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00

014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2020

OR

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

For the transition period from               to

Commission File Number: 001-38107

 

ShotSpotter, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-0949915

(State or other jurisdiction of

incorporation or organization)

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

7979 Gateway Blvd., Suite 210

Newark, California

94560

(Address of principal executive offices)

(Zip Code)

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

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.005 per share

SSTI

The Nasdaq Capital Market

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

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

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

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

☐  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

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

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

As of October 31, 2020, the registrant had 11,441,762 shares of common stock, $0.005 par value per share, outstanding.

 

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements

2

 

Condensed Consolidated Balance Sheets

2

 

Condensed Consolidated Statements of Operations

3

 

Condensed Consolidated Statements of Comprehensive Income

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

18

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

31

PART II.

OTHER INFORMATION

 

Item 1A.

Risk Factors

32

Item 6.

Exhibits

58

Exhibit Index

59

Signatures

60

 

 

 

i


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

ShotSpotter, Inc.

Condensed Consolidated Balance Sheets  

(In thousands)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,666

 

 

$

24,550

 

Accounts receivable and contract asset

 

 

6,866

 

 

 

13,883

 

Prepaid expenses and other current assets

 

 

2,286

 

 

 

1,764

 

Total current assets

 

 

37,818

 

 

 

40,197

 

Property and equipment, net

 

 

15,359

 

 

 

16,556

 

Operating lease right-of-use assets

 

 

761

 

 

 

556

 

Goodwill

 

 

1,379

 

 

 

1,379

 

Intangible assets, net

 

 

226

 

 

 

249

 

Other assets

 

 

1,343

 

 

 

1,634

 

Total assets

 

$

56,886

 

 

$

60,571

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

818

 

 

$

1,179

 

Deferred revenue, short-term

 

 

20,388

 

 

 

26,360

 

Accrued expenses and other current liabilities

 

 

4,241

 

 

 

4,885

 

Total current liabilities

 

 

25,447

 

 

 

32,424

 

Deferred revenue, long-term

 

 

255

 

 

 

598

 

Other liabilities

 

 

456

 

 

 

298

 

Total liabilities

 

 

26,158

 

 

 

33,320

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

57

 

 

 

57

 

Additional paid-in capital

 

 

125,113

 

 

 

122,907

 

Accumulated deficit

 

 

(94,134

)

 

 

(95,579

)

Accumulated other comprehensive loss

 

 

(308

)

 

 

(134

)

Total stockholders' equity

 

 

30,728

 

 

 

27,251

 

Total liabilities and stockholders' equity

 

$

56,886

 

 

$

60,571

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

11,350

 

 

$

9,984

 

 

$

33,085

 

 

$

29,837

 

Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

4,745

 

 

 

4,019

 

 

 

13,440

 

 

 

12,300

 

Impairment of property and equipment

 

 

161

 

 

 

 

 

 

161

 

 

 

 

Total costs

 

 

4,906

 

 

 

4,019

 

 

 

13,601

 

 

 

12,300

 

     Gross profit

 

 

6,444

 

 

 

5,965

 

 

 

19,484

 

 

 

17,537

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

2,400

 

 

 

2,426

 

 

 

7,237

 

 

 

7,494

 

Research and development

 

 

1,375

 

 

 

1,358

 

 

 

4,104

 

 

 

4,026

 

General and administrative

 

 

2,040

 

 

 

1,803

 

 

 

6,627

 

 

 

5,669

 

Total operating expenses

 

 

5,815

 

 

 

5,587

 

 

 

17,968

 

 

 

17,189

 

Operating income

 

 

629

 

 

 

378

 

 

 

1,516

 

 

 

348

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

3

 

 

 

131

 

 

 

101

 

 

 

335

 

Other expense, net

 

 

(58

)

 

 

(70

)

 

 

(173

)

 

 

(179

)

Total other income (expense), net

 

 

(55

)

 

 

61

 

 

 

(72

)

 

 

156

 

Income before income taxes

 

 

574

 

 

 

439

 

 

 

1,444

 

 

 

504

 

Provision (benefit) for income taxes

 

 

8

 

 

 

(7

)

 

 

(1

)

 

 

33

 

Net income

 

$

566

 

 

$

446

 

 

$

1,445

 

 

$

471

 

Net income per share, basic

 

$

0.05

 

 

$

0.04

 

 

$

0.13

 

 

$

0.04

 

Net income per share, diluted

 

$

0.05

 

 

$

0.04

 

 

$

0.12

 

 

$

0.04

 

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

 

 

11,423,079

 

 

 

11,449,946

 

 

 

11,383,860

 

 

 

11,275,195

 

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

 

 

11,727,112

 

 

 

11,917,382

 

 

 

11,718,770

 

 

 

11,865,319

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

566

 

 

$

446

 

 

$

1,445

 

 

$

471

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment, net

 

 

29

 

 

 

(91

)

 

 

(174

)

 

 

(69

)

Comprehensive income

 

$

595

 

 

$

355

 

 

$

1,271

 

 

$

402

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data)

(Unaudited)

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at December 31, 2019

 

 

11,314,150

 

 

$

57

 

 

$

122,907

 

 

$

(95,579

)

 

$

(134

)

 

$

27,251

 

Exercise of stock options

 

 

17,543

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Issuance of common stock in connection

   with exercise of warrants

 

 

46,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from RSUs vested

 

 

20,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

887

 

 

 

 

 

 

 

 

 

887

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(227

)

 

 

(227

)

Net income

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

Balance at March 31, 2020

 

 

11,398,929

 

 

$

57

 

 

$

123,851

 

 

$

(95,566

)

 

$

(361

)

 

$

27,981

 

Exercise of stock options

 

 

26,562

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Issuance of common stock from RSUs vested

 

 

22,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from ESPP purchase

 

 

21,431

 

 

 

 

 

 

408

 

 

 

 

 

 

 

 

 

408

 

Repurchase of common stock

 

 

(74,520

)

 

 

 

 

 

(1,615

)

 

 

 

 

 

 

 

 

(1,615

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

 

 

 

1,163

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

24

 

Net income

 

 

 

 

 

 

 

 

 

 

 

866

 

 

 

 

 

 

866

 

Balance at June 30, 2020

 

 

11,395,156

 

 

$

57

 

 

$

123,848

 

 

$

(94,700

)

 

$

(337

)

 

$

28,868

 

Exercise of stock options

 

 

40,565

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Issuance of common stock from RSUs vested

 

 

6,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,196

 

 

 

 

 

 

 

 

 

1,196

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

29

 

Net income

 

 

 

 

 

 

 

 

 

 

 

566

 

 

 

 

 

 

566

 

Balance at September 30, 2020

 

 

11,441,762

 

 

$

57

 

 

$

125,113

 

 

$

(94,134

)

 

$

(308

)

 

$

30,728

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


 

ShotSpotter, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data)

(Unaudited)

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at December 31, 2018

 

 

10,864,722

 

 

$

55

 

 

$

114,618

 

 

$

(97,377

)

 

$

(149

)

 

$

17,147

 

Exercise of stock options

 

 

177,408

 

 

 

1

 

 

 

218

 

 

 

 

 

 

 

 

 

219

 

Issuance of common stock upon secondary offering,

   net of costs

 

 

250,000

 

 

 

1

 

 

 

10,553

 

 

 

 

 

 

 

 

 

10,554

 

Issuance of common stock from RSUs vested

 

 

28,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

754

 

 

 

 

 

 

 

 

 

754

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

(13

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(362

)

 

 

 

 

 

(362

)

Balance at March 31, 2019

 

 

11,320,920

 

 

$

57

 

 

$

126,143

 

 

$

(97,739

)

 

$

(162

)

 

$

28,299

 

Exercise of stock options

 

 

65,960

 

 

 

 

 

 

129

 

 

 

 

 

 

 

 

 

129

 

Issuance of common stock in connection

   with exercise of warrants

 

 

12,225

 

 

 

 

 

 

51

 

 

 

 

 

 

 

 

 

51

 

Issuance of common stock from ESPP purchase

 

 

53,508

 

 

 

 

 

 

642

 

 

 

 

 

 

 

 

 

642

 

Issuance of common stock from RSUs vested

 

 

24,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

905

 

 

 

 

 

 

 

 

 

905

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

35

 

Net income

 

 

 

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

387

 

Balance at June 30, 2019

 

 

11,476,685

 

 

$

57

 

 

$

127,870

 

 

$

(97,352

)

 

$

(127

)

 

$

30,448

 

Exercise of stock options

 

 

58,806

 

 

 

1

 

 

 

94

 

 

 

 

 

 

 

 

 

95

 

Repurchase of common stock

 

 

(120,000

)

 

 

(1

)

 

 

(3,465

)

 

 

 

 

 

 

 

 

(3,466

)

Issuance of common stock in connection

   with exercise of warrants

 

 

13,873

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

20

 

Issuance of common stock from RSUs vested

 

 

2,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

716

 

 

 

 

 

 

 

 

 

716

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(91

)

 

 

(91

)

Net income

 

 

 

 

 

 

 

 

 

 

 

446

 

 

 

 

 

 

446

 

Balance at September 30, 2019

 

 

11,432,178

 

 

$

57

 

 

$

125,235

 

 

$

(96,906

)

 

$

(218

)

 

$

28,168