Press release

Smith Micro Reports Fourth Quarter and Fiscal Year 2019 Financial Results

0
Sponsored by Businesswire

Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2019.

“The Company’s fiscal 2019 was an extremely positive year and exciting time for us, as we delivered strong revenue growth, profits, and cash flow from operations throughout the year,” said William W. Smith, Jr., President and CEO of Smith Micro. “We begin 2020 with a strong tailwind, a more diversified customer base, and overall enhanced product portfolio for our flagship SafePath platform, as we look to expand our leadership in the value-added services market within the mobile operators space.”

Fourth Quarter 2019 Financial Results

Smith Micro reported revenue of $12.3 million for the fourth quarter ended December 31, 2019, compared to $7.4 million reported in the fourth quarter ended December 31, 2018.

Fourth quarter 2019 gross profit was $11.3 million compared to $6.4 million reported in the fourth quarter of 2018.

Gross profit as a percentage of revenue was 92 percent for the fourth quarter of 2019 compared to 87 percent for the fourth quarter of 2018.

Generally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the fourth quarter of 2019 was $3.7 million, or $0.09 diluted earnings per share, compared to a GAAP net income available to common stockholders of $2.8 million, or $0.10 diluted earnings per share, for the fourth quarter of 2018.

Non-GAAP net income (which excludes stock-based compensation, amortization of intangibles, debt issuance and discount costs, fair value adjustments, loss on debt extinguishment, acquisitions costs, preferred stock dividends, and a normalized tax expense) for the fourth quarter of 2019 was $3.3 million, or $0.08 diluted earnings per share, compared to a non-GAAP net income of $939 thousand, or $0.03 diluted earnings per share, for the fourth quarter of 2018.

Fiscal Year 2019 Financial Results

Smith Micro reported revenue of $43.3 million for the year ended December 31, 2019, compared to $26.3 million reported for the year ended December 31, 2018.

Gross profit for the year ended December 31, 2019 was $39.4 million compared to $22.0 million reported for the same period in 2018.

Gross profit as a percentage of revenue was 91 percent for the year ended December 31, 2019 compared to 84 percent for the year ended December 31, 2018.

GAAP net income available to common stockholders for the year ended December 31, 2019 was $10.6 million, or $0.29 diluted earnings per share, compared to a GAAP net loss available to common stockholders of $3.1 million, or $0.14 diluted loss per share, for the same period in 2018.

Non-GAAP net income (which excludes stock-based compensation, amortization of intangibles, debt issuance and discount costs, fair value adjustments, loss on debt extinguishment, transaction gains, acquisition costs, preferred stock dividends, and a normalized tax expense) for the year ended December 31, 2019 was $9.8 million, or $0.26 diluted earnings per share, compared to a non-GAAP net loss of $67 thousand, or $0.00 diluted loss per share, for the year ended December 31, 2018.

Total cash and cash equivalents at December 31, 2019 were $28.3 million. Cash flow for the quarter is primarily a result of free cash flow from operations of $4.3 million.

To supplement our financial information presented in accordance with GAAP, the Company considers and has included in this press release certain non-GAAP financial measures, including a non-GAAP reconciliation of gross profit, income (loss) before taxes, net income (loss) available to common stockholders, and earnings (loss) per share in the presentation of financial results in this press release. Management believes this non-GAAP presentation may be more meaningful in analyzing our income generation and has therefore excluded the following items from GAAP earnings calculations: stock-based compensation, amortization of intangibles, debt issuance and discount costs, fair value adjustments, loss on debt extinguishment, transaction gains, acquisition costs, and preferred stock dividends. Additionally, since we are in a cumulative loss position, a non-GAAP income tax expense (benefit) was computed using a 24 percent tax rate for 2019 and 2018 using the Company’s normalized combined U.S. federal, state, and foreign statutory tax rates less various tax adjustments. This presentation may be considered more indicative of our ongoing operational performance. The table below presents the differences between non-GAAP net income (loss) and net income (loss) on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-financial measures as reported by Smith Micro may not be comparable to similarly titled amounts reported by other companies.

Investor Conference Call

Smith Micro will hold an investor conference call today, March 5, 2020 at 4:30 p.m. EST, to discuss the Company’s fourth quarter and fiscal year 2019 financial results. To access the call, dial 1-844-701-1164; international participants can call 1-412-317-5492. A passcode is not required to join the call; ask the operator to be placed into the Smith Micro conference. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

About Smith Micro Software, Inc.

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. For more information, visit www.smithmicro.com.

Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.

Forward-Looking Statements

Certain statements in this press release are, and certain statements on the related conference call may be, forward-looking statements regarding future events or results, including statements related to our financial prospects and other projections of our outlook or performance and our future business plans, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are customer concentration, given that the majority of our sales depend on a few large customer relationships, changes in demand for our products from our customers and their end-users, changes in requirements for our products imposed by our customers or by the fourth party providers of software and/or platforms that we use, our ability to effectively integrate, market and sell acquired product lines, new and changing technologies, customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro Software, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data) – unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

Stock

Compensation

 

 

Intangibles

Amortization

 

 

Note

Issue/

Discount

 

 

Fair Value Adjustments

 

 

Gain on Sale of Software Product

 

 

Loss on Debt Extinguishment

 

 

Acquisition Costs

 

 

Preferred Stock Dividends

 

 

Taxes

 

 

Non-

GAAP

 

Three Months Ended 12/31/19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

11,253

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

11,253

 

Income before provision for income taxes

 

3,743

 

 

 

354

 

 

 

227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

 

 

 

4,398

 

Net income available to common stockholders

 

3,671

 

 

 

354

 

 

 

227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

(984

)

 

 

3,342

 

Earnings per share: basic

 

0.10

 

 

 

0.01

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00

 

 

 

 

 

 

(0.03

)

 

 

0.09

 

Earnings per share: diluted

 

0.09

 

 

 

0.01

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.00

 

 

 

 

 

 

(0.02

)

 

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 12/31/18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

6,424

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

6,424

 

Income before provision for income taxes

 

2,783

 

 

 

261

 

 

 

60

 

 

 

42

 

 

 

(2,314

)

 

 

 

 

 

203

 

 

 

201

 

 

 

 

 

 

 

 

 

1,236

 

Net income available to common stockholders

 

2,767

 

 

 

261

 

 

 

60

 

 

 

42

 

 

 

(2,314

)

 

 

 

 

 

203

 

 

 

201

 

 

 

34

 

 

 

(315

)

 

 

939

 

Earnings per share: basic

 

0.10

 

 

 

0.01

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.09

)

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.00

 

 

 

(0.01

)

 

 

0.03

 

Earnings per share: diluted

 

0.10

 

 

 

0.01

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.08

)

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.00

 

 

 

(0.01

)

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended 12/31/19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

39,419

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

39,419

 

Income before provision for income taxes

 

10,802

 

 

 

1,494

 

 

 

932

 

 

 

 

 

 

 

 

 

(483

)

 

 

 

 

 

152

 

 

 

 

 

 

 

 

 

12,897

 

Net income available to common stockholders

 

10,603

 

 

 

1,494

 

 

 

932

 

 

 

 

 

 

 

 

 

(483

)

 

 

 

 

 

152

 

 

 

119

 

 

 

(3,015

)

 

 

9,802

 

Earnings per share: basic

 

0.31

 

 

 

0.04

 

 

 

0.03

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.09

)

 

 

0.28

 

Earnings per share: diluted

 

0.29

 

 

 

0.04

 

 

 

0.03

 

 

 

 

 

 

 

 

 

(0.00

)

 

 

 

 

 

0.00

 

 

 

0.00

 

 

 

(0.08

)

 

 

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended 12/31/18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

21,952

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

21,952

 

Loss before provision for income taxes

 

(2,727

)

 

 

935

 

 

 

249

 

 

 

239

 

 

 

812

 

 

 

 

 

 

203

 

 

 

201

 

 

 

 

 

 

 

 

 

(88

)

Net loss available to common stockholders

 

(3,144

)

 

 

935

 

 

 

249

 

 

 

239

 

 

 

812

 

 

 

 

 

 

203

 

 

 

201

 

 

 

404

 

 

 

34

 

 

 

(67

)

Loss per share: basic and diluted

 

(0.14

)

 

 

0.04

 

 

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.02

 

 

 

0.00

 

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Earnings (loss) per share: basic and diluted – may be impacted by rounding to allow rows to calculate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unaudited

 

 

 

 

 

 

 

audited

 

 

 

 

For the Three Months

 

 

For the Year

 

 

Ended December 31,

 

 

Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

$

12,278

 

 

$

7,352

 

 

$

43,346

 

 

$

26,285

 

Cost of revenues

 

1,025

 

 

 

928

 

 

 

3,927

 

 

 

4,333

 

Gross profit

 

11,253

 

 

 

6,424

 

 

 

39,419

 

 

 

21,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

1,988

 

 

 

1,296

 

 

 

7,517

 

 

 

5,784

 

Research and development

 

3,194

 

 

 

2,103

 

 

 

11,682

 

 

 

8,602

 

General and administrative

 

2,400

 

 

 

2,308

 

 

 

9,921

 

 

 

8,607

 

Restructuring expense

 

40

 

 

 

38

 

 

 

194

 

 

 

173

 

Total operating expenses

 

7,622

 

 

 

5,745

 

 

 

29,314

 

 

 

23,166

 

Operating income (loss)

 

3,631

 

 

 

679

 

 

 

10,105

 

 

 

(1,214

)

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

111

 

 

 

(29

)

 

 

228

 

 

 

(472

)

Change in fair value of warrant liability

 

 

 

 

2,314

 

 

 

 

 

 

(812

)

Gain on sale of software product

 

 

 

 

 

 

 

483

 

 

 

 

Loss on debt extinguishment

 

 

 

 

(203

)

 

 

 

 

 

(203

)

Other income (expense), net

 

1

 

 

 

22

 

 

 

(14

)

 

 

(26

)

Income (loss) before provision for income taxes

 

3,743

 

 

 

2,783

 

 

 

10,802

 

 

 

(2,727

)

Income tax expense (benefit)

 

72

 

 

 

(18

)

 

 

80

 

 

 

13

 

Net income (loss)

 

3,671

 

 

 

2,801

 

 

 

10,722

 

 

 

(2,740

)

Less preferred stock dividends

 

 

 

 

(34

)

 

 

(119

)

 

 

(404

)

Net income (loss) available to common stockholders

$

3,671

 

 

$

2,767

 

 

$

10,603

 

 

$

(3,144

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.10

 

 

$

0.10

 

 

$

0.31

 

 

$

(0.14

)

Diluted

$

0.09

 

 

$

0.10

 

 

$

0.29

 

 

$

(0.14

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

38,501

 

 

 

26,925

 

 

 

34,513

 

 

 

22,322

 

Diluted

 

41,767

 

 

 

27,395

 

 

 

36,991

 

 

 

22,322

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

Cash & cash equivalents

$

28,268

 

 

$

12,159

 

Accounts receivable, net

 

10,894

 

 

 

7,130

 

Prepaid and other assets

 

802

 

 

 

795

 

Total current assets

 

39,964

 

 

 

20,084

 

Equipment & improvements, net

 

2,109

 

 

 

865

 

Right-of-use assets

 

6,464

 

 

 

 

Deferred tax asset, net

 

94

 

 

 

191

 

Other assets

 

234

 

 

 

140

 

Intangible assets, net

 

4,535

 

 

 

238

 

Goodwill

 

7,797

 

 

 

3,685

 

TOTAL ASSETS

$

61,197

 

 

$

25,203

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

Accounts payable

$

2,050

 

 

$

1,160

 

Accrued payroll and benefits

 

2,107

 

 

 

1,745

 

Current operating lease liabilities

 

1,221

 

 

 

 

Other accrued liabilities

 

244

 

 

 

450

 

Deferred revenue

 

98

 

 

 

28

 

Total current liabilities

 

5,720

 

 

 

3,383

 

 

 

 

 

 

 

 

 

Operating lease liabilities

 

5,774

 

 

 

 

Deferred rent

 

885

 

 

 

723

 

Other long-term liabilities

 

134

 

 

 

534

 

Total non-current liabilities

 

6,793

 

 

 

1,257

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

38

 

 

 

28

 

Additional paid in capital

 

274,041

 

 

 

256,626

 

Accumulated comprehensive deficit

 

(225,395

)

 

 

(236,091

)

Total stockholders’ equity

 

48,684

 

 

 

20,563

 

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY

$

61,197

 

 

$

25,203

 

 

 

 

 

 

 

 

 

Smith Micro Software, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

unaudited

 

 

audited

 

 

 

For the Three Months

 

 

For the Year Ended

 

 

 

Ended December 31,

 

 

December 31,

 

 

 

2019

 

 

2019

 

 

2018

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,671

 

 

$

10,722

 

 

$

(2,740

)

Adjustments to reconcile net income (loss) to net cash provided

by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

344

 

 

 

1,341

 

 

 

779

 

Non-cash lease expense

 

 

224

 

 

 

954

 

 

 

 

Amortization of debt discounts and financing issuance

costs

 

 

 

 

 

 

 

 

239

 

Restructuring costs

 

 

40

 

 

 

194

 

 

 

173

 

Provision for doubtful accounts and other adjustments to

accounts receivable

 

 

16

 

 

 

143

 

 

 

(82

)

Provision for excess and obsolete inventory

 

 

 

 

 

1

 

 

 

(16

)

Loss on disposal of fixed assets

 

 

 

 

 

6

 

 

 

7

 

Stock based compensation

 

 

355

 

 

 

1,494

 

 

 

935

 

Deferred income taxes

 

 

97

 

 

 

97

 

 

 

213

 

Change in fair value of warrant liability

 

 

 

 

 

 

 

 

812

 

Gain on sale of software product

 

 

 

 

 

(483

)

 

 

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

203

 

Change in operating accounts:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

220

 

 

 

(3,811

)

 

 

(1,903

)

Prepaid expenses and other assets

 

 

(84

)

 

 

(32

)

 

 

(197

)

Accounts payable and accrued liabilities

 

 

284

 

 

 

(417

)

 

 

(1,252

)

Deferred revenue

 

 

(7

)

 

 

(221

)

 

 

(45

)

Net cash provided by (used in) operating activities

 

 

5,160

 

 

 

9,988

 

 

 

(2,874

)

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of Smart Retail business, net

 

 

 

 

 

(3,974

)

 

 

 

Proceeds from sale of software product

 

 

7

 

 

 

370

 

 

 

 

Capital expenditures

 

 

(835

)

 

 

(1,659

)

 

 

(173

)

Net cash used in investing activities

 

 

(828

)

 

 

(5,263

)

 

 

(173

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from stock sale for employee stock purchase plan

 

 

 

 

 

10

 

 

 

5

 

Proceeds from (payments related to) the issuance of

common stock

 

 

 

 

 

(14

)

 

 

17,600

 

Proceeds from exercise of common stock warrants

 

 

54

 

 

 

11,457

 

 

 

 

Proceeds from exercise of stock options

 

 

12

 

 

 

50

 

 

 

 

Repayments of short-term secured promissory notes

 

 

 

 

 

 

 

 

(1,000

)

Repayments of related party notes payable

 

 

 

 

 

 

 

 

(1,200

)

Repayments of notes payable

 

 

 

 

 

 

 

 

(2,000

)

Dividends paid on preferred stock

 

 

 

 

 

(119

)

 

 

(404

)

Net cash provided by financing activities

 

 

66

 

 

 

11,384

 

 

 

13,001

 

Net increase in cash and cash equivalents

 

 

4,398

 

 

 

16,109

 

 

 

9,954

 

Cash and cash equivalents, beginning of period

 

 

23,870

 

 

 

12,159

 

 

 

2,205

 

Cash and cash equivalents, end of period

 

$

28,268

 

 

$

28,268

 

 

$

12,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow:

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

5,160

 

 

$

9,988

 

 

$

(2,874

)

Capital expenditures

 

 

(835

)

 

 

(1,659

)

 

 

(173

)

Free cash flow

 

$

4,325

 

 

$

8,329

 

 

$

(3,047

)