0000950170-22-001957 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 59,291	$ 62,472
Receivables, net	69,773	58,114
Inventories, net	33,777	33,962
Recoverable income taxes	860	1,420
Prepaid expenses	12,170	4,143
Other current assets	4,718	5,024
Total current assets	180,589	165,135
Noncurrent assets
Property and equipment, net	10,490	7,535
Software, net	5,867	3,438
Operating lease assets	5,899	5,083
Intangible assets, net	10,777	12,895
Goodwill	9,842	9,842
Deferred tax assets, net	7,604	1,537
Other noncurrent assets	1,200	288
TOTAL ASSETS	232,268	205,753
Current liabilities
Accounts payable	28,241	30,859
Accrued liabilities	21,948	20,160
Employee compensation	16,601	14,911
Current portion of long-term external debt, net	2,489	29,201
Deferred revenues	6,880	6,471
Other current liabilities	5,981	6,009
Total current liabilities	82,140	107,611
Noncurrent liabilities
Long-term external debt, net	26,965	24,957
Deferred revenues	5,363	4,448
Noncurrent operating lease liabilities	4,112	3,332
Other noncurrent liabilities	1,551	2,018
Total liabilities	120,131	142,366
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2020 and December 31, 2021; 26,126,775 shares issued and 26,034,526 outstanding at December 31, 2020 and 26,892,082 shares issued and 26,735,175 outstanding at December 31, 2021	3	3
Additional paid in capital	124,117	109,837
Treasury shares, at cost, 92,146 shares at December 31, 2020 and 156,907 shares at December 31, 2021	(3,906)	(1,090)
Accumulated deficit	(7,378)	(44,799)
Accumulated other comprehensive loss	(699)	(564)
Total shareholders’ equity	112,137	63,387
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 232,268	$ 205,753

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	26,892,082	26,126,775
Common stock, shares, outstanding	26,735,175	26,034,526
Treasury stock, shares	156,907	92,146

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 335,854	$ 278,459	$ 267,028
Cost of revenues	175,058	139,049	135,799
Gross profit	160,796	139,410	131,229
Operating expenses
Research and development	47,929	43,188	47,692
Sales and marketing	40,787	36,784	46,253
General and administrative	29,490	28,851	30,125
Depreciation and amortization	6,171	6,639	5,858
Total operating expenses	124,377	115,462	129,928
Operating income (loss)	36,419	23,948	1,301
Interest expense, net	4,269	5,326	8,076
Other expense, net	244	491	546
(Loss) income before income taxes	31,906	18,131	(7,321)
Provision (benefit) for income taxes	(5,515)	(444)	10,280
Net (loss) income	$ 37,421	$ 18,575	$ (17,601)
(Loss) earnings per share
Basic	$ 1.42	$ 0.72	$ (0.89)
Diluted	$ 1.31	$ 0.70	$ (0.89)
Weighted-average number of shares outstanding to compute net (loss) earnings per share
Basic	26,421,087	25,707,092	19,741,764
Diluted	28,628,136	26,403,112	19,741,764

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation included in costs and expenses	$ 7,717	$ 3,436	$ 17,696
Cost of Revenues
Share-based compensation included in costs and expenses	152	67	211
Research and Development
Share-based compensation included in costs and expenses	3,044	1,599	5,363
Sales and Marketing
Share-based compensation included in costs and expenses	1,935	980	4,185
General and Administrative
Share-based compensation included in costs and expenses	$ 2,586	$ 790	$ 7,937

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ 37,421	$ 18,575	$ (17,601)
Other comprehensive loss
Foreign currency translation adjustment	(135)	(185)	(158)
Comprehensive (loss) income	$ 37,286	$ 18,390	$ (17,759)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Shareholders' (Deficit) Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Capital Contribution	Treasury Shares	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2018	$ (20,571)		$ 772	$ 24,651		$ (45,773)	$ (221)
Beginning balance, shares at Dec. 31, 2018		77,000
Net (loss) income	(17,601)					(17,601)
Share-based compensation	17,696		17,696
Issuance of shares upon vesting of restricted share units, shares		29,000
Issuance of shares in Recapitalization and related reclassification	2	$ 2	24,651	$ (24,651)
Issuance of shares in Recapitalization and related reclassification, shares		19,848,000
Issuance of shares in initial public offering/ordinary shares, net of issuance costs	$ 61,373	$ 1	61,372
Issuance of shares in initial public offering/ordinary shares, net of issuance costs, shares		5,800,000
Proceeds from exercise of share options, shares	0
Treasury shares withheld for net settlement	$ (812)		282		$ (1,094)
Treasury shares withheld for net settlement, shares		(81,000)
Foreign currency translation adjustment	(158)						(158)
Ending balance at Dec. 31, 2019	39,929	$ 3	104,773		(1,094)	(63,374)	(379)
Ending balance, shares at Dec. 31, 2019		25,672,983
Net (loss) income	18,575					18,575
Share-based compensation	3,436		3,436
Issuance of shares upon vesting of restricted share units, shares		234,000
Proceeds from exercise of share options	$ 1,628		1,628
Proceeds from exercise of share options, shares	138,878	138,878
Treasury shares withheld for net settlement	$ 4				4
Treasury shares withheld for net settlement, shares		(11,000)
Foreign currency translation adjustment	(185)						(185)
Ending balance at Dec. 31, 2020	63,387	$ 3	109,837		(1,090)	(44,799)	(564)
Ending balance, shares at Dec. 31, 2020		26,034,526
Net (loss) income	37,421					37,421
Share-based compensation	7,717		7,717
Issuance of shares upon vesting of restricted share units, shares		229,000
Issuance of ordinary shares, value	1,756		1,756
Issuance of ordinary shares		82,000
Proceeds from exercise of share options	$ 4,807		4,807
Proceeds from exercise of share options, shares	454,354	454,354
Treasury shares withheld for net settlement	$ (2,816)				(2,816)
Treasury shares withheld for net settlement, shares		(65,000)
Foreign currency translation adjustment	(135)						(135)
Ending balance at Dec. 31, 2021	$ 112,137	$ 3	$ 124,117		$ (3,906)	$ (7,378)	$ (699)
Ending balance, shares at Dec. 31, 2021		26,735,175

Consolidated Statements of Shareholders' (Deficit) Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Statement Of Stockholders Equity [Abstract]
Share issuance costs	$ 8,228

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ 37,421	$ 18,575	$ (17,601)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	3,356	3,685	3,583
Amortization of software and intangible assets	3,621	3,583	2,784
Amortization of debt issuance costs	1,130	546	1,141
Share-based compensation	7,717	3,436	17,696
Deferred income taxes	(6,065)	(1,072)	7,402
Provision for inventory excess and obsolescence	11	1,896	196
Other	(207)	540	115
Change in assets and liabilities:
Receivables	(11,174)	3,165	622
Inventories	174	5,696	(7,634)
Prepaid expenses	(8,034)	1,163	(1,847)
Accounts payable	(2,710)	6,097	2,096
Accrued employee compensation	1,885	11,116	14
Accrued liabilities	2,517	1,495	(1,296)
Accrued Sponsor interest and payables			(5,457)
Other assets and liabilities	318	(3,020)	1,739
Net cash provided by operating activities	29,960	56,901	3,553
Cash flows from investing activities:
Purchase of property and equipment	(6,259)	(3,407)	(3,002)
Purchase of software	(3,907)	(1,659)	(944)
Cash paid for acquisitions		(334)	(4,666)
Net cash used in investing activities	(10,166)	(5,400)	(8,612)
Cash flows from financing activities:
Proceeds from issuance of term loan	29,812
Proceeds from issuance of revolver debt		10,000
Repayment of term loan	(55,250)	(10,000)	(30,212)
Repayment of revolver debt		(10,000)	(10,000)
Payment of debt issuance costs	(1,220)		(336)
Proceeds from initial public offering, net of underwriters commission and fees			65,988
Issuance of ordinary shares	1,756
Payment of deferred offering costs			(4,616)
Proceeds from share option exercises	4,807	1,628
Taxes paid related to net share settlement of equity awards	(2,816)	4	(802)
Payment to extinguish debt	(42)
Net cash provided by (used in) financing activities	(22,953)	(8,368)	20,022
Effect of exchange rate on cash	(22)	(7)	(58)
Net increase (decrease) in cash	(3,181)	43,126	14,905
Cash, beginning of period	62,472	19,346	4,441
Cash, end of period	59,291	62,472	19,346
Supplemental disclosure of cash flow information:
Income taxes paid	779	2,232	1,702
Interest paid	$ 2,062	$ 3,998	6,455
Significant non-cash activities:
Issuance of shares for unreturned capital and accumulated yield			$ 49,252

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Business

Cambium Networks Corporation (“Cambium” or "Cambium Networks" or the “Company”), incorporated under the laws of the Cayman Islands, is a holding company whose principal operating entities are Cambium Networks, Ltd. (UK), Cambium Networks, Inc. (USA), and Cambium Networks Private Limited (India). On October 28, 2011, Cambium acquired the point-to-point (“PTP”) and point-to-multi-point (“PMP”) businesses from Motorola Solutions, Inc. in an acquisition funded by investment funds affiliated with Vector Capital (“Sponsor”) and Cambium Networks became the renamed entity subsequent to the acquisition.

Cambium Networks Corporation and its wholly owned subsidiaries provide fixed wireless broadband and Wi-Fi networking infrastructure solutions that work for businesses, communities and cities worldwide. Cambium Networks' radios are deployed to connect people, places and things with a unified fixed wireless fabric that spans multiple standards and frequencies of fixed wireless and Wi-Fi, all managed centrally via the cloud. The Company's solutions are deployed in networks by service providers, enterprises, industrial and government connectivity solutions in urban, suburban and rural environments.

The Company operates on a calendar year ending December 31. As such, all references to 2019, 2020 and 2021 contained within these notes relate to the calendar year, unless otherwise indicated.

Basis of Presentation

The Company’s consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Cambium Networks Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

The Company has reclassified certain prior period amounts to conform to the current period’s presentation.

On June 6, 2019, the Company completed a 100:1 share subdivision to its sole shareholder of record. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retrospectively to reflect the subdivision.

Initial public offering

The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on June 25, 2019, and the Company’s ordinary shares began trading on the Nasdaq Global Market on June 26, 2019. On June 28, 2019, the Company completed its IPO, in which the Company sold 5,800,000 shares at a price of $12.00 per share. The Company received aggregate net proceeds of $66.0 million after deducting underwriting discounts and commissions of $3.6 million. As of December 31, 2019, the Company used the proceeds from its IPO to pay offering costs of $4.6 million, paydown debt of $30.7 million, pay management fees owed to Vector Capital of $5.6 million, and pay $4.7 million to acquire select assets and assume select liabilities of the Xirrus Wi-Fi business from Riverbed Technology, Inc.

Immediately prior to the completion of the IPO, the Company effected a recapitalization, which comprised (i) an increase in the authorized and outstanding shares held by Vector Cambium Holdings (Cayman), L.P. (“VCH, L.P.”) and (ii) the exchange of the vested share-based compensation awards held by its employees for the Company’s shares and unvested share-based compensation awards for restricted share awards or restricted share units issued by the Company, in each case on a value-for-value basis (the “Recapitalization”).

Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Memorandum and Articles of Association, which authorizes a total of 500,000,000 ordinary shares. Upon the filing of the Amended and Restated Memorandum and Articles of Association, based on the IPO price of $12.00 per share as part of the Recapitalization described above, the Company (i) issued additional shares to VCH, L.P., such that its aggregate shareholding in it became 17,704,754 shares, (ii) issued 2,140,168 net shares to its employees and service providers and (iii) granted 240,037 restricted share awards or restricted share units in respect of shares that would be subject to vesting based on continued employment with or provision of services to the Company. The Company recorded non-cash share-based compensation expense of $15.4 million in June 2019 related to the aforementioned issuance of the shares to its employees and service providers. In addition, the Company issued an aggregate 2,172,000 share options and restricted share units to employees and directors, effective upon pricing of the IPO of $12.00 per share.

Use of Accounting Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates, including those related to the provision for excess and obsolete inventory, the carrying amount of estimated inventory returns, the estimated amount expected to be refunded to customers in respect of inventory returns, fair value of equity awards granted to employees and the associated forfeiture rates, fair value of assets acquired, liabilities assumed, goodwill and identifiable intangible assets in business combinations, leases, provision for income taxes, recoverability of deferred tax assets. The Company bases estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Segments

Management has determined that it operates as one operating segment and one reporting unit as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker ("CODM"). Decisions about resource allocation or operating performance assessments are not made below a total company level. Consequently, impairment testing of goodwill is performed at the consolidated level as one reporting unit.

Recognition of revenues

Revenues consist primarily of revenues from the sale of hardware products with essential embedded software. Revenues also include limited amounts for software products, extended warranty on hardware products and software subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers and systems integrators.

The Company recognizes revenue to reflect the transfer of control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for products or services.

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, and extended warranty on hardware products have been identified as separate performance obligations.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. Exchanges made as part of the Company’s stock rotation program meet the definition of a right of return. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and cooperative marketing allowances.

The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with embedded software is recognized when control is transferred to the customer, which is typically at the time of shipment. Software revenue is from perpetual license software and is recognized at the point in time the customer is able to use or benefit from the software. Extended warranty is available for purchase on hardware products and is a performance obligation that is satisfied over time, beginning on the effective date of the warranty term and ending on the expiration of the warranty term. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from subscription services is recognized ratably over the term in which the services are provided and our performance obligation is satisfied.

Multiple performance obligations

The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware with embedded essential software and extended warranty. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis for each distinct product or service in the contract. The best evidence of standalone selling price is the observable price of a product or service when the Company sells that product or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the transaction price allocated to each performance obligation using the expected costs plus a margin approach.

Cash

The Company deposits cash with financial institutions that management believes are of high credit quality. The Company’s cash consists primarily of U.S. dollar denominated demand accounts.

Receivables and concentration of credit risk

Trade accounts receivable are recorded at invoiced amounts, net of the allowance for credit losses. The Company considers the credit risk of all customers and regularly monitors credit risk exposure in its trade receivables. The Company’s standard credit terms with their customers are generally net 30 to 60 days. The Company had two customers representing more than 10% of trade receivables at December 31, 2020 and one customer representing more than 10% of trade receivables at December 31, 2021. The Company had two customers representing more than 10% of revenues for the years ended December 31, 2019, 2020 and 2021.

The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based on historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables, and credit and liquidity indicators for individual customers.

Inventory

The Company’s inventories are primarily finished goods for resale and, to a lesser extent, raw materials, which have been either consigned to the Company’s third-party manufacturers or are held by the Company. Inventories are stated at the lower of cost or net realizable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For finished goods, cost is computed as production cost including capitalized inbound freight costs.

The valuation of inventory also requires the Company to estimate excess or obsolete inventory. The determination of excess or obsolete inventory is estimated based on a comparison of the quantity and cost of inventory on hand to the Company’s forecast of customer demand and in consideration of historical usage. Any adjustments to the valuation of inventory are included in cost of revenues.

Property and equipment

Per ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost. The Company calculates depreciation expense using the straight-line method over the estimated useful lives of each asset based on its asset class. Leasehold improvements are amortized over the shorter of their useful lives or the lease term. See Note 4 – Property and equipment for the useful lives for each asset class.

Upon retirement or disposition, the asset cost and related accumulated depreciation are removed with any gain or loss recognized in operating expense in the Consolidated Statements of Operations. For the years ended 2019, 2020 and 2021, the loss recognized was immaterial.

Software

Software may be purchased or developed internally for internal use. Costs related to internal use software are accounted for in accordance with ASC 350-40, Internal Use Software, where the expected life is greater than one year. Costs are expensed as incurred during the preliminary project stage of an internal use software project. Costs are capitalized once the project has been approved by management and is in the application development stage. Post implementation/operation costs, such as maintenance and training costs, are expensed as incurred. Any costs incurred to provide upgrades or enhancements are capitalized only if they provide additional functionality that did not previously exist.

Amortization of internal use software begins when the software is ready for internal use and is amortized over its estimated useful life. The amortization expense for internal use software is computed using the straight-line method over three to seven years.

Costs related to certain software, which is available for sale, are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, when the resulting product reaches technological feasibility. The Company generally determines technological feasibility when it has a detailed program design that takes product function, feature and technical requirements to their most detailed, logical form and the product is ready for coding. The Company does not typically capitalize costs related to the development of first-generation product offerings as technological feasibility generally coincides with general availability of the software.

Amortization of software costs to be sold or marketed externally begins when the product is available for sale to customers and is amortized using the straight-line method over its estimated useful life of three years.

Business Combinations

The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions. It requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, it records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations.

Critical accounting estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships, as well as assumptions about customer attrition rate.

Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.

Fair Value

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. ASC 820 requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The fair value hierarchy prioritizes the inputs into three levels that may be used in measuring fair value as follows:

Level 1 – observable inputs which include quoted prices in active markets for identical assets or liabilities.

Level 2 – inputs which include observable inputs other than Level 1, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 – inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying assets or liability. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

Financial assets and liabilities are classified, in their entirety, based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input, to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

The fair value of the Company’s external debt under its Credit Agreement approximates its carrying value because the terms and conditions approximate those of current market debt available to the Company. Due to the floating interest rate the debt is classified as Level 2 of the fair value hierarchy. The external debt was estimated based on the current rates offered to the Company for debt with the same remaining maturities. The fair value of the Company’s Credit Agreement was $55.3 million and $30.0 million as of December 31, 2020 and 2021, respectively.

The fair value of cash approximates its carrying value (Level 1 of the fair value hierarchy).

Goodwill and intangible assets

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Goodwill is measured at cost and is not amortized. Intangible assets acquired, either individually or with a group of assets, are initially recognized and measured at fair value. The Company uses third-party specialists to assist management to determine fair values and estimated useful lives for intangible assets acquired in business combinations. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives of between 3 and 18 years. The Company has no intangible assets with indefinite lives.

In accordance with ASC 350, Goodwill and Other, the Company assesses goodwill for impairment at least annually and whenever events or circumstances that would more likely than not, reduce the fair value below its carrying value. The Company tested goodwill for impairment at December 31. The Company did not recognize an impairment loss of goodwill for the years ended December 31, 2019, 2020 and 2021.

Annual impairment testing is completed at the reporting unit level. Management has concluded the Company operates as one reporting unit and one operating segment for annual impairment testing.

In completing its impairment evaluations, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing this qualitative assessment, the Company assesses relevant events and changes in circumstances, including industry and market conditions, observable earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples for peer companies, operating results, business plans, and entity-specific events that would affect the fair value or the carrying amount of a reporting unit. If it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company determines the fair value of the reporting unit and compares the fair value to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired and no further steps are required.

Impairment of long-lived assets

The Company evaluates its long-lived assets, including property and equipment, software, right of use assets, and definite-lived intangible assets for impairment by completing a quarterly qualitative assessment and whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. An impairment loss is recognized when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the assets or asset group. If impairment is indicated, the asset is written down to its estimated fair value. The Company did not recognize any material impairment losses of long-lived assets for the years ended December 31, 2019, 2020 and 2021.

Leases

The Company has both cancelable and noncancelable operating leases for office space, vehicles, and office equipment. The Company records leases in accordance with ASC 842, Leases, (“ASC 842”). The Company records a right-of-use asset and lease liability on its consolidated balance sheet for all leases that qualify. The operating lease liability represents the present value of the future minimum lease payments over the lease term using the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset reflects adjustments for the derecognition of deferred rent and prepaid rent. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet, and are expensed on a straight-line basis over the lease term. The Company does not include any renewal periods in the lease term for its leases as sufficient economic factors do not exist that would compel it to continue to use the underlying asset beyond the initial non-cancelable term. The Company has elected to combine the lease and non-lease components into a single lease component for all of its leases. See Note 17 – Leases for further details.

Product warranties

The Company provides a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. Provisions for warranty claims are recorded at the time products are sold based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. These provisions are reviewed and adjusted by management periodically to reflect actual and anticipated experience. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.

Income taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement carrying amount and the tax basis of assets and liabilities using enacted income tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in the income tax provision in the period that includes the enactment date.

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjusts the valuation allowances accordingly. 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 general, it is the practice and intention of the Company to reinvest the earnings of its subsidiaries in those operations. As of December 31, 2019, 2020 and 2021, the Company had not made a provision for withholding taxes on approximately $8.5 million, $13.8 million and $27.2 million, respectively, of undistributed earnings at each period-end that are indefinitely reinvested. Generally, such amounts become subject to taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability to the undistributed earnings in these subsidiaries.

The Company may be subject to income tax audits in all of the jurisdictions in which it operates and, as a result, must also assess exposures to any potential issues arising from current or future audits of current and prior years’ tax returns. Accordingly, the Company must assess such potential exposures and, where necessary, provide for any expected loss. The Company would recognize the benefit of a tax position if it is more likely than not to be sustained. Recognized tax positions are measured at the largest amount more likely than not to be realized upon settlement. To the extent that the Company establishes a liability, its income tax expense would be increased. If the Company ultimately determines that payment of these amounts is unnecessary, it would reverse the liability and recognize an income tax benefit during the period in which new information becomes available indicating that the liability is no longer necessary. The Company would record an additional income tax expense in the period in which new information becomes available indicating that the income tax liability is greater than its original estimate. The Company did not record such an adjustment for the years ended December 31, 2019, 2020 or 2021.

Share-based compensation

The Company accounts for share-based compensation in accordance with the guidance in ASC 718, Share-based Payments, by measuring and recognizing compensation expense for all share-based payments based on estimated grant date fair values for equity settled awards and period-end fair values for cash settled awards. Employees were granted both equity-settled and cash-settled awards under the Vector Cambium Holdings (Cayman), L.P. limited partnership agreement (‘VCH LPA’) that included both time-based and performance-based equity awards and were subject to the achievement of varying participation thresholds and contingent conditions prior to being eligible to participate in distributions from VCH L.P.

Prior to the IPO, the Company effected a Recapitalization, which exchanged the vested share-based compensation awards held by its employees for shares and unvested share-based compensation awards for restricted shares or restricted share units issued by the Company, on a value-for-value basis. After completion of the Recapitalization and the IPO, the Company is no longer party to nor subject to any obligations under the VCH LPA. As a result of the Recapitalization and the completion of the Company’s IPO, the contingent conditions had been met on some of the share-based compensation awards and the Company recorded one-time share-based compensation of $15.4 million related to these awards during the year ended December 31, 2019.

Following the IPO, awards are granted under the 2019 Share Incentive Plan. The 2019 Share Incentive Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards, restricted share units, or other share-based awards and performance awards. Effective upon pricing of the IPO at $12.00 per share, the Company issued an aggregate 2,172,000 share options and restricted share units to employees and directors.

In June 2019, the Company's Board of Directors adopted, and its shareholders approved, the Employee Share Purchase Plan ("ESPP"). Under the ESPP, the purchase price of the Company's shares is 85% of the lower of the fair market value of the shares on the first trading date of each offering period or on the purchase date. The first offering period or purchase period under the ESPP began on January 1, 2021. For 2021, the Company issued 81,462 shares under the ESPP.

Contingencies

In accordance with ASC 450, Contingencies, the Company periodically evaluates all pending or threatened contingencies and any commitments, if any, that are reasonably likely to have a material adverse effect on its results of operations, financial position or cash flows. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Foreign currency translation

The Company records any gain and loss associated with foreign currencies in accordance with ASC 830, Foreign Currency Matters. The reporting currency of the Company is the U.S. dollar and the functional currency for each operating subsidiary is the local currency of the operating subsidiary other than for Cambium Networks, Ltd. (UK) for which the functional currency is the U.S. dollar. Local currency denominated monetary assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues, cost of revenues and expenses are translated at the average exchange rate in effect during the applicable period. The Company recognizes foreign exchange gains and losses in other expense on its consolidated statements of operations and accumulated other comprehensive income (loss) on its consolidated balance sheets.

Research and development costs

Research and development expenses consists primarily of salary and benefit expenses for employees and contractors engaged in research, design and development activities, and costs for prototypes, facilities and travel costs. The Company also incurs research and development costs associated with the development of software for both internal use and to be marketed externally. Research and development costs, other than those associated with the development of software that meet the criteria for capitalization, are expensed as incurred.

Recently adopted accounting pronouncements

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removed certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amended other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual period beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on the consolidated financial statements.

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2021
Business Combinations [Abstract]
Business Combinations	Note 2. Business Combinations In August 2019, the Company completed the acquisition of select assets and assumed select liabilities of the Xirrus Wi-Fi products and cloud services business from Riverbed Technology, Inc. for a total purchase price of $5.0 million. The Company paid $2.0 million upon closing and through February 2020, paid the entire additional $3.0 million contingent consideration that was subject to attaining certain booking targets related to sales of the Xirrus products, which targets were met by December 31, 2019. The Company finalized the purchase accounting for the acquisition in the quarter ended June 30, 2020. The results from this acquisition have been included in the Company’s consolidated financial statements since the closing of the acquisition.

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 3. Balance sheet components

Receivables, net

The Company’s accounts receivable arise from sales on credit to customers. The Company establishes an estimate for credit losses to present the net amount of accounts receivable expected to be collected. The estimate is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivables. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity indicators for individual customers.

The components of accounts receivable, net are as follows (in thousands):


	December 31,			December 31,
	2020			2021
Trade accounts receivable	$	57,657		$	69,471
Other receivables		1,376			985
Total receivables		59,033			70,456
Less: Estimate for credit losses		(919	)		(683	)
Receivables, net	$	58,114		$	69,773

The estimate for credit losses activity was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	580		$	919
Increase, charged to expense		316			172
Recoveries		(101	)		(163	)
Provision for late fee charges		191			—
Amounts written-off		(67	)		(245	)
Ending balance	$	919		$	683

Inventories, net

Inventories, net consisted of the following (in thousands):


	December 31,			December 31,
	2020			2021
Finished goods	$	35,241		$	31,991
Raw materials		4,576			7,353
Gross inventory		39,817			39,344
Less: Excess and obsolete provision		(5,855	)		(5,567	)
Inventories, net	$	33,962		$	33,777

The following table reflects the activity in the Company’s inventory excess and obsolete provision (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	4,959		$	5,855
Inventory written off		(1,577	)		(468	)
Increase in excess and obsolete provision		2,473			180
Ending balance	$	5,855		$	5,567

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2020		2021
Accrued goods and services	$	7,937	$	12,278
Accrued inventory purchases		4,830		2,218
Accrued customer rebates		7,380		7,355
Other		13		97
Accrued liabilities	$	20,160	$	21,948

Accrued warranty

Provision for warranty claims is primarily related to our hardware products and recorded at the time products are sold. The change to accrued warranty was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	706		$	1,714
Warranties assumed due to acquisition		1,174			—
Fulfillment of assumed acquisition warranty		(482	)		(216	)
Provision increase, net		316			233
Ending balance	$	1,714		$	1,731

At December 31, 2020, $1.1 million is included in Other current liabilities and $0.6 million is included in Other noncurrent liabilities on the Company’s consolidated balance sheet. At December 31, 2021, $1.2 million is included in Other current liabilities and $0.5 million is included in Other noncurrent liabilities on the Company’s consolidated balance sheet.

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Note 4. Property and equipment

Property and equipment, net consisted of the following (in thousands):


		December 31,			December 31,
	Useful Life	2020			2021
Equipment and tooling	3 to 5 years	$	24,367		$	29,621
Computer equipment	3 to 5 years		3,137			3,835
Furniture and fixtures	10 years		745			844
Leasehold improvements	2 to 3 years		282			457
Total cost			28,531			34,757
Less: Accumulated depreciation			(20,996	)		(24,267	)
Property and equipment, net		$	7,535		$	10,490

Total depreciation expense was $3.6 million, $3.7 million and $3.4 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Software

12 Months Ended

Dec. 31, 2021

Research And Development [Abstract]

Software

Note 5. Software

Software consisted of the following (in thousands):


		December 31, 2020							December 31, 2021
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
Acquired and Software for internal use	3 to 7 years	$	15,680	$	(14,214	)	$	1,466	$	15,855	$	(14,907	)	$	948
Software marketed for external sale	3 years		3,411		(1,439	)		1,972		7,164		(2,245	)		4,919
Total		$	19,091	$	(15,653	)	$	3,438	$	23,019	$	(17,152	)	$	5,867

Amortization of acquired and internal use software is computed using the straight-line method over an estimated useful life of generally three to seven years. Amortization expense recognized on acquired and internal use software is reflected in depreciation and amortization in the consolidated statements of operations. Amortization expense was $0.7 million, $0.8 million and $0.7 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Amortization expense recognized on software to be sold or marketed externally was $0.5 million, $0.6 million and $0.8 million for the years ended December 31, 2019, 2020 and 2021, respectively, and is included in cost of revenues on the consolidated statements of operations.

Based on capitalized software assets at December 31, 2021, estimated amortization expense in future fiscal years is as follows (in thousands):



Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2022		474		1,571		2,045
2023		218		1,755		1,973
2024		114		1,274		1,388
2025		68		319		387
2026		68		—		68
Thereafter		6		—		6
Total amortization	$	948	$	4,919	$	5,867

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 6. Goodwill and Intangible Assets

When the Company acquired the trade assets of Motorola Solutions, Inc.’s wireless point-to-point and point-to-multi-point businesses, the transaction generated goodwill and certain intangible assets. The goodwill associated with this transaction was recorded by Cambium Networks Corporation and allocated to Cambium Networks, Ltd. and Cambium Networks, Inc. using a revenue and asset allocation method. Although goodwill has been allocated to two operating subsidiaries, the Company operates as one operating segment and one reporting unit and therefore, goodwill is reported, and impairment testing performed, at the Cambium Networks Corporation consolidated level.

The Company finalized its purchase accounting for inventory and warranty on the Xirrus acquisition in the quarter ended June 30, 2020, which resulted in a $1.3 million adjustment to goodwill.

The change in the carrying amount of goodwill for the years ended December 31, 2020 and 2021 was as follows (in thousands):


	December 31,		December 31,
	2020		2021
Beginning balance	$	8,552	$	9,842
Acquisition adjustments		1,290		—
Ending balance	$	9,842	$	9,842

The Company tests goodwill and intangible assets for impairment annually on December 31 and more frequently if impairment indicators exist. For 2020 and 2021, the Company performed qualitative assessments of significant events and circumstances such as a reporting unit’s historical and current results, assumptions regarding future performance, strategic initiatives and overall economic factors, including the impact of the current global outbreak of COVID-19 and macro-economic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of the reporting unit or intangible asset is less than their carrying value. If indicators of impairment are identified, a quantitative impairment test is performed.

The qualitative assessments for 2020 and 2021 did not indicate the existence of impairment indicators. Based on the operating results of the 2020 and 2021 and other considerations, the Company believes that it is more likely than not that the enterprise value for its one reporting unit and the fair value of intangibles is still greater than their carrying values. Accordingly, there was no goodwill impairment to record for either period. In addition, there were no triggering events or changes in circumstances during 2020 and 2021 that would have required an interim impairment assessment other than at the annual test date.

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2020							December 31, 2021
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
Unpatented technology	3 - 7 years	$	14,660	$	(14,375	)	$	285	$	14,660	$	(14,555	)	$	105
Customer relationships	5 - 18 years		19,300		(7,128	)		12,172		19,300		(8,628	)		10,672
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(4,832	)		438		5,270		(5,270	)		—
Total		$	50,530	$	(37,635	)	$	12,895	$	50,530	$	(39,753	)	$	10,777

Intangible assets are amortized over their expected useful life and none are expected to have a significant residual value at the end of their useful life. Intangible assets amortization expense was $1.6 million, $2.2 million and $2.1 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Based on capitalized intangible assets as of December 31, 2021, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2022		1,603
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,777

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Note 7. Debt

As of December 31, 2021, the Company had $30.0 million outstanding under its current term loan facility with Bank of American and $0.0 million in borrowings under its revolving credit facility. The Company has available $45.0 million under its revolving credit facility with Bank of America.

As of December 31, 2020, the Company had $55.3 million outstanding under its prior term loan facility with Silicon Valley Bank and $0.0 million in borrowings under its revolving credit facility with Silicon Valley Bank.

The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2020 and December 31, 2021 (in thousands):


	December 31,			December 31,
	2020			2021
Term loan facility	$	55,250		$	30,000
Less debt issuance costs		(1,092	)		(546	)
Total debt		54,158			29,454
Less current portion of term facility		(29,747	)		(2,625	)
Current portion of debt issuance costs		546			136
Total long-term external debt	$	24,957		$	26,965

At December 31, 2020, the current portion of term facility included $19.7 million related to the required repayment of principal in accordance with the excess cash flow provision of the term loan facility with Silicon Valley Bank based on the Company's calculation of excess cash flow at December 31, 2020, which was paid in May 2021.

Secured credit agreements

On November 17, 2021 ("Closing Date"), Cambium Networks entered into a credit agreement (the “BofA Credit Agreement") among Cambium Networks, Ltd. as the borrower (the “Borrower”), Cambium Networks Corporation as Holdings and a Guarantor (“Holdings”), Cambium (US), L.L.C., as Intermediate Holdings and a Guarantor, certain other subsidiaries of Holdings party thereto as Guarantors (with the Borrower and each Guarantor being, individually, a “Loan Party” and collectively, the “Loan Parties”), Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), a Lender, Swingline Lender and an L/C Issuer, the other Lenders party thereto from time to time and Bank of America, N.A. as Sole Lead Arranger and Sole Bookrunner. Capitalized terms used but not otherwise defined herein shall have the meaning as assigned to such terms in the BofA Credit Agreement filed as Exhibit 10.34.

The BofA Credit Agreement provides for the provision of loans and other financial accommodations to the Borrower in an aggregate principal amount of up to $75.0 million in the form of (i) a five-year term loan facility (the “Term Facility”) in the amount of $30.0 million, all of which was drawn on the Closing Date to repay the outstanding balance under the existing credit facility with Silicon Valley Bank and (ii) a five-year revolving credit facility (the “Revolving Facility” and together with the Term Facility, the “Credit Facilities”) in the amount of $45.0 million, including a $5.0 million sublimit for the issuance of letters of credit and a $5.0 million sublimit for Swingline Loans. The Credit Facilities were made available (a) to repay existing outstanding indebtedness under the existing credit facilities with Silicon Valley Bank, (b) to pay fees and expenses incurred in connection with the transactions contemplated by the BofA Credit Agreement and (c) for working capital requirements and other general corporate purposes of the Loan Parties and their subsidiaries.

The Term Facility and the Revolving Facility terminate on the date that is five (5) years after the Closing Date (the “Maturity Date”).

The Borrower has the option to borrow Term Loans under the Term Facility in the form of either Base Rate Loans or Eurodollar Rate Loans, as defined in the BofA Credit Agreement. The Term Facility borrowed on the Closing Date was borrowed as a Eurodollar Rate Loan with a six (6) month Interest Period. The outstanding principal amounts of the Term Facility bear interest for the applicable Interest Period at a rate per annum equal to the Eurodollar Rate (the rate equal to the London Interbank Offered Rate) for such Interest Period plus the Applicable Rate (which is 2.00% per annum for the first full fiscal quarter following the Closing Date and thereafter ranges from 1.75% to 2.25% per annum, depending on Holdings’ Consolidated Leverage Ratio). If Holdings’ Consolidated Leverage Ratio is less than 1.00:1.00, the Applicable Rate for the Term Facility will be 1.75%. If Holdings’ Consolidated Leverage Ratio is greater than or equal to 1.00:1.00 but less than 2.00:1.00, the Applicable Rate for the Term Facility will be 2.00%. If Holdings’ Consolidated Leverage Ratio is greater than or equal to 2.00:1.00, the Applicable Rate for the Term Facility will be 2.25%.

The Borrower has the option to borrow Revolving Loans under the Revolving Facility in the form of either Base Rate Loans or Eurodollar Rate Loans. The outstanding principal amounts of Eurodollar Rate Loans borrowed under the Revolving Facility bear interest at the same rates as described above for the Eurodollar Rate Loan under the Term Facility.

The outstanding principal amounts of the Credit Facilities that are borrowed as (or converted to) Base Rate Loans under the BofA Credit Agreement bear interest from the applicable Borrowing date at a rate per annum equal to the Base Rate (a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the one (1) month Eurodollar Rate plus 1.75%) plus the Applicable Rate (which is 0.25% per annum for the first full fiscal quarter following the Closing Date and thereafter ranges from 0.00% to 0.50% per annum, depending on Holdings’ Consolidated Leverage Ratio). If Holdings’ Consolidated Leverage Ratio is less than 1.00:1.00, the Applicable Rate for Base Rate Loans under the Revolving Facility will be 0.00%. If Holdings’ Consolidated Leverage Ratio is greater than or equal to 1.00:1.00 but less than 2.00:1.00, the Applicable Rate for Base Rate Loans under the Revolving Facility will be 0.25%. If Holdings’ Consolidated Leverage Ratio is greater than or equal to 2.00:1.00, the Applicable Rate for Base Rate Loans under the Revolving Facility will be 0.50%. The Borrower will pay an undrawn commitment fee ranging from 0.20% to 0.25% (depending on Holdings’ Consolidated Leverage Ratio) on the unused portion of the Revolving Facility.

Obligations under the BofA Credit Agreement are guaranteed by Holdings and its material Subsidiaries pursuant to the BofA Credit Agreement. To secure the obligations of the Loan Parties under the Credit Facilities, each Loan Party has entered into a Security and Pledge Agreement (the “Security Agreement”), dated as of November 17, 2021, pursuant to which the applicable Grantors granted to the Administrative Agent, for the benefit of the Lenders and the other Secured Parties, a valid and perfected first priority lien and security interest, subject to customary exceptions, in (i) equity interests of the Domestic Loan Parties, and (ii) substantially all tangible and intangible personal property of the Domestic Loan Parties (unless and until certain Events of Default have occurred and are continuing, at which time the Administrative Agent may require a Foreign Loan Party to provide a valid and perfected security interest in substantially all of its tangible and intangible assets subject to certain customary exceptions), and all proceeds and products of the property and assets described above.

In addition to the liens granted under the Security Agreement, Cambium (US), L.L.C. entered into a Share Charge, as chargor (the “Chargor”) dated November 17, 2021 (the “Share Charge”) with Bank of America, as Collateral Agent for itself and for the Secured Parties (the “Collateral Agent”), pursuant to which the Chargor pledged to the Collateral Agent the shares of the Borrower.

The BofA Credit Agreement contains certain representations and warranties, certain affirmative covenants, certain negative covenants, certain financial covenants and certain conditions that are customarily required for similar financings. These covenants include, among others:

•

A restriction on creating or assuming certain liens;

•

A restriction on creating, incurring or assuming additional indebtedness, subject to specified permitted debt;

•

A restriction on making or holding certain investments, subject to certain exceptions;

•

A restriction on mergers, liquidations, consolidations and other fundamental changes, subject to specified exceptions;

•

A restriction on certain sales and other dispositions of property or assets, including sale and leaseback transactions, subject to certain conditions and exceptions;

•

A restriction on payments of dividends, share repurchases and other distributions, subject to certain exceptions; and

•

A restriction on entering into certain transactions with affiliates.

In addition, Holdings may not permit its consolidated leverage ratio to exceed 2.75:1.00, and must maintain a minimum consolidated fixed charge coverage ratio of not less than 1.25:1.00. Determination of compliance with the consolidated leverage ratio commenced as of December 31, 2021; the Company does not begin determining compliance with the consolidated fixed charge coverage ratio until March 31, 2022. Based on the above covenants in the BofA Agreement, the Company believes that all covenants will be met at subsequent testing dates for the next twelve months and has classified the amounts due in excess of twelve months as noncurrent. As of December 31, 2021, the Company was in compliance with its consolidated leverage ratio, which is the only covenant required to be tested as of that date.

The BofA Credit Agreement also contains customary Events of Default that include, among others, non-payment of principal, interest or fees, violations of certain covenants, inaccuracy of representations and warranties, bankruptcy and insolvency events, material judgments, cross defaults to material indebtedness and events constituting a change of control. The occurrence and continuance of an Event of Default could result in the termination of commitments under the Credit Facilities and the declaration that all outstanding loans are immediately due and payable in whole or in part.

Maturities on the external debt outstanding at December 31, 2021 under the BofA Agreement are as follows (in thousands):


Year ending December 31,
2022		2,625
2023		2,625
2024		2,625
2025		2,625
2026		19,500
Total	$	30,000

Prior credit agreement

The Company used proceeds from the BofA Credit Agreement to repay all outstanding amounts under its existing credit agreement with Silicon Valley Bank, which also consisted of a term loan and a revolving loan.

In addition to the quarterly repayments of $2.5 million due under the credit facility with Silicon Valley Bank, such credit agreement included an annual excess cash flow provision whereby 50% of excess cash, as defined therein and was payable to the lenders as a repayment of outstanding borrowings. The calculation was based on information at December 31 of each year and due in the following year. At December 31, 2020, the excess cash flow payment computed under the provision was $19.7 million and was included in Current portion of external long-term debt, net in the Company’s consolidated balance sheets.

The credit agreement with Silicon Valley bank contained customary affirmative and negative covenants, including covenants that imposed limits or restrictions on the Company. The Company was required to maintain a quarterly minimum consolidated fixed charge coverage ratio, a quarterly consolidated leverage ratio and a monthly adjusted quick ratio with limits defined in the agreement. As of December 31, 2020, the Company was in compliance with all affirmative and negative covenants under the credit facilities with Silicon Valley Bank.

Interest expense, net

Net Interest expense, including bank charges and amortization of debt issuance costs on the external debt, was $8.1 million, $5.3 million and $4.3 million for the years ended December 31, 2019, 2020 and 2021, respectively. Interest expense for the year ended December 31, 2019 included $0.5 million of additional amortization of deferred issuance costs for the write-down of deferred issuance costs related to the $20.7 million prepayment of the term loan. Interest expense for the year ended December 31, 2021 included $0.3 million of additional amortization of deferred issuance costs for the write-down of deferred issuance costs related to the $19.6 million excess cash flow payment made in May 2021 to Silicon Valley Bank. Interest expense for the year ended December 31, 2021 also includes a $0.4 million loss on early extinguishment of the Silicon Valley credit agreement, which was comprised of $384 thousand write-off of remaining deferred issuance costs and $42 thousand of debt extinguishment fees paid to Silicon Valley Bank.

Expected discontinuation of LIBOR

In July 2017, the United Kingdom’s Financial Conduct Authority ("FCA"), which regulates LIBOR, announced it will no longer compel banks to submit rates for the calculation of LIBOR after 2021. In May 2021, the FCA confirmed the 1-week and 2-month US Dollar LIBOR tenors ceased on December 31, 2021, but the remaining five US Dollar tenors (overnight, 1-month, 3-month, 6-month and 12-month) will not cease until June 30, 2023. The BofA Credit Agreement matures on November 17, 2026, which is after the cessation of all tenors of the US Dollar LIBOR rate.

The Company is evaluating the potential impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates, including SOFR. Eurodollar loans under the BofA Credit Agreement are currently indexed to Eurodollar Rate (the rate equal to the London Interbank Offered Rate). The BofA Credit Agreement contemplates the discontinuation of LIBOR and provides that a benchmark replacement rate shall be determined by reference to other applicable rates and additionally allows the Company to switch to a Base Rate loan, as defined in the BofA Credit Agreement. The Company will continue to actively assess the related opportunities and risks involved in this transition.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Contributed Capital	12 Months Ended
Contributed Capital	Dec. 31, 2021
Contributed Capital [Abstract]
Contributed Capital	Note 8. Contributed capital On June 28, 2019, in connection with the Recapitalization, the unreturned capital and accumulated yield of $49.2 million payable to holders of Class A Units under the Vector Cambium Holdings (Cayman), Limited Partnership Agreement ("VCH LPA") was settled in the form of additional shares in the Company. The Company issued shares to VCH, L.P. on a value-for-value basis based on the $12.00 per share offering price. The Recapitalization was recorded as a non-cash transaction which resulted in the transfer of equity ownership from capital contribution to additional paid in capital. After completion of the Recapitalization, the Company is neither party to nor subject to any obligations under the VCH LPA

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Employee benefit plans

Note 9. Employee benefit plans

The Company’s employee benefit plans currently consist of a defined contribution plan in the United States and a separate defined contribution plan in the UK. The Company does not offer any other postretirement benefit plans, such as retiree medical and dental benefits or deferred compensation agreements to its employees or officers.

U.S. plan

U.S. regular, full-time employees are eligible to participate in the Cambium Networks, Inc. 401(k) Plan, which is a qualified defined contribution plan under section 401(k) of the Internal Revenue Service Code. Under the Cambium Networks, Inc. 401(k) Plan, the Company contributes a dollar-for-dollar match of the first 4% an employee contributes to the plan. Employees are eligible to participate on the first day of the month following their date of hire and begin receiving company contributions three-months after they become eligible to participate in the plan. Company matching contributions are made each pay period, but the funds do not vest until the employee’s second anniversary of employment with the Company. Employees are always fully vested in their own contributions. All contributions, including the Company match, are made in cash and invested in accordance with the participants’ investment elections. Contributions made by the Company under the Cambium Networks, Inc. 401(k) Plan were $1.1 million, $1.0 million and $1.2 million for the years ended December 31, 2019, 2020 and 2021, respectively.

UK plan

Regular, full-time UK employees are eligible to participate in the Cambium Networks Ltd. Stakeholder Pension Scheme, which is a qualified defined contribution plan. Employees are eligible to participate on the first of the month following receipt of their enrollment form, and eligible employees are automatically enrolled in the plan at a default employee contribution rate of 3% and a company contribution rate of 5% of the employee’s basic salary. The Company contribution rate increases by 1% for each additional 1% that the employee contributes up to a maximum of 7%. Company matching contributions vest immediately and employees are always vested in their own contributions. All contributions, including the Company match, are made in cash and deposited in the participant’s account each pay period. The total contributed by the Company under this plan was $0.4 million, $0.4 million and $0.4 million for the years ended December 31, 2019, 2020 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Other Expense, Net

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Other expense, net

Note 10. Other expense, net

Other expense, net were $0.5 million, $0.5 million and $0.2 million for the years ended December 31, 2019, 2020 and 2021, respectively, and represents foreign exchange losses.

Share-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based compensation

Note 11. Share-based compensation

2011 Management incentive compensation plan

Prior to its IPO, the Company’s management incentive compensation represented management incentive units (“MIUs”) in its sole shareholder, VCH, L.P.

Just prior to the IPO, the Company effected the Recapitalization, which comprised an increase in the authorized and outstanding shares held by VCH, L.P., and the exchange of the vested share-based compensation awards held by its employees for its ordinary shares and unvested share-based compensation awards for restricted shares or restricted share units issued by the Company, in each case, on a value-for-value basis. After completion of the Recapitalization and the IPO, the Company is no longer party to nor subject to any obligations under the VCH LPA. As a result of the Recapitalization and the completion of the Company’s IPO, the contingent conditions had been met on some of the equity-settled and cash-settled awards and the Company recorded one time share-based compensation expense of $15.4 million related to these awards in the year ended December 31, 2019.

2019 Share incentive plan

In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the 2019 Share Incentive Plan (“2019 Plan”). The 2019 Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards (“RSAs”), restricted share units (“RSUs”), other share-based awards and performance awards. The number of shares that were reserved under the 2019 Plan was 3,400,000, in addition to the 240,037 RSAs and RSUs the Company granted in substitution for unvested Class B Units or phantom units in VCH L.P. in connection with the Company’s Recapitalization and IPO based on a price of $12.00 (“Recapitalization Awards”). The share reserve under the 2019 Plan will be automatically increased on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2020 and will continue until, and including, the fiscal year ending December 31, 2029. The number of shares added annually will be equal to the lowest of 1,320,000 shares, 5% of the number of the Company’s shares outstanding on the first day of such fiscal year, or an amount determined by the Board of Directors. On March 24, 2020, the Company registered 1,283,649 additional shares and on March 1, 2021 the Company registered 1,301,726 additional shares that may be issued under the 2019 Plan.

The Company’s employees, officers, directors, consultants, and advisors are eligible to receive awards under the 2019 Plan. Incentive share options, however, may only be granted to its employees. Participants in the 2019 Plan will also consist of persons to whom Recapitalization Awards were granted.

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the year ended December 31, 2021:


	Number of shares
Available for grant at December 31, 2020		832,134
Added to 2019 Share Incentive Plan		1,301,726
RSUs granted		(267,175	)
Options granted		(116,035	)
Shares withheld in settlement of taxes and/or exercise price		64,761
Forfeitures		37,829
Available for grant at December 31, 2021		1,853,240

Share-based compensation

The following table shows total share-based compensation expense for the years ended December 31, 2019, 2020 and 2021 (in thousands):


	Year ended December 31,
	2019		2020		2021
Cost of revenues	$	211	$	67	$	152
Research and development		5,363		1,599		3,044
Sales and marketing		4,185		980		1,935
General and administrative		7,937		790		2,586
Total share-based compensation expense	$	17,696	$	3,436	$	7,717

As of December 31, 2021, the Company estimates the pre-tax unrecognized compensation expense of $17.9 million related to all unvested share-based awards, including share options, restricted share units and restricted share awards will be recognized through the fourth quarter of 2025. The Company expects to satisfy the exercise of share options and future distributions of shares for restricted share units and restricted share awards by issuing new ordinary shares which have been reserved under the 2019 Plan.

In connection with the Recapitalization, phantom units, which were previously accounted for as liability-settled awards, were modified to equity-settled awards. Due to a performance condition associated with the phantom units, a liability was not recognized in the Company’s consolidated financial statements, but was disclosed as liability-settled awards. For the year ended December 31, 2019, the Company recognized $2.2 million in share-based compensation expense associated with the vesting of phantom unit awards upon Recapitalization.

The Company uses the Black-Scholes option pricing model to estimate the fair value of share options. The Company utilized a forfeiture rate of 8.2% during the year ended December 31, 2021 for estimating the forfeitures of share options and restricted share units granted.

Share options

The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2021:


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2020		3,164,185		$	11.24		8.8	$	43,793,890
Options granted		116,035		$	42.52		—	$	—
Options exercised		(454,354	)	$	10.58		—	$	—
Options forfeited		(27,874	)	$	11.24		—	$	—
Outstanding at December 31, 2021		2,797,992		$	12.64		7.9	$	38,295,799
Options exercisable at December 31, 2021		1,288,277		$	11.27		7.8	$	18,500,328
Options vested and expected to vest at December 31, 2021		2,742,060		$	12.63		7.9	$	37,502,738

Share options typically have a contractual term of ten years from grant date.

The intrinsic value for share options outstanding and exercisable is defined as the difference between the market value of the Company’s ordinary shares as of the end of the period and the grant price. At December 31, 2019, 2020 and 2021, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $0.0 million, $12.7 million and $18.5 million, respectively, as determined as of the date of grant. No share options were exercised prior to 2020. The Company had 138,878 and 454,354 options exercised during the years ended December 31, 2020 and 2021, respectively. The cash received from the share options exercised in 2020 and 2021 was $1.6 million and $4.8 million, respectively.

At December 31, 2021, there was $8.6 million in unrecognized pre-tax share-based compensation expense, net of estimated forfeitures, related to unvested share option awards. The unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 2.3 years.

The Company estimates the fair value of share options using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions:


	For the years ended December 31,
	2019			2020			2021
Expected dividend yield		—			—			—
Risk-free interest rate		1.81	%		0.39	%		1.14	%
Weighted-average expected volatility		40.8	%		50.0	%		50.9	%
Expected term (in years)		6.1			6.5			6.5
Weighted average grant-date fair value per share of options granted	$	4.34		$	7.56		$	21.36

Restricted shares

The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2021:


	Units			Weighted average grant date fair value
RSU and RSA balance at December 31, 2020		519,197		$	4.89
RSUs and RSAs granted		267,175		$	42.22
RSUs and RSAs vested		(229,074	)	$	5.00
RSUs and RSAs forfeited		(9,955	)	$	37.71
RSU and RSA balance at December 31, 2021		547,343		$	22.47
RSUs and RSAs expected to vest at December 31, 2021		547,343		$	22.47

Upon completion of the Company’s Recapitalization and IPO, 240,037 RSAs and RSUs were granted to employees in substitution for unvested Class B Units or phantom units with a grant date fair value of $12.00, of which 34,111 of the RSAs and RSUs awards granted carry-forward their prior vesting terms and expiration dates and 205,926 RSAs are exercisable based upon the achievement of a market condition. During 2020 and 2021, 506,500 and 267,175 RSUs were granted under the 2019 Plan, respectively. In December 2020, the market condition on the 205,926 RSAs was met and these shares vested. The Company withheld 5,074 and 64,761 shares to pay the employees’ portion of the minimum payroll withholding taxes on the RSUs and RSAs that vested in 2020 and 2021, respectively.

At December 31, 2021, there was $9.3 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested share awards. The unrecognized compensation expense is expected to be recognized over a weighted average period of 3.1 years.

Employee share purchase plan

In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the Employee Share Purchase Plan (“ESPP”). The ESPP was effective on June 25, 2019 and the offering period or purchase period under the ESPP began on January 1, 2021. A total of 1,067,075 shares are available under the ESPP, which includes 550,000 shares originally available, 256,730 additional shares registered on March 24, 2020 and 260,345 additional shares registered on March 1, 2021. The number of shares that will be available for sale under the ESPP will be increased annually on the first day of each fiscal year beginning in 2020, and will be equal to the lowest of: 275,000 shares; 1% of the outstanding shares as of the last day of the immediately preceding fiscal year, or such other amount as the administrator may determine. The purchase price of the shares will be 85% of the lower of the fair market value of our shares on the first trading day of each offering period or on the purchase date.

For the year ended December 31, 2021, the Company recognized $0.7 million of share-based compensation expense related to the ESPP. There were 39,061 and 42,401 shares issued under the ESPP during the six-month offering periods that ended on June 30, 2021 and December 31, 2021, respectively.

Share Capital - Shares

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Share capital - shares

Note 12. Share capital – shares

The following table reflects the share capital activity:


	Number of shares			Value (in thousands)
Balance at December 31, 2019		25,672,983		$	3
Issuance of vested shares		234,191			—
Share options exercised		138,878			—
Shares withheld for net settlement of shares issued		(11,526	)		—
Balance at December 31, 2020		26,034,526		$	3
Issuance of ordinary shares under employee share purchase plan		81,462			—
Issuance of vested shares		229,594			—
Share options exercised		454,354			—
Shares withheld for net settlement of shares issued		(64,761	)		—
Balance at December 31, 2021		26,735,175		$	3

As of December 31, 2021, no dividends have been declared or paid.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per share

Note 13. Earnings per share

Basic net earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period. For purposes of this calculation, share options, RSUs, and RSAs are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings (loss) per share when including them would have an anti-dilutive effect. The following table sets forth the computation of basic and diluted net earnings (loss) per share (in thousands, except for share and per share data):


	Year ended December 31,
	2019			2020		2021
Numerator:
Net (loss) income	$	(17,601	)	$	18,575	$	37,421
Denominator:
Basic weighted average shares outstanding		19,741,764			25,707,092		26,421,087
Dilutive effect of share option awards		—			228,388		1,846,998
Dilutive effect of restricted share units and restricted share awards		—			467,632		348,934
Dilutive effect of Employee share purchase plan awards		—			—		11,117
Diluted weighted average shares outstanding		19,741,764			26,403,112		28,628,136

Net (loss) earnings per share, basic	$	(0.89	)	$	0.72	$	1.42
Net (loss) earnings per share, diluted	$	(0.89	)	$	0.70	$	1.31

The following outstanding shares of ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:


	Year ended December 31,
	2019		2020		2021
Share options		2,921		2,082		—
Restricted shares (RSUs and RSAs)		257		—		—
Total		3,178		2,082		—

On April 23, 2019, the Board of Directors approved the Subdivision whereby the authorized share capital of the Company was subdivided from 5,000,000 shares having a par value of $0.01 per share into 500,000,000 shares with a par value of $0.0001 per share. The Subdivision was effective in accordance with Cayman law on June 6, 2019. As a result of the Subdivision, issued and outstanding shares for all periods presented have been restated from 771.79 shares to 77,179 shares. Earnings per share as calculated and shown has been recalculated with the revised issued and outstanding shares.

Just prior to the IPO, the Company effected a Recapitalization. As part of the Recapitalization, the Company issued an additional 17,627,575 shares to VCH, L.P. which comprised 4,104,343 shares related to the unreturned capital and accumulated yield to the holder of Class A Units of VCH, L.P. and 13,523,232 shares related to the residual share of Cambium’s value attributable to VCH, L.P.’s ownership after such return, based on an IPO price of $12.00. Using guidance in ASC 260, Earnings per Share, for purposes of calculating earnings per share, the 13,523,232 shares are retrospectively adjusted as if the exchange had occurred at the beginning of the first period of earnings per share information presented. The 4,104,343 shares issued related to the unreturned capital and accumulated yield and were issued in lieu of payment of cash to VCH, L.P. and therefore, the shares issued are not retrospectively reflected in shares outstanding in the prior periods for purposes of determining earnings per share.

Also as part of the Recapitalization, the Company issued 2,220,788 gross shares to its employees and service providers in exchange for the vested share-based compensation awards in VCH, L.P. held by them. For purposes of calculating earnings per share, the 2,220,788 shares are included in the weighted average number of shares outstanding used in the computation of the basic earnings per share only from the date on which the shares are issued, or June 28, 2019.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income taxes

Note 14. Income taxes

For the years ended December 31, 2019, 2020 and 2021, (loss) income before income taxes includes the following components (in thousands):


	Years ended December 31,
	2019			2020		2021
United States	$	4,183		$	2,648	$	10,943
Foreign		(11,504	)		15,483		20,963
Total	$	(7,321	)	$	18,131	$	31,906

For the years ended December 31, 2019, 2020 and 2021, the provision (benefit) for income taxes consists of the following (in thousands):



	2019			2020			2021
Current:
U.S. federal	$	1,078		$	(198	)	$	268
State		643			(181	)		(94	)
Foreign		1,157			1,007			376
Current tax provision		2,878			628			550
Deferred:
U.S. federal	$	380		$	(664	)	$	(1,662	)
State		(6	)		(144	)		(147	)
Foreign		7,028			(264	)		(4,256	)
Deferred tax provision (benefit)		7,402			(1,072	)		(6,065	)
Provision (benefit) for income taxes	$	10,280		$	(444	)	$	(5,515	)

For the years ended December 31, 2019, 2020, and 2021, differences between the income tax expense computed at the statutory U.S. federal income tax rate 21% for 2019, 2020 and 2021 and the provision (benefit) for income taxes computed per the Company’s consolidated statements of operation are summarized as follows (in thousands):


	Years ended December 31,
	2019			2020			2021
Income tax (benefit) expense at federal statutory rate	$	(1,537	)	$	3,808		$	6,700
State and local income taxes net of federal benefit		540			(295	)		10
Tax rate changes		662			(925	)		21
Valuation allowance changes		9,599			(1,226	)		(7,902	)
Foreign rate differential		369			(181	)		(164	)
Research and development		(1,286	)		(1,455	)		(811	)
Share-based compensation		2,807			(171	)		(3,444	)
Foreign derived intangible income		(1,166	)		(349	)		—
Other		292			350			75
Provision (benefit) for income taxes	$	10,280		$	(444	)	$	(5,515	)

Foreign rate differential represents the non-U.S. jurisdictions. The country having the greatest impact on the tax rate adjustment line shown in the above table as “foreign rate differential” for the years ended December 31, 2019, 2020 and 2021 is the UK where the statutory income tax rate was 19.0% for 2019, 2020 and 2021.

The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial reporting purposes.

The sources of these differences for the years ended December 31, 2020 and 2021 are as follows (in thousands):


	Years ended December 31,
	2020			2021
NOL and tax credit carryforwards	$	6,997		$	6,886
Disallowed interest carryforwards		1,654			909
Lease liability		993			584
Property and equipment		573			27
Share-based compensation		1,163			1,130
Intangible assets		105			221
Other		250			353
Subtotal		11,735			10,110
Less: Valuation allowance		(8,373	)		(471	)
Net deferred tax assets		3,362			9,639
Operating lease assets		(884	)		(505	)
Prepaid expenses and other assets		(278	)		(400	)
Capitalized software development costs		(453	)		(1,141	)
Other		(219	)		—
Subtotal		(1,834	)		(2,046	)
Less: Valuation allowance		—			—
Net deferred tax liabilities		(1,834	)		(2,046	)
Total deferred tax assets, net	$	1,528		$	7,593

Deferred tax assets/liabilities included in the balance sheet are:
	Years ended December 31,
	2020			2021
Deferred tax assets - non-current	$	1,537		$	7,604
Deferred tax liabilities - non-current (included in Other noncurrent liabilities)		9			11
Total deferred tax assets, net	$	1,528		$	7,593

For the years ended December 31, 2020 and 2021, the following table reflects the activity in the Company’s valuation allowance on deferred tax assets (in thousands):


	Years ended December 31,
	2020			2021
Beginning balance	$	9,599		$	8,373
Release of valuation allowance		(1,226	)		(7,902	)
Ending balance	$	8,373		$	471

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income, reversing taxable temporary differences, carryback opportunities, and tax-planning strategies in making this assessment.

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets before they otherwise expire. Cumulative losses are objective evidence that limit the ability to consider other subjective evidence such as the Company’s projections for future growth. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth.

As of December 31, 2020, the Company’s deferred tax assets were primarily the result of UK net operating loss (“NOL”), tax credit carryforwards from the UK and U.S., and the UK corporate interest reduction. As of December 31, 2021, the Company's deferred tax assets were primarily the result of UK and U.S. net operating losses ("NOLs"), tax credit carryforwards from the UK and U.S., on share-based compensation and UK corporate interest reduction.

For the year ended December 31, 2020, the Company recorded a net decrease in its valuation allowance of $1.2 million. At year-end 2020, the Company continued to maintain a valuation allowance, on the basis of management’s reassessment of the amount of its deferred tax assets (primarily comprised of NOL and interest disallowance) that were more likely than not to be realized. As a result of a review of the 3-year cumulative loss, there was sufficient objective evidence that UK cumulative losses over the recent 3-year period for the years ended December 31, 2018, 2019 and 2020 continued to provide negative and objective evidence that sufficient future income might not be generated to utilize its deferred tax assets. Consequently, the Company continued to maintain a valuation allowance against its deferred tax assets on its foreign operations of $7.7 million. Note this was a reduction from the prior year, as certain underlying deferred tax assets on which the valuation allowance was based, were utilized to offset a portion of taxable income.

For the year ended December 31, 2021, the Company recorded a net decrease in its valuation allowance of $7.7 million, related to the deferred tax assets (NOL and research and development credits) of the UK Company. In 2021, management concluded that all of the valuation allowance on the Company's UK entity's deferred tax assets was no longer needed. This was primarily due to a 12-quarter cumulative income through the first quarter of 2021 and the forecast of future taxable income. As of December 31, 2021, based on the evaluation of positive and negative evidence, the Company believes it is more likely than not that the net deferred tax assets will be realized by its UK entity. Accordingly, management has recognized a non-recurring tax benefit of $7.7 million related to the reversal of this valuation allowance.

During 2020, the Company added state research and development tax credit benefits in the state of California, which are only available to offset actual tax liabilities. The state research and development tax credits are in excess of the amount reasonably expected to be utilized over the next five years. Accordingly, the Company established an additional $0.4 million of valuation allowance during 2020, for a total of $0.7 million valuation allowance on the related deferred tax asset at December 31, 2020. During 2021, the Company's valuation allowance on the research and development tax credits for the state of California decreased $0.2 million and is $0.5 million at December 31, 2021.

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore, the need for a valuation allowance on a quarterly basis. Regarding the valuation allowance remaining on the research and development tax credits for the state of California, the Company may release all or a portion of its valuation allowance, if results and other subjective evidence continue to reflect pre tax income such that the deferred tax assets become more likely than not to be realizable.

The Company has gross income tax NOL carryforwards related to its U.S. and international operations. For the year ended December 31, 2020, the NOL carryforward was approximately $28.1 million, all of which had an indefinite life. For the year ended December 31, 2021, the NOL carryforward was approximately $28.7 million, of which $25.6 million have an indefinite life and $3.1 million have a life greater than 10 years. The Company recorded a deferred tax asset of $5.3 million and $5.3 million related to NOL as of December 31, 2020 and 2021, respectively. The Company’s gross NOL carryforwards expire as follows:


	Years ended December 31,
	2020		2021
Unlimited carryforward	$28.1 million		$25.6 million
10+ year carryforward		—	$3.1 million

The Company has tax credit carryforwards related to research and development. For the year ended December 31, 2020, the carryforward was approximately $1.5 million, all of which has an indefinite life. For the year ended December 31, 2021, the carryforward was approximately $1.5 million, of which $0.7 million has an indefinite life and $0.8 million has a life of greater than 10 years. The Company’s research and development tax credit carryforwards and their expiration are as follows:


	Years ended December 31,
	2020		2021
Unlimited carryforward	$1.5 million		$0.7 million
10+ year carryforward		—	$0.8 million

The Company has gross corporate interest restriction (“CIR”) disallowance carryforwards related to its UK operations. For the year ended December 31, 2020, the CIR carryforward was approximately $8.7 million, all which has an indefinite life. For the year ended December 31, 2021, the CIR carryforward was approximately $4.8 million, all of which has an indefinite life. The Company has recorded a reduction to the deferred tax asset of $3.9 million related to utilization of a portion of the CIR as of December 31, 2021. The Company’s gross carryforwards expire as follows:


	Years ended December 31,
	2020	2021
Unlimited carryforward	$8.7 million	$4.8 million

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and many foreign jurisdictions. The U.S., UK, and India are the main taxing jurisdictions in which the Company operates. Open tax years subject to audit vary depending on the tax jurisdiction. In the U.S., the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2018. In the UK, the tax returns that are open are for the tax years 2018, 2019, and 2020. In India, the tax returns that are open are for India assessment years 2017 through 2021.

The Company believes its tax positions comply with applicable tax law and intends to vigorously defend its position. However, differing positions on certain issues could be upheld by tax authorities, which could adversely affect the Company’s financial condition and results of operations. The Company does not have any unrecognized tax positions as of December 31, 2020 and 2021.

The Company recorded income tax expense of $10.3 million, income tax benefit of $(0.4) million and an income tax benefit of $(5.5) million for the years ended December 31, 2019, 2020 and 2021, with an effective tax rate of (140.4)%, (2.4)% and (17.3)%, respectively. The Company’s effective tax rate of (140.4)% for the year ended December 31, 2019 differed from the U.S statutory rate of 21.0% primarily due to the recognition of a valuation allowance against its UK deferred tax assets, taxation of pre-IPO management incentive unit equity awards, tax benefits on research and development, and tax benefits on foreign derived intangible income. The Company’s effective tax rate of (2.4)% for the year ended December 31, 2020 differed from the U.S. statutory rate of 21.0% primarily due to a benefit on research and development credit, a benefit on the partial release of a valuation allowance, and a tax benefit due to the increase of the tax rate applied to UK deferred tax assets. The Company's effective tax rate of (17.3)% for the year ended December 31, 2021 was different from the U.S. statutory rate of 21.0% primarily due to the removal of the valuation allowance against its UK deferred tax assets and the tax benefits arising on employee restricted share vesting and option exercises.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and contingencies

In accordance with ASC 460, Guarantees, the Company recognizes the fair value for guarantee and indemnification arrangements it issues or modifies, if these arrangements are within the scope of the interpretation. In addition, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has incurred. If the Company determines it is probable that a loss has occurred, then any such estimated loss would be recognized under those guarantees and indemnifications and would be recognized in the Company’s consolidated statements of operations and corresponding consolidated balance sheets during that period.

Indemnification

The Company generally indemnifies its distributors, value added reseller and network operators against claims brought by a third party to the extent any such claim alleges that the Company’s product infringes a patent, copyright or trademark or violates any other proprietary rights of that third party. Although the Company generally tries to limit the maximum amount of potential future liability under its indemnification obligations, in certain agreements this liability may be unlimited. The maximum potential amount of future payments the Company may be required to make under these indemnification agreements is not estimable.

The Company indemnifies its directors and officers and select key employees, including key employees serving as directors or officers of the Company’s subsidiaries, for certain events or occurrences, subject to certain limits, while the director or officer is or was serving at the Company’s request in such capacity. The term of the indemnification period is for the director’s or officer’s term of service. The Company may terminate the indemnification agreements with its directors, officers or key employees upon the termination of their services as directors or officers of the Company or its subsidiaries, or the termination of activities for which indemnification has been provided, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that limits its exposure. The Company believes the fair value of these indemnification agreements is minimal.

Warranties

The Company offers a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. The Company’s responsibility under its standard warranty is the repair or replacement of in-warranty defective product, or to credit the purchase price of the defective product, at its discretion, without charge to the customer. The Company’s estimate of future warranty costs is largely based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. The standard warranty is included in either Other current liabilities or Other noncurrent liabilities on the Company’s consolidated balance sheets, depending on the time period covered by the warranty. The Company also offers an extended warranty for purchase that represents a future performance obligation for the Company. The extended warranty is included in deferred revenues (both current and noncurrent) on the consolidated balance sheets and recognized on a straight-line basis over the term of the extended warranty. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues.

Legal proceedings

Third parties may from time to time assert legal claims against the Company. The Company records accruals for loss contingencies to the extent that it concludes it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a regular basis, developments in legal proceedings and other matters that could cause a change in amounts recorded. Due to the inherent uncertainty involving legal matters, the ultimate resolution could differ from amounts recorded. There is no pending or threatened legal proceedings to which the Company is a party to, and in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Revenue from contracts with customers

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue from contracts with customers

Note 16. Revenue from contracts with customers

Disaggregation of revenues

Revenues by product category were as follows (in thousands, except percentages):


	Years ended December 31,
	2019				2020				2021
Point-to-MultiPoint	$	156,157	59	%	$	172,601	62	%	$	204,756	61	%
Point-to-Point		71,618	27	%		60,435	22	%		60,761	18	%
Wi-Fi		35,678	13	%		39,990	14	%		66,933	20	%
Other		3,575	1	%		5,433	2	%		3,404	1	%
Total Revenues	$	267,028	100	%	$	278,459	100	%	$	335,854	100	%

The Company’s products are predominately distributed through a third-party logistics provider in the United States, Netherlands and China. The Company has determined the geographical distribution of product revenues based upon the ship-to destinations.

Revenue by geography were as follows (in thousands, except percentages):


	Years Ended December 31,
	2019				2020				2021
North America	$	122,565	46	%	$	147,328	53	%	$	173,491	52	%
Europe, Middle East and Africa		85,930	32	%		80,927	29	%		93,082	28	%
Caribbean and Latin America		31,767	12	%		29,418	11	%		40,974	12	%
Asia Pacific		26,766	10	%		20,786	7	%		28,307	8	%
Total Revenues	$	267,028	100	%	$	278,459	100	%	$	335,854	100	%

The following countries had revenues greater than 10% of total revenues:

•

United States - $121.3 million for 2019, $140.7 million for 2020 and $165.3 million for 2021

•

Italy - $38.4 million for 2019 and $31.6 million for 2020

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:


	Percentage of Revenues									Percentage of Accounts Receivable
	Years Ended December 31,									As of December 31,
	2019			2020			2021			2020			2021
Customer A		16	%		19	%		20	%		31	%		25	%
Customer B		11	%	*			*			*			*
Customer C	*				14	%		15	%	*			*
Customer D	*			*			*				10	%	*

* denotes percentage is less than 10%

Contract Balances

The following table summarizes contract balances as of December 31, 2020 and December 31, 2021:


	December 31, 2020		December 31, 2021
Trade accounts receivable, net of estimate for credit losses	$	56,798	$	68,788
Deferred revenue - current		6,471		6,880
Deferred revenue - noncurrent		4,448		5,363
Refund liability	$	2,416	$	2,516

Trade accounts receivable include amounts billed and currently due from customers. Amounts are billed in accordance with contractual terms and are recorded at face amount less an allowance for credit losses.

Deferred revenue consists of amounts due or received from customers in advance of the Company satisfying performance obligations under contractual arrangements. Deferred revenue is classified as current or noncurrent based on the timing of when revenue will be recognized. The changes in deferred revenue were due to normal timing differences between the Company’s performance and the customers’ payment.

The refund liability is the estimated amount expected to be refunded to customers in relation to product exchanges made as part of the Company’s stock rotation program and returns that have been authorized, but not yet received by the Company. It is included within other current liabilities in the consolidated balance sheets.

Remaining performance obligations

Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2020 and 2021, deferred revenue (both current and noncurrent) of $10.9 million and $12.2 million, respectively, represents the Company’s remaining performance obligations, of which $6.5 million and $6.9 million, respectively, is expected to be recognized within one year, with the remainder to be recognized thereafter.

Revenue recognized during the year ended December 31, 2021 which was previously included in deferred revenues as of December 31, 2020 was $6.3 million. Revenue recognized during the year ended December 31, 2020 which was previously included in deferred revenues as of December 31, 2019 was $7.3 million.

Cost to obtain a contract

Sales commissions are incremental costs of obtaining a contract. The Company has elected to recognize these expenses as incurred due to the amortization period of these costs being one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 17. Leases

The Company has operating leases for offices, vehicles, and office equipment. Leases with a term of 12 months or less are not recorded on the consolidated balance sheets, and are expensed on a straight-line basis over the lease term.

Right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s lease payments are typically fixed or contain fixed escalators. The Company’s leases typically include certain lock-in periods and renewal options to extend the lease, but does not consider options to extend the lease it is not reasonably certain to exercise. The Company elected the practical expedient to not separate the lease and non-lease components of its leases and currently has no leases with options to purchase the leased property.

The components of lease expense were as follows and are included in general and administrative expense (in thousands):


	Year Ended December 31, 2020		Year Ended December 31, 2021
Operating lease cost	$	2,586	$	2,592
Short-term lease cost		341		283
Variable lease costs		375		500
Total lease expense	$	3,302	$	3,375

Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate):


	Balance Sheet Caption	December 31, 2020			December 31, 2021
Operating leases:
Operating lease assets	Operating lease assets	$	5,083		$	5,899
Current lease liabilities	Other current liabilities	$	2,167		$	2,116
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	3,332		$	4,112
Weighted average remaining lease term (years):
Operating leases			3.35			3.35
Weighted average discount rate:
Operating leases			8.36	%		6.15	%

Supplemental cash flow information related to leases were as follows (in thousands):



	2020		2021
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	2,701	$	2,674

The Company’s current lease terms range from one to five years and may include options to extend the lease by one to four years.

Remaining maturities on lease liabilities at December 31, 2021 is as follows (in thousands):


	Operating leases
2022	$	2,445
2023		2,108
2024		1,086
2025		843
2026		419
Thereafter		—
Total lease payments		6,901
Less: interest		673
Present value of lease liabilities	$	6,228

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related party transactions

Note 18. Related party transactions

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal.

For the years ended December 31, 2019, 2020 and 2021, Vector Capital Management, LP, an entity related to VCH, L.P., charged $0.3 million, $0.0 million and $0.0 million, respectively, for management and oversight fees. The Company did not have any amounts due to Vector Capital Management, LP at December 31, 2020 and 2021. On July 3, 2019, the Company paid $5.6 million to Vector Capital Management, L.P. from the net proceeds from the Company’s IPO for the payment of outstanding management fees. In connection with the IPO and the payment of these fees, the VCH LPA was terminated.

In connection with the Recapitalization and upon consummation of the Company’s IPO, the Company issued shares to VCH, L.P. representing the amount of unreturned capital and accumulated yield payable to holders of Class A Units of VCH, plus the residual shares of the Company’s value attributable to VCH’s ownership after such return, based on the IPO price of $12.00 per share. After/completion of the Recapitalization and the offering, the Company is neither party to nor subject to any obligations under the VCH LPA.

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Cambium Networks Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company has reclassified certain prior period amounts to conform to the current period’s presentation. On June 6, 2019, the Company completed a 100:1 share subdivision to its sole shareholder of record. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto have been adjusted retrospectively to reflect the subdivision.
Initial public offering	Initial public offering The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on June 25, 2019, and the Company’s ordinary shares began trading on the Nasdaq Global Market on June 26, 2019. On June 28, 2019, the Company completed its IPO, in which the Company sold 5,800,000 shares at a price of $12.00 per share. The Company received aggregate net proceeds of $66.0 million after deducting underwriting discounts and commissions of $3.6 million. As of December 31, 2019, the Company used the proceeds from its IPO to pay offering costs of $4.6 million, paydown debt of $30.7 million, pay management fees owed to Vector Capital of $5.6 million, and pay $4.7 million to acquire select assets and assume select liabilities of the Xirrus Wi-Fi business from Riverbed Technology, Inc. Immediately prior to the completion of the IPO, the Company effected a recapitalization, which comprised (i) an increase in the authorized and outstanding shares held by Vector Cambium Holdings (Cayman), L.P. (“VCH, L.P.”) and (ii) the exchange of the vested share-based compensation awards held by its employees for the Company’s shares and unvested share-based compensation awards for restricted share awards or restricted share units issued by the Company, in each case on a value-for-value basis (the “Recapitalization”). Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Memorandum and Articles of Association, which authorizes a total of 500,000,000 ordinary shares. Upon the filing of the Amended and Restated Memorandum and Articles of Association, based on the IPO price of $12.00 per share as part of the Recapitalization described above, the Company (i) issued additional shares to VCH, L.P., such that its aggregate shareholding in it became 17,704,754 shares, (ii) issued 2,140,168 net shares to its employees and service providers and (iii) granted 240,037 restricted share awards or restricted share units in respect of shares that would be subject to vesting based on continued employment with or provision of services to the Company. The Company recorded non-cash share-based compensation expense of $15.4 million in June 2019 related to the aforementioned issuance of the shares to its employees and service providers. In addition, the Company issued an aggregate 2,172,000 share options and restricted share units to employees and directors, effective upon pricing of the IPO of $12.00 per share.
Use of Accounting Estimates	Use of Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates, including those related to the provision for excess and obsolete inventory, the carrying amount of estimated inventory returns, the estimated amount expected to be refunded to customers in respect of inventory returns, fair value of equity awards granted to employees and the associated forfeiture rates, fair value of assets acquired, liabilities assumed, goodwill and identifiable intangible assets in business combinations, leases, provision for income taxes, recoverability of deferred tax assets. The Company bases estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Segments	Segments Management has determined that it operates as one operating segment and one reporting unit as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker ("CODM"). Decisions about resource allocation or operating performance assessments are not made below a total company level. Consequently, impairment testing of goodwill is performed at the consolidated level as one reporting unit.
Recognition of revenues	Recognition of revenues Revenues consist primarily of revenues from the sale of hardware products with essential embedded software. Revenues also include limited amounts for software products, extended warranty on hardware products and software subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers and systems integrators. The Company recognizes revenue to reflect the transfer of control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for products or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, and extended warranty on hardware products have been identified as separate performance obligations. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. Exchanges made as part of the Company’s stock rotation program meet the definition of a right of return. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and cooperative marketing allowances. The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with embedded software is recognized when control is transferred to the customer, which is typically at the time of shipment. Software revenue is from perpetual license software and is recognized at the point in time the customer is able to use or benefit from the software. Extended warranty is available for purchase on hardware products and is a performance obligation that is satisfied over time, beginning on the effective date of the warranty term and ending on the expiration of the warranty term. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from subscription services is recognized ratably over the term in which the services are provided and our performance obligation is satisfied. Multiple performance obligations The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware with embedded essential software and extended warranty. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis for each distinct product or service in the contract. The best evidence of standalone selling price is the observable price of a product or service when the Company sells that product or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the transaction price allocated to each performance obligation using the expected costs plus a margin approach.
Cash	Cash The Company deposits cash with financial institutions that management believes are of high credit quality. The Company’s cash consists primarily of U.S. dollar denominated demand accounts.
Receivables and concentration of credit risk	Receivables and concentration of credit risk Trade accounts receivable are recorded at invoiced amounts, net of the allowance for credit losses. The Company considers the credit risk of all customers and regularly monitors credit risk exposure in its trade receivables. The Company’s standard credit terms with their customers are generally net 30 to 60 days. The Company had two customers representing more than 10% of trade receivables at December 31, 2020 and one customer representing more than 10% of trade receivables at December 31, 2021. The Company had two customers representing more than 10% of revenues for the years ended December 31, 2019, 2020 and 2021. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based on historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables, and credit and liquidity indicators for individual customers.
Inventory	Inventory The Company’s inventories are primarily finished goods for resale and, to a lesser extent, raw materials, which have been either consigned to the Company’s third-party manufacturers or are held by the Company. Inventories are stated at the lower of cost or net realizable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For finished goods, cost is computed as production cost including capitalized inbound freight costs. The valuation of inventory also requires the Company to estimate excess or obsolete inventory. The determination of excess or obsolete inventory is estimated based on a comparison of the quantity and cost of inventory on hand to the Company’s forecast of customer demand and in consideration of historical usage. Any adjustments to the valuation of inventory are included in cost of revenues.
Property and equipment	Property and equipment Per ASC 360, Property, Plant, and Equipment, property and equipment are stated at cost. The Company calculates depreciation expense using the straight-line method over the estimated useful lives of each asset based on its asset class. Leasehold improvements are amortized over the shorter of their useful lives or the lease term. See Note 4 – Property and equipment for the useful lives for each asset class. Upon retirement or disposition, the asset cost and related accumulated depreciation are removed with any gain or loss recognized in operating expense in the Consolidated Statements of Operations. For the years ended 2019, 2020 and 2021, the loss recognized was immaterial.
Software	Software Software may be purchased or developed internally for internal use. Costs related to internal use software are accounted for in accordance with ASC 350-40, Internal Use Software, where the expected life is greater than one year. Costs are expensed as incurred during the preliminary project stage of an internal use software project. Costs are capitalized once the project has been approved by management and is in the application development stage. Post implementation/operation costs, such as maintenance and training costs, are expensed as incurred. Any costs incurred to provide upgrades or enhancements are capitalized only if they provide additional functionality that did not previously exist. Amortization of internal use software begins when the software is ready for internal use and is amortized over its estimated useful life. The amortization expense for internal use software is computed using the straight-line method over three to seven years. Costs related to certain software, which is available for sale, are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, when the resulting product reaches technological feasibility. The Company generally determines technological feasibility when it has a detailed program design that takes product function, feature and technical requirements to their most detailed, logical form and the product is ready for coding. The Company does not typically capitalize costs related to the development of first-generation product offerings as technological feasibility generally coincides with general availability of the software. Amortization of software costs to be sold or marketed externally begins when the product is available for sale to customers and is amortized using the straight-line method over its estimated useful life of three years.
Business Combinations	Business Combinations The Company applies the provisions of ASC 805, Business Combinations, in the accounting for its acquisitions. It requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, it records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Statements of Operations. Critical accounting estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships, as well as assumptions about customer attrition rate. Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.
Fair Value	Fair Value ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. ASC 820 requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The fair value hierarchy prioritizes the inputs into three levels that may be used in measuring fair value as follows: Level 1 – observable inputs which include quoted prices in active markets for identical assets or liabilities. Level 2 – inputs which include observable inputs other than Level 1, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying assets or liability. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. Financial assets and liabilities are classified, in their entirety, based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input, to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s external debt under its Credit Agreement approximates its carrying value because the terms and conditions approximate those of current market debt available to the Company. Due to the floating interest rate the debt is classified as Level 2 of the fair value hierarchy. The external debt was estimated based on the current rates offered to the Company for debt with the same remaining maturities. The fair value of the Company’s Credit Agreement was $55.3 million and $30.0 million as of December 31, 2020 and 2021, respectively. The fair value of cash approximates its carrying value (Level 1 of the fair value hierarchy).
Goodwill and intangible assets	Goodwill and intangible assets Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Goodwill is measured at cost and is not amortized. Intangible assets acquired, either individually or with a group of assets, are initially recognized and measured at fair value. The Company uses third-party specialists to assist management to determine fair values and estimated useful lives for intangible assets acquired in business combinations. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives of between 3 and 18 years. The Company has no intangible assets with indefinite lives. In accordance with ASC 350, Goodwill and Other, the Company assesses goodwill for impairment at least annually and whenever events or circumstances that would more likely than not, reduce the fair value below its carrying value. The Company tested goodwill for impairment at December 31. The Company did not recognize an impairment loss of goodwill for the years ended December 31, 2019, 2020 and 2021. Annual impairment testing is completed at the reporting unit level. Management has concluded the Company operates as one reporting unit and one operating segment for annual impairment testing. In completing its impairment evaluations, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing this qualitative assessment, the Company assesses relevant events and changes in circumstances, including industry and market conditions, observable earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples for peer companies, operating results, business plans, and entity-specific events that would affect the fair value or the carrying amount of a reporting unit. If it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company determines the fair value of the reporting unit and compares the fair value to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired and no further steps are required.
Impairment of long-lived assets	Impairment of long-lived assets The Company evaluates its long-lived assets, including property and equipment, software, right of use assets, and definite-lived intangible assets for impairment by completing a quarterly qualitative assessment and whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. An impairment loss is recognized when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the assets or asset group. If impairment is indicated, the asset is written down to its estimated fair value. The Company did not recognize any material impairment losses of long-lived assets for the years ended December 31, 2019, 2020 and 2021.
Leases	Leases The Company has both cancelable and noncancelable operating leases for office space, vehicles, and office equipment. The Company records leases in accordance with ASC 842, Leases, (“ASC 842”). The Company records a right-of-use asset and lease liability on its consolidated balance sheet for all leases that qualify. The operating lease liability represents the present value of the future minimum lease payments over the lease term using the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset reflects adjustments for the derecognition of deferred rent and prepaid rent. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet, and are expensed on a straight-line basis over the lease term. The Company does not include any renewal periods in the lease term for its leases as sufficient economic factors do not exist that would compel it to continue to use the underlying asset beyond the initial non-cancelable term. The Company has elected to combine the lease and non-lease components into a single lease component for all of its leases. See Note 17 – Leases for further details.
Product warranties	Product warranties The Company provides a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. Provisions for warranty claims are recorded at the time products are sold based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. These provisions are reviewed and adjusted by management periodically to reflect actual and anticipated experience. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.
Income taxes	Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement carrying amount and the tax basis of assets and liabilities using enacted income tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in the income tax provision in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjusts the valuation allowances accordingly. 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 general, it is the practice and intention of the Company to reinvest the earnings of its subsidiaries in those operations. As of December 31, 2019, 2020 and 2021, the Company had not made a provision for withholding taxes on approximately $8.5 million, $13.8 million and $27.2 million, respectively, of undistributed earnings at each period-end that are indefinitely reinvested. Generally, such amounts become subject to taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability to the undistributed earnings in these subsidiaries. The Company may be subject to income tax audits in all of the jurisdictions in which it operates and, as a result, must also assess exposures to any potential issues arising from current or future audits of current and prior years’ tax returns. Accordingly, the Company must assess such potential exposures and, where necessary, provide for any expected loss. The Company would recognize the benefit of a tax position if it is more likely than not to be sustained. Recognized tax positions are measured at the largest amount more likely than not to be realized upon settlement. To the extent that the Company establishes a liability, its income tax expense would be increased. If the Company ultimately determines that payment of these amounts is unnecessary, it would reverse the liability and recognize an income tax benefit during the period in which new information becomes available indicating that the liability is no longer necessary. The Company would record an additional income tax expense in the period in which new information becomes available indicating that the income tax liability is greater than its original estimate. The Company did not record such an adjustment for the years ended December 31, 2019, 2020 or 2021.
Share-based compensation	Share-based compensation The Company accounts for share-based compensation in accordance with the guidance in ASC 718, Share-based Payments, by measuring and recognizing compensation expense for all share-based payments based on estimated grant date fair values for equity settled awards and period-end fair values for cash settled awards. Employees were granted both equity-settled and cash-settled awards under the Vector Cambium Holdings (Cayman), L.P. limited partnership agreement (‘VCH LPA’) that included both time-based and performance-based equity awards and were subject to the achievement of varying participation thresholds and contingent conditions prior to being eligible to participate in distributions from VCH L.P. Prior to the IPO, the Company effected a Recapitalization, which exchanged the vested share-based compensation awards held by its employees for shares and unvested share-based compensation awards for restricted shares or restricted share units issued by the Company, on a value-for-value basis. After completion of the Recapitalization and the IPO, the Company is no longer party to nor subject to any obligations under the VCH LPA. As a result of the Recapitalization and the completion of the Company’s IPO, the contingent conditions had been met on some of the share-based compensation awards and the Company recorded one-time share-based compensation of $15.4 million related to these awards during the year ended December 31, 2019. Following the IPO, awards are granted under the 2019 Share Incentive Plan. The 2019 Share Incentive Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards, restricted share units, or other share-based awards and performance awards. Effective upon pricing of the IPO at $12.00 per share, the Company issued an aggregate 2,172,000 share options and restricted share units to employees and directors.
Contingencies	Contingencies In accordance with ASC 450, Contingencies, the Company periodically evaluates all pending or threatened contingencies and any commitments, if any, that are reasonably likely to have a material adverse effect on its results of operations, financial position or cash flows. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Foreign currency translation	Foreign currency translation The Company records any gain and loss associated with foreign currencies in accordance with ASC 830, Foreign Currency Matters. The reporting currency of the Company is the U.S. dollar and the functional currency for each operating subsidiary is the local currency of the operating subsidiary other than for Cambium Networks, Ltd. (UK) for which the functional currency is the U.S. dollar. Local currency denominated monetary assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues, cost of revenues and expenses are translated at the average exchange rate in effect during the applicable period. The Company recognizes foreign exchange gains and losses in other expense on its consolidated statements of operations and accumulated other comprehensive income (loss) on its consolidated balance sheets.
Research and development costs	Research and development costs Research and development expenses consists primarily of salary and benefit expenses for employees and contractors engaged in research, design and development activities, and costs for prototypes, facilities and travel costs. The Company also incurs research and development costs associated with the development of software for both internal use and to be marketed externally. Research and development costs, other than those associated with the development of software that meet the criteria for capitalization, are expensed as incurred.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removed certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amended other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual period beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on the consolidated financial statements.

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Components of Accounts Receivable, Net

The components of accounts receivable, net are as follows (in thousands):


	December 31,			December 31,
	2020			2021
Trade accounts receivable	$	57,657		$	69,471
Other receivables		1,376			985
Total receivables		59,033			70,456
Less: Estimate for credit losses		(919	)		(683	)
Receivables, net	$	58,114		$	69,773

Schedule of Estimate for Credit Losses Activity

The estimate for credit losses activity was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	580		$	919
Increase, charged to expense		316			172
Recoveries		(101	)		(163	)
Provision for late fee charges		191			—
Amounts written-off		(67	)		(245	)
Ending balance	$	919		$	683

Schedule of Inventories, Net

Inventories, net consisted of the following (in thousands):


	December 31,			December 31,
	2020			2021
Finished goods	$	35,241		$	31,991
Raw materials		4,576			7,353
Gross inventory		39,817			39,344
Less: Excess and obsolete provision		(5,855	)		(5,567	)
Inventories, net	$	33,962		$	33,777

Schedule of Inventory Excess and Obsolete Provision

The following table reflects the activity in the Company’s inventory excess and obsolete provision (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	4,959		$	5,855
Inventory written off		(1,577	)		(468	)
Increase in excess and obsolete provision		2,473			180
Ending balance	$	5,855		$	5,567

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2020		2021
Accrued goods and services	$	7,937	$	12,278
Accrued inventory purchases		4,830		2,218
Accrued customer rebates		7,380		7,355
Other		13		97
Accrued liabilities	$	20,160	$	21,948

Schedule of Change to Accrued Warranty

Provision for warranty claims is primarily related to our hardware products and recorded at the time products are sold. The change to accrued warranty was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2020			2021
Beginning balance	$	706		$	1,714
Warranties assumed due to acquisition		1,174			—
Fulfillment of assumed acquisition warranty		(482	)		(216	)
Provision increase, net		316			233
Ending balance	$	1,714		$	1,731

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


		December 31,			December 31,
	Useful Life	2020			2021
Equipment and tooling	3 to 5 years	$	24,367		$	29,621
Computer equipment	3 to 5 years		3,137			3,835
Furniture and fixtures	10 years		745			844
Leasehold improvements	2 to 3 years		282			457
Total cost			28,531			34,757
Less: Accumulated depreciation			(20,996	)		(24,267	)
Property and equipment, net		$	7,535		$	10,490

Total depreciation expense was $3.6 million, $3.7 million and $3.4 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Software (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2020							December 31, 2021
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
Unpatented technology	3 - 7 years	$	14,660	$	(14,375	)	$	285	$	14,660	$	(14,555	)	$	105
Customer relationships	5 - 18 years		19,300		(7,128	)		12,172		19,300		(8,628	)		10,672
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(4,832	)		438		5,270		(5,270	)		—
Total		$	50,530	$	(37,635	)	$	12,895	$	50,530	$	(39,753	)	$	10,777

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of December 31, 2021, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2022		1,603
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,777

Capitalized Software Assets

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2020							December 31, 2021
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
Acquired and Software for internal use	3 to 7 years	$	15,680	$	(14,214	)	$	1,466	$	15,855	$	(14,907	)	$	948
Software marketed for external sale	3 years		3,411		(1,439	)		1,972		7,164		(2,245	)		4,919
Total		$	19,091	$	(15,653	)	$	3,438	$	23,019	$	(17,152	)	$	5,867

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at December 31, 2021, estimated amortization expense in future fiscal years is as follows (in thousands):



Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2022		474		1,571		2,045
2023		218		1,755		1,973
2024		114		1,274		1,388
2025		68		319		387
2026		68		—		68
Thereafter		6		—		6
Total amortization	$	948	$	4,919	$	5,867

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the years ended December 31, 2020 and 2021 was as follows (in thousands):


	December 31,		December 31,
	2020		2021
Beginning balance	$	8,552	$	9,842
Acquisition adjustments		1,290		—
Ending balance	$	9,842	$	9,842

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2020							December 31, 2021
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
Unpatented technology	3 - 7 years	$	14,660	$	(14,375	)	$	285	$	14,660	$	(14,555	)	$	105
Customer relationships	5 - 18 years		19,300		(7,128	)		12,172		19,300		(8,628	)		10,672
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(4,832	)		438		5,270		(5,270	)		—
Total		$	50,530	$	(37,635	)	$	12,895	$	50,530	$	(39,753	)	$	10,777

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of December 31, 2021, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2022		1,603
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,777

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Current and Noncurrent Portions of External Debt Facilities

The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2020 and December 31, 2021 (in thousands):


	December 31,			December 31,
	2020			2021
Term loan facility	$	55,250		$	30,000
Less debt issuance costs		(1,092	)		(546	)
Total debt		54,158			29,454
Less current portion of term facility		(29,747	)		(2,625	)
Current portion of debt issuance costs		546			136
Total long-term external debt	$	24,957		$	26,965

Schedule of Maturities on External Debt Outstanding

Maturities on the external debt outstanding at December 31, 2021 under the BofA Agreement are as follows (in thousands):


Year ending December 31,
2022		2,625
2023		2,625
2024		2,625
2025		2,625
2026		19,500
Total	$	30,000

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Changes in Number of Shares Available for Grant

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the year ended December 31, 2021:


	Number of shares
Available for grant at December 31, 2020		832,134
Added to 2019 Share Incentive Plan		1,301,726
RSUs granted		(267,175	)
Options granted		(116,035	)
Shares withheld in settlement of taxes and/or exercise price		64,761
Forfeitures		37,829
Available for grant at December 31, 2021		1,853,240

Schedule of Total Share Based Compensation Expense

The following table shows total share-based compensation expense for the years ended December 31, 2019, 2020 and 2021 (in thousands):


	Year ended December 31,
	2019		2020		2021
Cost of revenues	$	211	$	67	$	152
Research and development		5,363		1,599		3,044
Sales and marketing		4,185		980		1,935
General and administrative		7,937		790		2,586
Total share-based compensation expense	$	17,696	$	3,436	$	7,717

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2021:


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2020		3,164,185		$	11.24		8.8	$	43,793,890
Options granted		116,035		$	42.52		—	$	—
Options exercised		(454,354	)	$	10.58		—	$	—
Options forfeited		(27,874	)	$	11.24		—	$	—
Outstanding at December 31, 2021		2,797,992		$	12.64		7.9	$	38,295,799
Options exercisable at December 31, 2021		1,288,277		$	11.27		7.8	$	18,500,328
Options vested and expected to vest at December 31, 2021		2,742,060		$	12.63		7.9	$	37,502,738

Schedule of Estimated Fair Value of Weighted Average Assumptions


	For the years ended December 31,
	2019			2020			2021
Expected dividend yield		—			—			—
Risk-free interest rate		1.81	%		0.39	%		1.14	%
Weighted-average expected volatility		40.8	%		50.0	%		50.9	%
Expected term (in years)		6.1			6.5			6.5
Weighted average grant-date fair value per share of options granted	$	4.34		$	7.56		$	21.36

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2021:


	Units			Weighted average grant date fair value
RSU and RSA balance at December 31, 2020		519,197		$	4.89
RSUs and RSAs granted		267,175		$	42.22
RSUs and RSAs vested		(229,074	)	$	5.00
RSUs and RSAs forfeited		(9,955	)	$	37.71
RSU and RSA balance at December 31, 2021		547,343		$	22.47
RSUs and RSAs expected to vest at December 31, 2021		547,343		$	22.47

Share Capital - Shares (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Shares (Share Capital Activity)

The following table reflects the share capital activity:


	Number of shares			Value (in thousands)
Balance at December 31, 2019		25,672,983		$	3
Issuance of vested shares		234,191			—
Share options exercised		138,878			—
Shares withheld for net settlement of shares issued		(11,526	)		—
Balance at December 31, 2020		26,034,526		$	3
Issuance of ordinary shares under employee share purchase plan		81,462			—
Issuance of vested shares		229,594			—
Share options exercised		454,354			—
Shares withheld for net settlement of shares issued		(64,761	)		—
Balance at December 31, 2021		26,735,175		$	3

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted net earnings (loss) per share (in thousands, except for share and per share data):


	Year ended December 31,
	2019			2020		2021
Numerator:
Net (loss) income	$	(17,601	)	$	18,575	$	37,421
Denominator:
Basic weighted average shares outstanding		19,741,764			25,707,092		26,421,087
Dilutive effect of share option awards		—			228,388		1,846,998
Dilutive effect of restricted share units and restricted share awards		—			467,632		348,934
Dilutive effect of Employee share purchase plan awards		—			—		11,117
Diluted weighted average shares outstanding		19,741,764			26,403,112		28,628,136

Net (loss) earnings per share, basic	$	(0.89	)	$	0.72	$	1.42
Net (loss) earnings per share, diluted	$	(0.89	)	$	0.70	$	1.31

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	Year ended December 31,
	2019		2020		2021
Share options		2,921		2,082		—
Restricted shares (RSUs and RSAs)		257		—		—
Total		3,178		2,082		—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of (Loss) Income Before Income Taxes

For the years ended December 31, 2019, 2020 and 2021, (loss) income before income taxes includes the following components (in thousands):


	Years ended December 31,
	2019			2020		2021
United States	$	4,183		$	2,648	$	10,943
Foreign		(11,504	)		15,483		20,963
Total	$	(7,321	)	$	18,131	$	31,906

Schedule of Provision (Benefit) of Income Taxes

For the years ended December 31, 2019, 2020 and 2021, the provision (benefit) for income taxes consists of the following (in thousands):



	2019			2020			2021
Current:
U.S. federal	$	1,078		$	(198	)	$	268
State		643			(181	)		(94	)
Foreign		1,157			1,007			376
Current tax provision		2,878			628			550
Deferred:
U.S. federal	$	380		$	(664	)	$	(1,662	)
State		(6	)		(144	)		(147	)
Foreign		7,028			(264	)		(4,256	)
Deferred tax provision (benefit)		7,402			(1,072	)		(6,065	)
Provision (benefit) for income taxes	$	10,280		$	(444	)	$	(5,515	)

Computation of Provision (Benefit) of Income Taxes Reconciliation


	Years ended December 31,
	2019			2020			2021
Income tax (benefit) expense at federal statutory rate	$	(1,537	)	$	3,808		$	6,700
State and local income taxes net of federal benefit		540			(295	)		10
Tax rate changes		662			(925	)		21
Valuation allowance changes		9,599			(1,226	)		(7,902	)
Foreign rate differential		369			(181	)		(164	)
Research and development		(1,286	)		(1,455	)		(811	)
Share-based compensation		2,807			(171	)		(3,444	)
Foreign derived intangible income		(1,166	)		(349	)		—
Other		292			350			75
Provision (benefit) for income taxes	$	10,280		$	(444	)	$	(5,515	)

Schedule of Deferred Tax Assets and Liabilities

The sources of these differences for the years ended December 31, 2020 and 2021 are as follows (in thousands):


	Years ended December 31,
	2020			2021
NOL and tax credit carryforwards	$	6,997		$	6,886
Disallowed interest carryforwards		1,654			909
Lease liability		993			584
Property and equipment		573			27
Share-based compensation		1,163			1,130
Intangible assets		105			221
Other		250			353
Subtotal		11,735			10,110
Less: Valuation allowance		(8,373	)		(471	)
Net deferred tax assets		3,362			9,639
Operating lease assets		(884	)		(505	)
Prepaid expenses and other assets		(278	)		(400	)
Capitalized software development costs		(453	)		(1,141	)
Other		(219	)		—
Subtotal		(1,834	)		(2,046	)
Less: Valuation allowance		—			—
Net deferred tax liabilities		(1,834	)		(2,046	)
Total deferred tax assets, net	$	1,528		$	7,593

Deferred tax assets/liabilities included in the balance sheet are:
	Years ended December 31,
	2020			2021
Deferred tax assets - non-current	$	1,537		$	7,604
Deferred tax liabilities - non-current (included in Other noncurrent liabilities)		9			11
Total deferred tax assets, net	$	1,528		$	7,593

Summary of Valuation Allowance on Deferred Tax Assets

For the years ended December 31, 2020 and 2021, the following table reflects the activity in the Company’s valuation allowance on deferred tax assets (in thousands):


	Years ended December 31,
	2020			2021
Beginning balance	$	9,599		$	8,373
Release of valuation allowance		(1,226	)		(7,902	)
Ending balance	$	8,373		$	471

Summary of Gross NOL Carryforwards Expire

The Company’s gross NOL carryforwards expire as follows:


	Years ended December 31,
	2020		2021
Unlimited carryforward	$28.1 million		$25.6 million
10+ year carryforward		—	$3.1 million

Summary of Tax Credit Carryforwards and Expiration

The Company’s research and development tax credit carryforwards and their expiration are as follows:


	Years ended December 31,
	2020		2021
Unlimited carryforward	$1.5 million		$0.7 million
10+ year carryforward		—	$0.8 million

Summary of Gross CIR Carryforwards Expire

The Company’s gross carryforwards expire as follows:


	Years ended December 31,
	2020	2021
Unlimited carryforward	$8.7 million	$4.8 million

Revenue from Contracts with Customers (Table)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Revenues by Product Category

Revenues by product category were as follows (in thousands, except percentages):


	Years ended December 31,
	2019				2020				2021
Point-to-MultiPoint	$	156,157	59	%	$	172,601	62	%	$	204,756	61	%
Point-to-Point		71,618	27	%		60,435	22	%		60,761	18	%
Wi-Fi		35,678	13	%		39,990	14	%		66,933	20	%
Other		3,575	1	%		5,433	2	%		3,404	1	%
Total Revenues	$	267,028	100	%	$	278,459	100	%	$	335,854	100	%

Schedule of Revenue by Geography

Revenue by geography were as follows (in thousands, except percentages):


	Years Ended December 31,
	2019				2020				2021
North America	$	122,565	46	%	$	147,328	53	%	$	173,491	52	%
Europe, Middle East and Africa		85,930	32	%		80,927	29	%		93,082	28	%
Caribbean and Latin America		31,767	12	%		29,418	11	%		40,974	12	%
Asia Pacific		26,766	10	%		20,786	7	%		28,307	8	%
Total Revenues	$	267,028	100	%	$	278,459	100	%	$	335,854	100	%

Summary of Customers with Accounts Receivables and Customer with Net Revenues of 10% or Greater


	Percentage of Revenues									Percentage of Accounts Receivable
	Years Ended December 31,									As of December 31,
	2019			2020			2021			2020			2021
Customer A		16	%		19	%		20	%		31	%		25	%
Customer B		11	%	*			*			*			*
Customer C	*				14	%		15	%	*			*
Customer D	*			*			*				10	%	*

* denotes percentage is less than 10%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2020 and December 31, 2021:


	December 31, 2020		December 31, 2021
Trade accounts receivable, net of estimate for credit losses	$	56,798	$	68,788
Deferred revenue - current		6,471		6,880
Deferred revenue - noncurrent		4,448		5,363
Refund liability	$	2,416	$	2,516

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows and are included in general and administrative expense (in thousands):


	Year Ended December 31, 2020		Year Ended December 31, 2021
Operating lease cost	$	2,586	$	2,592
Short-term lease cost		341		283
Variable lease costs		375		500
Total lease expense	$	3,302	$	3,375

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate):


	Balance Sheet Caption	December 31, 2020			December 31, 2021
Operating leases:
Operating lease assets	Operating lease assets	$	5,083		$	5,899
Current lease liabilities	Other current liabilities	$	2,167		$	2,116
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	3,332		$	4,112
Weighted average remaining lease term (years):
Operating leases			3.35			3.35
Weighted average discount rate:
Operating leases			8.36	%		6.15	%

Supplemental Cash Flow Information

Supplemental cash flow information related to leases were as follows (in thousands):



	2020		2021
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	2,701	$	2,674

Remaining Maturities on Lease Liabilities

Remaining maturities on lease liabilities at December 31, 2021 is as follows (in thousands):


	Operating leases
2022	$	2,445
2023		2,108
2024		1,086
2025		843
2026		419
Thereafter		—
Total lease payments		6,901
Less: interest		673
Present value of lease liabilities	$	6,228

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)			1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 28, 2019 USD ($) $ / shares shares	Jun. 06, 2019 shares	Jun. 30, 2019 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2021 shares	Dec. 31, 2021 USD ($) Segment Unit Customer $ / shares shares	Dec. 31, 2020 USD ($) Unit Customer $ / shares shares	Dec. 31, 2019 USD ($) Customer $ / shares shares	Apr. 23, 2019 shares
Business And Significant Accounting Policies [Line Items]
Share subdivision ratio		100
Proceeds from issuance of initial public offering	$ 66,000,000.0							$ 65,988,000
Payment of offering costs								4,616,000
Paydown debt						$ 55,250,000	$ 10,000,000	30,212,000
Ordinary shares, authorized \| shares		500,000,000		500,000,000		500,000,000	500,000,000		5,000,000
Shares issued \| shares		77,179		26,892,082		26,892,082	26,126,775		771.79
Restricted share awards granted \| shares	240,037
Share-based compensation			$ 15,400,000			$ 7,717,000	$ 3,436,000	17,696,000
Issue price of share options and restricted share units \| $ / shares				$ 12.64		$ 12.64	$ 11.24
Number of operating segment \| Segment						1
Number of reporting unit \| Unit						1	1
Impairment loss of goodwill						$ 0	$ 0	0
Fair value credit agreement				$ 30,000,000.0		30,000,000.0	55,300,000
Impairment losses for long-lived assets						0	0	0
Undistributed earnings				$ 27,200,000		$ 27,200,000	$ 13,800,000	$ 8,500,000
ASU 2019-12
Business And Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]				true		true
Change In Accounting Principle Accounting Standards Update Adoption Date				Jan. 01, 2021		Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]				true		true
Accounts Receivables \| Customer Concentration Risk
Business And Significant Accounting Policies [Line Items]
Number of customers \| Customer						1	2
Accounts Receivables \| Customer Concentration Risk \| Customer One
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%	10.00%
Accounts Receivables \| Customer Concentration Risk \| Customer Two
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage							10.00%
Revenues \| Customer Concentration Risk
Business And Significant Accounting Policies [Line Items]
Number of customers \| Customer						2	2	2
Revenues \| Customer Concentration Risk \| Customer One
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%	10.00%	10.00%
Revenues \| Customer Concentration Risk \| Customer Two
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage						10.00%	10.00%	10.00%
Minimum
Business And Significant Accounting Policies [Line Items]
Collection period for trade accounts receivable						30 days
Intangible asset, estimated useful life						3 years
Minimum \| Internal use Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life						3 years
Minimum \| Available for Sale Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life						3 years
Maximum
Business And Significant Accounting Policies [Line Items]
Collection period for trade accounts receivable						60 days
Intangible asset, estimated useful life						18 years
Maximum \| Internal use Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life						7 years
VCH, L.P.
Business And Significant Accounting Policies [Line Items]
Shares issued during period \| shares	17,627,575
Shares sold, price per share \| $ / shares	$ 12.00
Shares issued \| shares	17,704,754
Employees and Service Providers
Business And Significant Accounting Policies [Line Items]
Shares issued during period \| shares	2,140,168
Employees and Directors
Business And Significant Accounting Policies [Line Items]
Share options and restricted share units issued \| shares			2,172,000					2,172,000
IPO
Business And Significant Accounting Policies [Line Items]
Shares issued during period \| shares	5,800,000
Shares sold, price per share \| $ / shares	$ 12.00
Underwriting discounts and commissions	$ 3,600,000
Payment of offering costs								$ 4,600,000
Paydown debt								30,700,000
Payment of management fees owed to Vector Capital								$ 5,600,000
Issue price of share options and restricted share units \| $ / shares								$ 12.00
IPO \| Recapitalization Awards
Business And Significant Accounting Policies [Line Items]
Share-based compensation								$ 15,400,000
IPO \| VCH, L.P.
Business And Significant Accounting Policies [Line Items]
Shares sold, price per share \| $ / shares	$ 12.00
IPO \| Employees and Directors
Business And Significant Accounting Policies [Line Items]
Issue price of share options and restricted share units \| $ / shares	$ 12.00
IPO \| Riverbed Technology Inc.
Business And Significant Accounting Policies [Line Items]
Payments of select assets and select liabilities								$ 4,700,000
Employee Share Purchase Plan
Business And Significant Accounting Policies [Line Items]
Share-based compensation						$ 700,000
Percentage of purchase price shares on first trading day of each offering period or on the purchase date			85.00%
Shares issued under the ESPP \| shares				42,401	39,061	81,462

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Cash paid upon closing of acquisition		$ 334	$ 4,666
Xirrus Wi-Fi Business
Business Acquisition [Line Items]
Purchase price	$ 5,000
Cash paid upon closing of acquisition	2,000
Additional contingent consideration on attaining booking targets related to product sales	$ 3,000

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,731	$ 1,714	$ 706
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,200	1,100
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 500	$ 600

Balance Sheet Components - Components of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total receivables	$ 70,456	$ 59,033
Less: Estimate for credit losses	(683)	(919)	$ (580)
Receivables, net	69,773	58,114
Trade Accounts Receivable
Accounts Notes And Loans Receivable [Line Items]
Total receivables	69,471	57,657
Other Receivables
Accounts Notes And Loans Receivable [Line Items]
Total receivables	$ 985	$ 1,376

Balance Sheet Components - Schedule of Estimate for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Net Current [Abstract]
Beginning balance	$ 919	$ 580
Increase, charged to expense	172	316
Recoveries	(163)	(101)
Provision for late fee charges		191
Amounts written-off	(245)	(67)
Ending balance	$ 683	$ 919

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Net [Abstract]
Finished goods	$ 31,991	$ 35,241
Raw materials	7,353	4,576
Gross inventory	39,344	39,817
Less: Excess and obsolete provision	(5,567)	(5,855)	$ (4,959)
Inventories, net	$ 33,777	$ 33,962

Balance Sheet Components - Schedule of Inventory Excess and Obsolete Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventory Net [Abstract]
Beginning balance	$ 5,855	$ 4,959
Inventory written off	(468)	(1,577)
Increase in excess and obsolete provision	180	2,473
Ending balance	$ 5,567	$ 5,855

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued goods and services	$ 12,278	$ 7,937
Accrued inventory purchases	2,218	4,830
Accrued customer rebates	7,355	7,380
Other	97	13
Accrued liabilities	$ 21,948	$ 20,160

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,714	$ 706
Warranties assumed due to acquisition		1,174
Fulfillment of assumed acquisition warranty	(216)	(482)
Provision increase, net	233	316
Ending balance	$ 1,731	$ 1,714

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total cost	$ 34,757	$ 28,531
Less: Accumulated depreciation	(24,267)	(20,996)
Property and equipment, net	10,490	7,535
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 29,621	$ 24,367
Equipment and Tooling \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Equipment and Tooling \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total cost	$ 3,835	$ 3,137
Computer Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Computer Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Useful Life	10 years	10 years
Total cost	$ 844	$ 745
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 457	$ 282
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years	2 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 3,356	$ 3,685	$ 3,583

Software - Schedule of Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 23,019	$ 19,091
Accumulated amortization	(17,152)	(15,653)
Net balance	$ 5,867	3,438
Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	18 years
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 15,855	15,680
Accumulated amortization	(14,907)	(14,214)
Net balance	$ 948	1,466
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Acquired and Software for Internal Use \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Gross carrying amount	$ 7,164	3,411
Accumulated amortization	(2,245)	(1,439)
Net balance	$ 4,919	$ 1,972

Software - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	18 years
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.7	$ 0.8	$ 0.7
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Acquired and Software for Internal Use \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Amortization expense	$ 0.8	$ 0.6	$ 0.5

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
2022	$ 1,603
2023	1,498
2024	1,498
2025	1,498
2026	1,498
Thereafter	3,182
Total amortization	10,777	$ 12,895
Capitalized Software Assets
Finite Lived Intangible Assets [Line Items]
2022	2,045
2023	1,973
2024	1,388
2025	387
2026	68
Thereafter	6
Total amortization	5,867
Capitalized Software Assets \| Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2022	474
2023	218
2024	114
2025	68
2026	68
Thereafter	6
Total amortization	948
Capitalized Software Assets \| Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2022	1,571
2023	1,755
2024	1,274
2025	319
Total amortization	$ 4,919

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) Segment Subsidiary Unit	Dec. 31, 2020 USD ($) Unit	Dec. 31, 2019 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Number of operating segment \| Segment		1
Number of reportable segments \| Segment		1
Number of operating subsidiaries \| Subsidiary		2
Adjustments to goodwill	$ 1,300,000		$ 1,290,000
Number of reporting unit \| Unit		1	1
Adjustments to carrying value of goodwill		$ 0	$ 0
Impairment of goodwill		0	0	$ 0
Amortization expense		$ 2,100,000	$ 2,200,000	$ 1,600,000

Goodwill and Intangible Assets - Schedule of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance		$ 8,552
Adjustments to goodwill	$ 1,300	1,290
Ending balance		$ 9,842

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 50,530	$ 50,530
Accumulated amortization	(39,753)	(37,635)
Total amortization	$ 10,777	12,895
Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	18 years
Unpatented Technology
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 14,660	14,660
Accumulated amortization	(14,555)	(14,375)
Total amortization	$ 105	285
Unpatented Technology \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Unpatented Technology \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	7 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	19,300
Accumulated amortization	(8,628)	(7,128)
Total amortization	$ 10,672	12,172
Customer Relationships \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	5 years
Customer Relationships \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	18 years
Patents
Finite Lived Intangible Assets [Line Items]
Useful Life	7 years
Gross carrying amount	$ 11,300	11,300
Accumulated amortization	$ (11,300)	(11,300)
Trademarks
Finite Lived Intangible Assets [Line Items]
Useful Life	10 years
Gross carrying amount	$ 5,270	5,270
Accumulated amortization	$ (5,270)	(4,832)
Total amortization		$ 438

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Net [Abstract]
2022	$ 1,603
2023	1,498
2024	1,498
2025	1,498
2026	1,498
Thereafter	3,182
Total amortization	$ 10,777	$ 12,895

Debt - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Nov. 17, 2021	Jun. 28, 2019	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Repayment of term loan				$ 55,250,000	$ 10,000,000	$ 30,212,000
Net interest expense				4,300,000	5,300,000	8,100,000
Write-down of deferred issuance costs				300,000		500,000
Excess cash flow payment			$ 19,600,000
Debt extinguishment fees paid				$ (42,000)
Maximum
Debt Instrument [Line Items]
Debt instrument consolidated fixed charge coverage ratio				2.75%
Minimum
Debt Instrument [Line Items]
Debt instrument consolidated fixed charge coverage ratio				1.25%
Silicon Valley Bank
Debt Instrument [Line Items]
Quarterly repayments		$ 2,500,000
Percentage of excess of cash payable to lender		50.00%
Write-down of deferred issuance costs				$ 384,000
Loss on early extinguishment debt				400,000
Debt extinguishment fees paid				(42,000)
BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding				30,000,000
Line of credit facility, maximum borrowing capacity	$ 75,000,000.0
Debt instrument, terminate period	5 years
BofA Credit Agreement \| Maximum
Debt Instrument [Line Items]
Undrawn commitment fee	0.25%
BofA Credit Agreement \| Minimum
Debt Instrument [Line Items]
Undrawn commitment fee	0.20%
BofA Credit Agreement \| Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument, interest rate loan period	1 month
Debt instrument base rate	1.75%
BofA Credit Agreement \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	0.25%
BofA Credit Agreement \| Applicable Margin Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument base rate	0.50%
BofA Credit Agreement \| Applicable Margin Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument base rate	0.00%
BofA Credit Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument base rate	0.50%
Rate of Percentage 0.50% \| Minimum
Debt Instrument [Line Items]
Consolidated leverage ratio	2.00%
Rate of Percentage 0.25% \| Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	2.00%
Rate of Percentage 0.25% \| Minimum
Debt Instrument [Line Items]
Consolidated leverage ratio	1.00%
Rate of Percentage 0.00% \| Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	1.00%
Current Portion of Long-Term Debt
Debt Instrument [Line Items]
Required excess cash flow payment under provision					19,700,000
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding				30,000,000	55,250,000
Repayment of term loan						$ 20,700,000
Term Loan Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument, interest rate loan period	6 months
Term Loan Facility \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	2.00%
Term Loan Facility \| Applicable Margin Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument base rate	2.25%
Term Loan Facility \| Applicable Margin Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument base rate	1.75%
Term Loan Facility \| Bank of American
Debt Instrument [Line Items]
Debt outstanding				$ 30,000,000.0
Term Loan Facility \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt outstanding					55,300,000
Required excess cash flow payment under provision					19,700,000
Term Loan Facility \| BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding	$ 30,000,000.0
Debt instrument term	5 years
Debt instrument, maturity date	Nov. 17, 2026
Term Loan Facility \| BofA Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms				In May 2021, the FCA confirmed the 1-week and 2-month US Dollar LIBOR tenors ceased on December 31, 2021, but the remaining five US Dollar tenors (overnight, 1-month, 3-month, 6-month and 12-month) will not cease until June 30, 2023.
Term Loan Facility \| Rate of Percentage 1.75%
Debt Instrument [Line Items]
Debt instrument base rate	1.75%
Term Loan Facility \| Rate of Percentage 1.75% \| Maximum
Debt Instrument [Line Items]
Debt instrument consolidated leverage ratio first full fiscal quarter	1.00%
Term Loan Facility \| Rate of Percentage 2.25%
Debt Instrument [Line Items]
Debt instrument base rate	2.25%
Term Loan Facility \| Rate of Percentage 2.25% \| Minimum
Debt Instrument [Line Items]
Consolidated leverage ratio	2.00%
Term Loan Facility \| Rate of Percentage 2.00%
Debt Instrument [Line Items]
Debt instrument base rate	2.00%
Term Loan Facility \| Rate of Percentage 2.00% \| Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	2.00%
Term Loan Facility \| Rate of Percentage 2.00% \| Minimum
Debt Instrument [Line Items]
Consolidated leverage ratio	1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding				$ 0.0
Revolving Credit Facility \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt outstanding					$ 0.0
Debt Instrument amount available under credit facility				$ 45,000,000.0
Revolving Credit Facility \| BofA Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,000,000.0
Debt instrument term	5 years
Revolving Credit Facility \| Rate of Percentage 0.50% \| Base Rate
Debt Instrument [Line Items]
Debt instrument base rate	0.50%
Revolving Credit Facility \| Rate of Percentage 0.25% \| Base Rate
Debt Instrument [Line Items]
Debt instrument base rate	0.25%
Revolving Credit Facility \| Rate of Percentage 0.00% \| Base Rate
Debt Instrument [Line Items]
Debt instrument base rate	0.00%
Sublimit for Issuance of Letters of Credit \| BofA Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000.0
Swingline Loans \| BofA Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000.0

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less debt issuance costs	$ (546)	$ (1,092)
Total debt	29,454	54,158
Less current portion of term facility	(2,625)	(29,747)
Current portion of debt issuance costs	136	546
Total long-term external debt	26,965	24,957
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 30,000	$ 55,250

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Schedule of Maturities on External Debt Outstanding (Details) - BofA Credit Agreement $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2022	$ 2,625
2023	2,625
2024	2,625
2025	2,625
2026	19,500
Total	$ 30,000

Contributed Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 28, 2019	Dec. 31, 2019
Contributed Capital [Line Items]
Issuance of additional shares for the unreturned capital and accumulated yield		$ 49,252
VCH, L.P.
Contributed Capital [Line Items]
Shares sold, price per share	$ 12.00
VCH, L.P. \| Class A Units
Contributed Capital [Line Items]
Issuance of additional shares for the unreturned capital and accumulated yield	$ 49,200

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
U.S. Pan
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer contribution to employee contribution plan dollar for dollar match	4.00%
Defined contribution plan, employer discretionary contribution amount	$ 1.2	$ 1.0	$ 1.1
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 0.4	$ 0.4	$ 0.4
Defined contribution plan, employee matching contribution, percent of match	3.00%
Defined contribution plan, employer matching contribution, percent of match	5.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	1.00%
Defined contribution plan, maximum annual contributions per employee, percent	7.00%

Other Expense, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Expense, Net
Other Non Operating Income and Expense [Line Items]
Foreign exchange losses	$ 0.2	$ 0.5	$ 0.5

Share-Based Compensation - Additional Information (Details) - USD ($)				1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 01, 2021	Mar. 24, 2020	Jun. 28, 2019	Dec. 31, 2020	Jun. 30, 2019	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense					$ 15,400,000			$ 7,717,000	$ 3,436,000	$ 17,696,000
Shares granted								267,175
Pretax unrecognized compensation expense								$ 17,900,000
Forfeiture rate utilized for estimating forfeitures of options and restricted share units granted.								8.20%
Share options contractual term								10 years
Aggregate intrinsic value of options exercised				$ 12,700,000		$ 18,500,328		$ 18,500,328	$ 12,700,000	$ 0.0
Share options exercised								454,354	138,878	0	0
Cash received from share options exercised								$ 4,807,000	$ 1,628,000
Unrecognized pre-tax share based compensation expense related to unvested share option awards						8,600,000		$ 8,600,000
Unrecognized share-based compensation expense, weighted-average period of recognition								2 years 3 months 18 days
Shares vested								229,074
Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units						$ 9,300,000		$ 9,300,000
IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price			$ 12.00
Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense								$ 700,000
Number of outstanding shares added annually					275,000
Percentage of outstanding shares					1.00%
Total number of shares available under ESPP								1,067,075
Number of original shares available under ESPP					550,000
Number of additional shares available under ESPP	260,345	256,730
Percentage of purchase price shares on first trading day of each offering period or on the purchase date					85.00%
Shares issued under the ESPP						42,401	39,061	81,462
RSAs and RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expense, weighted-average period of recognition								3 years 1 month 6 days
Shares to pay employees' portion of minimum payroll withholding taxes								64,761	5,074
RSAs and RSUs \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted					240,037
RSAs and RSUs \| IPO \| Carry-forward Prior Vesting Terms and Expiration Dates
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted					34,111
Recapitalization Awards \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 15,400,000
Phantom Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										2,200,000
RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested				205,926
RSAs \| IPO \| Upon Achievement of Market Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			205,926
2011 Management Incentive Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 15,400,000
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	1,301,726	1,283,649				1,301,726		1,301,726
Shares granted								267,175
Percentage of outstanding shares					5.00%
2019 Share Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares added annually					1,320,000
2019 Share Incentive Plan \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized					3,400,000
2019 Share Incentive Plan \| RSAs and RSUs \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted					240,037
2019 Share Incentive Plan \| Recapitalization Awards \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price					$ 12.00
2019 Share Incentive Plan \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted								267,175	506,500

Share-Based Compensation - Summary of Changes in Number of Shares Available for Grant (Details) - shares	12 Months Ended
	Dec. 31, 2021	Mar. 01, 2021	Mar. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	(267,175)
Options granted	(116,035)
Forfeitures	27,874
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for grant, beginning balance	832,134
Added to 2019 Share Incentive Plan	1,301,726	1,301,726	1,283,649
RSUs granted	(267,175)
Options granted	(116,035)
Shares withheld in settlement of taxes and/or exercise price	64,761
Forfeitures	37,829
Available for grant, ending balance	1,853,240

Share-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 7,717	$ 3,436	$ 17,696
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	152	67	211
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	3,044	1,599	5,363
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,935	980	4,185
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,586	$ 790	$ 7,937

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Options
Options outstanding, Beginning balance	3,164,185
Options granted	116,035
Options exercised	(454,354)	(138,878)	0	0
Options forfeited	(27,874)
Options outstanding, Ending balance	2,797,992	3,164,185
Options exercisable	1,288,277
Options vested and expected to vest	2,742,060
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance	$ 11.24
Weighted average exercise price, Options granted	42.52
Weighted average exercise price, Options exercised	10.58
Weighted average exercise price, Options forfeited	11.24
Weighted average exercise price, Outstanding ending balance	12.64	$ 11.24
Weighted average exercise price, Options exercisable	11.27
Weighted average exercise price, Options vested and expected to vest	$ 12.63
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	7 years 10 months 24 days	8 years 9 months 18 days
Weighted average remaining contractual term, Options exercisable	7 years 9 months 18 days
Weighted average remaining contractual term, Options vested and expected to vest	7 years 10 months 24 days
Aggregate intrinsic value, Outstanding	$ 38,295,799	$ 43,793,890
Aggregate intrinsic value, Options exercisable	18,500,328	$ 12,700,000	$ 0.0
Aggregate intrinsic value, Options vested and expected to vest	$ 37,502,738

Share-Based Compensation - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.14%	0.39%	1.81%
Weighted-average expected volatility	50.90%	50.00%	40.80%
Expected term (in years)	6 years 6 months	6 years 6 months	6 years 1 month 6 days
Weighted average grant-date fair value per share of options granted	$ 21.36	$ 7.56	$ 4.34

Share-Based Compensation - Summary of Restricted Shares Activity (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Units
Number of Units, RSU and RSA, beginning balance \| shares	519,197
Number of Units, RSU and RSA, granted \| shares	267,175
Number of Units, RSU and RSA, vested \| shares	(229,074)
Number of Units, RSU and RSA, forfeited \| shares	(9,955)
Number of Units, RSU and RSA, ending balance \| shares	547,343
Number of Units, RSUs and RSAs, expected to vest \| shares	547,343
Weighted average grant date fair value
Weighted average grant date fair value, RSU and RSA, beginning balance \| $ / shares	$ 4.89
Weighted average grant date fair value, RSU and RSA, granted \| $ / shares	42.22
Weighted average grant date fair value, RSU and RSA, vested \| $ / shares	5.00
Weighted average grant date fair value, RSU, and RSA, forfeited \| $ / shares	37.71
Weighted average grant date fair value, RSU and RSA, ending balance \| $ / shares	22.47
Weighted average grant date fair value, RSU and RSA, expected to vest \| $ / shares	$ 22.47

Share Capital - Shares (Share Capital Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares	454,354	138,878	0	0
Share options exercised	$ 4,807	$ 1,628
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	26,034,526	25,672,983	77,000
Issuance of ordinary shares under employee share purchase plan, Number of shares	81,462
Issuance of vested shares, Number of shares	229,594	234,191
Share options exercised, shares	454,354	138,878
Shares withheld for net settlement of shares issued, Number of shares	(64,761)	(11,526)
Ending balance, shares	26,735,175	26,034,526	25,672,983	77,000
Beginning balance	$ 3	$ 3
Ending balance	$ 3	$ 3	$ 3

Share Capital - Shares - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares
Common stock dividends declared	$ 0
Common stock dividends paid	$ 0

Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net (loss) income	$ 37,421	$ 18,575	$ (17,601)
Denominator:
Basic weighted average shares outstanding	26,421,087	25,707,092	19,741,764
Dilutive effect of share option awards	1,846,998	228,388
Dilutive effect of restricted share units and restricted share awards	348,934	467,632
Dilutive effect of employee share purchase plan awards	11,117
Diluted weighted average shares outstanding	28,628,136	26,403,112	19,741,764
Net (loss) earnings per share, basic	$ 1.42	$ 0.72	$ (0.89)
Net (loss) earnings per share, diluted	$ 1.31	$ 0.70	$ (0.89)

Earnings Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	2,082	3,178
Share Options
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	2,082	2,921
Restricted Shares (RSUs and RSAs)
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share		257

Earnings Per Share - Additional Information (Details) - $ / shares	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Jun. 06, 2019	Apr. 23, 2019
Earnings Per Share Basic [Line Items]
Common stock, authorized		500,000,000	500,000,000	500,000,000	5,000,000
Common stock, par value		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.01
Common stock, shares issued		26,892,082	26,126,775	77,179	771.79
Common stock, shares, outstanding		26,735,175	26,034,526	77,179	771.79
Employees and Service Providers
Earnings Per Share Basic [Line Items]
Shares issued during period	2,140,168
Issuance of shares to MIU holders	2,220,788
IPO
Earnings Per Share Basic [Line Items]
Shares issued during period	5,800,000
Share price	$ 12.00
VCH, L.P.
Earnings Per Share Basic [Line Items]
Common stock, shares issued	17,704,754
Shares issued during period	17,627,575
Issuance of shares as part of recapitalization	13,523,232
Shares related to unreturned of capital and accumulated yield	4,104,343
Share price	$ 12.00
VCH, L.P. \| IPO
Earnings Per Share Basic [Line Items]
Share price	$ 12.00

Income Taxes - Components of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 10,943	$ 2,648	$ 4,183
Foreign	20,963	15,483	(11,504)
(Loss) income before income taxes	$ 31,906	$ 18,131	$ (7,321)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (SX 210.5-03(10))
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Provision (Benefit) of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal, Current	$ 268	$ (198)	$ 1,078
State, Current	(94)	(181)	643
Foreign, Current	376	1,007	1,157
Current tax provision	550	628	2,878
U.S. federal, Deferred	(1,662)	(664)	380
State, Deferred	(147)	(144)	(6)
Foreign, Deferred	(4,256)	(264)	7,028
Deferred tax provision (benefit)	(6,065)	(1,072)	7,402
Provision (benefit) for income taxes	$ (5,515)	$ (444)	$ 10,280

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Income Taxes [Line Items]
Statutory rate	21.00%	21.00%	21.00%
Change in deferred tax assets valuation allowance	$ (7,700,000)	$ (1,200,000)
Valuation allowance against deferred tax asset to income tax expense		7,700,000
NOL carryforward	28,700,000	28,100,000
NOL carryforward, indefinite life	25,600,000	28,100,000
NOL carryforward, definite life	3,100,000
Deferred tax asset related to NOL	5,300,000	5,300,000
CIR carryforward	4,800,000	8,700,000
Reduction in deferred tax asset related to utilization of CIR	(3,900,000)
Unrecognized tax positions	0	0
Income tax (benefit) expense	$ (5,515,000)	$ (444,000)	$ 10,280,000
Effective tax rate	(17.30%)	(2.40%)	(140.40%)
Non-Recurring Tax Benefit Related to Valuation Allowance	$ 7,700,000
Research and Development
Schedule Of Income Taxes [Line Items]
NOL carryforward, definite life	800,000
Tax credit carryforward	1,500,000	$ 1,500,000
Tax credit carryforward, indefinite life	$ 700,000	$ 1,500,000
UK
Schedule Of Income Taxes [Line Items]
Statutory rate	19.00%	19.00%	19.00%
Tax returns open, tax years	2018 2019 2020
California \| Research and Development
Schedule Of Income Taxes [Line Items]
Change in deferred tax assets valuation allowance	$ 200,000
Additional valuation allowance on the related deferred tax asset		$ 400,000
Valuation allowance on the related deferred tax asset	$ 500,000	$ 700,000
India \| Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2017
India \| Latest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2021
US \| Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2018

Income Taxes - Computation of Provision (Benefit) of Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at federal statutory rate	$ 6,700	$ 3,808	$ (1,537)
State and local income taxes net of federal benefit	10	(295)	540
Tax rate changes	21	(925)	662
Valuation allowance changes	(7,902)	(1,226)	9,599
Foreign rate differential	(164)	(181)	369
Research and development	811	(1,455)	(1,286)
Share-based compensation	(3,444)	(171)	2,807
Foreign derived intangible income		(349)	(1,166)
Other	75	350	292
Provision (benefit) for income taxes	$ (5,515)	$ (444)	$ 10,280

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
NOL and tax credit carryforwards	$ 6,886	$ 6,997
Disallowed interest carryforwards	909	1,654
Lease liability	584	993
Property and equipment	27	573
Share-based compensation	1,130	1,163
Intangible assets	221	105
Other	353	250
Subtotal	10,110	11,735
Less: Valuation allowance	(471)	(8,373)
Net deferred tax assets	9,639	3,362
Operating lease assets	(505)	(884)
Prepaid expenses and other assets	(400)	(278)
Capitalized software development costs	(1,141)	(453)
Other		(219)
Subtotal	(2,046)	(1,834)
Net deferred tax liabilities	(2,046)	(1,834)
Total deferred tax assets, net	$ 7,593	$ 1,528

Income Taxes - Deferred Tax Assets/Liabilities Included in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax assets - non-current	$ 7,604	$ 1,537
Deferred tax liabilities - non-current (included in Other noncurrent liabilities)	11	9
Total deferred tax assets, net	$ 7,593	$ 1,528

Income Taxes - Summary of Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Beginning balance	$ 8,373	$ 9,599
Release of valuation allowance	(7,902)	(1,226)
Ending balance	$ 471	$ 8,373

Income Taxes - Summary of Gross NOL Carryforwards Expire (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
NOL, Unlimited carryforward	$ 25.6	$ 28.1
NOL, 10+ year carryforward	$ 3.1

Income Taxes - Summary of Tax Credit Carryforwards and Expiration (Details) - Research and Development - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Tax credit carryforwards, Unlimited carryforward	$ 0.7	$ 1.5
Tax credit carryforwards, 10+ year carryforward	$ 0.8

Income Taxes - Summary of Gross CIR Carryforwards Expire (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Corporate interest restriction disallowance, Unlimited carryforward	$ 4.8	$ 8.7

Revenue from contracts with customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 335,854	$ 278,459	$ 267,028
Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Point-to-Multi-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 204,756	$ 172,601	$ 156,157
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	61.00%	62.00%	59.00%
Point-to-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 60,761	$ 60,435	$ 71,618
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	22.00%	27.00%
Wi-Fi
Disaggregation of Revenue [Line Items]
Revenues	$ 66,933	$ 39,990	$ 35,678
Wi-Fi \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	14.00%	13.00%
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 3,404	$ 5,433	$ 3,575
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	1.00%	2.00%	1.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from contracts with customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 335,854	$ 278,459	$ 267,028
Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 173,491	$ 147,328	$ 122,565
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52.00%	53.00%	46.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	$ 93,082	$ 80,927	$ 85,930
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%	29.00%	32.00%
Caribbean and Latin America
Disaggregation of Revenue [Line Items]
Revenues	$ 40,974	$ 29,418	$ 31,767
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	12.00%	11.00%	12.00%
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 28,307	$ 20,786	$ 26,766
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	8.00%	7.00%	10.00%

- Definition

+ References

+ Details

Revenue from contracts with customers - Summary of Customers with Accounts Receivables and Customer with Net Revenues of 10% or Greater (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Customer A \| Sales Revenue, Product Line
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	19.00%	16.00%
Customer A \| Accounts Receivables
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25.00%	31.00%
Customer B \| Sales Revenue, Product Line
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			11.00%
Customer C \| Sales Revenue, Product Line
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15.00%	14.00%
Customer D \| Accounts Receivables
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		10.00%

Revenue from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Trade accounts receivable, net of estimate for credit losses	$ 68,788	$ 56,798
Deferred revenue - current	6,880	6,471
Deferred revenue - noncurrent	5,363	4,448
Refund liability	$ 2,516	$ 2,416

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 12,200	$ 10,900
Revenue remaining performance obligation	6,900	6,500
Revenue recognized	$ 6,300	7,300
Revenue practical expedient, incremental cost of obtaining contract [true/false]	true
Revenues	$ 335,854	278,459	$ 267,028
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 165,300	140,700	121,300
Italy
Disaggregation of Revenue [Line Items]
Revenues		$ 31,600	$ 38,400

- Definition

+ References

+ Details

Revenue from Contracts with Customers - Additional Information (Details 1)	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2021
Leases [Line Items]
Lessee operating lease option to extend	true
Minimum
Leases [Line Items]
Lessee operating lease term of contract	1 year
Lessee operating lease option to extend period	1 year
Maximum
Leases [Line Items]
Lessee operating lease term of contract	5 years
Lessee operating lease option to extend period	4 years

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 2,592	$ 2,586
Short-term lease cost	283	341
Variable lease costs	500	375
Total lease expense	$ 3,375	$ 3,302

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating leases:
Operating lease assets	$ 5,899	$ 5,083
Current lease liabilities	$ 2,116	$ 2,167
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 4,112	$ 3,332
Weighted average remaining lease term (years):
Operating leases	3 years 4 months 6 days	3 years 4 months 6 days
Weighted average discount rate:
Operating leases	6.15%	8.36%

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 2,674	$ 2,701

Leases - Remaining Maturities on Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 2,445
2023	2,108
2024	1,086
2025	843
2026	419
Total lease payments	6,901
Less: interest	673
Present value of the lease liabilities	$ 6,228

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 03, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 28, 2019
IPO
Related Party Transaction [Line Items]
Shares sold, price per share					$ 12.00
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Management and oversight fees		$ 0.0	$ 0.0	$ 0.3
Payment to related party	$ 5.6
Due to related parties		$ 0.0	$ 0.0
VCH, L.P.
Related Party Transaction [Line Items]
Shares sold, price per share					12.00
VCH, L.P. \| IPO
Related Party Transaction [Line Items]
Shares sold, price per share					$ 12.00

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details