Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SSTI | |
Entity Registrant Name | SoundThinking, Inc. | |
Entity Central Index Key | 0001351636 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 001-38107 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0949915 | |
Entity Address, Address Line One | 39300 Civic Center Dr. | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Fremont | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94538 | |
City Area Code | 510 | |
Local Phone Number | 794-3100 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,793,456 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.005 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 8,524 | $ 5,703 |
Accounts receivable and contract assets, net | 35,201 | 30,700 |
Prepaid expenses and other current assets | 3,507 | 3,902 |
Total current assets | 47,232 | 40,305 |
Property and equipment, net | 21,429 | 21,028 |
Operating lease right-of-use assets | 2,078 | 2,315 |
Goodwill | 34,213 | 34,213 |
Intangible assets, net | 35,995 | 36,938 |
Other assets | 4,025 | 3,909 |
Total assets | 144,972 | 138,708 |
Current liabilities | ||
Accounts payable | 2,260 | 3,031 |
Accrued expenses and other current liabilities | 7,101 | 8,521 |
Line of credit | 7,000 | 7,000 |
Deferred revenue, short-term | 44,817 | 41,265 |
Total current liabilities | 61,178 | 59,817 |
Deferred revenue, long-term | 5,935 | 812 |
Deferred tax liability | 1,267 | 1,226 |
Other liabilities | 1,833 | 2,096 |
Total liabilities | 70,213 | 63,951 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Common stock: $0.005 par value; 500,000,000 shares authorized; 12,793,168 and 12,761,448 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 64 | 64 |
Additional paid-in capital | 173,066 | 170,139 |
Accumulated deficit | (98,027) | (95,118) |
Accumulated other comprehensive loss | (344) | (328) |
Total stockholders' equity | 74,759 | 74,757 |
Total liabilities and stockholders' equity | $ 144,972 | $ 138,708 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 12,793,168 | 12,761,448 |
Common stock, shares outstanding | 12,793,168 | 12,761,448 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 25,410 | $ 20,620 |
Costs | ||
Cost of revenues | 10,271 | 9,243 |
Impairment of property and equipment | 252 | 72 |
Total costs | 10,523 | 9,315 |
Gross profit | 14,887 | 11,305 |
Operating expenses | ||
Sales and marketing | 7,112 | 5,848 |
Research and development | 3,560 | 2,653 |
General and administrative | 6,830 | 4,616 |
Change in fair value of contingent consideration | 0 | (6) |
Total operating expenses | 17,502 | 13,111 |
Operating loss | (2,615) | (1,806) |
Other income (expense), net | ||
Interest income (expense), net | (122) | 54 |
Other expense, net | (58) | (38) |
Total other income (expense), net | (180) | 16 |
Loss before income taxes | (2,795) | (1,790) |
Provision for income taxes | 114 | |
Net loss | $ (2,909) | $ (1,790) |
Net loss per share, basic | $ (0.23) | $ (0.15) |
Net loss per share, diluted | $ (0.23) | $ (0.15) |
Weighted-average shares used in computing net loss per share, basic | 12,770,988 | 12,252,517 |
Weighted-average shares used in computing net loss per share, diluted | 12,770,988 | 12,252,517 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,909) | $ (1,790) |
Other comprehensive loss: | ||
Change in foreign currency translation adjustment, net of taxes | (16) | (17) |
Comprehensive loss | $ (2,925) | $ (1,807) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2022 | $ 60,945 | $ 62 | $ 153,573 | $ (92,400) | $ (290) |
Beginning balance, Shares at Dec. 31, 2022 | 12,243,929 | ||||
Exercise of stock options | 127 | 127 | |||
Exercise of stock options, Shares | 10,063 | ||||
Repurchase of common stock | (1,256) | (1,256) | |||
Repurchase of common stock, Shares | (35,369) | ||||
Issuance of common stock from RSUs vested, Shares | 25,157 | ||||
Stock-based compensation | 2,220 | 2,220 | |||
Foreign currency translation loss | (17) | (17) | |||
Net loss | (1,790) | (1,790) | |||
Ending balance at Mar. 31, 2023 | 60,229 | $ 62 | 154,664 | (94,190) | (307) |
Ending balance, Shares at Mar. 31, 2023 | 12,243,780 | ||||
Beginning balance at Dec. 31, 2023 | 74,757 | $ 64 | 170,139 | (95,118) | (328) |
Beginning balance, Shares at Dec. 31, 2023 | 12,761,448 | ||||
Issuance of common stock from RSUs vested, Shares | 31,720 | ||||
Stock-based compensation | 2,927 | 2,927 | |||
Foreign currency translation loss | (16) | (16) | |||
Net loss | (2,909) | (2,909) | |||
Ending balance at Mar. 31, 2024 | $ 74,759 | $ 64 | $ 173,066 | $ (98,027) | $ (344) |
Ending balance, Shares at Mar. 31, 2024 | 12,793,168 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,909) | $ (1,790) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation of property and equipment | 1,573 | 1,771 |
Amortization of intangible assets | 965 | 661 |
Impairment of property and equipment | 252 | 72 |
Stock-based compensation | 2,927 | 2,220 |
Change in fair value of contingent consideration | (6) | |
Deferred taxes | 41 | |
Allowance for credit losses | 126 | 25 |
Changes in operating assets and liabilities: | ||
Accounts receivable and contract assets | (4,627) | 4,211 |
Prepaid expenses and other assets | 278 | (486) |
Accounts payable | (886) | 219 |
Accrued expenses and other liabilities | (1,438) | (1,834) |
Deferred revenue | 8,675 | (6,261) |
Net cash provided by (used in) operating activities | 4,977 | (1,198) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (2,134) | (1,537) |
Investment in intangible and other assets | (6) | (23) |
Net cash used in investing activities | (2,140) | (1,560) |
Cash flows from financing activities: | ||
Payment of contingent consideration liability | (1,500) | |
Proceeds from line of credit | 3,000 | |
Proceeds from exercise of stock options | 127 | |
Repurchases of common stock | (1,256) | |
Payment of line of credit | (3,000) | |
Net cash used in financing activities | (2,629) | |
Change in cash, cash equivalents and restricted cash | 2,837 | (5,387) |
Effect of exchange rate on cash and cash equivalents | (16) | (17) |
Cash, cash equivalents at beginning of year | 5,703 | 10,479 |
Cash, cash equivalents at end of period | 8,524 | 5,075 |
Supplemental cash flow disclosures: | ||
Property and equipment purchases included in accounts payable | $ 584 | $ 1,074 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and Description of Business SoundThinking, Inc. (the “Company”) brings the power of digital transformation to law enforcement and security personnel by providing precision-policing and security solutions, combining data-driven solutions and strategic advisory services for law enforcement and civic leadership. As of March 31, 2024, the Company had approximately 250 customers and to date have worked with approximately 2,100 agencies to help drive more efficient, effective, and equitable public safety outcomes. In April 2023, the Company introduced its SafetySmart platform that includes five data-driven tools consisting of (i) its flagship product, ShotSpotter® (formerly ShotSpotter Respond), the leading outdoor gunshot detection, location and alerting system trusted by 171 cities and 18 universities and corporations as of March 31, 2024, (ii) CrimeTracer (formerly COPLINK X), a leading law enforcement search engine that enables investigators to search through more than one billion criminal justice records across jurisdictions to generate tactical leads and quickly make intelligent connections to solve crimes, (iii) CaseBuilder (formerly ShotSpotter Investigate), a one-stop investigative management system for tracking, reporting, and collaborating on cases, (iv) ResourceRouter (formerly ShotSpotter Connect) that directs the deployment of patrol and community anti-violence resources in an objective way to help maximize the impact of limited resources and improve community safety, and (v) SafePointe, an AI-based weapons detection system that the Company added when it acquired SafePointe, LLC (“SafePointe”) in August 2023. The Company offers its solutions on a software-as-a-service subscription model to its customers. ShotSpotter for Highways, ShotSpotter for Campus and ShotSpotter for Corporate, are typically smaller-scale deployments of ShotSpotter vertically marketed to universities, corporate campuses, highways, and key infrastructure centers to mitigate risk and enhance security by notifying authorities of outdoor gunfire incidents, saving critical minutes for first responders to arrive. In 2019, the Company created a technology innovation unit, SoundThinking Labs, to expand its efforts supporting innovative uses of its technology to help protect wildlife and the environment. Additionally, the Company provides maintenance and support services and professional software development services to two customers, through sales channel intermediaries. The Company’s principal executive offices are located in Fremont, California. The Company has six wholly-owned subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the results of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”) filed with the SEC on April 1, 2024. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations or cash flows to be anticipated for the full year 2024 or any future period. The Company has evaluated subsequent events occurring after the date of the condensed consolidated financial statements for events requiring recording or disclosure in the condensed consolidated financial statements. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates, including the valuation of accounts receivable, the lives and realization of tangible and intangible assets, contingent consideration liabilities, stock-based compensation expense, customer life, accounting for revenue recognition, contingent liabilities related to legal matters, and income taxes including deferred taxes and any related valuation allowance. In particular, the Company's contingent consideration liabilities are subject to significant estimates surrounding forecasts of certain revenues and other factors. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s financial position and results of operations. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company determines that it would be able to realize its deferred assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Concentrations of Risk Credit Risk – Financial instruments that potentially subject the Company to concentration of credit risk consisted primarily of cash and cash equivalents and accounts receivable from trade customers. The Company maintains its deposits of cash and cash equivalents at three domestic and four international financial institutions. The Company is exposed to credit risk in the event of default by a financial institution to the extent that cash and cash equivalents are in excess of the amount insured by the Federal Deposit Insurance Corporation ("FDIC") and other local country government agencies. The Company generally places its cash and cash equivalents with high-credit quality financial institutions. To date, the Company has not experienced any losses on its cash and cash equivalents. As of March 31, 2024, the Company had approximately $ 7.6 million, $ 0.3 million and $ 27,000 , deposited with the Company's three domestic financial institutions, for which only $ 250,000 per bank is insured under FDIC limits. Concentration of Accounts Receivable and Contract Assets – At March 31, 2024 , two customers accounted for 25 % and 21 % of the Company’s total accounts receivable and contract assets, net. At December 31, 2023, two customers accounted for 24 % and 10 %, respectively, of the Company’s total accounts receivable and contract assets, net. Concentration of Revenues – For the three months ended March 31, 2024 , two customers accounted for 26 % and 10 % of the Company’s total revenues. For the three months ended March 31, 2023, two customers accounted for 27 % and 10 % of the Company’s total revenues. Concentration of Suppliers – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s proprietary sensors. During the three months ended March 31, 2024, there were no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, except as follows: Recent Accounting Pronouncements Not Yet Effective Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency of income tax disclosures, primarily by requiring public business entities to disclose on an annual basis, specific categories in the rate reconciliation tabular presentation, as well as by providing additional information for reconciling items that meet a quantitative threshold. The ASU also requires disaggregated disclosures of federal, state and foreign income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024. The Company does not expect implementation of the new guidance to have a material impact on its condensed consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The guidance also requires disclosure of the Chief Operating Decision Maker's (“CODM”) position for each segment and detail of how the CODM uses financial reporting to assess their segment’s performance. The new guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements. |
Revenue Related Disclosures
Revenue Related Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Related Disclosures | Note 3. Revenue Related Disclosures The changes in deferred revenue were as follows (in thousands): March 31, 2024 2023 Beginning balance $ 42,077 $ 43,721 New billings 33,242 14,149 Revenue recognized during the year from beginning balance ( 14,347 ) ( 14,987 ) Revenue recognized during the year from new billings ( 10,220 ) ( 5,429 ) Foreign currency impact — 5 Ending balance $ 50,752 $ 37,459 The following table presents remaining performance obligations for contractually committed revenues as of March 31, 2024 (in thousands): Remainder of 2024 $ 59,125 2025 33,158 2026 16,135 Thereafter 5,340 Total $ 113,758 The timing of certain revenue recognition included in the table above is based on estimates of go-live dates for contracts not yet live. Contractually committed revenue includes deferred revenue as of March 31, 2024 and amounts under contract that will be invoiced after March 31, 2024. During the three months ended March 31, 2024, the Company recognized revenues of $ 24.8 million from customers in the United States, and $ 0.6 million from customers in the Bahamas, South Africa and Uruguay. During the three months ended March 31, 2023, the Company recognized revenues of $ 20.2 million from customers in the United States, and $ 0.4 million from customers in the Bahamas and South Africa. During the three months ended March 31, 2024 , the Company recognized revenues of $ 25.3 million from monthly subscription, maintenance and support services, and $ 0.1 million from professional software development services. During the three months ended March 31, 2023, the Company recognized revenues of $ 19.5 million from monthly subscription, maintenance and support services, and $ 1.1 million from professional software development services. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions SafePointe, LLC During the third quarter of 2023, the Company completed the acquisition of 100 % of the membership interests in SafePointe for purchase consideration of $ 11.4 million in cash, subject to working capital adjustments, of which $ 1.1 million is indemnification escrow cash, and $ 11.2 million in the form of 549,579 shares of the Company's common stock based on the closing price on the date of acquisition, of which $ 1.1 million is indemnification escrow stock. The purchase consideration also included a contingent earnout payable based on SafePointe’s revenues generated during 2023 through 2025. The Company borrowed $ 7.0 million under the Umpqua Credit Agreement (See Note 12, Financing Arrangements ) to partially fund the purchase consideration. The acquisition date fair value of the contingent earnout was $ 3.0 m illion, resulting in a total purchase consideration of $ 25.6 million. Up to $ 11.5 million in earnout would be payable based on SafePointe’s revenues generated during the remainder of 2023 and during the years ended December 31, 2024 and 2025. The SafePointe acquisition was accounted for as a business acquisition in accordance with ASC 805, Business Combinations . The acquisition allows the Company to enter the AI-based weapons detection market. The following table summarizes the assignment of fair value to the identified assets and liabilities recorded as of the acquisition date (in thousands): Cash and cash equivalents $ 394 Accounts receivable and contract assets 370 Property and equipment, net 717 Customer relationships 2,500 Software technology 9,200 Tradename 1,100 Goodwill 11,242 Other assets 101 Accrued expenses and other current liabilities ( 52 ) Deferred revenue ( 581 ) Net assets acquired 24,991 Escrow claim 581 Total estimated consideration $ 25,572 The goodwill recognized was primarily attributed to increased synergies that are expected to be achieved from the integration of SafePointe and primarily represents the value of cash flows from future customers and the employee workforce. The Company expects to deduct the amortization of goodwill and intangible assets for tax purposes. A portion of the amortization deduction will commence upon settlement of contingent consideration liabilities. The Company valued the intangible assets using income-based approaches. Significant assumptions included forecasts of revenues, cost of revenues, research and development expense, sales and marketing expense, general and administrative expense, technology lives, royalty rates, working capital rates, customer attrition rates and other estimates. The Company discounted the cash flows at 20.9 %, reflecting the risk profile of the assets. The Company will amortize the acquired customer relationships for 12 years, the acquired software technology for 11 years and the acquired tradename for nine years . There were no acquisition-related expenses during the three months ended March 31, 2024 and 2023, respectively. The unaudited pro forma combined revenue and net loss presented below have been prepared as if the Company had acquired SafePointe on January 1, 2023 and is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2023. The unaudited pro forma financial information has been derived from the consolidated statements of operations of the Company and SafePointe for the below period. The historical financial information has been adjusted in the unaudited combined pro forma information based upon currently available information and certain estimates and assumptions. The actual effect of the transactions ultimately may differ from the pro forma adjustments included herein. However, management believes that the assumptions used to prepare the pro forma adjustments provide a reasonable basis for presenting the significant effects of the transactions as currently contemplated and that the pro forma adjustments are factually supportable, give appropriate effect to the expected impact of events that are directly attributable to the transactions, and reflect those items expected to have a continuing impact on the Company. The unaudited pro forma combined revenue and net loss for the three months ended March 31, 2023 would have been $ 21.0 million and $ 2.4 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements In November 2020, the Company estimated the fair value of the contingent consideration liability associated with its acquisition of LEEDS, LLC (“LEEDS”). This fair value measurement was classified as Level III within the fair value hierarchy as prescribed by Accounting Standards Codification 820-10-35-37 ("ASC 820, Fair Value Measuremen t"). In May 2023, the Company renamed LEEDS to Technologic Solutions, LLC (“Technologic”). During the first quarter of 2023, the Company paid the $ 1.5 million Technologic contingent consideration balance, in full settlement of its obligations under the purchase agreement. In January 2022, the Company estimated the fair value of the contingent consideration liability associated with its acquisition of Forensic Logic to be $ 12.4 million as of the acquisition date, using a Monte Carlo simulation approach with asset and revenue volatility of 60.0 % and 28.0 %, respectively. This fair value measurement is classified as Level III within the fair value hierarchy as prescribed by ASC 820, Fair Value Measurement . During the three months ended March 31, 2023, the fair value of the contingent consideration was decreased by $ 0.01 million, based upon adjustments to recorded liabilities as a result of revised 2023 forecasted revenues as of March 31, 2023. As a result of actual revenue recognized in the year ended December 31, 2023, the Company did not pay any amounts under the contingent consideration and no further contingent payments remain. In August 2023, the Company estimated the fair value of the contingent consideration liability associated with its acquisition of SafePointe to be $ 3.0 million as of the acquisition date, using a Monte Carlo simulation approach with asset and revenue volatility of 76.1 % and 25.8 %, respectively. This fair value measurement is classified as Level III within the fair value hierarchy as prescribed by ASC 820, Fair Value Measurement . The changes in the fair value of contingent consideration liabilities for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 554 $ 4,747 Payment of contingent consideration liability — ( 1,500 ) Change in fair value of contingent consideration — ( 6 ) Ending balance $ 554 $ 3,241 There were no transfers into or out of Level III during the three months ended March 31, 2024 and 2023. As of March 31, 2024, the SafePointe contingent consideration of approximately $ 0.6 million is included in other liabilities in th e condensed consolidated balance sheet. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6. Goodwill The change in goodwill is as follows (in thousands): March 31, December 31, 2024 2023 Beginning balance $ 34,213 $ 22,971 Acquisition of SafePointe (Note 4 - Acquisitions) — 11,242 Ending balance $ 34,213 $ 34,213 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 7. Intangible Assets, Net Intangible assets consist of the following (in thousands): March 31, 2024 Weighted Average Amortization Period (in years) Gross Accumulated Amortization Net Customer relationships 14 $ 25,470 $ ( 4,927 ) $ 20,543 Acquired software technology 9 16,340 ( 2,627 ) 13,713 Patents and intellectual property 4 1,988 ( 1,273 ) 715 Tradename 6 2,100 ( 1,076 ) 1,024 Total intangible assets, net $ 45,898 $ ( 9,903 ) $ 35,995 December 31, 2023 Weighted Average Amortization Period (in years) Gross Accumulated Amortization Net Customer relationships 14 $ 25,470 $ ( 4,467 ) $ 21,003 Acquired software technology 9 16,340 ( 2,199 ) 14,141 Patents 4 1,966 ( 1,227 ) 739 Tradename 6 2,100 ( 1,045 ) 1,055 Total intangible assets, net $ 45,876 $ ( 8,938 ) $ 36,938 Intangible amortization expense was approximately $ 1.0 million and $ 0.7 million for the three months ended March 31, 2024 and March 31, 2023, respectively. The following table presents future intangible asset amortization as of March 31, 2024 (in thousands): Remainder of 2024 $ 2,857 2025 3,818 2026 3,801 2027 3,801 2028 3,736 Thereafter 17,982 Total $ 35,995 |
Details of Certain Condensed Co
Details of Certain Condensed Consolidated Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Condensed Consolidated Balance Sheet Accounts | Note 8. Details of Certain Condensed Consolidated Balance Sheet Accounts Accounts receivable and contract assets, net (in thousands): March 31, December 31, 2024 2023 Accounts receivable $ 25,961 $ 24,574 Contract assets 9,366 6,225 Allowance for credit losses ( 126 ) ( 99 ) $ 35,201 $ 30,700 Prepaid expenses and other current assets (in thousands): March 31, December 31, 2024 2023 Deferred commissions $ 1,385 $ 1,295 Prepaid software and licenses 946 1,147 Short-term deposits 467 406 Prepaid insurance 399 806 Other 310 248 $ 3,507 $ 3,902 Other assets (long-term) (in thousands): March 31, December 31, 2024 2023 Deferred commissions $ 3,275 $ 3,205 Escrow claim (Note 4 - Acquisitions) 581 581 Other 169 123 $ 4,025 $ 3,909 Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2024 2023 Personnel-related accruals $ 4,818 $ 6,500 Operating lease liabilities 981 964 Professional fees 371 407 Sales/use tax payable 125 100 State income tax payable 201 128 Other 605 422 $ 7,101 $ 8,521 Other liabilities (long-term) (in thousands): March 31, December 31, 2024 2023 Operating lease liabilities $ 1,279 $ 1,542 Contingent consideration liability 554 554 $ 1,833 $ 2,096 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9. Related Party Transactions During the three months ended March 31, 2024, the Company recognized approximat ely $ 33 in revenues from SoundThinking Labs projects with charitable organizations that have received donations from one of the Company’s former directors and from one of the Company’s significant stockholders. There were no related party transactions in the three months ended March 31, 2023. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 10. Net Income (Loss) per Share The computation of basic net income (loss) per share is based on the weighted-average number of shares of common stock outstanding during each period. The computation of diluted net income (loss) per share is based on the weighted-average number of shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options, restricted stock units, employee stock purchase plan purchase rights and warrants. The following table summarizes the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 2,909 ) $ ( 1,790 ) Denominator: Weighted-average shares outstanding, basic and diluted 12,770,988 12,252,517 Net loss per share, basic and diluted $ ( 0.23 ) $ ( 0.15 ) Th e following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net loss per share as the effect would have been anti-dilutive: March 31, 2024 2023 Options to purchase common stock 1,819,731 1,461,481 Unvested restricted stock units 1,085,127 337,259 Total 2,904,858 1,798,740 |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 11. Equity Incentive Plans Stock options A summary of option activities under the 2005 Stock Plan, as amended in January 2010 and November 2012 (the "2005 Plan") and 2017 Equity Incentive Plan (the “2017 Plan") during the three months ended March 31, 2024 is as follows: Number Weighted Weighted Aggregate Intrinsic Value Exercised (in thousands) Outstanding at December 31, 2023 1,789,431 $ 26.83 Granted 51,667 $ 17.74 $ 10.81 Exercised — $ — $ — Canceled ( 21,367 ) $ 25.86 Outstanding at March 31, 2024 1,819,731 $ 26.59 Under an “evergreen” provision, the number of shares of common stock reserved for issuance under the 2017 Plan will automatically increase on January 1 of each year, beginning on January 1, 2018 and ending on and including January 1, 2027 , by 5 % of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under the 2017 Plan was increased on January 1, 2024 by 638,072 shares, which was equal to 5 % of the total number of shares of common stock outstanding on December 31, 2023. Restricted stock units A summary of restricted stock unit ("RSU") activities under the 2017 Plan during the three months ended March 31, 2024 is as follows: Number Weighted Aggregate Fair Value of RSUs Vested (in thousands) Unvested RSUs at December 31, 2023 298,361 $ 27.58 Granted 817,408 $ 17.74 Vested ( 30,642 ) $ 29.08 $ 4,897 Forfeited — $ — Unvested RSUs at March 31, 2024 1,085,127 $ 20.18 Performance-based restricted stock units: During the three months ended March 31, 2024, the Company granted to members of the Company's management team RSU awards with performance-based vesting conditions (“PSUs”) , totaling 544,228 shares at a grant date fair value of $ 17.74 per share, the closing stock price on the grant date. These PSUs vest in one installment on the certification date, which shall occur as soon as administratively practicable following the end of 2026, based on the satisfaction of certain Company performance criteria in 2026, as determined by the Compensation and Human Capital Committee of the Board of Directors of the Company. Compensation expense related to the PSUs is estimated each period based on the fair value of the target stock unit at the grant date and the most probable level of achievement of the performance conditions. Compensation expense related to these awards was approximately $ 0.1 million for the three months ended March 31, 2024. 2017 Employee Stock Purchase Plan There were no shares of common stock issued under the 2017 Employee Stock Purchase Plan ("2017 ESPP") during the three months ended March 31, 2024. The 2017 ESPP contains an “evergreen” provision that provides for an automatic annual share increase on January 1 of each year, in an amount equal to the lesser of (1) 2 % of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, (2) 150,000 shares or (3) such number of shares as determined by the Board. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under the 2017 ESPP was increased on January 1, 2024 by 150,000 shares. The number of shares available for grant under the 2017 ESPP was 778,343 as of March 31, 2024. Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 440 $ 474 Sales and marketing 601 439 Research and development 302 295 General and administrative 1,584 1,012 Total $ 2,927 $ 2,220 |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 12. Financing Arrangements On September 27, 2018 , the Company entered into a Credit Agreement with Umpqua Bank (the “Umpqua Credit Agreement”), which allowed the Company to borrow up to $ 10.0 million under a revolving loan facility (the “Revolving Facility”). On November 23, 2022, the Company entered into a Fifth Amendment to the Umpqua Credit Agreement (the “Amendment”), which amended the terms of the Umpqua Credit Agreement to, among other things, (1) extend the maturity date from November 27, 2022 to October 15, 2024 , (2) increase the revolving credit commitment from $ 20.0 million to $ 25.0 million, (3) increase the letter of credit sub-facility from $ 6.0 million to $ 7.5 million, (4) remove the minimum profitability covenants and (5) replace the LIBOR index rate with a Term Secured Overnight Financing Rate index rate. On February 7, 2024, the Company entered into a Sixth Amendment to extend the expiration date to October 15, 2025. Any amounts outstanding under the letter of credit sub-facility reduce the amount available for the Company to borrow under the Revolving Facility. The available loan facility as of March 31, 2024 and December 31, 2023 was approximately $ 18.0 million, for both periods. As of March 31, 2024 and December 31, 2023, there was $ 7.0 million outstanding on the Company's line of credit, which the Company borrowed in August 2023 to partially fund the acquisition of SafePointe. The interest expense recorded for the three months ended March 31, 2024 was $ 0.1 million, based on a weighted-average interest rate of 7.33 %. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies Contingencies On August 28, 2018, Silvon S. Simmons (the “Plaintiff”) amended a complaint against the City of Rochester, New York and various city employees, filed in the United States District Court, Western District of New York, to add the Company and employees as a defendant. The amended complaint alleges conspiracy to violate the Plaintiff’s civil rights, denial of the right to a fair trial, and malicious prosecution. The Plaintiff claims that the Company colluded with the City of Rochester to fabricate and create gunshot alert evidence to secure Plaintiff’s conviction. On the basis of the allegations, the Plaintiff has petitioned for compensatory and punitive damages and other costs and expenses, including attorney’s fees. The Company believes that the Plaintiff’s claims are without merit and has disputed them vigorously. Following a motion for summary judgment by the Company on September 13, 2023, the court removed the Company as a defendant from the litigation. The Plaintiff then lost its case against the City of Rochester, New York at trial and may appeal. The Company may become subject to legal proceedings, as well as demands and claims that arise in the normal course of business. Such claims, even if not meritorious, could result in the expenditure of significant financial and management resources. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed and adjusted to include the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel, and other information and events pertaining to a particular matter. An unfavorable outcome on any litigation matters could require payment of substantial damages, or, in connection with any intellectual property infringement claims, could require the Company to pay ongoing royalty payments or could prevent the Company from selling certain of its products. As a result, a settlement of, or an unfavorable outcome on, any of the matters referenced above or other litigation matters could have a material adverse effect on the Company’s business, operating results, financial condition and cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the results of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”) filed with the SEC on April 1, 2024. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders’ equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations or cash flows to be anticipated for the full year 2024 or any future period. The Company has evaluated subsequent events occurring after the date of the condensed consolidated financial statements for events requiring recording or disclosure in the condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates, including the valuation of accounts receivable, the lives and realization of tangible and intangible assets, contingent consideration liabilities, stock-based compensation expense, customer life, accounting for revenue recognition, contingent liabilities related to legal matters, and income taxes including deferred taxes and any related valuation allowance. In particular, the Company's contingent consideration liabilities are subject to significant estimates surrounding forecasts of certain revenues and other factors. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s financial position and results of operations. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company determines that it would be able to realize its deferred assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. |
Concentrations of Risk | Concentrations of Risk Credit Risk – Financial instruments that potentially subject the Company to concentration of credit risk consisted primarily of cash and cash equivalents and accounts receivable from trade customers. The Company maintains its deposits of cash and cash equivalents at three domestic and four international financial institutions. The Company is exposed to credit risk in the event of default by a financial institution to the extent that cash and cash equivalents are in excess of the amount insured by the Federal Deposit Insurance Corporation ("FDIC") and other local country government agencies. The Company generally places its cash and cash equivalents with high-credit quality financial institutions. To date, the Company has not experienced any losses on its cash and cash equivalents. As of March 31, 2024, the Company had approximately $ 7.6 million, $ 0.3 million and $ 27,000 , deposited with the Company's three domestic financial institutions, for which only $ 250,000 per bank is insured under FDIC limits. Concentration of Accounts Receivable and Contract Assets – At March 31, 2024 , two customers accounted for 25 % and 21 % of the Company’s total accounts receivable and contract assets, net. At December 31, 2023, two customers accounted for 24 % and 10 %, respectively, of the Company’s total accounts receivable and contract assets, net. Concentration of Revenues – For the three months ended March 31, 2024 , two customers accounted for 26 % and 10 % of the Company’s total revenues. For the three months ended March 31, 2023, two customers accounted for 27 % and 10 % of the Company’s total revenues. Concentration of Suppliers – The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s proprietary sensors. |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances the transparency of income tax disclosures, primarily by requiring public business entities to disclose on an annual basis, specific categories in the rate reconciliation tabular presentation, as well as by providing additional information for reconciling items that meet a quantitative threshold. The ASU also requires disaggregated disclosures of federal, state and foreign income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024. The Company does not expect implementation of the new guidance to have a material impact on its condensed consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The guidance also requires disclosure of the Chief Operating Decision Maker's (“CODM”) position for each segment and detail of how the CODM uses financial reporting to assess their segment’s performance. The new guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company does not expect implementation of the new guidance to have a material impact on its consolidated financial statements. |
Revenue Related Disclosures (Ta
Revenue Related Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Changes in Deferred Revenue | The changes in deferred revenue were as follows (in thousands): March 31, 2024 2023 Beginning balance $ 42,077 $ 43,721 New billings 33,242 14,149 Revenue recognized during the year from beginning balance ( 14,347 ) ( 14,987 ) Revenue recognized during the year from new billings ( 10,220 ) ( 5,429 ) Foreign currency impact — 5 Ending balance $ 50,752 $ 37,459 |
Schedule of Remaining Performance Obligations for Contractually Committed Revenues | The following table presents remaining performance obligations for contractually committed revenues as of March 31, 2024 (in thousands): Remainder of 2024 $ 59,125 2025 33,158 2026 16,135 Thereafter 5,340 Total $ 113,758 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SafePointe, LLC | |
Business Acquisition [Line Items] | |
Summary of Assignment of Fair Value to Identified Assets and Liabilities | The following table summarizes the assignment of fair value to the identified assets and liabilities recorded as of the acquisition date (in thousands): Cash and cash equivalents $ 394 Accounts receivable and contract assets 370 Property and equipment, net 717 Customer relationships 2,500 Software technology 9,200 Tradename 1,100 Goodwill 11,242 Other assets 101 Accrued expenses and other current liabilities ( 52 ) Deferred revenue ( 581 ) Net assets acquired 24,991 Escrow claim 581 Total estimated consideration $ 25,572 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair Value of Contingent Consideration Liabilities | The changes in the fair value of contingent consideration liabilities for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 554 $ 4,747 Payment of contingent consideration liability — ( 1,500 ) Change in fair value of contingent consideration — ( 6 ) Ending balance $ 554 $ 3,241 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The change in goodwill is as follows (in thousands): March 31, December 31, 2024 2023 Beginning balance $ 34,213 $ 22,971 Acquisition of SafePointe (Note 4 - Acquisitions) — 11,242 Ending balance $ 34,213 $ 34,213 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Net | Intangible assets consist of the following (in thousands): March 31, 2024 Weighted Average Amortization Period (in years) Gross Accumulated Amortization Net Customer relationships 14 $ 25,470 $ ( 4,927 ) $ 20,543 Acquired software technology 9 16,340 ( 2,627 ) 13,713 Patents and intellectual property 4 1,988 ( 1,273 ) 715 Tradename 6 2,100 ( 1,076 ) 1,024 Total intangible assets, net $ 45,898 $ ( 9,903 ) $ 35,995 December 31, 2023 Weighted Average Amortization Period (in years) Gross Accumulated Amortization Net Customer relationships 14 $ 25,470 $ ( 4,467 ) $ 21,003 Acquired software technology 9 16,340 ( 2,199 ) 14,141 Patents 4 1,966 ( 1,227 ) 739 Tradename 6 2,100 ( 1,045 ) 1,055 Total intangible assets, net $ 45,876 $ ( 8,938 ) $ 36,938 |
Schedule of Future Intangible Asset Amortization | The following table presents future intangible asset amortization as of March 31, 2024 (in thousands): Remainder of 2024 $ 2,857 2025 3,818 2026 3,801 2027 3,801 2028 3,736 Thereafter 17,982 Total $ 35,995 |
Details of Certain Condensed _2
Details of Certain Condensed Consolidated Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable and Contract Assets, Net | Accounts receivable and contract assets, net (in thousands): March 31, December 31, 2024 2023 Accounts receivable $ 25,961 $ 24,574 Contract assets 9,366 6,225 Allowance for credit losses ( 126 ) ( 99 ) $ 35,201 $ 30,700 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (in thousands): March 31, December 31, 2024 2023 Deferred commissions $ 1,385 $ 1,295 Prepaid software and licenses 946 1,147 Short-term deposits 467 406 Prepaid insurance 399 806 Other 310 248 $ 3,507 $ 3,902 |
Schedule of Other Long-term Assets | Other assets (long-term) (in thousands): March 31, December 31, 2024 2023 Deferred commissions $ 3,275 $ 3,205 Escrow claim (Note 4 - Acquisitions) 581 581 Other 169 123 $ 4,025 $ 3,909 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2024 2023 Personnel-related accruals $ 4,818 $ 6,500 Operating lease liabilities 981 964 Professional fees 371 407 Sales/use tax payable 125 100 State income tax payable 201 128 Other 605 422 $ 7,101 $ 8,521 |
Schedule of Other Long-term Liabilities | Other liabilities (long-term) (in thousands): March 31, December 31, 2024 2023 Operating lease liabilities $ 1,279 $ 1,542 Contingent consideration liability 554 554 $ 1,833 $ 2,096 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) per Share | The following table summarizes the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 2,909 ) $ ( 1,790 ) Denominator: Weighted-average shares outstanding, basic and diluted 12,770,988 12,252,517 Net loss per share, basic and diluted $ ( 0.23 ) $ ( 0.15 ) |
Schedule of Anti-dilutive Shares Outstanding Excluded in Calculation of Diluted Net Loss per Share | Th e following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net loss per share as the effect would have been anti-dilutive: March 31, 2024 2023 Options to purchase common stock 1,819,731 1,461,481 Unvested restricted stock units 1,085,127 337,259 Total 2,904,858 1,798,740 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of option activities under the 2005 Stock Plan, as amended in January 2010 and November 2012 (the "2005 Plan") and 2017 Equity Incentive Plan (the “2017 Plan") during the three months ended March 31, 2024 is as follows: Number Weighted Weighted Aggregate Intrinsic Value Exercised (in thousands) Outstanding at December 31, 2023 1,789,431 $ 26.83 Granted 51,667 $ 17.74 $ 10.81 Exercised — $ — $ — Canceled ( 21,367 ) $ 25.86 Outstanding at March 31, 2024 1,819,731 $ 26.59 |
Schedule of Unvested Restricted Stock Units Awards Activity | A summary of restricted stock unit ("RSU") activities under the 2017 Plan during the three months ended March 31, 2024 is as follows: Number Weighted Aggregate Fair Value of RSUs Vested (in thousands) Unvested RSUs at December 31, 2023 298,361 $ 27.58 Granted 817,408 $ 17.74 Vested ( 30,642 ) $ 29.08 $ 4,897 Forfeited — $ — Unvested RSUs at March 31, 2024 1,085,127 $ 20.18 |
Schedule of Stock-Based Compensation Expense for All Award Types Recorded in Consolidated Statements of Operations | Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenues $ 440 $ 474 Sales and marketing 601 439 Research and development 302 295 General and administrative 1,584 1,012 Total $ 2,927 $ 2,220 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 City Universities Agencies Customers Subsidiary | |
Business And Nature Of Operations [Line Items] | |
Number of customers | 250 |
Number of agencies | Agencies | 2,100 |
Number of universities and corporations in which entity operates | Universities | 18 |
Number of subsidiary | Subsidiary | 6 |
Maintenance and Support Services and Professional Software Development Services | |
Business And Nature Of Operations [Line Items] | |
Number of customers | 2 |
Minimum | |
Business And Nature Of Operations [Line Items] | |
Number of cities in which entity operates | City | 171 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) Customer Customers Financialinstitution | Mar. 31, 2023 Customer | Dec. 31, 2023 USD ($) Customer | |
Accounting Policies [Line Items] | |||
Number of customers | Customers | 250 | ||
Cash and cash equivalents | $ 8,524,000 | $ 5,703,000 | |
Customer Concentration Risk | Accounts Receivable and Contract Assets | |||
Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | 2 | |
Customer Concentration Risk | Revenues | |||
Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | 2 | |
Customer Concentration Risk | Customer One | Accounts Receivable and Contract Assets | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 25% | 24% | |
Customer Concentration Risk | Customer One | Revenues | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 26% | 27% | |
Customer Concentration Risk | Customer Two | Accounts Receivable and Contract Assets | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 21% | 10% | |
Customer Concentration Risk | Customer Two | Revenues | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10% | 10% | |
Credit Concentration Risk | |||
Accounting Policies [Line Items] | |||
Cash deposits insured | $ 250,000 | ||
Credit Concentration Risk | United States | |||
Accounting Policies [Line Items] | |||
Number of financial institutions at which cash deposits are maintained | Financialinstitution | 3 | ||
Credit Concentration Risk | International | |||
Accounting Policies [Line Items] | |||
Number of financial institutions at which cash deposits are maintained | Financialinstitution | 4 | ||
Credit Concentration Risk | Domestic Financial Institution One | |||
Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 7,600,000 | ||
Credit Concentration Risk | Domestic Financial Institution Two | |||
Accounting Policies [Line Items] | |||
Cash and cash equivalents | 300,000 | ||
Credit Concentration Risk | Domestic Financial Institution Three | |||
Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 27,000,000 |
Revenue Related Disclosures - S
Revenue Related Disclosures - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Beginning balance | $ 42,077 | $ 43,721 |
New billings | 33,242 | 14,149 |
Foreign currency impact | 5 | |
Ending balance | 50,752 | 37,459 |
Recognition From Balance at the Beginning of the Year | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized during the year | (14,347) | (14,987) |
Revenue Recognized During the Year from New Billings | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized during the year | $ (10,220) | $ (5,429) |
Revenue Related Disclosures -_2
Revenue Related Disclosures - Schedule of Remaining Performance Obligations for Contractually Committed Revenues (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 113,758 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 59,125 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 33,158 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 16,135 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 5,340 |
Estimated remaining performance obligations for contractually committed revenues recognition period |
Revenue Related Disclosures -_3
Revenue Related Disclosures - Schedule of Remaining Performance Obligations for Contractually Committed Revenues 1 (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 113,758 |
Revenue Related Disclosures - A
Revenue Related Disclosures - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Subscription, maintenance and support services Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 25.3 | $ 19.5 |
Professional software development services member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 0.1 | 1.1 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 24.8 | 20.2 |
South Africa | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 0.6 | 0.4 |
Bahamas | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 0.6 | $ 0.4 |
Uruguay | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 0.6 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | |
Umpqua Credit Agreement | ||||
Business Acquisition [Line Items] | ||||
Credit facility outstanding | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | |
SafePointe, LLC | ||||
Business Acquisition [Line Items] | ||||
Membership interests, acquired | 100% | |||
Business acquisition purchase consideration in cash | $ 11,400,000 | |||
Preliminary fair value of the contingent consideration | 3,000,000 | |||
Business acquisition estimated purchase consideration/purchase consideration | 25,600,000 | |||
Percentage of discounted cash flows | 20.90% | |||
Acquisition-related expenses | $ 0 | $ 0 | ||
Proforma revenue | 21,000,000 | |||
Proforma combined loss | $ 2,400,000 | |||
SafePointe, LLC | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, intangible assets | 2,500,000 | |||
Intangible assets amortization period | 12 years | |||
SafePointe, LLC | Software technology | ||||
Business Acquisition [Line Items] | ||||
Intangible assets amortization period | 11 years | |||
SafePointe, LLC | Tradename | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, intangible assets | 1,100,000 | |||
Intangible assets amortization period | 9 years | |||
SafePointe, LLC | Indemnification Escrow | ||||
Business Acquisition [Line Items] | ||||
Indemnification escrow cash | 1,100,000 | |||
Business acquisition purchase consideration, stock issued | 1,100,000 | |||
SafePointe, LLC | Maximum | Indemnification Escrow | ||||
Business Acquisition [Line Items] | ||||
Earnout will be payable based on estimated revenues generated | $ 11,500,000 | |||
SafePointe, LLC | Common Stock | ||||
Business Acquisition [Line Items] | ||||
Issuance of common stock for acquisition, Shares | 549,579 | |||
Fair value of common stock issued as consideration for acquisitions | $ 11,200,000 |
Acquisitions - Summary of Assig
Acquisitions - Summary of Assignment of Fair Value to Identified Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 34,213 | $ 34,213 | $ 22,971 | |
SafePointe, LLC | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 394 | |||
Accounts receivable and contract assets | 370 | |||
Property and equipment, net | 717 | |||
Goodwill | 11,242 | |||
Other assets | 101 | |||
Accrued expenses and other current liabilities | (52) | |||
Deferred revenue | (581) | |||
Net assets acquired | 24,991 | |||
Escrow claim | 581 | |||
Total estimated consideration | 25,572 | |||
SafePointe, LLC | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | 2,500 | |||
SafePointe, LLC | Software Technology | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | 9,200 | |||
SafePointe, LLC | Tradename | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | $ 1,100 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Aug. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2022 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Payment of contingent consideration liability | $ 1,500,000 | |||||
Transfers into or out of level 3 | $ 0 | 0 | ||||
Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Percentage of assets, fair value adjustment | 76.10% | 60% | ||||
Percentage of revenue volatility | 25.80% | 28% | ||||
Fair Value Measurements Recurring | Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Change in fair value of contingent consideration | (6,000) | |||||
Contingent consideration | 554,000 | 3,241,000 | $ 554,000 | $ 4,747,000 | ||
Fair Value Measurements Recurring | Level 3 | Other Liabilities | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Contingent consideration | $ 600,000 | |||||
Technologic | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Payment of contingent consideration liability | 1,500,000 | |||||
Forensic Logic | Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated fair value of contingent consideration | $ 12,400,000 | |||||
Forensic Logic | Fair Value Measurements Recurring | Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Change in fair value of contingent consideration | $ 10,000 | |||||
SafePointe, LLC | Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated fair value of contingent consideration | $ 3,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Contingent Consideration Liabilities (Details) - Fair Value Measurements Recurring - Level 3 $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 4,747 |
Payment of contingent consideration liability | (1,500) |
Change in fair value of contingent consideration | (6) |
Ending balance | 3,241 |
Forensic Logic | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Change in fair value of contingent consideration | $ 10 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Beginning balance | $ 34,213 | $ 22,971 |
Ending balance | 34,213 | 34,213 |
SafePointe, LLC | ||
Goodwill [Line Items] | ||
Acquisition (Note 4 - Acquisitions) | $ 0 | $ 11,242 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 45,898 | $ 45,876 |
Accumulated Amortization | (9,903) | (8,938) |
Net | $ 35,995 | $ 36,938 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 14 years | 14 years |
Gross | $ 25,470 | $ 25,470 |
Accumulated Amortization | (4,927) | (4,467) |
Net | $ 20,543 | $ 21,003 |
Acquired Software Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 9 years | 9 years |
Gross | $ 16,340 | $ 16,340 |
Accumulated Amortization | (2,627) | (2,199) |
Net | $ 13,713 | $ 14,141 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 4 years | |
Gross | $ 1,966 | |
Accumulated Amortization | (1,227) | |
Net | $ 739 | |
Patents and Intellectual Property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 4 years | |
Gross | $ 1,988 | |
Accumulated Amortization | (1,273) | |
Net | $ 715 | |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 6 years | 6 years |
Gross | $ 2,100 | $ 2,100 |
Accumulated Amortization | (1,076) | (1,045) |
Net | $ 1,024 | $ 1,055 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible amortization expense | $ 965 | $ 661 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2024 | $ 2,857 | |
2025 | 3,818 | |
2026 | 3,801 | |
2027 | 3,801 | |
2028 | 3,736 | |
Thereafter | 17,982 | |
Net | $ 35,995 | $ 36,938 |
Details of Certain Condensed _3
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Accounts Receivable and Contract Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 25,961 | $ 24,574 |
Contract assets | 9,366 | 6,225 |
Allowance for credit losses | (126) | (99) |
Accounts receivable and contract assets | $ 35,201 | $ 30,700 |
Details of Certain Condensed _4
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Deferred commissions | $ 1,385 | $ 1,295 |
Prepaid software and licenses | 946 | 1,147 |
Short-term deposits | 467 | 406 |
Prepaid insurance | 399 | 806 |
Other | 310 | 248 |
Total | $ 3,507 | $ 3,902 |
Details of Certain Condensed _5
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Long-term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Deferred commissions | $ 3,275 | $ 3,205 |
Escrow claim (Note 4 - Acquisitions) | 581 | 581 |
Other | 169 | 123 |
Total other assets | $ 4,025 | $ 3,909 |
Details of Certain Condensed _6
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Personnel-related accruals | $ 4,818 | $ 6,500 |
Operating lease liabilities | 981 | 964 |
Professional fees | 371 | 407 |
Sales/ use tax payable | 125 | 100 |
State income tax payable | 201 | 128 |
Other | 605 | 422 |
Accrued expenses and other current liabilities | $ 7,101 | $ 8,521 |
Details of Certain Condensed _7
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Operating lease liabilities | $ 1,279 | $ 1,542 |
Contingent consideration liability | 554 | 554 |
Other liabilities, noncurrent | $ 1,833 | $ 2,096 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - SoundThinking - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 33,000 | |
Related party transactions | $ 0 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss | $ (2,909) | $ (1,790) |
Denominator: | ||
Weighted-average shares outstanding, basic | 12,770,988 | 12,252,517 |
Weighted-average shares outstanding, diluted | 12,770,988 | 12,252,517 |
Net loss per share, basic | $ (0.23) | $ (0.15) |
Net loss per share, diluted | $ (0.23) | $ (0.15) |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Schedule of Anti-dilutive Shares Outstanding Excluded in Calculation of Diluted Net Income (Loss) per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 2,904,858 | 1,798,740 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 1,819,731 | 1,461,481 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 1,085,127 | 337,259 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, Beginning Balance | shares | 1,789,431 |
Number of Options Outstanding, Granted | shares | 51,667 |
Number of Options Outstanding, Canceled | shares | (21,367) |
Number of Options Outstanding, Ending Balance | shares | 1,819,731 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Beginning Balance | $ 26.83 |
Weighted Average Exercise Price, Granted | 17.74 |
Weighted Average Exercise Price, Canceled | 25.86 |
Weighted Average Exercise Price, Ending Balance | 26.59 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Grant Date Fair Value per Option, Granted | $ 10.81 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 01, 2024 | May 31, 2017 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | $ 2,927 | $ 2,220 | ||||
Restricted Stock Unit | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of RSUs, Granted | 817,408 | |||||
Grant Date Fair Value, Granted | $ 17.74 | |||||
Performance-based RSU | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of RSUs, Granted | 544,228 | |||||
Grant Date Fair Value, Granted | $ 17.74 | |||||
Compensation expense | $ 100 | |||||
2017 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares issued under ESPP | 0 | |||||
Number of shares available for future grant | 778,343 | |||||
Shares of common stock reserved for issuance, automatic annual increase initiation period | --01-01 | |||||
Percentage of number of shares of common stock outstanding | 2% | |||||
Increase in common stock reserved for issuance | 150,000 | |||||
Periodic increment of common stock reserved for future issuance | 150,000 | |||||
2017 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares of common stock reserved for issuance, automatic annual increase initiation period | --01-01 | |||||
Percentage of number of shares of common stock outstanding | 5% | 5% | ||||
Shares of common stock reserved for issuance, automatic annual increase start date | Jan. 01, 2018 | |||||
Shares of common stock reserved for issuance, automatic annual increase end date | Jan. 01, 2027 | |||||
Increase in common stock reserved for issuance | 638,072 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Unvested Restricted Stock Units Awards Activity - (Details) - Restricted Stock Unit $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs, Beginning Balance | shares | 298,361 |
Number of RSUs, Granted | shares | 817,408 |
Number of RSUs, Vested | shares | (30,642) |
Number of RSUs, Ending Balance | shares | 1,085,127 |
Weighted Average Grant Date Fair Value per RSU, Beginning Balance | $ / shares | $ 27.58 |
Weighted Average Grant Date Fair Value per RSU, Granted | $ / shares | 17.74 |
Weighted Average Grant Date Fair Value per RSU, Vested | $ / shares | 29.08 |
Weighted Average Grant Date Fair Value per RSU, Ending Balance | $ / shares | $ 20.18 |
Aggregate Fair Value of RSUs' Vested | $ | $ 4,897 |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of Stock-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,927 | $ 2,220 |
Cost of Revenues | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 440 | 474 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 601 | 439 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 302 | 295 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,584 | $ 1,012 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Details) - Umpqua Credit Agreement - USD ($) $ in Millions | 3 Months Ended | |||||
Nov. 23, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2020 | Sep. 27, 2018 | |
Debt Instrument [Line Items] | ||||||
Credit facility outstanding | $ 7 | $ 7 | $ 7 | |||
Interest expense | $ 0.1 | |||||
Weighted-average interest rate | 7.33% | |||||
Revolving Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement date | Sep. 27, 2018 | |||||
Credit facility maximum borrowing capacity under loan | $ 25 | $ 20 | $ 10 | |||
Credit facility maturity date | Nov. 27, 2022 | |||||
Credit facility extended maturity date | Oct. 15, 2024 | |||||
Credit facility current borrowing capacity under loan | $ 18 | $ 18 | ||||
Letter of Credit Subfacility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity under loan | $ 7.5 | $ 6 |