Q1 2024 SoundThinking Inc Earnings Call Transcript
Key Points
- SoundThinking Inc (SSTI) reported a 23% year-over-year revenue growth, reaching $25.4 million in Q1 2024.
- The company successfully went live with 11 new ShotSpotter customers, including a strategic deployment with the Philadelphia Housing Authority.
- SoundThinking Inc (SSTI) expanded its offerings beyond acoustic gunshot detection, now marketing five solutions under its safety smart platform.
- The company saw significant international adoption, with positive results from its Montevideo, Uruguay deployment.
- SoundThinking Inc (SSTI) reaffirmed its full-year revenue guidance of $104 million to $106 million and adjusted EBITDA margin guidance of 18% to 20%.
- Adjusted EBITDA for Q1 2024 was slightly below expectations due to higher labor costs and one-time expenses, including a $1 million cost for an all-hands meeting.
- Operating expenses increased to $17.5 million, or 69% of revenues, up from $13.1 million, or 64% of revenues, in Q1 2023.
- The company experienced minor attrition of six miles in its coverage area during the quarter.
- Net loss for Q1 2024 was $2.9 million, or $0.23 per share, compared to a net loss of $1.8 million, or $0.15 per share, in Q1 2023.
- SoundThinking Inc (SSTI) is facing some headwinds in sales cycles due to noise from Chicago, potentially lengthening the sales process for larger deals.
Good afternoon, and welcome to SoundThinking's first-quarter 2024 conference call. My name is Joe and I will be your operator for today's call. Joining us are SoundThinking's CEO, Ralph Clark; and CFO, Alan Stewart.
Please note that certain information discussed on the call today will include forward-looking statements about future events and SoundThinking's business strategy and future financial and operating performance. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict and may cause the actual results to differ materially from those stated or implied by those statements.
Certain of these risks and assumptions are discussed in SoundThinking's SEC filings, including its registration statement on Form-S1. These forward-looking statements reflect management's beliefs, estimates and predictions as of the date of this live broadcast, May 14, 2024, and SoundThinking undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.
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