SMSI Profit Model and More

	A	E	F	G	H	I	J	K	L	M	N	O	P	R	S	T	U
1		3/31/18	6/30/18	9/30/18	12/31/18	3/31/19	6/30/19	9/30/19	12/31/19	3/31/20	6/30/20	9/30/20	12/31/20	2018	2019	2020	2025 ?

2	Revenues (Street Estimates)		6,945	6,525	6,600	6,700	6,900	7,300	7,600	-	-	-	-	26,300	28,500	-	-
3	Actual Revenues (or my estimates)	5,460	6,945	6,525	7,352										39,050	58,700	270,000
4	CommSuite (ex. Services & Contract revenue)		5,362	5,115	5,365										21,800	26,600	10,000
5	SafePath (ex. Services & Contract revenue)		700	960	1,200										10,550	24,000	250,000
6	Graphics		439	242	482								WILL REPOST THIS MODEL SOON(ANNUAL #s STILL HERE... STAY TUNED)		1,300	2,100	0
7	Other		444	208	305										5,400	6,000	10,000
8	Cost of revenues		1,116	979	928										5,303	7,358	35,000
9	Gross profit		5,829	5,546	6,424										33,747	51,342	235,000
10	GM		83.9%	85.0%	87.4%										86.4%	87.5%	87.0%
11				^^^ 10/24 -- Beat Roth top/bottom lines. Gross margins surprisingly strong, especially after backing out last Q's one-time license. This keeps the EPS profile high.
12				^^^ 10/24 -- IOT software & hardware coming out sooner than I expected (will be seperate!) / Spanish product coming too / Speaking to a "Large number of carriers".
13	Selling and marketing		1,447	1,311	1,296										6,229	6,379	12,758
14	Research and development		2,195	2,049	2,103										9,960	10,365	30,000
15	General and administrative		2,061	2,048	2,308										8,800	8,800	17,600
16	Restructuring expense		52	83	38										0	0	0
17	Total operating expenses		5,755	5,491	5,745										24,989	25,544	60,358
18	Operating income (loss)		74	55	679										8,758	25,798	174,642
19			Q4 / Q1 model adjusted 11/15/18 to be more reflective of Street estimates; Copy & save this file to input your own numbers!
20	Interest Income (expense), net		-143	-128	-29										79	461
21	Change in fair value of warrant liability		-2,085	0	0										0	0
22	Other income (expense), net		-10	0	22										0	0
23	Profit / Loss before income taxes		-2,164	-73	#REF!										8,837	26,259
24	Provision for income tax expense		13	0	0										0	0
25	Net Profit / Loss		-2,177	-73	#REF!										8,837	26,259
26
27	Less preferred stock dividends		-185	0	0										0	0
28	Net profit / loss to common stockholders		-2,362	-73	#REF!										8,837	26,259
29	Basic avg shares outstanding (warrant exercise)		21,888	25,020	26,925										31,000	35,300
30	Basic EPS		-0.11	0.00	#REF!										0.29	0.74
31
32	Non-GAAP Adjustments		2,588	355	-1828										-407	-3,892
33	Non-GAAP Earnings		226	282	#REF!										8,429	22,367
34	Non-GAAP EPS		0.01	0.01	#REF!										0.27	0.63
35
36	Operating Cash Earnings		285	327	#REF!										10,437	27,859
37	Cash EPS		0.01	0.01	#REF!										0.34	0.79	3.18
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