Non-GAAP operating expenses for the first quarter of 2024 were $8.1 million compared to the $11.3 million in the first quarter of 2023, a decrease of approximately $3.2 million or 28%. Sequentially, non-GAAP operating expenses increased by approximately $100,000 or 1% from the fourth quarter of 2023. As Bill outlined in his opening remarks, we are undertaking further cost reduction actions in the second quarter as we work to return the company to profitability. We expect second quarter 2024 non-GAAP operating expenses to decrease by 6% to 10% compared to the first quarter of 2024. Given the timing of the actions we are taking, a partial quarter effect of these reductions will be realized in Q2 and the full quarterly effect of the reductions will be realized in the third quarter.
So we would anticipate a further decline in non-GAAP operating expenses in the third quarter of 2024 compared to the second quarter of 2020. The GAAP net loss for the first quarter of 2024 was $31 million or $3.28 loss per share compared to a GAAP net loss of $6.9 million or $0.97 loss per share in the first quarter of 2023. The non-GAAP net loss for the first quarter of 2024 was $4.2 million or a $0.45 loss per share compared to a non-GAAP net loss of approximately $3.6 million or a $0.51 loss per share in the first quarter of 2023. 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 2024. The reconciliation includes the goodwill impairment of $24 million, adjustments for intangible asset amortization of $1.8 million stock compensation expense of $1.1 million and depreciation expense of $100,000, partially offset by changes to the fair value of warrant of $200,000 in nonrecurring other income net of $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 2024 and 2023. The resulting non-GAAP tax expense reflects the actual income taxes expense during each period. From a balance sheet perspective, we were able to effectively manage our working capital and decrease our receivables by $3.6 million during the first quarter of 2024, and as a result, reported $6.2 million of cash and cash equivalents as of March 31, 2024. This concludes my financial review. Now back to Bill.
Bill Smith: Thanks, Jim. Okay. Let’s start out with the cost reduction actions that Jim mentioned in his prepared remarks. We plan to cut overall expense within a range of $1 million to $1.3 million by Q3 2024. Our unwavering commitment to profitability and efficiency drives these cost reductions and will be achieved by rightsizing resources and optimizing our operational processes. By doing so, we will streamline our workflows and maximize resource utilization across all facets of our business. SafePath Global is evolving as a preferred launch option that does not require extensive resources and time to launch as is now being proven with DISH. These concerted efforts will enable us to achieve our targeted savings, while maintaining the highest quality and service delivery standards.
Moving forward, we remain dedicated to fostering a culture of continuous improvement and sustainability, driving value for our shareholders and other stakeholders. As we all know, these types of activities can be challenging, but we understand the need to build a stronger business case to get us to profitability as quickly as possible. We are balancing these cost reduction actions with maintaining the resources we need to ensure we can continue to provide premium service to our customers and deliver on our road map and other contracted initiatives underway. The other component of the equation in achieving profitability and cash generation is the return to revenue growth. Key elements of our plan to drive revenue growth are several new marketing initiatives that we will be rolling out through this year.
I am pleased with the recent launch of our Affiliate Influencer Program and with the upcoming launch of our Retail Store Ambassador Program. These turnkey programs are maintained by Smith Micro for our partners and offer additional ways to build awareness of and drive subscriber growth for our customers’ branded offerings of SafePath based solutions. With the Affiliate Influencer Program, participating influencers will promote the solutions through their online and social media networks. This is a new marketing tactic for our partners’ promotion of their SafePath based solutions, and we believe it will be a fruitful marketing channel as many consumers begin their product journeys online, finding reputable recommendations that inspire a level of trust and motivation to purchase products.
This program will also generate PR activity that will create a path for our carrier-branded solutions to compete more directly with the direct-to-consumer apps in the market today, with the power of well-known carrier brands backing our family safety solutions. We have recently launched one of our Tier 1 carrier partners on the Influencer Program and are seeing tremendous demand among influencers to participate. We are also beginning to see the effect of this initiative in terms of new subscriber trials, which lead to subscriber growth. I am also pleased with the creation of our Retail Ambassador Program as an avenue to bring product promotion directly to consumers in stores. This program is available for our carrier customers’ authorized retailers and corporate-owned stores, allowing retail employees to become in-store ambassadors for our carrier-branded family safety offerings and incentivizing them to promote and sell the products by compensating them for successful app signups.
This is a full-service, adaptable program that can be modified to meet each partner’s goals. We will also provide the marketing collateral, training and support as we roll out this program. We expect our first launch of the Ambassador Program with a US partner shortly. We see great potential for the Ambassador Program as it brings a unique twist to incentivizing retail employees and will be a very visible avenue of promotion for our partners, Stanley Safety brands. Driving subscriber growth in key accounts and the successful launch of new accounts remains key to our revenue growth objectives. We are optimistic about the opportunity for subscriber growth at AT&T, including Cricket, where our partnership remains very strong. The migration to SafePath was fully completed during the first quarter, along with expanding our support to Cricket wireless families.
While we can’t get into specifics, we expect to see several new marketing initiatives launched throughout the remainder of this year. We will continue our shared efforts to expand awareness of AT&T Secure Family, as we also pursue new avenues of growth with the platform. We believe that AT&T has a tremendous opportunity to grow subscribers on AT&T Secure Family, and we are actively partnering with them to create additional paths to drive consumer awareness of this app in the near term. As I mentioned earlier, regarding T-Mobile, we are seeing some signs of increasing momentum and renewed interest in our expanded road map, which we believe could help springboard new marketing activities to drive subscriber growth. Our sales and marketing teams are working collaboratively to further our progress with this key customer.
