Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 12,245,301 | |
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, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 5,075 | $ 10,479 |
Accounts receivable and contract asset, net | 26,721 | 30,957 |
Prepaid expenses and other current assets | 3,474 | 3,225 |
Total current assets | 35,270 | 44,661 |
Property and equipment, net | 22,361 | 21,988 |
Operating lease right-of-use assets | 3,012 | 3,240 |
Goodwill | 22,971 | 22,971 |
Intangible assets, net | 26,671 | 27,318 |
Other assets | 2,807 | 2,570 |
Total assets | 113,092 | 122,748 |
Current liabilities | ||
Accounts payable | 2,520 | 1,633 |
Deferred revenue, short-term | 35,620 | 41,907 |
Accrued expenses and other current liabilities | 6,649 | 9,965 |
Total current liabilities | 44,789 | 53,505 |
Deferred revenue, long-term | 1,839 | 1,813 |
Deferred tax liability | 685 | 685 |
Other liabilities | 5,550 | 5,800 |
Total liabilities | 52,863 | 61,803 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity | ||
Preferred stock: $0.005 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | ||
Common stock: $0.005 par value; 500,000,000 shares authorized; 12,243,780 and 12,243,929 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 62 | 62 |
Additional paid-in capital | 154,664 | 153,573 |
Accumulated deficit | (94,190) | (92,400) |
Accumulated other comprehensive loss | (307) | (290) |
Total stockholders' equity | 60,229 | 60,945 |
Total liabilities and stockholders' equity | $ 113,092 | $ 122,748 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 12,243,780 | 12,243,929 |
Common stock, shares outstanding | 12,243,780 | 12,243,929 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 20,620 | $ 21,214 |
Costs | ||
Cost of revenues | 9,243 | 8,290 |
Impairment of property and equipment | 72 | |
Total costs | 9,315 | 8,290 |
Gross profit | 11,305 | 12,924 |
Operating expenses | ||
Sales and marketing | 5,848 | 5,576 |
Research and development | 2,653 | 2,627 |
General and administrative | 4,616 | 4,289 |
Change in fair value of contingent consideration | (6) | |
Total operating expenses | 13,111 | 12,492 |
Operating income (loss) | (1,806) | 432 |
Other income (expense), net | ||
Interest income, net | 54 | 8 |
Other expense, net | (38) | (53) |
Total other income (expense), net | 16 | (45) |
Income (loss) before income taxes | (1,790) | 387 |
Net income (loss) | $ (1,790) | $ 387 |
Net income (loss) per share, basic | $ (0.15) | $ 0.03 |
Net income (loss) per share, diluted | $ (0.15) | $ 0.03 |
Weighted-average shares used in computing net income (loss) per share, basic | 12,252,517 | 12,156,968 |
Weighted-average shares used in computing net income (loss) per share, diluted | 12,252,517 | 12,315,806 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (1,790) | $ 387 |
Other comprehensive income (loss): | ||
Change in foreign currency translation adjustment, net of taxes | (17) | 73 |
Comprehensive income (loss) | $ (1,807) | $ 460 |
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, 2021 | $ 33,815 | $ 58 | $ 132,780 | $ (98,785) | $ (238) |
Beginning balance, Shares at Dec. 31, 2021 | 11,703,430 | ||||
Exercise of stock options | 13 | 13 | |||
Exercise of stock options, Shares | 8,528 | ||||
Repurchase of common stock | (1,634) | (1,634) | |||
Repurchase of common stock, Shares | (57,623) | ||||
Issuance of common stock from RSUs vested, Shares | 22,755 | ||||
Issuance of common stock from acquisition | 14,266 | $ 3 | 14,263 | ||
Issuance of common stock from acquisition, Shares | 464,540 | ||||
Stock-based compensation | 1,855 | 1,855 | |||
Foreign currency translation loss | 73 | 73 | |||
Net income (loss) | 387 | 387 | |||
Ending balance at Mar. 31, 2022 | 48,775 | $ 61 | 147,277 | (98,398) | (165) |
Ending balance, Shares at Mar. 31, 2022 | 12,141,630 | ||||
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 | 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 income (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 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,790) | $ 387 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation of property and equipment | 1,771 | 1,487 |
Amortization of intangible assets | 661 | 695 |
Impairment of property and equipment | 72 | |
Stock-based compensation | 2,220 | 1,855 |
Change in fair value of contingent consideration | (6) | |
Provision for accounts receivable | 25 | 77 |
Changes in operating assets and liabilities: | ||
Accounts receivable and contract asset, net | 4,211 | (4,976) |
Prepaid expenses and other assets | (486) | (439) |
Accounts payable | 219 | |
Accrued expenses and other current liabilities | (1,834) | (1,220) |
Deferred revenue | (6,261) | 3,417 |
Net cash (used in) provided by operating activities | (1,198) | 1,283 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,537) | (1,900) |
Investment in intangible and other assets | (23) | (8) |
Business acquisition, net of cash acquired | (4,618) | |
Net cash used in investing activities | (1,560) | (6,526) |
Cash flows from financing activities: | ||
Payment of contingent consideration liability | (1,500) | |
Proceeds from exercise of stock options | 127 | 13 |
Repurchases of common stock | (1,256) | (1,634) |
Net cash used in financing activities | (2,629) | (1,621) |
Change in cash, cash equivalents and restricted cash | (5,387) | (6,864) |
Effect of exchange rate on cash and cash equivalents | (17) | 80 |
Cash, cash equivalents and restricted cash at beginning of year | 10,479 | 15,636 |
Cash, cash equivalents and restricted cash at end of year | 5,075 | 8,852 |
Supplemental disclosure of non-cash financing activities: | ||
Property and equipment purchases included in accounts payable | $ 1,074 | 731 |
Estimated fair value of contingent consideration | 12,400 | |
Fair value of common stock issued as consideration for business acquisition | $ 14,266 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and Description of Business In April 2023, ShotSpotter, Inc. changed its name to SoundThinking, Inc. (the “Company”), reflecting its broader impact on public safety through a growing set of industry-leading law enforcement tools and community-focused solutions. As part of the rebrand, the Company introduced its SafetySmart Platform TM that includes four data-driven tools including its flagship product, ShotSpotter ® (formerly ShotSpotter Respond), the leading outdoor gunshot detection, location and alerting system trusted by ove r 155 cities an d over 20 universities and corporations as of March 31, 2023. CrimeTracer (formerly COPLINK X) is a leading law enforcement search engine that enables investigators to search through more than 1 billion criminal justice records from across jurisdictions to generate tactical leads and quickly make intelligent connections to solve crimes. CaseBuilder (formerly ShotSpotter Investigate) is a one-stop investigative management system for tracking, reporting, and collaborating on cases. And ResourceRouter (formerly ShotSpotter Connect) 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. The Company offers its solutions on a software-as-a-service subscription model to its customers. SoundThinking Labs supports innovative uses of the Company's technology to help protect wildlife and the environment. Additionally, we provide maintenance and support services and professional software development services to a single customer, through a sales channel intermediary. The Company’s principal executive offices are located in Fremont, California. The Company has five wholly-owned subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 (“Annual Report”) filed with the Securities and Exchange Commission on March 14, 2023. 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 income (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 2023 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 makes 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 two 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, 2023, the Company had $ 3.8 million and $ 25,000 on hand in separate respective accounts with the Company's two domestic financial institutions, for which only $ 250,000 per bank is insured under FDIC limits. Concentration of Accounts Receivable and Contract Asset – At March 31 202 3, three customers accounted for 27 %, 20 % and 16 % of the Company’s total accounts receivable and contract asset, respectively. At March 31, 2022, two customers accounted for 38 % and 15 % of the Company’s total accounts receivable and contract asset. Concentration of Revenues – For the three months ended March 31, 2023, two customer s accounted for 27 % and 10 % of the Company’s total revenues, respectively. For the three months ended March 31, 2022, two customers accounted for 38 % and 10 % of the Company’s total revenues, respectively. 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 Adopted In June 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit loss and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance was effective at the beginning of the Company’s first quarter of fiscal 2023. The Company adopted this ASU effective January 1, 2023 . The adoption of this ASU did no t have a material impact on the Company's consolidated financial statements. |
Revenue Related Disclosures
Revenue Related Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Related Disclosures | Note 3. Revenue Related Disclosures The changes in deferred revenue were as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 43,721 $ 26,709 Deferred revenues acquired (Note 4 - Business Acquisitions) — 5,382 New billings 14,149 24,527 Revenue recognized during the year from beginning balance ( 14,987 ) ( 9,825 ) Revenue recognized during the year from new billings ( 5,429 ) ( 11,292 ) Foreign currency impact 5 8 Ending balance $ 37,459 $ 35,509 The following table presents remaining performance obligations for contractually committed revenues as of March 31, 2023 (in thousands): Remainder of 2023 $ 53,915 2024 37,584 2025 17,099 Thereafter 7,099 Total $ 115,697 T he 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, 2023 and amounts under contract that will be invoiced after March 31, 2023. 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, 2022, the Company recognized revenues of $ 20.8 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 3 1, 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. During the three months ended March 31, 2022, the Company recognized rev enues of $ 19.0 million from monthly subscription, maintenance and support services, and $ 2.2 million from professional software development services. |
Business Acquisition
Business Acquisition | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Acquisition | Note 4. Business Acquisition During the first quarter of 2022, the Company completed the acquisition of 100 % of the membership interests in Forensic Logic, LLC (“Forensic Logic”) for purchase consideration of $ 4.9 million in cash, subject to working capital adjustments, and $ 14.3 million in the form of 464,540 shares of the Company's common stock based on the closing price on the date of acquisition. The purchase consideration also included a contingent earnout payable based on Forensic Logic’s revenues generated during 2022 and 2023. The acquisition date fair value of the contingent earnout was $ 12.4 million, resulting in a total purchase consideration of $ 31.6 million. 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 $ 303 Accounts receivable and contract asset, net 220 Property and equipment, net 200 Operating lease right-of-use assets 1,893 Software technology 7,140 Tradename 1,000 Customer relationships 8,400 Goodwill 20,155 Other assets 186 Accrued expenses and other current liabilities ( 635 ) Operating lease liabilities ( 1,893 ) Deferred revenue ( 5,382 ) Total estimated consideration $ 31,587 Goodwill 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 24 %, reflecting the risk profile of the assets. Acquisitio n-related expenses totaled $ 0.6 million, of which $ 0.1 million is included in general and administrative expense for the three months ended March 31, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements In November 2020, using a Monte Carlo Simulation approach, and Level III of the fair value hierarchy established by Accounting Standards Codification (“ASC”) 820-10-35-37, the Company estimated the fair value of the contingent consideration liability associated with its acquisition of LEEDS LLC (“LEEDS”) to be $ 0.2 millions as of the acquisition date. During the fourth quarter of 2021, the fair value of the contingent consideration was increased by $ 1.3 million based upon estimated 2022 revenue targets, representing an adjustment to the most likely outcome expected for the liability. During the three months ended March 31, 2023, the Company paid the $ 1.5 million LEEDS contingent consideration balance. In January 2022, using a Monte Carlo Simulation approach and Level III of the fair value hierarchy established by ASC 820-10-35-37, 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. During the year ended December 31, 2022, and the first quarter of 2023, the fair value of the contingent consideration was decreased by $ 9.2 million based upon revised estimated 2022 and 2023 revenue targets due to delays in certain expected contracts by a small number of significant potential customers. The changes in the fair value of contingent consideration liabilities for the quarters ended March 31 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 4,746 $ 1,500 Payment of contingent consideration liability ( 1,500 ) — Change in fair value of contingent consideration ( 6 ) 12,400 Ending balance $ 3,241 $ 13,900 There were no transfers into or out of Level III during the three months ended March 31, 2023 and 2022. As of March 31, 2023, contingent consideration of $ 3.2 million is included in Other liabilities in th e condensed consolidated balance sheet. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6. Goodwill The change in goodwill is as follows (in thousands): March 31, December 31, 2023 2022 Beginning balance $ 22,971 $ 2,816 Acquisition of Forensic Logic (Note 4—Business Acquisitions) — 20,155 Change during the period — — Ending balance $ 22,971 $ 22,971 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 7. Intangible Assets, net Intangible assets consist of the following (in thousands): March 31, 2023 Gross Accumulated Amortization Net Customer relationships $ 22,970 $ ( 3,167 ) $ 19,803 Acquired software technology 7,140 ( 1,234 ) 5,906 Patents 1,241 ( 1,140 ) 101 Tradename 1,000 ( 139 ) 861 Total intangible assets, net $ 32,351 $ ( 5,680 ) $ 26,671 December 31, 2022 Gross Accumulated Amortization Net Customer relationships $ 22,970 $ ( 2,760 ) $ 20,210 Acquired software technology 7,140 ( 1,015 ) 6,125 Patents 1,227 ( 1,133 ) 94 Tradename 1,000 ( 111 ) 889 Total intangible assets, net $ 32,337 $ ( 5,019 ) $ 27,318 Intangible amortization expense was approximately $ 0.7 million for each of the three months ended March 31, 2023 and 2022, respectively. The following table presents future intangible asset amortization as of March 31, 2023 (in thousands): Remainder of 2023 $ 2,275 2024 3,035 2025 2,527 2026 2,493 2027 2,483 Thereafter 13,858 Total $ 26,671 |
Details of Certain Condensed Co
Details of Certain Condensed Consolidated Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2023 | |
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 asset, net (in thousands): March 31, December 31, 2023 2022 Accounts receivable $ 22,384 $ 28,790 Contract asset 4,362 2,167 Allowance for credit losses ( 25 ) — $ 26,721 $ 30,957 Prepaid expenses and other current assets (in thousands): March 31, December 31, 2023 2022 Deferred commissions $ 1,064 $ 1,040 Prepaid software and licenses 1,057 647 Other prepaid expenses 509 236 Prepaid insurance 357 724 Short-term deposits 398 363 Other 89 215 $ 3,474 $ 3,225 Other assets (long-term) (in thousands): March 31, December 31, 2023 2022 Deferred commissions $ 2,673 $ 2,552 Other 134 18 $ 2,807 $ 2,570 Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2023 2022 Personnel-related accruals $ 4,454 $ 5,971 Contingent consideration liability - 1,500 Operating lease liabilities 924 868 Professional fees 337 441 Income tax payable 385 385 Sales/use tax payable 114 257 Other 435 543 $ 6,649 $ 9,965 Other liabilities (long-term) (in thousands): March 31, December 31, 2023 2022 Contingent consideration liability $ 3,241 $ 3,246 Operating lease liabilities 2,309 2,554 $ 5,550 $ 5,800 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9. Related Party Transactions There were no related party transactions in the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company recognized approximat ely $ 16,000 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. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 10. Stock Repurchase Program During the three months ended March 31, 2023, the Company repurchased 35,369 shares of its common stock at an average price of $ 35.43 per share for $ 1.3 million, under the Company's 2022 stock repurchase program. During the three months ended March 31, 2022, the Company repurchased 57,623 shares of its common stock at an average price of $ 28.34 per share for $ 1.6 million, under the Company's 2019 stock repurchase program. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 11. 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, 2023 2022 Numerator: Net income (loss) $ ( 1,790 ) $ 387 Denominator: Weighted-average shares outstanding, basic 12,252,517 12,156,968 Weighted-average shares outstanding, diluted 12,252,517 12,315,806 Net income (loss) per share, basic $ ( 0.15 ) $ 0.03 Net income (loss) per share, diluted $ ( 0.15 ) $ 0.03 The following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 1,461,481 952,776 Unvested restricted stock units 337,259 222,869 Total 1,798,740 1,175,645 |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 12. 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, 2023 is as follows: Number Weighted Weighted Aggregate Intrinsic Value Exercised (in thousands) Outstanding at December 31, 2022 1,256,056 $ 28.20 Granted 240,084 $ 32.89 $ 19.69 Exercised ( 10,063 ) $ 12.65 $ 226 Canceled ( 24,596 ) $ 29.18 Outstanding at March 31, 2023 1,461,481 $ 29.06 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, 2023 by 612,196 shares, which was equal to 5 % of the total number of shares of common stock outstanding on December 31, 2022. Restricted stock units: A summary of restricted stock unit ("RSU") activities under the 2017 Plan during the three months ended March 31, 2023 is as follows: Number Weighted Aggregate Fair Value of RSUs Vested (in thousands) Unvested RSUs at December 31, 2022 223,821 $ 29.21 Granted 148,784 $ 32.89 Vested ( 25,157 ) $ 30.74 $ 918 Forfeited ( 10,189 ) $ 28.08 Unvested RSUs at March 31, 2023 337,259 $ 30.76 2017 Employee Stock Purchase Plan There were no shares issued under the 2017 Employee Stock Purchase Plan ("2017 ESPP") during the three months ended March 31, 2023. 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, 2023 by 150,000 shares. The number of shares available for grant under the 2017 ESPP was 666,167 as of March 31, 2023. 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, 2023 2022 Cost of revenues $ 474 $ 456 Sales and marketing 439 463 Research and development 295 234 General and administrative 1,012 702 Total $ 2,220 $ 1,855 |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 13. Financing Arrangements Credit Agreement 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 amends 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. 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, 2023 and December 31, 2022 was $ 25.0 million and $ 20.0 million, respectively. There were no borrowings outstanding as of March 31, 2023 and December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. 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 is 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 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, 2023 | |
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, 2022 (“Annual Report”) filed with the Securities and Exchange Commission on March 14, 2023. 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 income (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 2023 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 makes 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 two 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, 2023, the Company had $ 3.8 million and $ 25,000 on hand in separate respective accounts with the Company's two domestic financial institutions, for which only $ 250,000 per bank is insured under FDIC limits. Concentration of Accounts Receivable and Contract Asset – At March 31 202 3, three customers accounted for 27 %, 20 % and 16 % of the Company’s total accounts receivable and contract asset, respectively. At March 31, 2022, two customers accounted for 38 % and 15 % of the Company’s total accounts receivable and contract asset. Concentration of Revenues – For the three months ended March 31, 2023, two customer s accounted for 27 % and 10 % of the Company’s total revenues, respectively. For the three months ended March 31, 2022, two customers accounted for 38 % and 10 % of the Company’s total revenues, respectively. 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 Adopted In June 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit loss and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance was effective at the beginning of the Company’s first quarter of fiscal 2023. The Company adopted this ASU effective January 1, 2023 . The adoption of this ASU did no t have a material impact on the Company's consolidated financial statements. |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit loss and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance was effective at the beginning of the Company’s first quarter of fiscal 2023. The Company adopted this ASU effective January 1, 2023 . The adoption of this ASU did no t have a material impact on the Company's consolidated financial statements. |
Revenue Related Disclosures (Ta
Revenue Related Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Changes in Deferred Revenue | The changes in deferred revenue were as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 43,721 $ 26,709 Deferred revenues acquired (Note 4 - Business Acquisitions) — 5,382 New billings 14,149 24,527 Revenue recognized during the year from beginning balance ( 14,987 ) ( 9,825 ) Revenue recognized during the year from new billings ( 5,429 ) ( 11,292 ) Foreign currency impact 5 8 Ending balance $ 37,459 $ 35,509 |
Schedule of Remaining Performance Obligations for Contractually Committed Revenues | The following table presents remaining performance obligations for contractually committed revenues as of March 31, 2023 (in thousands): Remainder of 2023 $ 53,915 2024 37,584 2025 17,099 Thereafter 7,099 Total $ 115,697 T |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
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 $ 303 Accounts receivable and contract asset, net 220 Property and equipment, net 200 Operating lease right-of-use assets 1,893 Software technology 7,140 Tradename 1,000 Customer relationships 8,400 Goodwill 20,155 Other assets 186 Accrued expenses and other current liabilities ( 635 ) Operating lease liabilities ( 1,893 ) Deferred revenue ( 5,382 ) Total estimated consideration $ 31,587 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair Value of Contingent Consideration Liability | The changes in the fair value of contingent consideration liabilities for the quarters ended March 31 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 4,746 $ 1,500 Payment of contingent consideration liability ( 1,500 ) — Change in fair value of contingent consideration ( 6 ) 12,400 Ending balance $ 3,241 $ 13,900 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The change in goodwill is as follows (in thousands): March 31, December 31, 2023 2022 Beginning balance $ 22,971 $ 2,816 Acquisition of Forensic Logic (Note 4—Business Acquisitions) — 20,155 Change during the period — — Ending balance $ 22,971 $ 22,971 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Net | Intangible assets consist of the following (in thousands): March 31, 2023 Gross Accumulated Amortization Net Customer relationships $ 22,970 $ ( 3,167 ) $ 19,803 Acquired software technology 7,140 ( 1,234 ) 5,906 Patents 1,241 ( 1,140 ) 101 Tradename 1,000 ( 139 ) 861 Total intangible assets, net $ 32,351 $ ( 5,680 ) $ 26,671 December 31, 2022 Gross Accumulated Amortization Net Customer relationships $ 22,970 $ ( 2,760 ) $ 20,210 Acquired software technology 7,140 ( 1,015 ) 6,125 Patents 1,227 ( 1,133 ) 94 Tradename 1,000 ( 111 ) 889 Total intangible assets, net $ 32,337 $ ( 5,019 ) $ 27,318 |
Schedule of Future Intangible Asset Amortization | The following table presents future intangible asset amortization as of March 31, 2023 (in thousands): Remainder of 2023 $ 2,275 2024 3,035 2025 2,527 2026 2,493 2027 2,483 Thereafter 13,858 Total $ 26,671 |
Details of Certain Condensed _2
Details of Certain Condensed Consolidated Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable and Contract Asset, Net | Accounts receivable and contract asset, net (in thousands): March 31, December 31, 2023 2022 Accounts receivable $ 22,384 $ 28,790 Contract asset 4,362 2,167 Allowance for credit losses ( 25 ) — $ 26,721 $ 30,957 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (in thousands): March 31, December 31, 2023 2022 Deferred commissions $ 1,064 $ 1,040 Prepaid software and licenses 1,057 647 Other prepaid expenses 509 236 Prepaid insurance 357 724 Short-term deposits 398 363 Other 89 215 $ 3,474 $ 3,225 |
Schedule of Other Assets Long-term | Other assets (long-term) (in thousands): March 31, December 31, 2023 2022 Deferred commissions $ 2,673 $ 2,552 Other 134 18 $ 2,807 $ 2,570 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2023 2022 Personnel-related accruals $ 4,454 $ 5,971 Contingent consideration liability - 1,500 Operating lease liabilities 924 868 Professional fees 337 441 Income tax payable 385 385 Sales/use tax payable 114 257 Other 435 543 $ 6,649 $ 9,965 |
Schedule of Other Long-term Liabilities | Other liabilities (long-term) (in thousands): March 31, December 31, 2023 2022 Contingent consideration liability $ 3,241 $ 3,246 Operating lease liabilities 2,309 2,554 $ 5,550 $ 5,800 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Numerator: Net income (loss) $ ( 1,790 ) $ 387 Denominator: Weighted-average shares outstanding, basic 12,252,517 12,156,968 Weighted-average shares outstanding, diluted 12,252,517 12,315,806 Net income (loss) per share, basic $ ( 0.15 ) $ 0.03 Net income (loss) per share, diluted $ ( 0.15 ) $ 0.03 |
Schedule of Anti-dilutive Shares Outstanding Excluded in Calculation of Diluted Net Income (Loss) per Share | The following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net income (loss) per share as the effect would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 1,461,481 952,776 Unvested restricted stock units 337,259 222,869 Total 1,798,740 1,175,645 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 is as follows: Number Weighted Weighted Aggregate Intrinsic Value Exercised (in thousands) Outstanding at December 31, 2022 1,256,056 $ 28.20 Granted 240,084 $ 32.89 $ 19.69 Exercised ( 10,063 ) $ 12.65 $ 226 Canceled ( 24,596 ) $ 29.18 Outstanding at March 31, 2023 1,461,481 $ 29.06 |
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, 2023 is as follows: Number Weighted Aggregate Fair Value of RSUs Vested (in thousands) Unvested RSUs at December 31, 2022 223,821 $ 29.21 Granted 148,784 $ 32.89 Vested ( 25,157 ) $ 30.74 $ 918 Forfeited ( 10,189 ) $ 28.08 Unvested RSUs at March 31, 2023 337,259 $ 30.76 |
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, 2023 2022 Cost of revenues $ 474 $ 456 Sales and marketing 439 463 Research and development 295 234 General and administrative 1,012 702 Total $ 2,220 $ 1,855 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 City Universities Subsidiary | |
Business And Nature Of Operations [Line Items] | |
Number of universities and corporations in which entity operates | Universities | 20 |
Number of subsidiary | Subsidiary | 5 |
Minimum | |
Business And Nature Of Operations [Line Items] | |
Number of cities in which entity operates | City | 155 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Customer Financialinstitution | Mar. 31, 2022 Customer | Dec. 31, 2022 USD ($) | |
Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 5,075,000 | $ 10,479,000 | |
ASU 2016-13 | |||
Accounting Policies [Line Items] | |||
Change in accounting principle, ASU, material effect | false | ||
Change in accounting principle, ASU, adoption | true | ||
Change in accounting principle, ASU, adoption date | Jan. 01, 2023 | ||
Customer Concentration Risk | Accounts Receivable and Contract Asset | |||
Accounting Policies [Line Items] | |||
Number of customers | Customer | 3 | 2 | |
Customer Concentration Risk | Revenues | |||
Accounting Policies [Line Items] | |||
Number of customers | Customer | 2 | 2 | |
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 | 2 | ||
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 | $ 3,800,000 | ||
Credit Concentration Risk | Domestic Financial Institution Two | |||
Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 25,000 | ||
Customer One | Customer Concentration Risk | Accounts Receivable and Contract Asset | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 27% | 38% | |
Customer One | Customer Concentration Risk | Revenues | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 27% | 38% | |
Customer Two | Customer Concentration Risk | Accounts Receivable and Contract Asset | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 20% | 15% | |
Customer Two | Customer Concentration Risk | Revenues | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10% | 10% | |
Customer Three | Customer Concentration Risk | Accounts Receivable and Contract Asset | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 16% |
Revenue Related Disclosures - S
Revenue Related Disclosures - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Beginning balance | $ 43,721 | $ 26,709 |
Deferred revenues acquired (Note 4 - Business Acquisitions) | 5,382 | |
New billings | 14,149 | 24,527 |
Foreign currency impact | 5 | 8 |
Ending balance | 37,459 | 35,509 |
Recognition From Balance at the Beginning of the Year | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized during the year | (14,987) | (9,825) |
Revenue Recognized During the Year from New Billings | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue recognized during the year | $ (5,429) | $ (11,292) |
Revenue Related Disclosures -_2
Revenue Related Disclosures - Schedule of Remaining Performance Obligations for Contractually Committed Revenues (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 115,697 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 53,915 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 37,584 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 17,099 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 7,099 |
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, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 115,697 |
Revenue Related Disclosures - A
Revenue Related Disclosures - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Subscription, maintenance and support services Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 19.5 | $ 19 |
Professional software development services member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 1.1 | 2.2 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 20.2 | 20.8 |
South Africa | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | 0.4 | 0.4 |
Bahamas | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues | $ 0.4 | $ 0.4 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) shares | |
Business Acquisition [Line Items] | |
Fair value of common stock issued as consideration for business acquisition | $ 14,266 |
Common Stock | |
Business Acquisition [Line Items] | |
Issuance of common stock from acquisition, Shares | shares | 464,540 |
Forensic Logic | |
Business Acquisition [Line Items] | |
Membership interests, acquired | 100% |
Business acquisition purchase consideration in cash | $ 4,900 |
Preliminary fair value of the contingent consideration | 12,400 |
Business acquisition estimated purchase consideration/purchase consideration | $ 31,600 |
Percentage of discounted cash flows | 24% |
Acquisition-related expenses | $ 600 |
Forensic Logic | General and Administrative | |
Business Acquisition [Line Items] | |
Acquisition-related expenses | $ 100 |
Forensic Logic | Common Stock | |
Business Acquisition [Line Items] | |
Issuance of common stock from acquisition, Shares | shares | 464,540 |
Fair value of common stock issued as consideration for business acquisition | $ 14,300 |
Business Acquisition - Summary
Business Acquisition - Summary of Assignment of Fair Value to Identified Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 22,971 | $ 22,971 | $ 2,816 | |
Forensic Logic | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 303 | |||
Accounts receivable and contract asset, net | 220 | |||
Property and equipment, net | 200 | |||
Operating lease right-of-use assets | 1,893 | |||
Goodwill | 20,155 | |||
Other assets | 186 | |||
Accrued expenses and other current liabilities | (635) | |||
Operating lease liabilities | (1,893) | |||
Deferred revenue | (5,382) | |||
Total estimated consideration | 31,587 | |||
Forensic Logic | Software Technology | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | 7,140 | |||
Forensic Logic | Tradename | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | 1,000 | |||
Forensic Logic | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable technology and intangible assets | $ 8,400 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Jan. 31, 2022 | Nov. 30, 2020 | |
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 | ||||
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) | 12,400,000 | $ 1,300,000 | $ (9,200,000) | ||
Contingent consideration | 3,241,000 | $ 13,900,000 | $ 1,500,000 | $ 4,746,000 | ||
Fair Value Measurements Recurring | Level 3 | Other Liabilities | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Contingent consideration | 3,200,000 | |||||
LEEDS | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Payment of contingent consideration liability | $ 1,500,000 | |||||
LEEDS | Level 3 | ||||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated fair value of contingent consideration | $ 200,000 | |||||
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 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Contingent Consideration Liabilities (Details) - Fair Value Measurements Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 4,746 | $ 1,500 | $ 1,500 | |
Payment of contingent consideration liability | (1,500) | |||
Change in fair value of contingent consideration | (6) | 12,400 | $ 1,300 | (9,200) |
Ending balance | $ 3,241 | $ 13,900 | $ 1,500 | $ 4,746 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 2,816 |
Acquisition of Forensic Logic (Note 4---Business Acquisitions) | 20,155 |
Ending balance | $ 22,971 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 32,351 | $ 32,337 |
Accumulated Amortization | (5,680) | (5,019) |
Net | 26,671 | 27,318 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 22,970 | 22,970 |
Accumulated Amortization | (3,167) | (2,760) |
Net | 19,803 | 20,210 |
Acquired Software Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 7,140 | 7,140 |
Accumulated Amortization | (1,234) | (1,015) |
Net | 5,906 | 6,125 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,241 | 1,227 |
Accumulated Amortization | (1,140) | (1,133) |
Net | 101 | 94 |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,000 | 1,000 |
Accumulated Amortization | (139) | (111) |
Net | $ 861 | $ 889 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 661 | $ 695 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2023 | $ 2,275 | |
2024 | 3,035 | |
2025 | 2,527 | |
2026 | 2,493 | |
2027 | 2,483 | |
Thereafter | 13,858 | |
Net | $ 26,671 | $ 27,318 |
Details of Certain Condensed _3
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Accounts Receivable and Contract Asset, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 22,384 | $ 28,790 |
Contract asset | 4,362 | 2,167 |
Allowance for credit losses | (25) | |
Accounts receivable and contract asset | $ 26,721 | $ 30,957 |
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, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Deferred commissions | $ 1,064 | $ 1,040 |
Prepaid software and licenses | 1,057 | 647 |
Other prepaid expenses | 509 | 236 |
Prepaid insurance | 357 | 724 |
Short-term deposits | 398 | 363 |
Other | 89 | 215 |
Total | $ 3,474 | $ 3,225 |
Details of Certain Condensed _5
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Assets Long-term (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Deferred commissions | $ 2,673 | $ 2,552 |
Other | 134 | 18 |
Total other assets | $ 2,807 | $ 2,570 |
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, 2023 | Dec. 31, 2022 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Personnel-related accruals | $ 4,454 | $ 5,971 |
Contingent consideration liability | 1,500 | |
Operating lease liabilities | 924 | 868 |
Professional fees | 337 | 441 |
Income tax payable | 385 | 385 |
Other | 435 | 543 |
Sales/ use tax payable | 114 | 257 |
Accrued expenses and other current liabilities | $ 6,649 | $ 9,965 |
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, 2023 | Dec. 31, 2022 |
Other Liabilities, Noncurrent [Abstract] | ||
Contingent consideration liability | $ 3,241 | $ 3,246 |
Operating lease liabilities | 2,309 | 2,554 |
Other liabilities, noncurrent | $ 5,550 | $ 5,800 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - SoundThinking - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Related party transactions | $ 0 | |
Revenue from related parties | $ 16,000 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class Of Stock [Line Items] | ||
Repurchase of common stock amount | $ 1,256 | $ 1,634 |
November 2022 Stock Repurchase Program | ||
Class Of Stock [Line Items] | ||
Repurchase of common stock | 35,369 | |
Average price per share | $ 35.43 | |
Repurchase of common stock amount | $ 1,300 | |
2019 Stock Repurchase Program | ||
Class Of Stock [Line Items] | ||
Repurchase of common stock | 57,623 | |
Average price per share | $ 28.34 | |
Repurchase of common stock amount | $ 1,600 |
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, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income (loss) | $ (1,790) | $ 387 |
Denominator: | ||
Weighted-average shares outstanding, basic | 12,252,517 | 12,156,968 |
Weighted-average shares outstanding, diluted | 12,252,517 | 12,315,806 |
Net income (loss) per share, basic | $ (0.15) | $ 0.03 |
Net income (loss) per share, diluted | $ (0.15) | $ 0.03 |
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, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,798,740 | 1,175,645 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,461,481 | 952,776 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 337,259 | 222,869 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, Beginning Balance | shares | 1,256,056 |
Number of Options Outstanding, Granted | shares | 240,084 |
Number of Options Outstanding, Exercised | shares | (10,063) |
Number of Options Outstanding, Canceled | shares | (24,596) |
Number of Options Outstanding, Ending Balance | shares | 1,461,481 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Beginning Balance | $ 28.20 |
Weighted Average Exercise Price, Granted | 32.89 |
Weighted Average Exercise Price, Exercised | 12.65 |
Weighted Average Exercise Price, Canceled | 29.18 |
Weighted Average Exercise Price, Ending Balance | 29.06 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Grant Date Fair Value per Option, Granted | $ 19.69 |
Aggregate Intrinsic Value Exercised | $ | $ 226 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2023 | May 31, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | |
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 | 666,167 | ||||
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 | 612,196 |
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, 2023 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs, Beginning Balance | shares | 223,821 |
Number of RSUs, Granted | shares | 148,784 |
Number of RSUs, Vested | shares | (25,157) |
Number of RSUs, Forfeited | shares | (10,189) |
Number of RSUs, Ending Balance | shares | 337,259 |
Weighted Average Grant Date Fair Value per RSU, Beginning Balance | $ / shares | $ 29.21 |
Weighted Average Grant Date Fair Value per RSU, Granted | $ / shares | 32.89 |
Weighted Average Grant Date Fair Value per RSU, Vested | $ / shares | 30.74 |
Weighted Average Grant Date Fair Value per RSU, Forfeited | $ / shares | 28.08 |
Weighted Average Grant Date Fair Value per RSU, Ending Balance | $ / shares | $ 30.76 |
Aggregate Fair Value of RSUs' Vested | $ | $ 918 |
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, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,220 | $ 1,855 |
Cost of Revenues | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 474 | 456 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 439 | 463 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 295 | 234 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,012 | $ 702 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Details) - Umpqua Credit Agreement - USD ($) | 3 Months Ended | ||||
Nov. 23, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2020 | Sep. 27, 2018 | |
Debt Instrument [Line Items] | |||||
Credit facility borrowings outstanding | $ 0 | $ 0 | |||
Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Credit agreement date | Sep. 27, 2018 | ||||
Credit facility maximum borrowing capacity under loan | $ 25,000,000 | $ 20,000,000 | $ 10,000,000 | ||
Credit facility maturity date | Nov. 27, 2022 | ||||
Credit facility extended maturity date | Oct. 15, 2024 | ||||
Credit facility current borrowing capacity under loan | $ 25,000,000 | $ 20,000,000 | |||
Letter of Credit Subfacility | |||||
Debt Instrument [Line Items] | |||||
Credit facility maximum borrowing capacity under loan | $ 7,500,000 | $ 6,000,000 |