Smith Micro Software, Inc. (NASDAQ:SMSI) Q4 2023 Earnings Conference Call February 22, 2024 4:30 PM ET

Company Participants

Charles Messman - VP of IR and Corporate Development

Bill Smith - Chairman, President and CEO

Jim Kempton - CFO

Conference Call Participants

Josh Nichols - B. Riley

Jim McIlree - Dawson James

Scott Searle - ROTH MKM

Operator

Good day, and welcome to the Smith Micro Software Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would like to turn the conference over to Charles Messman. 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 fourth quarter and the fiscal year ended December 31, 2023. 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, new and expanded market opportunities, future product deployments, migrations and/or 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 recently filed Form 10-K and in our subsequent filings on Form 10-Q.

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 2023 fourth quarter and year end conference call. We appreciate your interest.

Reflecting on last year, we certainly faced some challenges, which initiated several decisive changes to build a new path forward for the company, and I believe we have found that path. The termination of a large customer contract earlier in the year came as a surprise, causing us to quickly pivot and implement necessary changes to better align our resources. It was a large undertaking and difficult task, but I am proud how our team worked collectively to rise to the occasion and accomplish several critical objectives that we absolutely needed to achieve despite this challenge.