SMSI - Earnings call transcript Q2 2020 | Smith Micro Software, Inc.

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Operator

Good day, and welcome to the Smith Micro Second Quarter 2020 Earnings Conference Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Charles Messman. ahead. go Please

Charles Messman

ended and press us operator, results everyone. appreciate a fiscal We the you By Thank have with should to good the discuss joining received year XXXX our today quarter of financial XX, Smith you XXXX. second now, the you, copy of afternoon, June release Micro for results. Software financial

today's investor and those call, Chief relations Chairman and new Board, company of have market Tim don't today regarding the future Smith one, expenses like Financial revenue our product you some at Smith, would opportunities, www.smithmicro.com. have forward-looking discussion Micro operating note will a site we copy On of during Bill of section Officer. that information consist development, President visit you'll limitations, Executive If statements, new the cash our and and and Web the Officer please Please company's profitability, the hear Huffmyer, Chief of reserves. without of including

Forward-looking implied statements differ expressed could those cause materially statements. from risks trends or which results or actual our to forward-looking and by involve uncertainties,

made. now financial call certain the For Form disseminated like obligation that most management's Smith to to prepared Please turn I'll XX-K please that Form earlier to of a recently we'll assumes non-GAAP back Bill? measures. including for I'd and assumptions over measures. non-GAAP only reconciliation out speak to point in the and With Bill. more beliefs date factors forthcoming press today our refer forward-looking said, our are filed refer financial our release remarks, refer the to the no statements, any they to information, our update Micro which XX-Q. risk to of as

Bill Smith

in you shape a in Thanks, I safe I conference deliver Charlie. XXXX at second are quarter Good COVID-XX important revenues. Micro were flow exceeded to and quarter From quarter I I'm glad despite in that that to second It's remotely. everyone, last that for working we're we driven good positive profitable earnings remain report pleased efficient and our we to well Overall, revenue hope and all call. to and note thank these you call. times. that for joining of pleased to today we report results to slight and on continue us Smith continue cash am productive standpoint, a we our sequential the during provided guidance the be the decline afternoon,

XXXX. XX% $XX.X Non-GAAP the in year. over For in the a compared the for same per the the to $X million, quarter $XX.X was or revenues million second quarter was quarter, Gross came of increased for the last reported second $X.XX million quarter at quarter profit million share. we $XX.X income for $X.X net million

operations to flow, in the the R&D during from and $X.X cash the future. Micro's theme at Smith of million address over quarter. near last quarters generated like I'd we recurring Looking the expanding investment several

to direct. calls have about much prior We this but be now on think is time the more I talked

revenues. growing during aggressively driven even are engineering decline in We COVID our the organization short-term

to customers this that of meet needs are are the when our ready ensure our buy. doing are to products We ready they to

by We Clearly, are the are lastly, customers. investments focused pursuit carrier ViewSpot of first platform, R&D new presently the SafePath in on CommSuite. followed multiple and

others a as prospect Circle being but acquisition many as earlier are many developed maps. delivered being result Speaking of our accelerating to this meet new year, a of features of about result are clearly SafePath, product roadmap these stated the

sales in are prospects stages. All the of late these

a are contract negotiations We in currently of prospects. these number with

next Smith number few over Our recently the Micro of wins win believe announced we will what a Telus quarters. in first was for the be

future likely result customers we these include but invest apps. These prospects, of most, a in world. the now our confident failure We to of will the not all some largest would names are losing convert carrier if in

with provide I Micro revenue update will CommSuite. carriers should more more new and we've main our our these others Later color accounts smaller. midsize well provide new third SafePath, products, the progress while ViewSpot front, shed significant the three some Some will call, on are regarding as growth made with for others the and in an expectations opportunities light customer provide on this as Collectively, beyond. also quarter Smith I are in XXXX.

review detailed quarter to results. second I'd Tim? financial over like for a to turn Now Tim the of call more the

Tim Huffmyer

Bill. Thanks

XX%. year, revenue For year, down the guidance million favorable quarter compared $XX.X posted million we which range same increase this X%, to provided. compared of When the second quarter, first was was $XX.X to an last of we of the quarter the to for revenue

second For revenue of year, to revenues million revenue $XX.X an was increase XX%. last result $XX.X growth. year-to-date, of increase million compared a the the platform quarter The in was SafePath primarily

status In expect X% X% subscriber activity compared down for Sprint During increased. guidance have year. of as Revenue the subscriber current all of the and be the rates coming decrease decrease second $X.X initiatives stores quarter, sequentially the SafePath to marketing based July, for related reduction a in second revenue This closures, first to the SafePath is discuss those X% stores compared guidance of year. store has to decreased quarter also the caused on subscribers reason this a in flat We unemployment of Sprint second quarter in The to the second related we quarter. the including and continued base encouraged situation to of the and Sprint to quarter last T-Mobile, assumes opportunities new will primary with The rate. in progress XXXX, provided. support the This further COVID-XX from not existing directly within exit minutes. about the sequential number the we base. this COVID-XX occur. subscriber XX% of causing few quarter Bill equal the range increased million the by SafePath platform are to remain current to was SafePath a to subscriber excited compared

Sprint current $X.X of quarter was to was compared year. quarter quarter decrease compared revenue second million, and the of subscribers loss XX% part XX% the quarter. offset approximately Boost comprise quarter, to is down in increase by an of and in Boost of subscribers. X% CommSuite the CommSuite of due the The the the second XXXX, Dish quarter second first down now to revenue last within the During

navigate to subscribers continue now voice the merger from an for move as to We Sprint,T-Mobile Sprint T-Mobile services. option network to have

subscriber to are the $XXX,XXX, both second than in compared down base. this year. of CommSuite second year first Boost we quarter the for to the excited our revenues advertising was we expectations. the of less amount Additionally, to Revenue during the for which the be Consequently, and flat XXXX second work quarter to increase quarter. quarter CommSuite expect third with quarter CommSuite with of approximately last quarter was current line was The to

customer third do year. As we revenue one revenue to second The in independent of suite expect XXXX, of our quarter base. XX% quarter variable the customer, activities. second $XXX,XXX. quarters. current second U.S quarter looked be a up was for down reminder, first ViewSpot revenue quarter, which to added in advertising due We and with wins to be the greater the we the a approximately XXXX, compared quarter revenue expectation variable the to to second increase This to the forward exceeded third is customer. new new in and contributed XXXX between tier the XX% this on compared party stream an ViewSpot $XXX,XXX last added of results is a comm Also, quarter and $XXX,XXX the coming during our additional our revenue to

on rates, we total to the expect impact discussed, the on of Overall, X% the variable. and of second promotional all The we the we compared categories, activity, related second compared component the COVID-XX a the third in revenue be portion fixed quarter As device license is to of is Based revenue reasons volume store this separate revenue, between less which current related for is revenue. including the reminder, to is quarter ViewSpot are into to fixed down the is run and and expecting The quarter flat third generally resulting recurring activity quarter. predictable. revenue burst in ViewSpot revenue be the having are of fees short to variable and to X% campaigns, portion two of year. the and revenue

For year. Gross was last same quarter, $XX.X year. was profit margin gross during million the million for second period second the compared quarter the to XX% XX% $X.X last to compared

for of is increase an million million, of and million Gross increase The the decrease second increase increase year-to-date, period year. $XX.X related for $XXX,XXX as allow number XX% For to for was $XX.X GAAP variable an quarter year. the quarter for XX% quarter second the non-GAAP compared non-GAAP compared expense was And an was to million million margin increase of operating million, the for $X.X the last last operating primarily expense $X.X last to year. operating increase $XX.X compared increase was second $XX.X in year-to-date to second last expense for to year-to-date during million quarterly year. compared $X.X expense to are third-party expenses an or quarter of last the last operating our gross contract quarter compared costs. same headcount profit year. the year-to-date was XX% was of to of engaged or increased XX% for has of $X.X and development $X.X million, $X.X costs million, or year. and These flexibility XX% second resources. $XX.X an operating million the second quarter an million year-over-year, compensation employee increase Non-GAAP expense to compared GAAP related

discussed resources we of in And all and add approximately hire around comments recruit our of currently, XXXX. half previously in to second to employees expenses, additional operating XX As to aggressively expect the provide and additional continue markets.

is These SafePath contract SafePath engage continue and complete external integration, are development will as and X highly adding We environment of originally needed. the necessary internal to functionality and also the We of to timing opportunities by firm in were expected and costs accelerate the third-party additional the support and customers. operate than a new sooner very roadmap critical. customer competitive features pursuit

opportunities our multiple family and for pursuing IoT. SafePath sell platform to both currently are We

related by XX% is to costs. revenue, related no the employee compensation to optimistic is approximately third non-GAAP wins. increase is Based third-party enough and over of quarter and contract XX% million. on result the there investment $X.X pursue make quarter in effort and we to will Although, this expect costs, guarantee related expenses development additional this to increase $XXX,XXX are this to second the activity, we operating

profitable positive. year. last The or the During $X.XX a net compared share of million to diluted per the was for quarter per income share we $X.XX expect was this a flow year. million $X.X million $X.X diluted investment, $X.XX cash income net earnings earnings net net to per or or second $X million earnings to non-GAAP non-GAAP share time of compared remain $X.XX of quarter non-GAAP and second year-to-date for non-GAAP last $X.X The per income share income earnings or

Within metric. the have most recently issued the GAAP our of to a press provided metrics release, reconciliation we non-GAAP comparable

For second of stock reconciliation the amortization following expense adjustments; compensation which the of quarter, all $XXX,XXX are non-cash. $XXX,XXX, includes and of the intangible

of quarter and past expense For $X.X amortization the is $XXX,XXX, following year-to-date, expense the costs $X.X includes to our of the and net foreign primarily GAAP compensation non-cash. million, the our adjustments; acquisition to taxes. of intangible certain second Due some over which few stock years, income reconciliation state tax million cumulative due are losses of

add financial zero purposes, taxes my XXXX. the cash. XXXX and expense actual expensed resulting For the $XX.X comments review, reflects period. I of million tax with income percent XXXX during of We The a utilize for each tax quarter second the wrap will around non-GAAP capital. non-GAAP closed we up some To rate

of still of the in to million invest During quarter, alternatives preserve maximize $X.X $X.X resulting received my term, will the strategic we cash shareholder and continue million generated to warrants will from outstanding. flow to cash of company we the review. from financial In cash $X.X short-term, to the warrant return. million exercises, utilization In to mid capital operations excess balance the evaluate long This concludes capital. for continue

you to back Bill. Now,

Bill Smith

Thanks Tim.

product key during quarter. achieved Now the discuss the milestones second some of let's we

ViewSpot expansion to retail platform, drive is been As example discussed, smart Recently, improvement have see announced incredibly retail of in a exciting that new and we recently of for continued some useful we environment. as our today's we in product Tim relevant heavily perfect functionality. this ViewSpot, investment. and features investing R&D just

face, with to the COVID-XX caused has and sentiment free brick interaction detects a shopping contact experience automatically, To response been consider has shift retail will powerful covering. sanitized. is face once a smartphones help the by traditional Once on complement either consumer a an onscreen reset normal. To to This sanitized Once enables disappear physical mortar the of device. human detect ViewSpot wireless consumer ViewSpot that in pending a simple be the concerns touched, When regarding about contamination. sanitization devices. for running without help health enabled, integrated is embedded touchless adapt carriers the launched we all minimize in-store manually associate on-device is accomplished notification a a by eliminating with our demo to shoppers on the and component on these Many know, device tablets developed shifting in unless devices the ViewSpot, stores into safety. we device is touch retail face, associate. in risky. in by touch rapid demo a expectations, stores patent demo components also notifications and free to Loop this need human dynamic retail Touch the we've clean our Attract powered human As new notify or e-shopper device to the interactions pandemic tool technology and new and wireless using device notifications yet

very much set. our completed Continuing we’ll during to demo to continue self service This positive explore existing makes new from new Studio. the R&D tool platform’s also received prospects wireless the management quarter, content feature well as have store extend easier second create for ViewSpot it to on as ViewSpot toolset deploy the in theme, feedback for and touchless devices. and carriers platform ViewSpot for called customers, ways we We

Studio ViewSpot As in I platform, call, market European particularly quarter's the expands addressable total marketplace. last the greatly of on discussed the

ViewSpot quarter. to wireless I second began American news, we Moving excited report that on customer ViewSpot another and during am to North deploying the carrier

with ViewSpot was the beginning back pleased is large to I wireless because pushed our of growth of deployment This pandemic, we our client diversification brand roll the see launch to of and continued stores. a prepaid base. ViewSpot at While have see the of first am the slightly of the very out and the been number happy

ViewSpot demand. continue we features for forward, to Looking increase to new develop market

addition In quarter. already made on features we during integration to the mentioned, the the good also platform’s capabilities new I've second progress

With further ViewSpot continues platforms will Smith Micro. mainstay integrate result labels, other that electronic more CommSuite, signage digital market for to messaging the improvements, to solution, our voice seamlessly power profitable broadening these opportunities. shelf generate

merger, to slightly migrating trend the Overall, navigate CommSuite visual unknowns business. there key customers am revenues with While the to and T-Mobile has we remains our and platform remains the to pleased existing I our several continue down Dish. over as team Sprint, both T-Mobile progress in made voicemail

look call good was As migration of still more July as to Dish’s CommSuite fall. providing roll in and our next its Boost are see services. everyone acquisition on of Xst, we finalized begins beginning the this out the Mobile opportunities on mobile to effort Dish in stages I the forward only updates on front recently with

solution Telus named is and Telus at pets, track Canadian launch the to our will service let's IoT enable SafePath new Now subscribers the at SafePath last bikes luggage, We're to platform. Telus Telus Track+, to announce other first SafePath. valuables. of excited launch carrier look the our month,

deployment We for are hopeful SafePath that serve expansion will a Telus. further as this of with springboard

customer solution modules, is amount subscriber will SafePath. I discussed wireless expand efforts once have and as The only a whether it's the will architecture implements modular the supporting a case type Home. installed carrier. cansupport. continue the launching established. once potential base SafePath that capabilities the SafePath us states SafePath another expansion and As IoT offering revenue before, of carrier broaden and These based underway easy are of devices Several of easily value enables connected the endeavors or use grow or additional of for at IoT deployments that ramp Family the It's of to these integration us SafePath relationship to it's

an to that Family SafePath that the end are Once platform support. kind expect well. core we will we With to into moving along integration the the are for label both market and line connected solution. Circle teams several regards basis our efforts example, launch the at able our SafePath and as our pleased there wearable home X T-Mobile are For the nicely. of we acquisition, to months. related the X will we are devices the offering integrating currently market, to platform is entrenched The the will on ongoing the to Circle be at hard SafePath the new demo for engineering most Sky, two acquired summer. be efforts in work to SafePath the Currently, bring its overall coming device directly be complete, complete are is white been of well expanding a available acquisition, customers insight of Home integration location have on the Planning the the offering and finish

While the an think remain impact move look for transition to T-Mobile well We the on ability XXXX having are begins, implementation. and holiday we SafePath the new the T-Mobile, impacts focused contract Sprint progressing by season before on merger complicated the early to and is our of COVID-XX process consolidations.

today's SafePath addition the revenues very Smith efforts, of so in with summarize In the are of declining investing To significant It developed important. to deck. really of the I we large we to Again, they tie all prospects are is undertaking that has even critical near SafePath our very over has couldn't are this past the Version been we're the as COVID-XX. though truly months. to are in directly pursuing. Overall, official forward. have team Micro. to several in timing this progress we announcement our And on Watch future ready our has we’ll yes, features thoughtfully, become call, for SafePath both on going and soon. X meet hands company regarding debut want platform proud future. for to launch be customers and integration that the effects driven few customers been of to doing opportunities products short-term, sales by a X the are current needs extremely the are made the the features These who ensure customer new SafePath our of we also purposely

products for to of increased which Micro in of wins for include spite in excited customer is sales COVID stated to I with products in new I our enviable that efforts in have we am customers be a like complete allow the many our will are Smith open announce will are the us if revenue I position the in the As road in to purchase all created desiring all stages, features position questions. to at prospects and next an call opportunities challenges. now. to enrich These But earlier, this are ahead team having conference invest at our profitability. time, this these great only in is prepared XXXX. every possible revenue resulting growth quarters, significant the few we now hand. I’d seeking. very task the And late Operator to

Operator

you. Thank

now begin question-and-answer Roth session. the question Capital. Instructions] from Searle first today will of We [Operator [Operator Scott The Instructions] comes

Scott Searle

to or make Boost a Good afternoon. ViewSpot, then us to that you Nice quarter. of related Could quickly figure a I around Was questions CommSuite Tim, that environment. my as is have specific And overall comment a guys it couple the operating revenues? second just numbers SafePath. for want And couple Thanks again? tell of in XX% correctly. around The just the sales. then of ad to that question. job difficult for taking I revenue in heard sure I

Tim Huffmyer

not the of was do $XXX,XXX that And related about XX% million I -- the revenue $X.X Boost. CommSuite, the CommSuite ad about had indicating about revenue And CommSuite made that The ViewSpot. the comment revenue, with the was quarter. was Boost to in to I in quarter,

Scott Searle

current to to you is integration of wondering sure are sounds is devices if September I'm investment, track. means? completed front, follow-up of looking But incremental in as with to still make And the some around clarify quarter. provide as if more should SafePath expanding the those I And know Circle what by that on got just we you the other You it I the integration part little What the that bit could health investing be could on exactly if on be end starting the expected and auto? and of but that relates today, the some want SafePath a to it X.X? pets and ecosystem. You've for applications to color have are you like feature sets? what bring of been

Bill Smith

X we this very that SafePath will by the I end the we of think completed comfortable quarter. are off, first yes, have

it will IoT adding coming fact on customer be We be carriers. talked rollout what quarters. being really which talked will for a of new I about then this that will number feature the get way into want for device. We don't really to start view over support implementations, the a wearable focusing a The none we that exactly enhancements and is to asked we other of are Because yet, various they about are. by announced is consumer

features Just X were represent a roadmap, were accelerated to them with say been our SafePath these substantially, undertaking. they ready on I very have will have launch significant they and for that

set, market. So total expand feature the the expand will they addressable will they

Scott Searle

to expected on terms I sounded the growth to some increasingly optimistic the I next year. what see of -- start this positive progress want just that Is want in to but subscriber that just Could and clarify going you T-Mobile the And event that follow on like? and you Sprint, you something year, like integration front, front. T-Mobile looks like is could said up It you're if correct? later timeframe to sounds happen contribution

Bill Smith

much I merger it makes that it major you that COVID, effects of difficult. said effort involved. know the everybody What this we with more And compound then is the that for was a combination, just

more launch of at be the far a after hoped the I we first holiday that year. might that had for up likely that the T-Mobile get bridge SafePath X think a on we're looking season. It that could seems we too just

fine. that's think I

to fine. be think is going I everything's

be are the I we be coming circle able a the will SafePath. that some really from will be Sprint upgrades some little we neat have things we'll from the T really mobile and nice for that customers that offer to coming past offered customers to think platform the that in

Scott Searle

relationships that how there's that the opportunity as with I you’re just multiple But should And about we could, go as sets this now feature looking that be sounds number you're accelerating operators. Sprint we to be this we're and if there Seems lastly, some are of working thinking base given a are number from or I’m and I you horizon. lower on looking investments the TAM us at XXXX? funnel, to how to that give or sign and SafePath, into into is will. XXXX. further in a going XXXX from the know we’d sure getting How if to time, in point be and but diversification about away not Thanks. color only things out like if that thinking forward, more should you're up opportunity a diversification like it standpoint willing

Bill Smith

think continued other two especially focused I growth, I They number the say a world say there be the the But front. profound with around Dish will that would SafePath of I see think you’ll mean, on and it at also you’ll the our a products see of the CommSuite number then I and Americans, operators. ViewSpot, engine. that be would will lead wins that the of Middle it Europe clearly are heavy growth East. is and on and we

where we're So headed feel in very and bullish beyond. XXXX about

Operator

ahead. Josh The from next question of comes B. Riley. Please Nichols go

Josh Nichols

what the of March April July? guess a we a could you And leveling late like churn for you color to now have seen far subscriber are pandemic today? of I of like the in from bit provide little beginning you've seen early as trends as where out

Bill Smith

of I there think, a the pandemic then and is the of events the start stores after And way drop to number the closing merger. in the closing of was that of view we number just it that happened. and a off subs right Josh, the of the So cascading saw

trial be quarter, or the we'd level out. quarter to I look I a like from of able happen kind at to think in same back that the of next base by a so and any cover be other the churn this able things of we keep end the is mode. if seen and the to platform think And at all then grow level. user flat words, standpoint the being In where that us we've might kind of for

Josh Nichols

should that I you then have something Is with XXXX. one let's up new in guess would And agreement that to of assume would fair finalized that this it that that starts that's or say to or How of a be up see ramp year ramp early late ramp think we bit there a thereafter, like users again would about fairly that shortly quick in period? a SafePath little in XXXX? T-Mobile

Bill Smith

at T-Mobile have to growth is to we deal and once still product say or issue. that open see new a with whether stores with are opportunity that the deal not, great the launched. I for We will we'll have would generally

lot think growth of a an We and we us efforts have been for campaign that area digital forward. going building out of and marketing that is refining our

really or functioning, if still continue the we’re even stores fully to really fully really grow would a we and XXXX. some that going So user great this reopen be have throughout think and a can't say can up good for we're base. to we great product demand growth looking that pent I that there's

Josh Nichols

stage in carriers optimistic clear the mean, potential of clearly, late on compared people negotiations the opportunity aware the new revenue these Outside customer most help call the size some future of in multiple company's some then, opportunities current fronts. the pretty you're on frame T-Mobile you're that So of. and securing are that base? with, about to I Could you

Bill Smith

very reduce Yes, includes a say investment and a see to and Yet, I customers to standpoint. forward. that going I to our this when to lot exciting don’t then look my career. I in can launched the in that going nice is that are customer in time as as provide will things and broadened prepared going that am ones These But which very some some profitability more things, happen there world. said you're these names with new smaller is grow carriers to also and carrier us wins, risk one's done be would base really this from an you of and with opportunities will revenues through midsize glad opportunity which we all this is substantial and well. a list other of in here biggest the of and hand, in the would feathered fun. This collectively, comments lot be the experience I’m public be said a a upside with

Josh Nichols

or going hiring forward up to quarter see the And to be invest OpEx a looking the like of most going regarding as going But the fourth growth. as $XXX,XXX need quarter-over-quarter in little future then the expenses? get the XQ. look in hiring to front, the at you ahead you're related, are to bit XQ just Is trajectory more far similar revenue to hiring, increase with a the of the I announcements. I OpEx on

Tim Huffmyer

it. to third I got would the Josh, quarter in as expect occur it most I've of

Josh Nichols

was for just the question last did housekeeping. then SafePath you the And say revenue quarter? What

Tim Huffmyer

X.X.

Operator

comes Jim from next Bradley The question of McIlree Woods. Instructions] [Operator

Jim McIlree

and Tim, QX? QX. about costs level QX in are you of contract you tell us the delta costs the talked contract what can

Tim Huffmyer

versus nearly XQ. to contract the going costs in We're double XQ

by them guided. is I we're $XXX,XXX what growing So about

going be to the of So was double what -- in what that's we're rate XQ. nearly that's double

Jim McIlree

Speakers]. [Multiple de to But I'm What what when I were get is Speakers] minimis really at, what get in QX? trying to costs at trying I'm [Multiple happens just get contract

So what happens at…

Tim Huffmyer

in they were $XXX,XXX, and going They add QX. didn't in about $XXX,XXX QX, to $XXX,XXX QX we're in exist

Jim McIlree

really away do get they to So Do projects I'm what or get costs these are at trying after distributed And these happens what what these happens is are elsewhere, after completed? go done? completely? projects

Tim Huffmyer

then see we I that costs Yes, us, quarter the pull the can lever see fourth I they're third quarter there, can nice need I guide the being leveling the then from to But And some off. playing leveling those that about off we hiring see later. a see quarter that's best for third Jim. always see by I talked coming now, offset out. it. right high XXXX in might being we and how We -- is a down fourth when We'll on costs watermark have I contract of a and out that those

Bill Smith

to maybe are talking color rollout offer. that take products add the And to will little drive clearly, with look that we're we I've is me been others have And to seeing that, what a that let probably that to about that customers good building that demand. continue the at we're And that. high expect, we as a new we in

that's growth see and is onetime there, out as So we that is think I product and best and this our leader, we a stay is a have we're on event. product trajectory market vigilant sure making all is This what a to this the very -- don't just it about.

Jim McIlree

for those are features features those freely or the reason decide those sign the to you're new Are there out features customers, to if if anybody relevant, features… me, offer for customers new So they're that reserved new available excuse the to some developing not customers, or for up. those

Bill Smith

customers. They're for freely available all

Jim McIlree

current only subscribers they I SafePath contract, SafePath or I to the features, sure is to renegotiated, contract make access X do under features? as concerned, are current And Circle the X the want understand. use if Are have enabled the to they as far the they

Bill Smith

features X come coverage. that extensions to original under circle require would SafePath any They contract, the the with and contract have enhanced a access

Operator

for I Messman any back closing This would concludes like turn and remarks. over the our to question Charles answer conference session. to

Charles Messman

joining Thank in we'll conferences, chance you Watch the a virtual future. to today. get for so you to everybody couple maybe of talk we’re doing that

And for have If go safe feel to as taking to forward, the we today. a us Have everyone or out please wishing questions here. great thanks comments, time to be free reach you day.

Operator

is conference concluded. now attending The today's for Thank presentation. you

You may now disconnect.

Smith Micro Software (SMSI) 5 Aug 202020 Q2 Earnings call transcript