Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SSTI | |
Entity Registrant Name | ShotSpotter, Inc. | |
Entity Central Index Key | 0001351636 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | 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 | 7979 Gateway Blvd. | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94560 | |
City Area Code | 510 | |
Local Phone Number | 794-3100 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 11,432,652 | |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 26,138 | $ 10,218 |
Accounts receivable and unbilled revenue | 6,785 | 15,267 |
Prepaid expenses and other current assets | 1,985 | 1,527 |
Restricted cash | 60 | |
Total current assets | 34,908 | 27,072 |
Property and equipment, net | 16,574 | 16,504 |
Operating lease right-of-use asset | 627 | |
Goodwill | 1,379 | 1,379 |
Intangible assets, net | 243 | 242 |
Other assets | 1,518 | 1,922 |
Total assets | 55,249 | 47,119 |
Current liabilities | ||
Accounts payable | 716 | 1,307 |
Deferred revenue, short-term | 20,584 | 23,102 |
Accrued expenses and other current liabilities | 4,643 | 4,427 |
Total current liabilities | 25,943 | 28,836 |
Deferred revenue, long-term | 755 | 1,060 |
Other liabilities | 383 | 76 |
Total liabilities | 27,081 | 29,972 |
Stockholders' equity | ||
Common stock | 57 | 55 |
Additional paid-in capital | 125,235 | 114,618 |
Accumulated deficit | (96,906) | (97,377) |
Accumulated other comprehensive loss | (218) | (149) |
Total stockholders' equity | 28,168 | 17,147 |
Total liabilities and stockholders' equity | $ 55,249 | $ 47,119 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 9,984 | $ 9,211 | $ 29,837 | $ 25,045 |
Costs | ||||
Cost of revenues | 4,019 | 3,898 | 12,300 | 10,795 |
Impairment of property and equipment | 271 | 632 | ||
Total costs | 4,019 | 4,169 | 12,300 | 11,427 |
Gross profit | 5,965 | 5,042 | 17,537 | 13,618 |
Operating expenses | ||||
Sales and marketing | 2,426 | 2,453 | 7,494 | 6,202 |
Research and development | 1,358 | 1,196 | 4,026 | 3,687 |
General and administrative | 1,803 | 2,912 | 5,669 | 6,764 |
Total operating expenses | 5,587 | 6,561 | 17,189 | 16,653 |
Operating income (loss) | 378 | (1,519) | 348 | (3,035) |
Other income (expense), net | ||||
Interest income, net | 131 | 23 | 335 | 72 |
Other expense, net | (70) | (21) | (179) | (96) |
Total other income (expense), net | 61 | 2 | 156 | (24) |
Income (loss) before income taxes | 439 | (1,517) | 504 | (3,059) |
Provision (benefit) for income taxes | (7) | (76) | 33 | (32) |
Net income (loss) | $ 446 | $ (1,441) | $ 471 | $ (3,027) |
Net income (loss) per share, basic | $ 0.04 | $ (0.13) | $ 0.04 | $ (0.29) |
Net income (loss) per share, diluted | $ 0.04 | $ (0.13) | $ 0.04 | $ (0.29) |
Weighted average shares used in computing net income (loss) per share, basic | 11,449,946 | 10,780,996 | 11,275,195 | 10,481,901 |
Weighted average shares used in computing net income (loss) per share, diluted | 11,917,382 | 10,780,996 | 11,865,319 | 10,481,901 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 446 | $ (1,441) | $ 471 | $ (3,027) |
Other comprehensive income (loss): | ||||
Change in foreign currency translation adjustment, net | (91) | (32) | (69) | (136) |
Comprehensive income (loss) | $ 355 | $ (1,473) | $ 402 | $ (3,163) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 12,162 | $ 48 | $ 109,708 | $ (97,595) | $ 1 |
Beginning balance, Shares at Dec. 31, 2017 | 9,827,129 | ||||
Exercise of stock options | 343 | $ 3 | 340 | ||
Exercise of stock options, Shares | 486,588 | ||||
Issuance of common stock in connection with exercise of warrants, shares | 16,129 | ||||
Stock-based compensation | 427 | 427 | |||
Other comprehensive income (loss) | 29 | 29 | |||
Cumulative effect of change in accounting principle | 3,025 | 3,025 | |||
Net income (loss) | (1,217) | (1,217) | |||
Ending balance at Mar. 31, 2018 | 14,769 | $ 51 | 110,475 | (95,787) | 30 |
Ending balance, Shares at Mar. 31, 2018 | 10,329,846 | ||||
Beginning balance at Dec. 31, 2017 | 12,162 | $ 48 | 109,708 | (97,595) | 1 |
Beginning balance, Shares at Dec. 31, 2017 | 9,827,129 | ||||
Net income (loss) | (3,027) | ||||
Ending balance at Sep. 30, 2018 | 15,780 | $ 54 | 113,458 | (97,597) | (135) |
Ending balance, Shares at Sep. 30, 2018 | 10,803,710 | ||||
Beginning balance at Mar. 31, 2018 | 14,769 | $ 51 | 110,475 | (95,787) | 30 |
Beginning balance, Shares at Mar. 31, 2018 | 10,329,846 | ||||
Exercise of stock options | 108 | 108 | |||
Exercise of stock options, Shares | 66,628 | ||||
Issuance of common stock in connection with exercise of warrants | 989 | $ 1 | 988 | ||
Issuance of common stock in connection with exercise of warrants, shares | 272,309 | ||||
Issuance of common stock from ESPP purchase | 421 | $ 1 | 420 | ||
Issuance of common stock from ESPP purchase, Shares | 43,624 | ||||
Issuance of common stock from RSUs vested, shares | 47,312 | ||||
Stock-based compensation | 648 | 648 | |||
Other comprehensive income (loss) | (133) | (133) | |||
Net income (loss) | (369) | (369) | |||
Ending balance at Jun. 30, 2018 | 16,433 | $ 53 | 112,639 | (96,156) | (103) |
Ending balance, Shares at Jun. 30, 2018 | 10,759,719 | ||||
Exercise of stock options | 72 | $ 1 | 71 | ||
Exercise of stock options, Shares | 37,822 | ||||
Issuance of common stock in connection with exercise of warrants, shares | 6,169 | ||||
Stock-based compensation | 748 | 748 | |||
Other comprehensive income (loss) | (32) | (32) | |||
Net income (loss) | (1,441) | (1,441) | |||
Ending balance at Sep. 30, 2018 | 15,780 | $ 54 | 113,458 | (97,597) | (135) |
Ending balance, Shares at Sep. 30, 2018 | 10,803,710 | ||||
Beginning balance at Dec. 31, 2018 | 17,147 | $ 55 | 114,618 | (97,377) | (149) |
Beginning balance, Shares at Dec. 31, 2018 | 10,864,722 | ||||
Exercise of stock options | 219 | $ 1 | 218 | ||
Exercise of stock options, Shares | 177,408 | ||||
Issuance of common stock upon secondary offering, net of costs | 10,554 | $ 1 | 10,553 | ||
Issuance of common stock upon secondary offering net of costs, Shares | 250,000 | ||||
Issuance of common stock from RSUs vested, shares | 28,790 | ||||
Stock-based compensation | 754 | 754 | |||
Other comprehensive income (loss) | (13) | (13) | |||
Net income (loss) | (362) | (362) | |||
Ending balance at Mar. 31, 2019 | 28,299 | $ 57 | 126,143 | (97,739) | (162) |
Ending balance, Shares at Mar. 31, 2019 | 11,320,920 | ||||
Beginning balance at Dec. 31, 2018 | $ 17,147 | $ 55 | 114,618 | (97,377) | (149) |
Beginning balance, Shares at Dec. 31, 2018 | 10,864,722 | ||||
Repurchase of common stock, Shares | 0 | ||||
Ending balance at Jun. 30, 2019 | $ 30,448 | $ 57 | 127,870 | (97,352) | (127) |
Ending balance, Shares at Jun. 30, 2019 | 11,476,685 | ||||
Beginning balance at Dec. 31, 2018 | 17,147 | $ 55 | 114,618 | (97,377) | (149) |
Beginning balance, Shares at Dec. 31, 2018 | 10,864,722 | ||||
Net income (loss) | 471 | ||||
Ending balance at Sep. 30, 2019 | 28,168 | $ 57 | 125,235 | (96,906) | (218) |
Ending balance, Shares at Sep. 30, 2019 | 11,432,178 | ||||
Beginning balance at Mar. 31, 2019 | 28,299 | $ 57 | 126,143 | (97,739) | (162) |
Beginning balance, Shares at Mar. 31, 2019 | 11,320,920 | ||||
Exercise of stock options | 129 | 129 | |||
Exercise of stock options, Shares | 65,960 | ||||
Issuance of common stock in connection with exercise of warrants | 51 | 51 | |||
Issuance of common stock in connection with exercise of warrants, shares | 12,225 | ||||
Issuance of common stock from ESPP purchase | 642 | 642 | |||
Issuance of common stock from ESPP purchase, Shares | 53,508 | ||||
Issuance of common stock from RSUs vested, shares | 24,072 | ||||
Stock-based compensation | 905 | 905 | |||
Other comprehensive income (loss) | 35 | 35 | |||
Net income (loss) | 387 | 387 | |||
Ending balance at Jun. 30, 2019 | 30,448 | $ 57 | 127,870 | (97,352) | (127) |
Ending balance, Shares at Jun. 30, 2019 | 11,476,685 | ||||
Exercise of stock options | 95 | $ 1 | 94 | ||
Exercise of stock options, Shares | 58,806 | ||||
Repurchase of common stock | $ (3,466) | $ (1) | (3,465) | ||
Repurchase of common stock, Shares | (120,000) | (120,000) | |||
Issuance of common stock in connection with exercise of warrants | $ 20 | 20 | |||
Issuance of common stock in connection with exercise of warrants, shares | 13,873 | ||||
Issuance of common stock from RSUs vested, shares | 2,814 | ||||
Stock-based compensation | 716 | 716 | |||
Other comprehensive income (loss) | (91) | (91) | |||
Net income (loss) | 446 | 446 | |||
Ending balance at Sep. 30, 2019 | $ 28,168 | $ 57 | $ 125,235 | $ (96,906) | $ (218) |
Ending balance, Shares at Sep. 30, 2019 | 11,432,178 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 471 | $ (3,027) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,641 | 2,766 |
Impairment of property and equipment | 632 | |
Stock-based compensation | 2,375 | 1,823 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 8,482 | (3,472) |
Prepaid expenses and other assets | (303) | (891) |
Accounts payable | (617) | 715 |
Accrued expenses and other current liabilities | (73) | 860 |
Deferred revenue | (2,825) | 3,109 |
Net cash provided by operating activities | 11,151 | 2,515 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (3,672) | (7,426) |
Investment in intangible and other assets | (59) | (36) |
Net cash used in investing activities | (3,731) | (7,462) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon secondary offering | 11,247 | |
Payment of line of credit costs | (10) | |
Payments of offering costs | (445) | |
Proceeds from exercise of stock options | 443 | 523 |
Repurchases of common stock | (3,466) | |
Proceeds from exercise of warrants | 71 | 988 |
Proceeds from employee stock purchase plan | 642 | 421 |
Net cash provided by financing activities | 8,492 | 1,922 |
Increase (decrease) in cash, cash equivalents and restricted cash | 15,912 | (3,025) |
Effect of exchange rate on cash and cash equivalents | (52) | (164) |
Cash, cash equivalents and restricted cash at beginning of year | 10,278 | 19,597 |
Cash, cash equivalents and restricted cash at end of period | 26,138 | 16,408 |
Supplemental cash flow disclosures: | ||
Deferred offering costs included in other assets | 249 | |
Supplemental disclosure of non-cash operating activities: | ||
Purchases of property and equipment included in accounts payable | $ 26 | |
Line of Credit | ||
Supplemental cash flow disclosures: | ||
Deferred offering costs included in other assets | $ 91 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and Description of Business ShotSpotter, Inc. (the “Company”) provides precision-policing solutions for law enforcement to help deter gun violence and make cities, campuses and facilities safer. The company’s flagship product, ShotSpotter Flex, is the leading outdoor gunshot detection, location and forensic system trusted by approximately 100 cities. ShotSpotter Missions uses machine learning-driven analysis to help strategically plan patrol missions and tactics for maximum crime deterrence. ShotSpotter Labs is the Company’s effort to support innovative uses of its technology to help protect wildlife and the environment. The Company offers its solutions on a SaaS-based subscription model to its customers. The Company’s principal executive offices are located in Newark, California. The Company has two wholly-owned subsidiaries, ShotSpotter (Pty) Ltd. formed in South Africa and ShotSpotter Colombia S.A.S. which was formed in Colombia in March 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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 during consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholder’s 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 2019 or any future period. 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 of tangible and intangible assets, stock-based compensation expense, and accounting for revenue recognition and income taxes. 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. 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 cash deposits at one domestic and two 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. 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. Concentration of Accounts Receivable –As of September 30, 2019, one customer accounted for 17% of the Company’s accounts receivable. Fluctuations in accounts receivable result from timing of the Company’s execution of contracts and collection of related payments. As of December 31, 2018, one customer accounted for 77% of the Company’s accounts receivable Concentration of Revenues –For the three months ended September 30, 2019, two customers accounted for 20% and 14% of the Company’s total revenues. For the three months ended September 30, 2018, two customers accounted for 23% and 15% of the Company’s total revenues. For the nine months ended September 30, 2019, two customers accounted for 20% and 14% of the Company’s total revenues. For the nine months ended September 30, 2018, two customers accounted for 22% and 15% 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. Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016-02, Leases At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. The Company’s operating lease for its corporate headquarters office is impacted by the new standard and upon adoption, the Company recognized a right-of-use asset of $0.9 million and related lease liabilities totaling $0.9 million. See Note 11, Leases. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) |
Revenue Related Disclosures
Revenue Related Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Related Disclosures | Note 3. Revenue Related Disclosures As of December 31, 2018, the Company had total short-term and long-term deferred revenue of $24.2 million. During the three months ended September 30, 2019, the Company recognized $8.8 million in revenue from the beginning deferred revenue balance and $1.1 million from new billings, and added $8.1 million to total short-term and long-term deferred revenue from new billings. During the nine months ended September 30, 2019, the Company recognized $20.0 million in revenue from the beginning deferred revenue balance and $9.7 million from new billings, and added $26.8 million to total short-term and long-term deferred revenue from new billings. As of January 1, 2018, Revenue from Contracts with Customers As of September 30, 2019, the Company has estimated remaining performance obligations for contractually committed revenues of $9.5 million, $29.6 During the three months ended September 30, 2019, the Company recognized revenues of $9.8 million from customers in the United States, and $0.2 million from customers in South Africa and the Bahamas. During the nine months ended September 30, 2019, the Company recognized revenues of $28.9 million from customers in the United States, and $0.9 million from customers in South Africa and the Bahamas. During the three months ended September 30, 2018, the Company recognized revenues of $9.0 million from customers in the United States and $0.2 million from a customer in South Africa. During the nine months ended September 30, 2018, the Company recognized revenues of $24.3 million from customers in the United States and $0.7 million from a customer in South Africa. Accounts Receivable, net and Unbilled Revenue Accounts receivable, net consist of trade accounts receivables from the Company’s customers, net of allowance for doubtful accounts if deemed necessary. Accounts receivable are recorded as the invoiced amount. The Company does not require collateral or other security for accounts receivable. Unbilled revenue consists of revenue recognized in advance of invoicing the customer. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements In October 2018, upon the acquisition of certain technology, referred to as HunchLab, from Azavea, Inc., the Company recognized a contingent consideration liability classified within Level III of the fair value hierarchy because some of the inputs used in its measurement were neither directly or indirectly observable. The Company estimates the fair value of the contingent consideration based on management’s estimates of (i) the probability of achieving the relevant revenue targets and (ii) the timing of achieving such targets. There were no material changes in fair value of contingent consideration for the three and nine months ended September 30, 2019. Level III balances (in thousands): September 30, December 31, 2019 2018 Fair value of contingent consideration $ 750 $ 750 |
Details of Certain Condensed Co
Details of Certain Condensed Consolidated Balance Sheet Accounts | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Condensed Consolidated Balance Sheet Accounts | Note 5. Details of Certain Condensed Consolidated Balance Sheet Accounts Prepaid expenses and other current assets (in thousands): September 30, December 31, 2019 2018 Prepaid expenses $ 1,099 $ 832 Deferred commissions 682 629 Other 204 66 $ 1,985 $ 1,527 Other assets (in thousands): September 30, December 31, 2019 2018 Deferred commissions $ 1,451 $ 1,560 Other 67 362 $ 1,518 $ 1,922 Accrued expenses and other current liabilities (in thousands): September 30, December 31, 2019 2018 Personnel-related accruals $ 2,884 $ 2,603 Royalties payable 98 130 Professional fees 151 396 Sales/ use tax payable 152 273 Contingent consideration 750 750 Operating lease liability 296 — Deferred rent — 24 Other 312 251 $ 4,643 $ 4,427 Other liabilities (in thousands): September 30, December 31, 2019 2018 Operating lease liability $ 381 $ — Deferred rent — 71 Other 2 5 $ 383 $ 76 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Transactions During the three and nine months ended September 30, 2019, the Company recognized $0.1 million and $0.4 million in revenues, respectively, from ShotSpotter Labs projects with charitable organizations that have received donations from one of the Company’s directors and one of the Company’s significant shareholders. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 7. Capital Stock Common Stock The Company is authorized to issue 500,000,000 shares of common stock, with a par value of $0.005 and each outstanding share of common stock is entitled to one vote. As of September 30, 2019, there were 11,432,178 shares of common stock issued and outstanding. As of December 31, 2018, there were 10,864,722 shares of common stock issued and outstanding. Preferred Stock The Company is authorized to issue 20,000,000 shares of preferred stock, with a par value of $0.005. As of September 30, 2019, there were no shares of preferred stock issued and outstanding. Stock Repurchase Program In May 2019, the Company announced that it’s Board of Directors had approved a stock repurchase program for up to $15 million of the Company’s common stock. The shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or by other methods in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The stock repurchase program does not obligate the Company to purchase any particular amount of common stock and may be suspended or discontinued at any time. During the three months ended September 30, 2019, the Company repurchased 120,000 shares of its common stock at an average price of $28.86 per share for $3.5 million. The repurchases were made in open market transactions using cash on hand, and all of the shares repurchased were retired. As of September 30, 2019, the Company was authorized to repurchase the remaining $11.5 million of its common stock under the stock repurchase program. The Company did not repurchase any shares prior to July 1, 2019. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 8. Net Income (Loss) per Share The computation of basic net income (loss) per share is based on the weighted-average number 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, ESPP shares 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 446 $ (1,441 ) $ 471 $ (3,027 ) Denominator: Weighted-average shares outstanding, basic 11,449,946 10,780,996 11,275,195 10,481,901 Dilutive effect of common stock equivalents 467,436 — 590,124 — Weighted-average shares outstanding, diluted 11,917,382 10,780,996 11,865,319 10,481,901 Net income (loss) per share, basic $ 0.04 $ (0.13 ) $ 0.04 $ (0.29 ) Net income (loss) per share, diluted $ 0.04 $ (0.13 ) $ 0.04 $ (0.29 ) |
Common Stock Warrants
Common Stock Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Common Stock Warrants | Note 9. Common Stock Warrants As of September 30, 2019, the Company had the following common stock warrants issued and outstanding (in thousands, except share and per share data): Warrant Class Shares Issuance Date Price per Share Expiration Date Common stock warrant 50,716 February 2014 $ 0.1700 February 2021 Common stock warrant (1) 84,000 June 2017 $ 13.2000 June 2020 134,716 (1 ) This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | Note 10. Equity Incentive Plans 2017 Equity Incentive Plan In May 2017, the Board and the Company’s stockholders approved the 2017 Equity Incentive Plan (the “2017 Plan”), which became effective in connection with the initial public offering (“IPO”) 2005 Stock Plan In February 2005, the Company adopted the 2005 Stock Plan, as amended in January 2010 and November 2012 (the “2005 Plan”). Under the 2005 Plan provisions, the Company was authorized to grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, and shares of restricted stock. Following the effectiveness of the 2017 Plan in connection with the IPO, no further grants were made under the 2005 Plan. A summary of option activities under the 2005 Plan and 2017 Plan during the nine months ended September 30, 2019 is as follows: Number of Options Outstanding Weighted Average Exercise Price Outstanding as of December 31, 2018 820,186 $ 8.44 Granted 91,000 $ 43.89 Exercised (302,174 ) $ 1.46 Canceled (30,150 ) $ 23.60 Outstanding as of September 30, 2019 578,862 $ 16.87 During the nine months ended September 30, 2019, the Company granted executive management restricted stock unit (“RSU”) awards totaling 39,597 shares of common stock, with quarterly vesting over the next four years. The weighted average fair value of $44.95 per unit was calculated using the closing stock price on the grant date. During the nine months ended September 30, 2019, the Company granted certain executive management RSU awards, subject to certain financial milestones, totaling 8,031 shares of common stock, with vesting terms 100% upon the first anniversary, if the Compensation Committee of the Board of Directors of the Company believes that the associated financial milestones were met. The weighted average fair value of $43.58 per unit was calculated using the closing stock price on the grant date. During the nine months ended September 30, 2019, the Company granted directors RSU awards totaling 14,755 shares of common stock in accordance with the Company’s non-employee director compensation policy. The weighted average fair value of $41.79 per unit was calculated using the closing stock price on the grant date. The number of shares available for grant under the 2017 Plan was 1,668,427 as of September 30, 2019. 2017 Employee Stock Purchase Plan In May 2017, the Board and the Company’s stockholders adopted the 2017 Employee Stock Purchase Plan (“2017 ESPP”), which became effective in connection with the Company’s IPO. The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock in an offering at a discount of the then-current trading price, up to the lesser of (1) 85% of the fair market value of the common stock on the first day of the IPO or (2) 85% of the fair market value of the common stock on the purchase date. The 2017 ESPP permits the maximum discounted purchase price permitted under U.S. tax rules, including a “lookback.” The 2017 ESPP initial offering period ran from June 2017 to June 2019, and contained four six-month purchase periods. Beginning in June 2019, each offering period will have one purchase period lasting approximately six months. An employee’s purchase rights terminate immediately upon termination of employment or other withdrawal from the 2017 ESPP. No participant will have the right to purchase shares of common stock in an amount that has a fair market value of more than $25,000 determined as of the first day of the applicable purchase period, for each calendar year. There are 200,000 shares of common stock reserved for issuance under the 2017 ESPP. In addition, the 2017 ESPP contains an “evergreen” provision which 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 31 st The Company accounts for employee stock purchases made under its 2017 ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation There were 53,508 shares issued under the 2017 ESPP during the nine months ended September 30, 2019. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of revenues $ 125 $ 97 $ 472 $ 229 Sales and marketing 173 273 712 538 Research and development 83 98 273 206 General and administrative 335 280 918 850 Total $ 716 $ 748 $ 2,375 $ 1,823 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Note 11. Leases Operating Lease The Company leases its principal executive offices in Newark, California, under a non-cancelable operating lease which expires in October 2021. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the lease does not contain contingent rent provisions or renewal options. Our lease includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Upon adoption of ASC 842 on January 1, 2019, the Company recognized an operating lease right-of-use asset of $0.9 million and a corresponding lease lability of $0.9 million, using a discount rate of 6% which reflects the Company’s incremental borrowing rate for a similar asset and similar term as of the date of adoption. The operating lease cost recognized for the three and nine months ended September 30, 2019 was $0.1 million and $0.3 million, respectively. Rent expense recognized for the three and nine months ended September 30, 2018 was $0.1 million and $0.3 million, respectively. Supplemental information related to the operating lease as follows (in thousands): As of September 30, 2019 Assets Operating lease right-of-use asset $ 627 Liabilities Lease liability (short-term) (presented within Accrued expenses and other current liabilities) $ 296 Lease liability (long-term) (presented within Other liabilities) 381 Total operating lease liability $ 677 Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) $ 259 Maturities of the lease liability at September 30, 2019 are as follows (in thousands): 2019 (remainder of year) $ 59 2020 357 2021 304 Total lease payments, undiscounted 720 Less: imputed interest (43 ) Total $ 677 The Company does not have any finance leases. The following table is shown for comparative purposes only. The future minimum lease payments under the non-cancelable lease as of December 31, 2018 were as follows (in thousands): 2019 $ 352 2020 357 2021 304 Total $ 1,013 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies The Company has non-cancelable data center arrangements in which the original term exceeds one year. The following is a schedule of future minimum payments under the non-cancelable data center arrangements at September 30, 2019 (in thousands): Data Center Arrangements 2019 (remainder of year) $ 56 2020 76 Total $ 132 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 plaintiff’s civil rights, denial of the right to a fair trial, and malicious prosecution. The Plaintiff claims that ShotSpotter 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 are disputing them vigorously. 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 our 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) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited 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 during consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholder’s 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 2019 or any future period. |
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 of tangible and intangible assets, stock-based compensation expense, and accounting for revenue recognition and income taxes. 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. |
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 cash deposits at one domestic and two 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. 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. Concentration of Accounts Receivable –As of September 30, 2019, one customer accounted for 17% of the Company’s accounts receivable. Fluctuations in accounts receivable result from timing of the Company’s execution of contracts and collection of related payments. As of December 31, 2018, one customer accounted for 77% of the Company’s accounts receivable Concentration of Revenues –For the three months ended September 30, 2019, two customers accounted for 20% and 14% of the Company’s total revenues. For the three months ended September 30, 2018, two customers accounted for 23% and 15% of the Company’s total revenues. For the nine months ended September 30, 2019, two customers accounted for 20% and 14% of the Company’s total revenues. For the nine months ended September 30, 2018, two customers accounted for 22% and 15% 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. |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016-02, Leases At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. The Company’s operating lease for its corporate headquarters office is impacted by the new standard and upon adoption, the Company recognized a right-of-use asset of $0.9 million and related lease liabilities totaling $0.9 million. See Note 11, Leases. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) |
Employee Stock Purchase Plan | The Company accounts for employee stock purchases made under its 2017 ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation |
Revenue Recognition | As of December 31, 2018, the Company had total short-term and long-term deferred revenue of $24.2 million. During the three months ended September 30, 2019, the Company recognized $8.8 million in revenue from the beginning deferred revenue balance and $1.1 million from new billings, and added $8.1 million to total short-term and long-term deferred revenue from new billings. During the nine months ended September 30, 2019, the Company recognized $20.0 million in revenue from the beginning deferred revenue balance and $9.7 million from new billings, and added $26.8 million to total short-term and long-term deferred revenue from new billings. As of January 1, 2018, Revenue from Contracts with Customers As of September 30, 2019, the Company has estimated remaining performance obligations for contractually committed revenues of $9.5 million, $29.6 During the three months ended September 30, 2019, the Company recognized revenues of $9.8 million from customers in the United States, and $0.2 million from customers in South Africa and the Bahamas. During the nine months ended September 30, 2019, the Company recognized revenues of $28.9 million from customers in the United States, and $0.9 million from customers in South Africa and the Bahamas. During the three months ended September 30, 2018, the Company recognized revenues of $9.0 million from customers in the United States and $0.2 million from a customer in South Africa. During the nine months ended September 30, 2018, the Company recognized revenues of $24.3 million from customers in the United States and $0.7 million from a customer in South Africa. |
Accounts Receivable, net and Unbilled Revenue | Accounts Receivable, net and Unbilled Revenue Accounts receivable, net consist of trade accounts receivables from the Company’s customers, net of allowance for doubtful accounts if deemed necessary. Accounts receivable are recorded as the invoiced amount. The Company does not require collateral or other security for accounts receivable. Unbilled revenue consists of revenue recognized in advance of invoicing the customer. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Summary of Level III Balances | Level III balances (in thousands): September 30, December 31, 2019 2018 Fair value of contingent consideration $ 750 $ 750 |
Details of Certain Condensed _2
Details of Certain Condensed Consolidated Balance Sheet Accounts (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (in thousands): September 30, December 31, 2019 2018 Prepaid expenses $ 1,099 $ 832 Deferred commissions 682 629 Other 204 66 $ 1,985 $ 1,527 |
Schedule of Other Assets | Other assets (in thousands): September 30, December 31, 2019 2018 Deferred commissions $ 1,451 $ 1,560 Other 67 362 $ 1,518 $ 1,922 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities (in thousands): September 30, December 31, 2019 2018 Personnel-related accruals $ 2,884 $ 2,603 Royalties payable 98 130 Professional fees 151 396 Sales/ use tax payable 152 273 Contingent consideration 750 750 Operating lease liability 296 — Deferred rent — 24 Other 312 251 $ 4,643 $ 4,427 |
Schedule of Other Liabilities | Other liabilities (in thousands): September 30, December 31, 2019 2018 Operating lease liability $ 381 $ — Deferred rent — 71 Other 2 5 $ 383 $ 76 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Income (Loss) per Share | The computation of basic net income (loss) per share is based on the weighted-average number 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, ESPP shares 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 446 $ (1,441 ) $ 471 $ (3,027 ) Denominator: Weighted-average shares outstanding, basic 11,449,946 10,780,996 11,275,195 10,481,901 Dilutive effect of common stock equivalents 467,436 — 590,124 — Weighted-average shares outstanding, diluted 11,917,382 10,780,996 11,865,319 10,481,901 Net income (loss) per share, basic $ 0.04 $ (0.13 ) $ 0.04 $ (0.29 ) Net income (loss) per share, diluted $ 0.04 $ (0.13 ) $ 0.04 $ (0.29 ) |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Schedule of Common Stock Warrants Issued and Outstanding | As of September 30, 2019, the Company had the following common stock warrants issued and outstanding (in thousands, except share and per share data): Warrant Class Shares Issuance Date Price per Share Expiration Date Common stock warrant 50,716 February 2014 $ 0.1700 February 2021 Common stock warrant (1) 84,000 June 2017 $ 13.2000 June 2020 134,716 (1 ) This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | A summary of option activities under the 2005 Plan and 2017 Plan during the nine months ended September 30, 2019 is as follows: Number of Options Outstanding Weighted Average Exercise Price Outstanding as of December 31, 2018 820,186 $ 8.44 Granted 91,000 $ 43.89 Exercised (302,174 ) $ 1.46 Canceled (30,150 ) $ 23.60 Outstanding as of September 30, 2019 578,862 $ 16.87 |
Schedule of Stock-Based Compensation Expense Recorded in Condensed 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of revenues $ 125 $ 97 $ 472 $ 229 Sales and marketing 173 273 712 538 Research and development 83 98 273 206 General and administrative 335 280 918 850 Total $ 716 $ 748 $ 2,375 $ 1,823 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Supplemental Information Related to Operating Lease | Supplemental information related to the operating lease as follows (in thousands): As of September 30, 2019 Assets Operating lease right-of-use asset $ 627 Liabilities Lease liability (short-term) (presented within Accrued expenses and other current liabilities) $ 296 Lease liability (long-term) (presented within Other liabilities) 381 Total operating lease liability $ 677 Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) $ 259 |
Summary of Maturity of Operating Lease Liabilities | Maturities of the lease liability at September 30, 2019 are as follows (in thousands): 2019 (remainder of year) $ 59 2020 357 2021 304 Total lease payments, undiscounted 720 Less: imputed interest (43 ) Total $ 677 |
Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease | The following table is shown for comparative purposes only. The future minimum lease payments under the non-cancelable lease as of December 31, 2018 were as follows (in thousands): 2019 $ 352 2020 357 2021 304 Total $ 1,013 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancelable Data Center Arrangements | The following is a schedule of future minimum payments under the non-cancelable data center arrangements at September 30, 2019 (in thousands): Data Center Arrangements 2019 (remainder of year) $ 56 2020 76 Total $ 132 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019CitySubsidiary | |
Business And Nature Of Operations [Line Items] | |
Number of cities in which entity operates | City | 100 |
ShotSpotter (Pty) Ltd | South Africa and Columbia | |
Business And Nature Of Operations [Line Items] | |
Number of subsidiary | Subsidiary | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($)Customer | Sep. 30, 2018Customer | Sep. 30, 2019USD ($)Customer | Sep. 30, 2018Customer | Dec. 31, 2018Customer | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||||||
Operating lease right-of-use asset | $ | $ 627 | $ 627 | $ 900 | |||
Operating lease liability | $ | $ 677 | $ 677 | $ 900 | |||
Customer Concentration Risk | Accounts Receivable | ||||||
Accounting Policies [Line Items] | ||||||
Number of customers | Customer | 1 | 1 | ||||
Customer Concentration Risk | Revenues | ||||||
Accounting Policies [Line Items] | ||||||
Number of customers | Customer | 2 | 2 | 2 | 2 | ||
Customer One | Customer Concentration Risk | Accounts Receivable | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 17.00% | 77.00% | ||||
Customer One | Customer Concentration Risk | Revenues | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 20.00% | 23.00% | 20.00% | 22.00% | ||
Customer Two | Customer Concentration Risk | Revenues | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 14.00% | 15.00% | 14.00% | 15.00% |
Revenue Related Disclosures - A
Revenue Related Disclosures - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||||
Deferred revenue | $ 18.5 | $ 18.5 | ||||
Deferred revenue added from new billings | $ 8.1 | 12.1 | $ 26.8 | 27.9 | ||
United States | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Revenues | 9.8 | 9 | 28.9 | 24.3 | ||
South Africa | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Revenues | 0.2 | 0.2 | 0.9 | 0.7 | ||
Bahamas | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Revenues | 0.2 | 0.9 | ||||
Adoption of Topic 606 | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Deferred revenue | $ 24.2 | $ 17.3 | ||||
Recognition from Beginning Deferred Revenue Balance | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Deferred revenue recognized | 8.8 | 5.9 | 20 | 13.9 | ||
Recognition from New Billings of Deferred Revenue | ||||||
Disaggregation Of Revenue [Line Items] | ||||||
Deferred revenue recognized | $ 1.1 | $ 3.1 | $ 9.7 | $ 10.8 |
Revenue Related Disclosures - E
Revenue Related Disclosures - Estimated Remaining Performance Obligations - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 9.5 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 29.6 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 18.2 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 3.1 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 3 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - HunchLab - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Oct. 03, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Business acquisition date | Oct. 31, 2018 | ||
Change in fair value of contingent consideration | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Level III Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Level 3 | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of contingent consideration | $ 750 | $ 750 |
Details of Certain Condensed _3
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 1,099 | $ 832 |
Deferred commissions | 682 | 629 |
Other | 204 | 66 |
Total | $ 1,985 | $ 1,527 |
Details of Certain Condensed _4
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Deferred commissions | $ 1,451 | $ 1,560 |
Other | 67 | 362 |
Total other assets | $ 1,518 | $ 1,922 |
Details of Certain Condensed _5
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Personnel-related accruals | $ 2,884 | $ 2,603 |
Royalties payable | 98 | 130 |
Professional fees | 151 | 396 |
Sales/ use tax payable | 152 | 273 |
Contingent consideration | 750 | 750 |
Operating lease liability | 296 | |
Deferred rent | 24 | |
Other | 312 | 251 |
Accrued expenses and other current liabilities | $ 4,643 | $ 4,427 |
Details of Certain Condensed _6
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Operating lease liability | $ 381 | |
Deferred rent | $ 71 | |
Other | 2 | 5 |
Other liabilities, noncurrent | $ 383 | $ 76 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
ShotSpotter Labs | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 0.1 | $ 0.4 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | May 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, par value | $ 0.005 | $ 0.005 | |||
Common stock, voting rights | each outstanding share of common stock is entitled to one vote | ||||
Common stock, shares issued | 11,432,178 | 11,432,178 | 10,864,722 | ||
Common stock, shares outstanding | 11,432,178 | 11,432,178 | 10,864,722 | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||
Preferred stock, par value | $ 0.005 | $ 0.005 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Repurchase of common stock | 120,000 | 0 | |||
Average price per share | $ 28.86 | ||||
Repurchase of common stock amount | $ 3,466,000 | ||||
Amount authorized to repurchase remaining common stock | $ 11,500,000 | $ 11,500,000 | |||
Maximum | |||||
Class Of Stock [Line Items] | |||||
Amount approved for common stock repurchase | $ 15,000,000 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Summary of Computation of Basic and Diluted Ne Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net income (loss) | $ 446 | $ 387 | $ (362) | $ (1,441) | $ (369) | $ (1,217) | $ 471 | $ (3,027) |
Denominator: | ||||||||
Weighted-average shares outstanding, basic | 11,449,946 | 10,780,996 | 11,275,195 | 10,481,901 | ||||
Dilutive effect of common stock equivalents | 467,436 | 590,124 | ||||||
Weighted-average shares outstanding, diluted | 11,917,382 | 10,780,996 | 11,865,319 | 10,481,901 | ||||
Net income (loss) per share, basic | $ 0.04 | $ (0.13) | $ 0.04 | $ (0.29) | ||||
Net income (loss) per share, diluted | $ 0.04 | $ (0.13) | $ 0.04 | $ (0.29) |
Common Stock Warrants - Schedul
Common Stock Warrants - Schedule of Common Stock Warrants Issued and Outstanding (Details) | 9 Months Ended | |
Sep. 30, 2019$ / sharesshares | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 134,716 | |
The February 2014 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 50,716 | |
Issuance Date | 2014-02 | |
Price per Share | $ / shares | $ 0.1700 | |
Expiration Date | 2021-02 | |
The June 2017 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 84,000 | [1] |
Issuance Date | 2017-06 | [1] |
Price per Share | $ / shares | $ 13.2000 | [1] |
Expiration Date | 2020-06 | [1] |
[1] | This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | Jan. 01, 2019 | May 31, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Stock Unit | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Units, Granted | 39,597 | ||||
Vesting period | 4 years | ||||
Grant Date Fair Value, Granted | $ 44.95 | ||||
Restricted Stock Unit | Subject to Certain Financial Milestones | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Units, Granted | 8,031 | ||||
Grant Date Fair Value, Granted | $ 43.58 | ||||
Granted restricted stock units of common stock, vesting percentage | 100.00% | ||||
Restricted Stock Unit | Directors | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Units, Granted | 14,755 | ||||
Grant Date Fair Value, Granted | $ 41.79 | ||||
2017 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 2,413,659 | ||||
Number of shares available for future grant | 900,000 | 1,668,427 | |||
Shares of common stock reserved for issuance, automatic annual increase initiation date | Jan. 1, 2018 | ||||
Shares of common stock reserved for issuance, automatic annual increase end date | Jan. 1, 2027 | ||||
Percentage of number of shares of common stock outstanding | 5.00% | 5.00% | |||
Increase in common stock reserved for issuance | 543,236 | ||||
2017 Equity Incentive Plan | Shares under 2005 Plan that would have otherwise been returned to 2005 Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 1,314,752 | ||||
2017 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 200,000 | ||||
Percentage of number of shares of common stock outstanding | 2.00% | ||||
Increase in common stock reserved for issuance | 150,000 | ||||
Percentage of fair market value of common stock on purchase date | 85.00% | ||||
Percentage of fair market value of common stock on purchase date of the first day of IPO | 85.00% | ||||
Purchase of common stock under ESPP, Description | The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock in an offering at a discount of the then-current trading price, up to the lesser of (1) 85% of the fair market value of the common stock on the first day of the IPO or (2) 85% of the fair market value of the common stock on the purchase date. The 2017 ESPP permits the maximum discounted purchase price permitted under U.S. tax rules, including a “lookback.” | ||||
Initial offering period | June 2017 to June 2019 | ||||
Maximum amount of fair value of common stock by participant | $ 25,000 | ||||
Periodic increment of common stock reserved for future issuance | 150,000 | ||||
Shares issued under ESPP | 53,508 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Stock Option Activity (Details) - 2005 Plan and 2017 Plan | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, Beginning Balance | shares | 820,186 |
Number of Options Outstanding, Granted | shares | 91,000 |
Number of Options Outstanding, Exercised | shares | (302,174) |
Number of Options Outstanding, Canceled | shares | (30,150) |
Number of Options Outstanding, Ending Balance | shares | 578,862 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 8.44 |
Weighted Average Exercise Price, Granted | $ / shares | 43.89 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.46 |
Weighted Average Exercise Price, Canceled | $ / shares | 23.60 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 16.87 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Stock-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 716 | $ 748 | $ 2,375 | $ 1,823 |
Cost of Revenues | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 125 | 97 | 472 | 229 |
Sale and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 173 | 273 | 712 | 538 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 83 | 98 | 273 | 206 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 335 | $ 280 | $ 918 | $ 850 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | |
Lessee Disclosure [Abstract] | |||
Operating lease, description | The Company leases its principal executive offices in Newark, California, under a non-cancelable operating lease which expires in October 2021. | ||
Operating lease, expiraton period | 2021-10 | ||
Operating lease right-of-use asset | $ 627 | $ 627 | $ 900 |
Operating lease liability | 677 | 677 | $ 900 |
Operating lease, discount rate | 6.00% | ||
Operating lease cost recognized | 100 | 300 | |
Rent expense | $ 100 | $ 300 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Operating Lease (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Jan. 01, 2019 | |
Assets And Liabilities Lessee [Abstract] | ||
Operating lease right-of-use asset | $ 627 | $ 900 |
Lease liability (short-term) (presented within Accrued expenses and other current liabilities) | $ 296 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities | |
Lease liability (long-term) (presented within Other liabilities) | $ 381 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Total operating lease liability | $ 677 | $ 900 |
Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) | $ 259 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2019 (remainder of year) | $ 59 | |
2020 | 357 | |
2021 | 304 | |
Total lease payments, undiscounted | 720 | |
Less: imputed interest | (43) | |
Operating lease liability | $ 677 | $ 900 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 352 |
2020 | 357 |
2021 | 304 |
Total | $ 1,013 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-cancelable Data Center Arrangements (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 (remainder of year) | $ 56 |
2020 | 76 |
Total | $ 132 |