10-Q 1 ssti-20220630.htm 10-Q 10-Q
P1YQ2falseP6M--12-310001351636P1Y0001351636ssti:AzaveaIncMember2021-02-012021-02-2800013516362021-06-300001351636us-gaap:SellingAndMarketingExpenseMember2021-04-012021-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001351636us-gaap:RestrictedStockUnitsRSUMember2021-12-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001351636ssti:LetterOfCreditSubfacilityMemberssti:UmpquaCreditAgreementMember2018-09-270001351636us-gaap:AdditionalPaidInCapitalMember2021-03-310001351636us-gaap:RetainedEarningsMember2021-04-012021-06-300001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2021-04-012021-06-300001351636us-gaap:AdditionalPaidInCapitalMember2022-06-3000013516362023-01-012022-06-3000013516362021-01-012021-06-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001351636ssti:SoftwareTechnologyMember2022-06-300001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2021-04-012021-06-300001351636us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-3000013516362021-01-012021-03-310001351636ssti:ForensicLogicLlcMember2021-01-012021-06-300001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2021-01-012021-06-300001351636ssti:ForensicLogicLlcMember2021-01-012021-12-310001351636us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000013516362020-12-310001351636us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2022-01-012022-06-3000013516362022-03-310001351636us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2022-01-012022-06-3000013516362021-03-310001351636us-gaap:CommonStockMember2021-06-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2017-05-012017-05-310001351636ssti:TwoThousandSeventeenEquityIncentivePlanMember2021-01-012021-12-310001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001351636country:BS2021-01-012021-06-300001351636us-gaap:FairValueInputsLevel3Memberssti:AccruedLiabilitiesAndOtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001351636country:ZA2022-01-012022-06-300001351636ssti:ForensicLogicLlcMember2021-04-012021-06-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-3000013516362021-01-012021-12-310001351636us-gaap:RetainedEarningsMember2022-04-012022-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-06-300001351636country:BS2022-04-012022-06-3000013516362021-04-012021-06-3000013516362022-04-012022-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-10-012021-12-310001351636ssti:ShotSpotterLabsMember2022-04-012022-06-300001351636ssti:ShotSpotterLabsMember2021-01-012021-06-300001351636us-gaap:CustomerRelationshipsMember2021-12-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2022-04-012022-06-300001351636us-gaap:RetainedEarningsMember2022-01-012022-03-310001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2022-01-012022-06-300001351636country:ZA2021-01-012021-06-300001351636us-gaap:RevolvingCreditFacilityMemberssti:UmpquaCreditAgreementMember2022-01-012022-06-300001351636country:US2022-04-012022-06-300001351636us-gaap:RetainedEarningsMember2021-12-310001351636country:BS2022-01-012022-06-300001351636us-gaap:CostOfSalesMember2021-04-012021-06-300001351636us-gaap:RetainedEarningsMember2021-01-012021-03-310001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2022-04-012022-06-300001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2021-04-012021-06-300001351636us-gaap:CostOfSalesMember2022-01-012022-06-300001351636us-gaap:RevolvingCreditFacilityMember2020-08-310001351636srt:MinimumMembersrt:ScenarioForecastMemberssti:ForensicLogicLlcMember2022-01-012022-12-310001351636country:ZA2022-04-012022-06-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2021-04-012021-06-300001351636us-gaap:TradeNamesMemberssti:ForensicLogicLlcMember2022-01-030001351636us-gaap:SellingAndMarketingExpenseMember2021-01-012021-06-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2022-01-012022-06-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2022-01-012022-06-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2022-01-012022-01-010001351636us-gaap:RetainedEarningsMember2022-06-300001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2022-04-012022-06-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001351636us-gaap:RetainedEarningsMember2020-12-310001351636ssti:ForensicLogicLlcMember2022-01-0300013516362022-06-300001351636us-gaap:AdditionalPaidInCapitalMember2022-03-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001351636us-gaap:CommonStockMember2022-06-300001351636us-gaap:CommonStockMember2020-12-310001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-012022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001351636country:US2022-01-012022-06-300001351636us-gaap:CommonStockMember2022-01-012022-03-310001351636ssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001351636us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-300001351636us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-06-3000013516362024-01-012022-06-300001351636ssti:UmpquaCreditAgreementMember2021-12-310001351636us-gaap:CustomerRelationshipsMemberssti:ForensicLogicLlcMember2022-01-030001351636us-gaap:RestrictedStockUnitsRSUMember2022-06-300001351636srt:MaximumMembersrt:ScenarioForecastMemberssti:ForensicLogicLlcMember2022-12-310001351636us-gaap:RetainedEarningsMember2021-03-310001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-06-300001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2022-04-012022-06-300001351636ssti:RecognitionFromBeginningDeferredRevenueBalanceMember2021-01-012021-06-300001351636us-gaap:CostOfSalesMember2022-04-012022-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001351636us-gaap:CostOfSalesMember2021-01-012021-06-300001351636us-gaap:RevolvingCreditFacilityMemberssti:UmpquaCreditAgreementMember2018-09-270001351636ssti:TwoThousandAndSeventeenEmployeeStockPurchasePlanMember2022-06-300001351636country:US2021-04-012021-06-300001351636us-gaap:CustomerRelationshipsMember2022-06-300001351636us-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMemberus-gaap:AccountsReceivableMember2022-01-012022-06-300001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001351636srt:MaximumMembersrt:ScenarioForecastMemberssti:ForensicLogicLlcMember2023-12-310001351636us-gaap:CommonStockMemberssti:ForensicLogicLlcMember2022-01-032022-01-030001351636us-gaap:CommonStockMember2021-01-012021-03-310001351636us-gaap:TradeNamesMember2022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2022-04-012022-06-3000013516362022-01-012022-03-310001351636srt:ScenarioForecastMemberssti:ForensicLogicLlcMember2023-01-012023-12-310001351636us-gaap:FairValueInputsLevel3Memberssti:ForensicLogicLlcMember2022-01-310001351636us-gaap:AdditionalPaidInCapitalMember2021-12-3100013516362022-08-010001351636us-gaap:CommonStockMember2021-03-310001351636ssti:LeedsLLCMemberus-gaap:FairValueInputsLevel3Member2020-11-300001351636us-gaap:AdditionalPaidInCapitalMember2021-06-300001351636us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001351636ssti:TwoThousandSeventeenEquityIncentivePlanMember2017-05-012017-05-310001351636us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001351636us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001351636ssti:UmpquaCreditAgreementMember2022-06-300001351636us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001351636us-gaap:RetainedEarningsMember2021-06-3000013516362022-07-012022-06-300001351636country:US2021-01-012021-06-300001351636country:ZA2021-04-012021-06-300001351636us-gaap:RetainedEarningsMember2022-03-310001351636srt:MinimumMember2022-01-012022-06-300001351636us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001351636us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001351636us-gaap:PatentsMember2021-12-3100013516362021-12-310001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2021-04-012021-06-300001351636country:BS2021-04-012021-06-300001351636us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001351636ssti:ForensicLogicLlcMember2022-01-032022-01-030001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2022-01-012022-06-3000013516362025-01-012022-06-300001351636ssti:SubscriptionMaintenanceAndSupportServicesMember2021-01-012021-06-300001351636ssti:RecognitionFromNewBillingsOfDeferredRevenueMember2021-01-012021-06-300001351636us-gaap:RevolvingCreditFacilityMemberssti:UmpquaCreditAgreementMember2022-06-300001351636ssti:ForensicLogicLlcMember2022-01-012022-06-300001351636us-gaap:AdditionalPaidInCapitalMember2020-12-3100013516362022-01-012022-06-300001351636us-gaap:CommonStockMember2021-04-012021-06-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001351636ssti:ProfessionalSoftwareDevelopmentServicesMember2022-04-012022-06-300001351636us-gaap:AccountingStandardsUpdate202108Member2022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001351636ssti:TwoThousandSeventeenEquityIncentivePlanMember2022-01-012022-01-010001351636srt:ScenarioForecastMemberssti:ForensicLogicLlcMember2022-12-310001351636us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001351636us-gaap:CommonStockMember2021-12-310001351636ssti:ShotSpotterLabsMember2021-04-012021-06-300001351636ssti:TwoThousandSeventeenEquityIncentivePlanMember2017-01-012017-12-310001351636us-gaap:SalesRevenueNetMemberssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001351636ssti:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-06-300001351636us-gaap:PatentsMember2022-06-300001351636us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberssti:CustomerTwoMember2021-01-012021-06-300001351636srt:ScenarioForecastMemberssti:ForensicLogicLlcMember2022-01-012022-12-310001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001351636ssti:ForensicLogicLlcMemberus-gaap:ComputerSoftwareIntangibleAssetMember2022-01-030001351636us-gaap:CommonStockMember2022-03-310001351636us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001351636us-gaap:CommonStockMember2022-04-012022-06-300001351636ssti:ForensicLogicLlcMember2022-04-012022-06-300001351636us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001351636us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001351636ssti:ShotSpotterLabsMember2022-01-012022-06-300001351636ssti:LetterOfCreditSubfacilityMemberssti:UmpquaCreditAgreementMember2022-04-012022-06-300001351636us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-31iso4217:USDxbrli:sharesxbrli:purexbrli:sharesssti:Cityssti:Subsidiaryssti:Customeriso4217:USD

 

00

014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38107

 

ShotSpotter, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-0949915

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

39300 Civic Center Dr., Suite 300

Fremont, California

94538

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (510) 794-3100

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

 

 

Common stock, par value $0.005 per share

SSTI

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of August 1, 2022 the registrant had 12,155,377 shares of common stock, $0.005 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements

2

 

Condensed Consolidated Balance Sheets

2

 

Condensed Consolidated Statements of Operations

3

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

PART II.

OTHER INFORMATION

 

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 6.

Exhibits

60

Exhibit Index

61

Signatures

62

 

 

 

1


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

ShotSpotter, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,426

 

 

$

15,636

 

Accounts receivable and contract asset, net

 

 

27,953

 

 

 

16,134

 

Prepaid expenses and other current assets

 

 

2,199

 

 

 

2,504

 

Total current assets

 

 

33,578

 

 

 

34,274

 

Property and equipment, net

 

 

20,271

 

 

 

17,409

 

Operating lease right-of-use assets

 

 

3,692

 

 

 

2,323

 

Goodwill

 

 

23,171

 

 

 

2,816

 

Intangible assets, net

 

 

28,536

 

 

 

13,564

 

Other assets

 

 

2,714

 

 

 

1,918

 

Total assets

 

$

111,962

 

 

$

72,304

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

2,661

 

 

$

1,587

 

Deferred revenue, short-term

 

 

32,858

 

 

 

26,235

 

Accrued expenses and other current liabilities

 

 

10,036

 

 

 

6,680

 

Total current liabilities

 

 

45,555

 

 

 

34,502

 

Deferred revenue, long-term

 

 

2,898

 

 

 

474

 

Other liabilities

 

 

10,648

 

 

 

3,513

 

Total liabilities

 

 

59,101

 

 

 

38,489

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock: $0.005 par value; 20,000,000 shares authorized; no shares
   issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock: $0.005 par value; 500,000,000 shares authorized;
   
12,154,775 and 11,703,430 shares issued and outstanding as of
   June 30, 2022 and December 31, 2021, respectively

 

 

61

 

 

 

58

 

Additional paid-in capital

 

 

148,449

 

 

 

132,780

 

Accumulated deficit

 

 

(95,388

)

 

 

(98,785

)

Accumulated other comprehensive loss

 

 

(261

)

 

 

(238

)

Total stockholders' equity

 

 

52,861

 

 

 

33,815

 

Total liabilities and stockholders' equity

 

$

111,962

 

 

$

72,304

 

See accompanying notes to condensed consolidated financial statements.

2


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

20,016

 

 

$

14,624

 

 

$

41,230

 

 

$

29,637

 

Costs

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

8,367

 

 

 

6,317

 

 

 

16,657

 

 

 

12,617

 

Impairment of property and equipment

 

 

 

 

 

 

 

 

 

 

 

25

 

Total costs

 

 

8,367

 

 

 

6,317

 

 

 

16,657

 

 

 

12,642

 

Gross profit

 

 

11,649

 

 

 

8,307

 

 

 

24,573

 

 

 

16,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

5,794

 

 

 

3,928

 

 

 

11,370

 

 

 

7,863

 

Research and development

 

 

2,534

 

 

 

1,740

 

 

 

5,161

 

 

 

3,453

 

General and administrative

 

 

3,555

 

 

 

2,812

 

 

 

7,844

 

 

 

5,683

 

Change in fair value of contingent consideration

 

 

(3,437

)

 

 

 

 

 

(3,437

)

 

 

 

Total operating expenses

 

 

8,446

 

 

 

8,480

 

 

 

20,938

 

 

 

16,999

 

Operating income (loss)

 

 

3,203

 

 

 

(173

)

 

 

3,635

 

 

 

(4

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

7

 

 

 

9

 

 

 

15

 

 

 

20

 

Other expense, net

 

 

(200

)

 

 

(86

)

 

 

(253

)

 

 

(138

)

Total other income (expense), net

 

 

(193

)

 

 

(77

)

 

 

(238

)

 

 

(118

)

Income (loss) before income taxes

 

 

3,010

 

 

 

(250

)

 

 

3,397

 

 

 

(122

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

49

 

Net income (loss)

 

$

3,010

 

 

$

(250

)

 

$

3,397

 

 

$

(171

)

Net income (loss) per share, basic

 

$

0.25

 

 

$

(0.02

)

 

$

0.28

 

 

$

(0.01

)

Net income (loss) per share, diluted

 

$

0.24

 

 

$

(0.02

)

 

$

0.28

 

 

$

(0.01

)

Weighted average shares used in computing adjusted net income per share, basic

 

 

12,145,993

 

 

 

11,627,546

 

 

 

12,151,450

 

 

 

11,606,194

 

Weighted average shares used in computing adjusted net income per share, diluted

 

 

12,309,701

 

 

 

11,627,546

 

 

 

12,304,767

 

 

 

11,606,194

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss)

 

$

3,010

 

 

$

(250

)

 

$

3,397

 

 

$

(171

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment, net

 

 

(96

)

 

 

38

 

 

 

(24

)

 

 

21

 

Comprehensive income (loss)

 

$

2,914

 

 

$

(212

)

 

$

3,373

 

 

$

(150

)

 

See accompanying notes to condensed consolidated financial statements.

4


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data)

(Unaudited)

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'
Equity/

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

(Deficit)

 

Balance at January 1, 2022

 

 

11,703,430

 

 

$

58

 

 

$

132,780

 

 

$

(98,785

)

 

$

(238

)

 

$

33,815

 

Exercise of stock options

 

 

8,528

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

13

 

Repurchase of common stock

 

 

(57,623

)

 

 

 

 

 

(1,634

)

 

 

 

 

 

 

 

 

(1,634

)

Issuance of common stock from RSUs vested

 

 

22,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for acquisition

 

 

464,540

 

 

3

 

 

 

14,263

 

 

 

 

 

 

 

 

 

14,266

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,855

 

 

 

 

 

 

 

 

 

1,855

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

73

 

Net income

 

 

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

387

 

Balance at March 31, 2022

 

 

12,141,630

 

 

 

61

 

 

 

147,277

 

 

 

(98,398

)

 

 

(165

)

 

 

48,775

 

Exercise of stock options

 

 

686

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Repurchase of common stock

 

 

(49,369

)

 

 

 

 

 

(1,450

)

 

 

 

 

 

 

 

 

(1,450

)

Issuance of common stock from ESPP purchase

 

 

20,630

 

 

 

 

 

 

489

 

 

 

 

 

 

 

 

 

489

 

Issuance of common stock from RSUs vested

 

 

41,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,131

 

 

 

 

 

 

 

 

 

2,131

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(96

)

 

 

(96

)

Net income

 

 

 

 

 

 

 

 

 

 

 

3,010

 

 

 

 

 

 

3,010

 

Balance at June 30, 2022

 

 

12,154,775

 

 

$

61

 

 

$

148,449

 

 

$

(95,388

)

 

$

(261

)

 

$

52,861

 

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'
Equity/

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

(Deficit)

 

Balance at January 1, 2021

 

 

11,538,998

 

 

$

58

 

 

$

128,771

 

 

$

(94,354

)

 

$

(170

)

 

$

34,305

 

Exercise of stock options

 

 

60,600

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

213

 

Issuance of common stock in connection with exercise of warrants

 

 

50,716

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

8

 

Issuance of common stock from RSUs vested

 

 

24,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(56,162

)

 

 

 

 

 

(2,192

)

 

 

 

 

 

 

 

 

(2,192

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,375

 

 

 

 

 

 

 

 

 

1,375

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

(17

)

Net income

 

 

 

 

 

 

 

 

 

 

 

79

 

 

 

 

 

 

79

 

Balance at March 31, 2021

 

 

11,618,484

 

 

 

58

 

 

 

128,175

 

 

 

(94,275

)

 

 

(187

)

 

 

33,771

 

Exercise of stock options

 

 

16,432

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

364

 

Issuance of common stock from ESPP purchase

 

 

18,294

 

 

 

 

 

 

462

 

 

 

 

 

 

 

 

 

462

 

Issuance of common stock from RSUs vested

 

 

37,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(12,585

)

 

 

 

 

 

(491

)

 

 

 

 

 

 

 

 

(491

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,494

 

 

 

 

 

 

 

 

 

1,494

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

38

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(250

)

 

 

 

 

 

(250

)

Balance at June 30, 2021

 

 

11,678,163

 

 

$

58

 

 

$

130,004

 

 

$

(94,525

)

 

$

(149

)

 

$

35,388

 

See accompanying notes to condensed consolidated financial statements.

5


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

3,397

 

 

$

(171

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation of property and equipment

 

 

3,149

 

 

 

2,810

 

Amortization of intangible assets

 

 

1,389

 

 

 

518

 

Impairment of property and equipment

 

 

 

 

 

25

 

Stock-based compensation

 

 

3,986

 

 

 

2,869

 

Change in fair value of contingent consideration