating expenses to decrease by 1% to 4% compared to the first quarter of twenty twenty five. The GAAP net loss for the first quarter of twenty twenty five was 5,200,000.0 or $0.28 loss per share compared to a GAAP net loss of $31,000,000 or $3.28 loss per share in the first quarter of twenty twenty four.

The non GAAP net loss for the first quarter of twenty twenty five was $2,900,000 or a $0.16 loss per share compared to a non GAAP net loss of approximately $4,200,000 or $0.45 loss per share in the first quarter of twenty twenty four. Within today’s press release, we have provided a reconciliation of our non GAAP metrics to the most comparable GAAP metric. For the first quarter of twenty twenty five, the reconciliation includes adjustments for intangible asset amortization of $1,300,000 stock compensation expense of $1,100,000 and depreciation expense of approximately 100,000 partially offset by changes in the fair value of warrants of approximately $100,000 Due to our cumulative net losses over the past few years, our GAAP tax expense is primarily due to certain state and foreign income taxes. For non GAAP purposes, we utilized a 0% tax rate for the first quarter of twenty twenty five and 2024. The resulting non GAAP tax expense reflects the actual income taxes expense during each period.

From a balance sheet perspective, we reported $2,300,000 of cash and cash equivalents as of 03/31/2025. I also wanted to note that as our existing shelf registration is expiring next week, earlier this afternoon we filed a new shelf registration to replace it. The expiring shelf registration originally had $75,000,000 of capacity and still has approximately $65,000,000 of unused capacity. The new shelf registration will have substantially the same terms as the expiring shelf, including $75,000,000 of capacity. This concludes my financial review.

Now back to Bill.

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Thanks, Jim. So let’s begin with SafePath eight and some of the new exciting features that will be included in this upgrade to the platform, both at launch and in the future as we roll out our exciting next generation roadmap. With SafePath eight, we will bring the power of AI to every member of the family, enhancing the platform to deliver personalized and proactive protection. Designed with privacy and peace of mind at its core, SafePath eight will seamlessly connect and help families safeguard each generation at every stage of life. As we evaluate the ways in which AI can safely offer additional protections and benefits to the individuals and families who use our products.

We consider its use according to our AI strategy, which is built on three key pillars. The AI solutions that we use must be safe, must be carrier grade and must be insightful. With these three pillars in mind, let me discuss further. At Smith Micro, artificial intelligence, AI, or machine learning has long helped to enable our product innovation. We applied it to our CommSuite Visual Voicemail solution using AI models to deliver intelligent features like voice to text transcription and scam call detection.

We also leveraged AI powered capabilities and features of our existing SafePath solution, such as SafePath Drive, which uses advanced machine learning models to detect speeding, sharp turns, hard braking and crash events, enhancing real time family safety on the road. With SafePath eight, we will introduce a new set of AI powered features and functionalities to the platform that we believe will provide families with powerful, actionable insights they can use to keep each other safe. Along these lines, SafePath eight will include social media intelligence. This feature set will provide parents with valuable insights regarding their children’s social media usage and notify parents of areas of potential concern, including things like cyberbullying, hate speech, profanity, actually in multiple languages and self harm. When SafePath detects an area of concern with the child’s social media activity, it will automatically notify the parent of what has transpired, empowering parents to have valuable conversations with their children.

Keep in mind that these notifications will occur only in connection with the areas of concern and not every online activity. This is where we put AI to work to help parents. With SafePath eight, we also plan to introduce a dynamic age aware platform that can adapt to the child’s age. Once the parent enters the child’s initial age group during setup, SafePath will enter a self configuring mode and establish recommended age based settings for the child. Content filters, time limits, usage of apps and app categories, all are guided by the child’s age group based on the recommendations of industry leading experts.

These steps will make onboarding frictionless and personalized for the family. Of course, parents will have the ability to override these recommendations at any time and select settings they feel are most appropriate for their children. Another key enhancement that will be part of the SafePath eight platform will be the ability to block kids from using AI chatbots and tools, empowering parents to establish the limits they feel are most appropriate for their children. One example where parents will benefit from this functionality is while their children are doing homework. Studies have shown that using AI for homework can hinder critical thinking, where kids rely on external tools instead of engaging in deep internal thinking or putting in the steps to solve a math problem.

Another feature that we plan to include in SafePath eight that we believe is truly unique will be our family AI assistant. This tool set will use large language models to provide parents with valuable insights from the SafePath platform. Most importantly, all of the AI elements we will include in SafePath eight will be consistent with the three pillars that I shared as the foundation of our AI strategy. They will be carrier grade, safe and secure with strong guardrails in place. They will provide parents with valuable insights to help them keep children safer as they navigate the online world.

Additionally, SafePath eight will include our digital wellness resource website, which users will be able to access directly from our SafePath app. The digital wellness resources site is a curated collection of online resources aimed at helping families and parents obtain helpful information. The site is easy to navigate and organized by topic. So, parents and families can jump right to this topic they are most interested in and obtain additional expert information and insight. We expect the available resources to expand as we launch the initiative in partnership with carrier partners and content providers with relevant expertise.

As excited as we are about our product innovations, we are equally excited about some of the activities we’re seeing in the market. Now, let’s talk about our carrier activity. In general, during the past several quarters, I believe we have seen a positive shift in our conversations with our current and prospective customers with respect to our latest solutions and our customers’ long term strategies. I have been pleased with the expanded reach within our customers’ organizations. We believe all of this has been driven by the expansion of our portfolio and is very positive.

With Orange Spain, we remain very excited about the path forward for our SafePath Kids solution that is the technology supporting Orange Spain’s unique 2U rate plan. We are working closely together with Orange on some new initiatives planned for back to school timeframe, and we’ll look forward to sharing future announcements around those coming initiatives. We also continue to engage productively with other Orange properties throughout Europe, building on the momentum of the 2yo launch in Spain. We have also received interest from other mobile operators throughout Europe, resulting from the success of our appearance at Mobile World Congress earlier this year, and we’ll soon launch new trials with a number of these mobile operators as a result. Back here in The U.

S, we continue to work closely with AT and T on new marketing activities related to product updates that will be included in an upcoming release, which we believe will expand the available audience for AT and T Secure Family, allowing for some different and broader marketing campaigns. Without getting ahead of ourselves on what we can share, we are also engaged on ongoing discussions with regard to the expansion of the SafePath platform. We continue to have a very solid and collaborative working relationship with AT and T and hope to have more news to share in the coming quarters. With Boost, we remain on track on several ongoing initiatives, including marketing initiatives for Visual Voicemail and Boost FamilyGuard. We are engaged in meaningful discussions with regard to different bundling opportunities as well as our expanded SafePath solutions that we see as a great opportunity for Boost going forward.

I believe there is a strong upside with this important partner. As I mentioned on our last call, our partnership with T Mobile continues to broaden and we continue to engage meaningfully with key stakeholders around our expanded SafePath offerings. I remain bullish about our future prospects with this key customer. More broadly, I want to note that we are seeing significant interest in SafePath OS for both kids and senior phones, as well as with our SafePath Kids rate plan solution with operators we currently are not doing business with. These innovative products have opened doors for our sales team and the features and functionality associated with SafePath eight has further piqued their interest.

We believe the opportunities with these carriers will enhance our growth prospects. I expect to be able to provide additional color for you regarding opportunities over the coming quarters. As you can see, we are excited about the activity we’re seeing in the market, particularly around our product innovations from SafePath OS for kids and senior phones to SafePath Kids rate plan solution and our upcoming launch of SafePath eight and its future roadmap. We believe that this next generation of SafePath will enable parents to ensure that every child gets an experience automatically tailored to their needs. From youngsters taking their first digital steps to teenagers navigating the complexities of social media.

And for seniors seeking to age in place and enjoy their senior years in a safe and secure manner. Given the opportunities ahead and the innovation that drives us forward, I am optimistic about the company’s prospect for a return to growth and profitability. With that, let’s turn the call over to the operator for questions. Operator?

Conference Operator: We will now begin the question and answer session. The first question comes from Scott Searle with ROTH Capital. Please go ahead.

Scott Searle, Analyst, ROTH Capital: Hey, good afternoon. Thanks for taking my questions. Exciting to hear some of the new features coming along with SafePath eight. Bill, maybe to dive in starting with 2.0. I’m wondering if there are any metrics that you’re willing to share in terms of how that’s been going so far year to date?

It’s been up and running now for a couple of months. Also wondering how you think about that in terms of ultimate success and penetration. What kind of penetration can we get into that used installed base?

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Yes, Scott. I think the way to think about 2U is off to a strong start. They’re getting some pretty good adoption. They think that they will get better adoption as we get into the summer and the back to school period. So they actually said launching in right after the first of the year was probably one of the more difficult times to launch a product like this, yet they still are seeing some very meaningful success and growth.

The product itself is being received well. We are working through different issues that come up with a new product launch, and we’re working in the spirit of teamwork, and it’s been very, very positive. So all in all, I would say, we’re very happy with what’s coming and we think it’s going to get even more meaningful as we move forward.

Scott Searle, Analyst, ROTH Capital: So Bill, maybe to follow-up then on SafePath Kids. It sounds like you’re engaged with a number of different operators. I’m wondering if there are any sort of metrics that you’re willing to share in terms of the number of engagements, the timing of pilots. And I think previously you’ve talked about the third quarter potentially being an area or a timeline where we could see some inflection, as a lot of these operators target back to school as an opportunity to sell something like SafePath Kids.

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Yes. I think that still holds true. I wouldn’t change anything about what you just said because it is what I said last on our last call, and I would fully want to reiterate that on this call. We do expect that we have some good opportunities for some meaningful launches in the third quarter, and the third quarter could start to really show some inflection for all the efforts that we’re putting into growing our products, staying current and pushing the envelope as far as the capabilities. Look, I see this whole push for AI as being yet another meaningful driver for growth.

It has been very well received by the operators. They view it as a very positive move on our part, and we want to lead this market. And this is what leaders do. They continually move the product forward and that’s what we’re doing.

Scott Searle, Analyst, ROTH Capital: Okay. And lastly, I could, on SafePath Seniors, I’m wondering when we’ll start to see the first pilots on that front. Are you starting to get some visibility into that? And then just real quick, conceptually from a pricing standpoint of SafePath eight, how should we be thinking about that? I’m assuming it’s a premium, but just kind of wondering what the early thoughts are on that front.

Thanks.

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Yes. Let me make sure I cover all the parts of that question. So first off, as far as the senior fund, we’ve actually already had our first trial. And we’re well into the conversation around that product with that particular carrier. So there will be more to follow.

We expect that the senior version of SafePath OS will be available this fall. And so we’re looking for launch hopefully in the maybe in fourth quarter around the holiday selling season might be a good time to look for some movement forward on that front. As far as on the SafePath eight offerings, yes, this is a there are a lot of premium offerings that are part of this as well as other things we’ve had for some period of time. And we are looking to launch this offering as a premium at a premium price, which will be also beneficial to our overall revenues. And that’s something you’ll just have to stay tuned for.

It’s a work in process.

Scott Searle, Analyst, ROTH Capital: Great. Thanks so much. I’ll get back in the

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: queue. Thanks.

Conference Operator: And your next question comes from Matthew Harrigan with Benchmark. Please go ahead.

Matthew Harrigan, Analyst, Benchmark: Thank you. I guess two questions. One was SafePath aid and AI and you talked about use of AI for homework and all that. It feels like you’re getting a lot more that’s germane to devices beyond smartphones into tablets and all that, regulating the social media activity. How do you see that as an increasingly important extension?

And then I guess in the nature of whores a vacuum category and probably unmet demand for something like family safety of whores a vacuum even more. How are guys who are not using you who are kind of fumbling around trying to do something in house or looking at other alternatives faring? I know you don’t want to be too specific on Verizon, but what are you seeing in terms of capabilities that do not stem from Smith Micro? Thanks.

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Historically, we’ve always had meaningful business with Verizon. So I would welcome the opportunity to do business with them in the future. Clearly, when you see the kind of development that we’re working on with SafePath OS for kids, SafePath OS for seniors, bringing out all these AI features, We’re moving the envelope. This is these are big time development efforts. This is not for a sideline business.

This is something that is core to what we do. And I think as carriers look at this, it makes it just that much more daunting an effort for them to say, gee, I guess we’ll just go build our own version of this. That’s a tough swallow. And everything that we’re doing is not going to make it any easier. It’s going to be everything we’re doing is making it tougher.

And the important part though is while it’s making it tough for those who maybe want to save a little bit and try to do it on their own or whatever the driver is, The important part is for their customers, for the families that they want to embrace, that they want to pull into the tent with them, the families want these features. Being a parent in the digital age, I’m a little older and I didn’t have to experience it, but I would think it’s pretty scary. And to be able to use the power of AI as an assistant, a help mate in the whole parenting process, I just think it’s what it’s all about. And I go back to the premise that I’ve said a number of calls in the past. There is no more valuable sub that a carrier can attract than a family sub.

Families are willing to they’re much more loyal. They don’t churn. They’re willing to spend a little extra money because they have some things in mind that they really want help with. And keeping the family safe has got to be one of the basis of this. So if I was a carrier and I knew that the best customers I could get are family subs, I’d be doing business with Smith Micro.

I wouldn’t be trying to save a few bucks. I wouldn’t be trying to try some start up garage shop or something like that. I’d want to go with somebody who actually knows what they’re doing. I want to make sure that the product is safe, is carrier grade, and it is intuitive and is helpful to the parents. I know I’m preaching a little bit, but this is my shot.

You asked the question.

Matthew Harrigan, Analyst, Benchmark: And then what about the increased relevance for tablets? And I guess also any kind of I can’t imagine there are too many second order effects if the worst case on iPhone costs and pricing are realized. I think you probably have your niche and obviously you’ve got the installed base and it doesn’t matter that much people getting new phones. But any thoughts on how the global disruption could affect you? And that’s my last question.

Thanks, Bill.

Bill Smith, Chairman of the Board, President and Chief Executive Officer, Smith Micro Software: Okay. I understand where you’re going with that. Look, we are for our OS solution, we’re using the largest device manufacturer on the Android side. It is products that every carrier already sells. So they don’t have to go out and source new phones or new tablets or and yes, tablets are part of the game, too.

I think the phone probably is bigger. But nonetheless, we are looking at the tablet and our solution will run on a tablet without doing anything else.

Matthew Harrigan, Analyst, Benchmark: Great. Did that

Charles Messman, Vice President, Marketing, Smith Micro Software: answer your question?

Matthew Harrigan, Analyst, Benchmark: Thanks.

Conference Operator: Seeing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Charles Messman for any closing remarks.

Charles Messman, Vice President, Marketing, Smith Micro Software: Thank you, operator, and thanks, everybody, for joining us. We appreciate your interest in the company. Should you have any questions, please feel free to give us a call. Thanks and we’ll talk to you in a little bit. Bye.

Conference Operator: This concludes today’s conference call. Thank you for attending today’s presentation. You may now disconnect.

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