0000950170-22-008124 | 10-Q | XBRL Viewer

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Software - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.2	$ 0.2
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	$ 0.3	$ 0.1

Commitments and Contingencies	3 Months Ended
Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 14. 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 condensed consolidated statements of operations and corresponding condensed consolidated balance sheets during that period. Indemnification The Company generally indemnifies its customers 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. 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 its condensed 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 condensed 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 condensed 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, that in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 14. 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 condensed consolidated statements of operations and corresponding condensed consolidated balance sheets during that period.

Indemnification

The Company generally indemnifies its customers 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. 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 its condensed 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 condensed 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 condensed 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, that in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Net [Abstract]
Finished goods	$ 38,520	$ 31,991
Raw materials	7,309	7,353
Gross inventory	45,829	39,344
Less: Excess and obsolete provision	(5,619)	(5,567)
Inventories, net	$ 40,210	$ 33,777

Share-Based Compensation - Summary of Changes in Number of Shares Available for Grant (Details) - shares	3 Months Ended
	Mar. 31, 2022	Feb. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	(8,606)
Forfeitures	750
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for grant, beginning balance	1,853,240
Added to 2019 Share Incentive Plan	1,320,000	1,320,000
RSUs granted	(8,606)
Shares withheld in settlement of taxes and/or exercise price	18,200
Forfeitures	4,916
Available for grant, ending balance	3,187,750

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings Per Share

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


	Three Months Ended March 31,
	2021		2022
Numerator:
Net income (loss)	$	19,860	$	(1,568	)
Denominator:
Basic weighted average shares outstanding		26,115,615		26,749,675
Dilutive effect of share option awards		1,948,192		—
Dilutive effect of restricted share units and restricted share awards		441,581		—
Dilutive effect of employee share purchase plan		12,325		—
Diluted weighted average shares outstanding		28,517,713		26,749,675
Net earnings (loss) per share, basic	$	0.76	$	(0.06	)
Net earnings (loss) per share, diluted	$	0.70	$	(0.06	)

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

The following outstanding shares of ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented as including them would have had an anti-dilutive effect (unaudited and in thousands):

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total cost	$ 35,793	$ 34,757
Less: Accumulated depreciation	(25,061)	(24,267)
Property and equipment, net	10,732	10,490
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 30,534	$ 29,621
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	$ 3,967	$ 3,835
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	$ 839	$ 844
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 453	$ 457
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

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 7. Debt

As of March 31, 2022, the Company had $30.0 million outstanding under its current term loan facility and $0.0 million outstanding under its revolving credit facility. The Company has available $45.0 million under its revolving credit facility (unaudited).

The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2021 and March 31, 2022 (in thousands):


	December 31,			March 31,
	2021			2022
				(unaudited)
Term loan facility	$	30,000		$	30,000
Less debt issuance costs		(546	)		(511	)
Total debt		29,454			29,489
Less current portion of term facility		(2,625	)		(3,281	)
Current portion of debt issuance costs		136			143
Total long-term external debt, net	$	26,965		$	26,351

Secured credit agreement

The Company is currently operating under is credit agreement entered into on November 17, 2021 with Bank of America ("BofA Credit Agreement") which provides for the provisions of loans and other financial accommodations 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 and (ii) a five-year revolving credit facility (the "Revolving Facility") 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. On November 17, 2021, the Company borrowed $30.0 million as a Eurodollar Rate loan with a six (6) month interest period. Both the Term Facility and the Revolving Facility mature on November 17, 2026.

Interest accrues on the outstanding principal amount of the Term and Revolving Facilities on a quarterly basis and is equal to a base rate equal rate per annum determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate as selected by the Company, plus an applicable margin between 1.75% to 2.25% as determined by the Company’s performance as measured by the consolidated leverage ratio. At March 31, 2022, the applicable margin was 1.75% and the effective interest rate on the term loan was 2.44%. In addition to paying interest on the outstanding principal under the term loan facility, the Company is required to pay a quarterly commitment fee on the unutilized commitments under the revolving credit facility ranging from 0.20% to 0.25% as determined by the Company's performance as measured by the consolidated leverage ratio. The commitment fee was 0.20% at March 31, 2022. The Company is also required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBOR-based borrowings under the revolving credit facility on a per annum basis, payable in arrears, as well as fronting fees for the issuance of letters of credit and agency fees.

Under the BofA Credit Agreement, commencing on March 31, 2022, the Company is required to make quarterly principal payments of $0.7 million, with the remaining principal due on maturity on November 17, 2026. The principal payment of $0.7 million that was due on March 31, 2022 was paid on April 1, 2022. The Company is required to pay interest quarterly on the outstanding balance. The Company is permitted to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans under the BofA Credit Agreement at any time without premium or penalty.

Maturities on the external debt outstanding at March 31, 2022 is as follows (unaudited and in thousands):


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

Borrowings under the BofA Credit Agreement are secured by a first-priority lien on substantially all of the Company’s assets, the equity interests in the Company’s subsidiaries, and any intercompany debt. The Credit Agreement contains certain customary affirmative and negative covenants that are usual and customary for companies with similar credit ratings. As of March 31, 2022, the Company was in compliance with all affirmative and negative covenants (unaudited).

Net interest expense, including bank charges and amortization of debt issuance costs on the external debt, was $1.1 million and $0.5 million for the three-month periods ended March 31, 2021 and 2022, respectively.

Expected Discontinuation of LIBOR

In July 2017, the United Kingdom’s Financial Conduct Authority, or FCA, which regulates LIBOR, announced it will no longer compel banks to submit rates for the calculation of LIBOR after 2021. On December 31, 2021, the 1-week and 2-month US Dollar LIBOR ceased, but the remaining five US Dollar LIBOR tenors (overnight and 1-month, 3-month, 6-month and 12-month) will not cease until June 30, 2023. The base interest rate on the Company’s BofA Credit Agreement may be determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate, as selected by the Company. The BofA Credit Agreement matures on November 17, 2026, which is subsequent to 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 bench mark to other potential alternative reference rates, including SOFR. Eurodollar loans under the BofA Credit Agreement are currently indexed to the Eurodollar Rate (the rate equivalent to LIBOR). The BofA Credit Agreement contemplates the discontinuation of LIBOR and provides that a benchmark replacement rate shall be determined by reference to other applicate rates and additionally allows for 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.

+ References

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based compensation

Note 10. Share-based compensation

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 share reserve under the 2019 Plan is automatically increased on the first day of each fiscal year, beginning with the fiscal year ended December 31, 2020 and continuing until, and including, the fiscal year ending December 31, 2029. The number of shares added annually is 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 February 25, 2022, the Company registered 1,320,000 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.

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the three-month period ended March 31, 2022 (unaudited):


	Number of shares
Available for grant at December 31, 2021		1,853,240
Added to 2019 Share Incentive Plan		1,320,000
RSUs granted		(8,606	)
Options granted		—
Shares withheld in settlement of taxes and/or exercise price		18,200
Forfeitures		4,916
Available for grant at March 31, 2022		3,187,750

Share-based compensation

The following table shows total share-based compensation expense for the three-month periods ended March 31, 2021 and 2022 (unaudited and in thousands):


	Three Months Ended March 31,
	2021		2022
Cost of revenues	$	19	$	57
Research and development		517		1,022
Sales and marketing		295		627
General and administrative		579		714
Total share-based compensation expense	$	1,410	$	2,420

For the three-month periods ended March 31, 2021 and 2022, the Company recorded corresponding income tax benefits of $1.3 million and $0.1 million, respectively.

As of March 31, 2022, the Company estimates the pre-tax unrecognized compensation expense of $15.8 million, net of estimated forfeitures, related to all unvested share-based awards, including share options and restricted share units will be recognized through the first quarter of 2026. The Company expects to satisfy the exercise of share options and future distributions of shares for restricted share units by issuing new ordinary shares that have been reserved under the 2019 Plan.

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 three-month period ended March 31, 2022 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 the three-month period ended March 31, 2022 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2021		2,797,992		$	12.64		7.9	$	38,295,799
Options granted		—		$	—		—	$	—
Options exercised		(14,268	)	$	10.23		—	$	—
Options forfeited		(750	)	$	12.00		—	$	—
Outstanding at March 31, 2022		2,782,974		$	12.66		7.7	$	32,758,640
Options exercisable at March 31, 2022		1,505,502		$	11.88		7.6	$	18,253,275
Options vested and expected to vest at March 31, 2022		2,740,776		$	12.64		7.7	$	32,237,845

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

At March 31, 2022, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $18.3 million. The Company had 14,268 options exercised during the three-month period ended March 31, 2022.

At March 31, 2022, there was $7.5 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 through the first quarter of 2025.

The fair value of options granted are estimated on the date of grant 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 (unaudited):


	Three Months Ended March 31,
	2021			2022
Expected dividend yield		—			—
Risk-free interest rate		1.14	%	N/A
Weighted-average expected volatility		50.9	%	N/A
Expected term (in years)		6.5		N/A
Weighted average grant-date fair value per share of options granted	$	21.36		N/A

For the three-month period ended March 31, 2022 the weighted-average assumptions are not applicable as there were no share options granted in the period.

Restricted shares

The following is a summary of restricted shares activity for the Company’s share incentive plan for the three-month period ended March 31, 2022 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2021		547,343		$	22.47
RSUs granted		8,606		$	23.80
RSUs vested		(93,854	)	$	28.98
RSUs forfeited		(4,166	)	$	40.25
RSU balance at March 31, 2022		457,929		$	21.00

During the three-month period ended March 31, 2022, 8,606 RSUs were granted under the Company’s 2019 Share Incentive Plan and 93,854 RSUs vested. The Company withheld 18,200 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of March 31, 2022, there was $8.3 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested restricted share units. The unrecognized compensation expense is expected to be recognized through the first quarter of 2026.

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 initial offering period of six-months commenced on January 1, 2021. The current offering period of six months commenced on January 1, 2022 and runs through June 30, 2022. The purchase price of the shares is 85% of the lower of the fair market value of the Company’s ordinary shares on the first trading day of the offering period and the purchase date. The ESPP includes an annual increase to the shares available for sale on the first day of each fiscal year beginning in 2020, equal to the lesser 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 Company registered 267,352 additional shares on February 25, 2022.

For both the three-month periods ended March 31, 2021 and 2022, the Company recognized $0.2 million of share-based compensation expense related to the ESPP.

Other Expense, Net

3 Months Ended

Mar. 31, 2022

Other Income And Expenses [Abstract]

Other expense, net

Note 9. Other expense, net

Net other expense was $0.0 million and $0.1 million for the three-month periods ended March 31, 2021 and 2022, respectively, and represents foreign exchange gains and losses.

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 63,565	$ 68,788
Deferred revenue - current	6,964	6,880
Deferred revenue - noncurrent	5,647	5,363
Refund liability	$ 2,755	$ 2,516

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2022
Leases [Line Items]
Lessee operating lease option to extend	true
Lessee not yet commenced, description	As of March 31, 2022, the Company does not have any leases that have not yet commenced.
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

Share Capital - Shares (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders Equity Note [Abstract]

Shares (Share Capital Activity)

The following table reflects the share capital activity (unaudited):


	Number of shares			Par value (in thousands)
Balance at December 31, 2021		26,735,175		$	3
Issuance of vested shares		93,854			—
Share options exercised		14,268			—
Shares withheld for net settlement of shares issued		(18,200	)		—
Balance at March 31, 2022		26,825,097		$	3

Related Party Transactions

3 Months Ended

Mar. 31, 2022

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 three-month periods ended March 31, 2021 and 2022, the Company did not have any related party transactions to disclose (unaudited).

Share-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,420	$ 1,410
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	57	19
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,022	517
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	627	295
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 714	$ 579

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Income Taxes [Line Items]
Provision (benefit) for income taxes	$ (1,201)	$ (7,639)
Effective tax rate	43.40%	(62.50%)
Non-recurring tax benefit related to valuation allowance reversal	$ 7,700
UK
Schedule Of Income Taxes [Line Items]
Effective tax rate	43.40%	(62.50%)
Research and Development
Schedule Of Income Taxes [Line Items]
Effective tax rate	43.40%
Statutory rate	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021 and March 31, 2022 (in thousands):


	December 31,			March 31,
	2021			2022
				(unaudited)
Term loan facility	$	30,000		$	30,000
Less debt issuance costs		(546	)		(511	)
Total debt		29,454			29,489
Less current portion of term facility		(2,625	)		(3,281	)
Current portion of debt issuance costs		136			143
Total long-term external debt, net	$	26,965		$	26,351

Schedule of Maturities on External Debt Outstanding

Maturities on the external debt outstanding at March 31, 2022 is as follows (unaudited and in thousands):


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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowances for receivables	$ 735	$ 683
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	27,000,204	26,892,082
Common stock, shares, outstanding	26,825,097	26,735,175
Treasury stock, shares	175,107	156,907

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ (1,568)	$ 19,860
Denominator:
Basic weighted average shares outstanding	26,749,675	26,115,615
Dilutive effect of share option awards		1,948,192
Dilutive effect of restricted share units and restricted share awards		441,581
Dilutive effect of employee share purchase plan		12,325
Diluted weighted average shares outstanding	26,749,675	28,517,713
Net earnings (loss) per share, basic	$ (0.06)	$ 0.76
Net earnings (loss) per share, diluted	$ (0.06)	$ 0.70

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) Segment Subsidiary Unit	Mar. 31, 2021 USD ($)
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 carrying value of goodwill	$ 0
Number of reporting unit \| Unit	1
Impairment of goodwill	$ 0
Amortization expense	$ 400,000	$ 600,000

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (1,568)	$ 19,860
Other comprehensive loss
Foreign currency translation adjustment	(66)	(65)
Comprehensive income (loss)	$ (1,634)	$ 19,795

- Definition

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

+ References

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+ Details

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Note 17. Leases

The Company has operating leases for offices, vehicles and 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 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 (unaudited and in thousands):


	Three Months Ended March 31,
	2021		2022
Operating lease cost	$	664	$	609
Short-term lease cost		72		134
Variable lease costs		123		143
Total lease expense	$	859	$	886

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


	Balance Sheet Caption	December 31, 2021			March 31, 2022
					(unaudited)
Operating leases:
Operating lease assets	Operating lease assets	$	5,899		$	5,399
Current lease liabilities	Other current liabilities	$	2,116		$	2,119
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	4,112		$	3,574
Weighted average remaining lease term (years):
Operating leases			3.35			3.17
Weighted average discount rate:
Operating leases			6.15	%		6.12	%

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


	Three Months Ended March 31,
	2021		2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	698	$	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 as of March 31, 2022 is as follows (unaudited and in thousands):


	Operating leases
2022 (April - December)	$	1,836
2023		2,096
2024		1,079
2025		836
2026		410
Thereafter		—
Total lease payments		6,257
Less: interest		564
Present value of lease liabilities	$	5,693

As of March 31, 2022, the Company does not have any leases that have not yet commenced.

Business and Significant Accounting Policies (Policies)	3 Months Ended
Business and Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2022, and for the three-month periods ended March 31, 2021 and 2022, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of March 31, 2022 and results of operations for the three-month periods ended March 31, 2021 and 2022 and cash flows for the three-month periods ended March 31, 2021 and 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principals generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K and filed with the SEC on February 24, 2022. The results of operations for the three-month period ended March 31, 2022 are not necessarily indicative of the operating results to be expected for the full year.
Update to Significant Accounting Policies	Update to Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in the 2021 Form 10-K, Part II, Item 8.

Software

3 Months Ended

Mar. 31, 2022

Research And Development [Abstract]

Software

Note 5. Software

Software consisted of the following (in thousands):


		December 31, 2021							March 31, 2022
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
									(unaudited)		(unaudited)			(unaudited)
Acquired and Software for internal use	3 to7 years	$	15,855	$	(14,907	)	$	948	$	15,873	$	(15,059	)	$	814
Software marketed for external sale	3 years		7,164		(2,245	)		4,919		8,208		(2,589	)		5,619
Total		$	23,019	$	(17,152	)	$	5,867	$	24,081	$	(17,648	)	$	6,433

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 condensed consolidated statements of operations. Amortization expense was $0.2 million and $0.2 million for the three-month periods ended March 31, 2021 and 2022, respectively.

Amortization expense recognized on software to be sold or marketed externally was $0.1 million and $0.3 million for the three-month periods ended March 31, 2021 and 2022, respectively, and is included in cost of revenues on the condensed consolidated statements of operations.

Based on capitalized software assets at March 31, 2022, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2022 (April - December)	$	317	$	1,254	$	1,571
2023		229		1,857		2,086
2024		122		1,396		1,518
2025		72		1,091		1,163
2026		68		21		89
Thereafter		6		—		6
Total amortization	$	814	$	5,619	$	6,433

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 870	$ 863

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 38,397	$ 59,291
Receivables, net of allowances of $683 and $735	64,506	69,773
Inventories, net	40,210	33,777
Recoverable income taxes	468	860
Prepaid expenses	12,741	12,170
Other current assets	5,130	4,718
Total current assets	161,452	180,589
Noncurrent assets
Property and equipment, net	10,732	10,490
Software, net	6,433	5,867
Operating lease assets	5,399	5,899
Intangible assets, net	10,357	10,777
Goodwill	9,842	9,842
Deferred tax assets, net	8,978	7,604
Other noncurrent assets	1,150	1,200
TOTAL ASSETS	214,343	232,268
Current liabilities
Accounts payable	16,543	28,241
Accrued liabilities	25,016	21,948
Employee compensation	6,875	16,601
Current portion of long-term external debt, net	3,138	2,489
Deferred revenues	6,964	6,880
Other current liabilities	6,273	5,981
Total current liabilities	64,809	82,140
Noncurrent liabilities
Long-term external debt, net	26,351	26,965
Deferred revenues	5,647	5,363
Noncurrent operating lease liabilities	3,574	4,112
Other noncurrent liabilities	1,554	1,551
Total liabilities	101,935	120,131
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2021 and March 31, 2022; 26,892,082 shares issued and 26,735,175 outstanding at December 31, 2021 and 27,000,204 shares issued and 26,825,097 outstanding at March 31, 2022	3	3
Additional paid in capital	126,437	124,117
Treasury shares, at cost, 156,907 shares at December 31, 2021 and 175,107 shares at March 31, 2022	(4,321)	(3,906)
Accumulated deficit	(8,946)	(7,378)
Accumulated other comprehensive loss	(765)	(699)
Total shareholders' equity	112,408	112,137
TOTAL LIABILITIES AND EQUITY	$ 214,343	$ 232,268

Share Capital - Shares - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares
Stockholders Equity Note [Abstract]
Common stock dividends declared	$ 0
Common stock dividends paid	$ 0

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

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, 2021							March 31, 2022
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
									(unaudited)		(unaudited)			(unaudited)
Unpatented technology	3 - 7 years	$	14,660	$	(14,555	)	$	105	$	14,660	$	(14,600	)	$	60
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,003	)		10,297
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(5,270	)		—		5,270		(5,270	)		—
Total		$	50,530	$	(39,753	)	$	10,777	$	50,530	$	(40,173	)	$	10,357

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of March 31, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (April - December)	$	1,183
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,357

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

Revenues from Contracts with Customers - Additional Information (Details 1)	Mar. 31, 2022	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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per share

Note 12. Earnings per share

Basic net earnings per share is computed by dividing net income 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, RSAs, and ESPP awards are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings per share when including them would have an anti-dilutive effect. The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data):


	Three Months Ended March 31,
	2021		2022
Numerator:
Net income (loss)	$	19,860	$	(1,568	)
Denominator:
Basic weighted average shares outstanding		26,115,615		26,749,675
Dilutive effect of share option awards		1,948,192		—
Dilutive effect of restricted share units and restricted share awards		441,581		—
Dilutive effect of employee share purchase plan		12,325		—
Diluted weighted average shares outstanding		28,517,713		26,749,675
Net earnings (loss) per share, basic	$	0.76	$	(0.06	)
Net earnings (loss) per share, diluted	$	0.70	$	(0.06	)


	Three Months Ended March 31,
	2021		2022
Share options		4		116
Restricted shares (RSUs and RSAs)		12		252
Total		16		368

Fair Value

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value

Note 2. Fair value

The fair value of the Company’s external debt under its BofA Credit Agreement (as defined below) approximates its carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The fair value of the Company’s BofA Credit Agreement was $30.0 million and $30.0 million as of December 31, 2021 and March 31, 2022, respectively.

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued goods and services	$ 12,479	$ 12,278
Accrued inventory purchases	4,591	2,218
Accrued customer rebates	7,754	7,355
Other	192	97
Accrued liabilities	$ 25,016	$ 21,948

Property and Equipment

3 Months Ended

Mar. 31, 2022

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,			March 31,
	Useful Life	2021			2022
					(unaudited)
Equipment and tooling	3 to 5 years	$	29,621		$	30,534
Computer equipment	3 to 5 years		3,835			3,967
Furniture and fixtures	10 years		844			839
Leasehold improvements	2 to 3 years		457			453
Total cost			34,757			35,793
Less: Accumulated depreciation			(24,267	)		(25,061	)
Property and equipment, net		$	10,490		$	10,732

Total depreciation expense was $0.9 million and $0.9 million for the three-month periods ended March 31, 2021 and 2022, respectively.

Share-Based Compensation - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.14%
Weighted-average expected volatility	50.90%
Expected term (in years)	6 years 6 months
Weighted average grant-date fair value per share of options granted	$ 21.36

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
2022 (April - December)	$ 1,571
2023	2,086
2024	1,518
2025	1,163
2026	89
Thereafter	6
Net balance	6,433	$ 5,867
Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2022 (April - December)	317
2023	229
2024	122
2025	72
2026	68
Thereafter	6
Net balance	814
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2022 (April - December)	1,254
2023	1,857
2024	1,396
2025	1,091
2026	21
Net balance	$ 5,619

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment information

Note 15. Segment information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company determined that it operates as one operating segment and one reporting unit.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Shares	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 63,387	$ 3	$ 109,837	$ (1,090)	$ (44,799)	$ (564)
Beginning balance, shares at Dec. 31, 2020		26,035,000
Net income (loss)	19,860				19,860
Share-based compensation	1,259		1,259
Issuance of vested shares		121,000
Treasury shares withheld for net settlement	(2,011)			(2,011)
Treasury shares withheld for net settlement, shares		(41,000)
Share options exercised	1,971		1,971
Share options exercised, shares		184,000
Foreign currency translation	(65)					(65)
Ending balance at Mar. 31, 2021	84,401	$ 3	113,067	(3,101)	(24,939)	(629)
Ending balance, shares at Mar. 31, 2021		26,299,000
Beginning balance at Dec. 31, 2021	112,137	$ 3	124,117	(3,906)	(7,378)	(699)
Beginning balance, shares at Dec. 31, 2021		26,735,175
Net income (loss)	(1,568)				(1,568)
Share-based compensation	2,174		2,174
Issuance of vested shares		93,854
Treasury shares withheld for net settlement	(415)			(415)
Treasury shares withheld for net settlement, shares		(18,200)
Share options exercised	$ 146		146
Share options exercised, shares	14,268	14,268
Foreign currency translation	$ (66)					(66)
Ending balance at Mar. 31, 2022	$ 112,408	$ 3	$ 126,437	$ (4,321)	$ (8,946)	$ (765)
Ending balance, shares at Mar. 31, 2022		26,825,097

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

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 in 2011, 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.

There was no change in the carrying amount of goodwill during the three-month period ended March 31, 2022 (unaudited).

The Company tests goodwill and intangible assets for impairment annually on December 31 and more frequently if impairment indicators exist. Accordingly, the Company performs quarterly 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 the coronavirus (or 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.

Qualitative assessments for the quarter did not indicate the existence of impairment indicators. Based on the operating results for the three-month period ended March 31, 2022 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, no goodwill impairment indicators were present at March 31, 2022 that would necessitate an interim impairment assessment.

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, 2021							March 31, 2022
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
									(unaudited)		(unaudited)			(unaudited)
Unpatented technology	3 - 7 years	$	14,660	$	(14,555	)	$	105	$	14,660	$	(14,600	)	$	60
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,003	)		10,297
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(5,270	)		—		5,270		(5,270	)		—
Total		$	50,530	$	(39,753	)	$	10,777	$	50,530	$	(40,173	)	$	10,357

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 $0.6 million and $0.4 million for the three-month periods ended March 31, 2021 and 2022, respectively.

Based on capitalized intangible assets as of March 31, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (April - December)	$	1,183
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,357

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Net [Abstract]
2022 (April - December)	$ 1,183
2023	1,498
2024	1,498
2025	1,498
2026	1,498
Thereafter	3,182
Total amortization	$ 10,357	$ 10,777

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
U.S. Pan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, maximum annual contributions per employee, percent	4.00%
Defined contribution plan employers matching contribution vesting period	2 years
Defined contribution plan, employer discretionary contribution amount	$ 0.5	$ 0.6
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	5.00%
Defined contribution plan, maximum annual contributions per employee, percent	7.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1
Defined contribution plan, employee matching contribution, percent of match	3.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	1.00%

Revenues from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 61,896	$ 88,515
Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
North America
Disaggregation Of Revenue [Line Items]
Revenues	$ 28,321	$ 54,195
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	46.00%	61.00%
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenues	$ 20,332	$ 18,690
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	33.00%	21.00%
Caribbean and Latin America
Disaggregation Of Revenue [Line Items]
Revenues	$ 5,084	$ 10,515
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	8.00%	12.00%
Asia Pacific
Disaggregation Of Revenue [Line Items]
Revenues	$ 8,159	$ 5,115
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	13.00%	6.00%

- 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.

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+ Details

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating leases:
Operating lease assets	$ 5,399	$ 5,899
Current lease liabilities	$ 2,119	$ 2,116
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 3,574	$ 4,112
Weighted average remaining lease term (years):
Operating leases	3 years 2 months 1 day	3 years 4 months 6 days
Weighted average discount rate:
Operating leases	6.12%	6.15%

Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Employee benefit plans

Note 8. Employee benefit plans

The Company’s employee benefit plans currently consist of a retirement 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. employees that satisfy certain eligibility requirements, including requirements related to age and length of service, are eligible to participate in the Cambium Networks, Inc. 401(k) Plan. The plan is intended to qualify as a tax-qualified 401(k) plan so that contributions to the 401(k) plan, and income earned on such contributions, are not taxable to participants until withdrawn or distributed from the 401(k) plan. Under the 401(k) plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee as directed by participants. Under the Cambium Networks, Inc. 401(k) Plan, the Company matches 100% of employee contributions to the 401(k) plan up to a maximum amount of 4% of eligible wages, which matching contributions are subject to vesting in equal annual increments over two years of service. All contributions, including the Company match, are made in cash. Contributions made by the Company under the Cambium Networks, Inc. 401(k) Plan were $0.6 million and $0.5 million for the three-month periods ended March 31, 2021 and 2022, respectively.

UK plan

UK employees who satisfy certain eligibility requirements 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% of eligible compensation 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 $0.1 million and $0.1 million for the three-month periods ended March 31, 2021 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reporting segments	1
Number of operating segment	1

Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance sheet components

Note 3. Balance sheet components

Inventories, net

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


	December 31,			March 31,
	2021			2022
				(unaudited)
Finished goods	$	31,991		$	38,520
Raw materials		7,353			7,309
Gross inventory		39,344			45,829
Less: Excess and obsolete provision		(5,567	)		(5,619	)
Inventories, net	$	33,777		$	40,210

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		March 31,
	2021		2022
			(unaudited)
Accrued goods and services	$	12,278	$	12,479
Accrued inventory purchases		2,218		4,591
Accrued customer rebates		7,355		7,754
Other		97		192
Accrued liabilities	$	21,948	$	25,016

Accrued warranty

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


	Year ended December 31,			Three months ended March 31,
	2021			2022
				(unaudited)
Beginning balance	$	1,714		$	1,731
Fulfillment of assumed acquisition warranty		(216	)		(34	)
Provision increase, net		233			63
Ending balance	$	1,731		$	1,760

At March 31, 2022, $1.3 million is included in Other current liabilities and $0.5 million is included in Other noncurrent liabilities on the Company’s condensed consolidated balance sheet.

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 674	$ 698

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 50,530	$ 50,530
Accumulated amortization	(40,173)	(39,753)
Total amortization	10,357	10,777
Unpatented Technology
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	14,660	14,660
Accumulated amortization	(14,600)	(14,555)
Total amortization	$ 60	105
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	(9,003)	(8,628)
Total amortization	$ 10,297	10,672
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)	$ (5,270)

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 609	$ 664
Short-term lease cost	134	72
Variable lease costs	143	123
Total lease expense	$ 886	$ 859

Software - Schedule of Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 24,081	$ 23,019
Accumulated amortization	(17,648)	(17,152)
Net balance	6,433	5,867
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	15,873	15,855
Accumulated amortization	(15,059)	(14,907)
Net balance	$ 814	948
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	$ 8,208	7,164
Accumulated amortization	(2,589)	(2,245)
Net balance	$ 5,619	$ 4,919

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenues from contracts with customers

Note 16. Revenues from contracts with customers

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 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 purchased extended warranty on hardware products have been identified as separate and distinct 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. 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 co-operative 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 essential embedded software is recognized when control of the asset is transferred, which is typically at the time of shipment. Revenue from perpetual license software is recognized at the point in time that the customer is able to use or benefit from the software. Extended warranty on hardware products is a performance obligation that is satisfied over time, beginning on the effective date of the warranty period and ending on the expiration of the warranty period. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from software subscriptions is recognized ratably over the term in which the services are provided and the performance obligation is satisfied.

The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware products 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.

Disaggregation of revenues

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


	Three Months Ended March 31,
	2021				2022
Point-to-Multi-Point	$	57,799	65	%	$	30,926	50	%
Point-to-Point		17,476	20	%		14,714	24	%
Wi-Fi		12,123	14	%		15,508	25	%
Other		1,117	1	%		748	1	%
Total Revenues	$	88,515	100	%	$	61,896	100	%

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

Revenues by geography were as follows (unaudited and in thousands, except percentages):


	Three Months Ended March 31,
	2021				2022
North America	$	54,195	61	%	$	28,321	46	%
Europe, Middle East and Africa		18,690	21	%		20,332	33	%
Caribbean and Latin America		10,515	12	%		5,084	8	%
Asia Pacific		5,115	6	%		8,159	13	%
Total Revenues	$	88,515	100	%	$	61,896	100	%

Contract balances

The following table summarizes contract balances as of December 31, 2021 and March 31, 2022 (in thousands):


	December 31, 2021		March 31, 2022
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	68,788	$	63,565
Deferred revenue - current		6,880		6,964
Deferred revenue - noncurrent		5,363		5,647
Refund liability	$	2,516	$	2,755

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 condensed consolidated balance sheets.

Receivables and concentration of credit risk

Trade accounts receivable represents amounts for which the Company has an unconditional right to payment. Amounts are in accordance with contractual terms and are recorded at face amount less an allowance for credit losses. 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 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 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 its customers are generally net 30 to 60 days. The Company had one customer representing more than 10% of trade receivables at December 31, 2021 and one customer representing more than 10% of trade receivables at March 31, 2022.

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, 2021, deferred revenue (current and noncurrent) of $12.2 million represents the Company’s remaining performance obligations, of which $6.9 million is expected to be recognized within one year, with the remainder to be recognized thereafter. As of March 31, 2022, deferred revenue (current and noncurrent) of $12.6 million represents the Company’s remaining performance obligations, of which $7.0 million is expected to be recognized within one year, with the remainder to be recognized thereafter (unaudited).

Revenue recognized during the three-month period ended March 31, 2022 which was previously included in deferred revenues as of December 31, 2021 was $2.2 million, compared to $1.7 million of revenue recognized during the three-month period ended March 31, 2021, which was previously included in deferred revenues as of December 31, 2020 (unaudited).

Cost to obtain a contract

Sales commissions are incremental costs of obtaining a contract. The Company has elected to recognize these expenses as incurred, as the amortization period of these costs is 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
-Topic 606
-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
-Topic 606
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+ Details

Share-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Feb. 25, 2022	Jun. 30, 2019	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			8,606
Share-based compensation income tax benefits			$ 100,000	$ 1,300,000
Share-based compensation expense			2,420,000	1,410,000
Pre-tax unrecognized compensation expense, net of estimated forfeitures			$ 15,800,000
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 exercisable			$ 18,253,275
Share options exercised			14,268
Unrecognized pre-tax share based compensation expense related to unvested share option awards			$ 7,500,000
Shares vested			93,854
Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units			$ 8,300,000
Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares added annually		275,000
Percentage of outstanding shares		1.00%
Share-based compensation expense			$ 200,000	$ 200,000
Percentage of purchase price shares on first trading day of offering period and purchase date		85.00%
Number of additional shares available under ESPP	267,352
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	1,320,000		1,320,000
Shares granted			8,606
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 \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			8,606
Shares vested			93,854
Shares to pay employees' portion of minimum payroll withholding taxes			18,200

Revenues from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 61,896	$ 88,515
Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%
Point-to-Multi-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 30,926	$ 57,799
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	50.00%	65.00%
Point-to-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 14,714	$ 17,476
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	24.00%	20.00%
Wi-Fi
Disaggregation Of Revenue [Line Items]
Revenues	$ 15,508	$ 12,123
Wi-Fi \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	25.00%	14.00%
Other
Disaggregation Of Revenue [Line Items]
Revenues	$ 748	$ 1,117
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	1.00%	1.00%

- Definition

+ References

+ Details

Share Capital - Shares

3 Months Ended

Mar. 31, 2022

Stockholders Equity Note [Abstract]

Share capital - shares

Note 11. Share capital - shares

The following table reflects the share capital activity (unaudited):


	Number of shares			Par value (in thousands)
Balance at December 31, 2021		26,735,175		$	3
Issuance of vested shares		93,854			—
Share options exercised		14,268			—
Shares withheld for net settlement of shares issued		(18,200	)		—
Balance at March 31, 2022		26,825,097		$	3

As of March 31, 2022, 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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Software (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021							March 31, 2022
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
									(unaudited)		(unaudited)			(unaudited)
Unpatented technology	3 - 7 years	$	14,660	$	(14,555	)	$	105	$	14,660	$	(14,600	)	$	60
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,003	)		10,297
Patents	7 years		11,300		(11,300	)		—		11,300		(11,300	)		—
Trademarks	10 years		5,270		(5,270	)		—		5,270		(5,270	)		—
Total		$	50,530	$	(39,753	)	$	10,777	$	50,530	$	(40,173	)	$	10,357

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of March 31, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (April - December)	$	1,183
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	10,357

Capitalized Software Assets

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2021							March 31, 2022
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance
									(unaudited)		(unaudited)			(unaudited)
Acquired and Software for internal use	3 to7 years	$	15,855	$	(14,907	)	$	948	$	15,873	$	(15,059	)	$	814
Software marketed for external sale	3 years		7,164		(2,245	)		4,919		8,208		(2,589	)		5,619
Total		$	23,019	$	(17,152	)	$	5,867	$	24,081	$	(17,648	)	$	6,433

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at March 31, 2022, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2022 (April - December)	$	317	$	1,254	$	1,571
2023		229		1,857		2,086
2024		122		1,396		1,518
2025		72		1,091		1,163
2026		68		21		89
Thereafter		6		—		6
Total amortization	$	814	$	5,619	$	6,433

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,731	$ 1,714
Fulfillment of assumed acquisition warranty	(34)	(216)
Provision increase, net	63	233
Ending balance	$ 1,760	$ 1,731

Debt - Additional Information (Details) - USD ($)		3 Months Ended
Debt - Additional Information (Details) - USD ($)	Nov. 17, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Net interest expense		$ 500,000	$ 1,100,000
BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding		$ 30,000,000
Debt instrument, maturity date	Nov. 17, 2026
Line of credit facility, maximum borrowing capacity	$ 75,000,000.0
Undrawn commitment fee		0.20%
Debt instrument, principal payments		$ 700,000
Debt instrument, frequency of payment		quarterly
BofA Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms		Interest accrues on the outstanding principal amount of the Term and Revolving Facilities on a quarterly basis and is equal to a base rate equal rate per annum determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate as selected by the Company, plus an applicable margin between 1.75% to 2.25% as determined by the Company’s performance as measured by the consolidated leverage ratio.
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding		$ 30,000,000		$ 30,000,000
Term Loan Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Debt outstanding	$ 30,000,000.0
Debt instrument, interest rate loan period	6 months
Term Loan Facility \| Bank of American
Debt Instrument [Line Items]
Debt outstanding		$ 30,000,000.0
Term Loan Facility \| BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding	$ 30,000,000.0
Debt instrument, maturity date	Nov. 17, 2026
Debt instrument term	5 years
Debt instrument, effective interest rate		2.44%
Term Loan Facility \| BofA Credit Agreement \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate		1.75%
Term Loan Facility \| BofA Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms		On December 31, 2021, the 1-week and 2-month US Dollar LIBOR ceased, but the remaining five US Dollar LIBOR tenors (overnight and 1-month, 3-month, 6-month and 12-month) will not cease until June 30, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		$ 0.0
Revolving Credit Facility \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt Instrument amount available under credit facility		$ 45,000,000.0
Revolving Credit Facility \| BofA Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date	Nov. 17, 2026
Line of credit facility, maximum borrowing capacity	$ 45,000,000.0
Debt instrument term	5 years
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
Maximum \| BofA Credit Agreement
Debt Instrument [Line Items]
Undrawn commitment fee	0.25%
Maximum \| BofA Credit Agreement \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	2.25%
Minimum \| BofA Credit Agreement
Debt Instrument [Line Items]
Undrawn commitment fee	0.20%
Minimum \| BofA Credit Agreement \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	1.75%

Share Capital - Shares (Share Capital Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares	14,268
Share options exercised	$ 146	$ 1,971
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	26,735,175	26,035,000
Issuance of vested shares, Number of shares	93,854	121,000
Share options exercised, shares	14,268	184,000
Shares withheld for net settlement of shares issued, Number of shares	(18,200)	(41,000)
Ending balance, shares	26,825,097	26,299,000
Beginning balance	$ 3
Ending balance	$ 3

Leases - Remaining Maturities on Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022 (April - December)	$ 1,836
2023	2,096
2024	1,079
2025	836
2026	410
Total lease payments	6,257
Less: interest	564
Present value of lease liabilities	$ 5,693

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0

Other Expense, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Other Expense
Other Non Operating Income and Expense [Line Items]
Foreign exchange (gains) and losses	$ 0.1	$ 0.0

Business and Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Business and significant accounting policies

Note 1. Business and 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 and Cambium Networks became the renamed entity subsequent to the acquisition. Cambium Networks completed an initial public offering of its ordinary shares and listed its ordinary shares on The NASDAQ Global Market in June 2019.

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 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.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2022, and for the three-month periods ended March 31, 2021 and 2022, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of March 31, 2022 and results of operations for the three-month periods ended March 31, 2021 and 2022 and cash flows for the three-month periods ended March 31, 2021 and 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principals generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K and filed with the SEC on February 24, 2022. The results of operations for the three-month period ended March 31, 2022 are not necessarily indicative of the operating results to be expected for the full year.

Update to Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies disclosed in the 2021 Form 10-K, Part II, Item 8.

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 61,896	$ 88,515
Cost of revenues	32,730	44,345
Gross profit	29,166	44,170
Operating expenses
Research and development	12,102	11,603
Sales and marketing	10,148	10,040
General and administrative	7,665	7,529
Depreciation and amortization	1,446	1,595
Total operating expenses	31,361	30,767
Operating income (loss)	(2,195)	13,403
Interest expense, net	497	1,140
Other expense, net	77	42
Income (loss) before income taxes	(2,769)	12,221
Benefit for income taxes	(1,201)	(7,639)
Net income (loss)	$ (1,568)	$ 19,860
Earnings (loss) per share
Basic	$ (0.06)	$ 0.76
Diluted	$ (0.06)	$ 0.70
Weighted-average number of shares outstanding to compute net earnings (loss) per share
Basic	26,749,675	26,115,615
Diluted	26,749,675	28,517,713

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 13. Income taxes

The Company’s provision for income taxes is based upon the estimated annual tax rate for the year applied to federal, state and foreign income. The Company recorded a benefit for income taxes of $7.6 million and $1.2 million for the three-month periods ended March 31, 2021 and 2022, with an effective tax rate of (62.5)% and 43.4%, respectively. In the three-month period ended March 31, 2021, the effective tax rate of (62.5)% was primarily due to the Company's release of a valuation allowance against the loss carryforwards in the Company’s UK entity and tax benefits arising on employee restricted share vesting and option exercises. For the three-month period ended March 31, 2022, the effective tax rate of 43.4% did not benefit from the release of a valuation allowance, as all of the remaining valuation allowance on the UK NOL was released in the first quarter of 2021. For the three-month period ended March 31, 2022, the Company’s effective tax rate of 43.4% was different from the statutory rate of 21.0%, primarily due to tax benefits arising on Research and Development tax credits, Foreign Derived Intangible Income, and the revaluing of UK deferred tax assets at a higher future tax rate.

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.

In the first quarter of 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. Accordingly, management recognized in 2021 a non-recurring tax benefit of $7.7 million related to the valuation allowance reversal. As of March 31, 2022, the Company continues to believe it is more likely than not that the net deferred tax assets will be realized by its UK entity.

- 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
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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 three-month period ended March 31, 2022 (unaudited):


	Number of shares
Available for grant at December 31, 2021		1,853,240
Added to 2019 Share Incentive Plan		1,320,000
RSUs granted		(8,606	)
Options granted		—
Shares withheld in settlement of taxes and/or exercise price		18,200
Forfeitures		4,916
Available for grant at March 31, 2022		3,187,750

Schedule of Total Share Based Compensation Expense

The following table shows total share-based compensation expense for the three-month periods ended March 31, 2021 and 2022 (unaudited and in thousands):


	Three Months Ended March 31,
	2021		2022
Cost of revenues	$	19	$	57
Research and development		517		1,022
Sales and marketing		295		627
General and administrative		579		714
Total share-based compensation expense	$	1,410	$	2,420

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for the three-month period ended March 31, 2022 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2021		2,797,992		$	12.64		7.9	$	38,295,799
Options granted		—		$	—		—	$	—
Options exercised		(14,268	)	$	10.23		—	$	—
Options forfeited		(750	)	$	12.00		—	$	—
Outstanding at March 31, 2022		2,782,974		$	12.66		7.7	$	32,758,640
Options exercisable at March 31, 2022		1,505,502		$	11.88		7.6	$	18,253,275
Options vested and expected to vest at March 31, 2022		2,740,776		$	12.64		7.7	$	32,237,845

Schedule of Estimated Fair Value of Weighted Average Assumptions


	Three Months Ended March 31,
	2021			2022
Expected dividend yield		—			—
Risk-free interest rate		1.14	%	N/A
Weighted-average expected volatility		50.9	%	N/A
Expected term (in years)		6.5		N/A
Weighted average grant-date fair value per share of options granted	$	21.36		N/A

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plan for the three-month period ended March 31, 2022 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2021		547,343		$	22.47
RSUs granted		8,606		$	23.80
RSUs vested		(93,854	)	$	28.98
RSUs forfeited		(4,166	)	$	40.25
RSU balance at March 31, 2022		457,929		$	21.00

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of Lease Expense

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


	Three Months Ended March 31,
	2021		2022
Operating lease cost	$	664	$	609
Short-term lease cost		72		134
Variable lease costs		123		143
Total lease expense	$	859	$	886

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, 2021			March 31, 2022
					(unaudited)
Operating leases:
Operating lease assets	Operating lease assets	$	5,899		$	5,399
Current lease liabilities	Other current liabilities	$	2,116		$	2,119
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	4,112		$	3,574
Weighted average remaining lease term (years):
Operating leases			3.35			3.17
Weighted average discount rate:
Operating leases			6.15	%		6.12	%

Supplemental Cash Flow Information

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


	Three Months Ended March 31,
	2021		2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	698	$	674

Remaining Maturities on Lease Liabilities

Remaining maturities on lease liabilities as of March 31, 2022 is as follows (unaudited and in thousands):


	Operating leases
2022 (April - December)	$	1,836
2023		2,096
2024		1,079
2025		836
2026		410
Thereafter		—
Total lease payments		6,257
Less: interest		564
Present value of lease liabilities	$	5,693

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,760	$ 1,731	$ 1,714
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,300
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 500

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) Customer	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Customer
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 12.6		$ 12.2
Revenue remaining performance obligation	7.0		$ 6.9
Revenue recognized	$ 2.2	$ 1.7
Revenue practical expedient, incremental cost of obtaining contract [true/false]	true
Minimum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable	30 days
Maximum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable	60 days
Customer Concentration Risk \| Accounts Receivables
Revenue From Contract With Customer [Line Items]
Number of customers \| Customer	1		1
Customer Concentration Risk \| Accounts Receivables \| Customer A
Revenue From Contract With Customer [Line Items]
Concentration risk, percentage	10.00%		10.00%

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less debt issuance costs	$ (511)	$ (546)
Total debt	29,489	29,454
Less current portion of term facility	(3,281)	(2,625)
Current portion of debt issuance costs	143	136
Total long-term external debt, net	26,351	26,965
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 30,000	$ 30,000

- 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

Earnings Per Share - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	368	16
Share Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	116	4
Restricted Shares (RSUs and RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	252	12

Fair Value - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value credit agreement	$ 30.0	$ 30.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (1,568)	$ 19,860
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	870	863
Amortization of software and intangible assets	920	857
Amortization of debt issuance costs	77	137
Share-based compensation	2,420	1,410
Deferred income taxes	(1,373)	(6,367)
Provision for inventory excess and obsolescence	52	(709)
Other	81	(31)
Change in assets and liabilities:
Receivables	6,152	(11,700)
Inventories	(6,485)	3,236
Prepaid expenses	(578)	(3,099)
Accounts payable	(12,109)	(6,777)
Accrued employee compensation	(10,276)	(6,003)
Accrued liabilities	2,129	2,221
Other assets and liabilities	463	(1,460)
Net cash used in operating activities	(19,225)	(7,562)
Cash flows from investing activities:
Purchase of property and equipment	(714)	(814)
Purchase of software	(1,068)	(798)
Net cash used in investing activities	(1,782)	(1,612)
Cash flows from financing activities:
Repayment of term loan		(2,500)
Taxes paid from shares withheld	(42)	(1,563)
Proceeds from share option exercises	146	1,971
Net cash (used in) provided by financing activities	104	(2,092)
Effect of exchange rate on cash	9	(24)
Net decrease in cash	(20,894)	(11,290)
Cash, beginning of period	59,291	62,472
Cash, end of period	38,397	51,182
Supplemental disclosure of cash flow information:
Income taxes paid	116	92
Interest paid	$ 95	$ 773

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options
Options outstanding, Beginning balance	2,797,992
Options exercised	(14,268)
Options forfeited	(750)
Options outstanding, Ending balance	2,782,974	2,797,992
Options exercisable	1,505,502
Options vested and expected to vest	2,740,776
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance	$ 12.64
Weighted average exercise price, Options exercised	10.23
Weighted average exercise price, Options forfeited	12.00
Weighted average exercise price, Outstanding ending balance	12.66	$ 12.64
Weighted average exercise price, Options exercisable	11.88
Weighted average exercise price, Options vested and expected to vest	$ 12.64
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	7 years 8 months 12 days	7 years 10 months 24 days
Weighted average remaining contractual term, Options exercisable	7 years 7 months 6 days
Weighted average remaining contractual term, Options vested and expected to vest	7 years 8 months 12 days
Aggregate intrinsic value, Outstanding	$ 32,758,640	$ 38,295,799
Aggregate intrinsic value, Options exercisable	18,253,275
Aggregate intrinsic value, Options vested and expected to vest	$ 32,237,845

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based compensation included in costs and expenses	$ 2,420	$ 1,410
Cost of Revenues
Share-based compensation included in costs and expenses	57	19
Research and Development
Share-based compensation included in costs and expenses	1,022	517
Sales and Marketing
Share-based compensation included in costs and expenses	627	295
General and Administrative
Share-based compensation included in costs and expenses	$ 714	$ 579

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Schedule of Revenues by Product Category

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


	Three Months Ended March 31,
	2021				2022
Point-to-Multi-Point	$	57,799	65	%	$	30,926	50	%
Point-to-Point		17,476	20	%		14,714	24	%
Wi-Fi		12,123	14	%		15,508	25	%
Other		1,117	1	%		748	1	%
Total Revenues	$	88,515	100	%	$	61,896	100	%

Schedule of Revenue by Geography

Revenues by geography were as follows (unaudited and in thousands, except percentages):


	Three Months Ended March 31,
	2021				2022
North America	$	54,195	61	%	$	28,321	46	%
Europe, Middle East and Africa		18,690	21	%		20,332	33	%
Caribbean and Latin America		10,515	12	%		5,084	8	%
Asia Pacific		5,115	6	%		8,159	13	%
Total Revenues	$	88,515	100	%	$	61,896	100	%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2021 and March 31, 2022 (in thousands):


	December 31, 2021		March 31, 2022
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	68,788	$	63,565
Deferred revenue - current		6,880		6,964
Deferred revenue - noncurrent		5,363		5,647
Refund liability	$	2,516	$	2,755

Share-Based Compensation - Summary of Restricted Shares Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Units
Number of Units, RSUs, beginning balance \| shares	547,343
Number of Units, RSUs granted \| shares	8,606
Number of Units, RSUs vested \| shares	(93,854)
Number of Units, RSUs forfeited \| shares	(4,166)
Number of Units, RSUs, ending balance \| shares	457,929
Weighted average grant date fair value
Weighted average grant date fair value, RSUs, beginning balance \| $ / shares	$ 22.47
Weighted average grant date fair value, RSUs granted \| $ / shares	23.80
Weighted average grant date fair value, RSUs vested \| $ / shares	28.98
Weighted average grant date fair value, RSUs forfeited \| $ / shares	40.25
Weighted average grant date fair value, RSUs, ending balance \| $ / shares	$ 21.00

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		December 31,			March 31,
	Useful Life	2021			2022
					(unaudited)
Equipment and tooling	3 to 5 years	$	29,621		$	30,534
Computer equipment	3 to 5 years		3,835			3,967
Furniture and fixtures	10 years		844			839
Leasehold improvements	2 to 3 years		457			453
Total cost			34,757			35,793
Less: Accumulated depreciation			(24,267	)		(25,061	)
Property and equipment, net		$	10,490		$	10,732

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories, Net

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


	December 31,			March 31,
	2021			2022
				(unaudited)
Finished goods	$	31,991		$	38,520
Raw materials		7,353			7,309
Gross inventory		39,344			45,829
Less: Excess and obsolete provision		(5,567	)		(5,619	)
Inventories, net	$	33,777		$	40,210

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		March 31,
	2021		2022
			(unaudited)
Accrued goods and services	$	12,278	$	12,479
Accrued inventory purchases		2,218		4,591
Accrued customer rebates		7,355		7,754
Other		97		192
Accrued liabilities	$	21,948	$	25,016

Schedule of Change to Accrued Warranty

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


	Year ended December 31,			Three months ended March 31,
	2021			2022
				(unaudited)
Beginning balance	$	1,714		$	1,731
Fulfillment of assumed acquisition warranty		(216	)		(34	)
Provision increase, net		233			63
Ending balance	$	1,731		$	1,760