0000950170-22-022188 | 10-Q | XBRL Viewer

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Software - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.1	$ 0.1	$ 0.4	$ 0.5
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	$ 0.4	$ 0.2	$ 1.1	$ 0.5

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment Subsidiary Unit	Sep. 30, 2021 USD ($)
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	$ 1,200,000	$ 1,700,000

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less debt issuance costs	$ (443)	$ (546)
Total debt	28,245	29,454
Less current portion of term facility	(3,281)	(2,625)
Current portion of debt issuance costs	126	136
Total long-term external debt, net	25,090	26,965
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 28,688	$ 30,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0	$ 0	$ 0

Software - Schedule of Software (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 26,427	$ 23,019
Accumulated amortization	(18,655)	(17,152)
Net balance	7,772	5,867
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	15,884	15,855
Accumulated amortization	(15,272)	(14,907)
Net balance	$ 612	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	$ 10,543	7,164
Accumulated amortization	(3,383)	(2,245)
Net balance	$ 7,160	$ 4,919

Revenues from Contracts with Customers - Additional Information (Details 1) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue	$ 16.4	$ 12.2
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
Deferred revenue		$ 6.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year
Deferred revenue	$ 8.2

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
2022 (October - December)	$ 374
2023	1,498
2024	1,498
2025	1,498
2026	1,498
Thereafter	3,182
Total amortization	$ 9,548	$ 10,777

Software (Tables)

9 Months Ended

Sep. 30, 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							September 30, 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	$	(14,660	)	$	—
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,752	)		9,548
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	$	(40,982	)	$	9,548

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of September 30, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (October - December)	$	374
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	9,548

Capitalized Software Assets

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2021							September 30, 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	$	15,884	$	(15,272	)	$	612
Software marketed for external sale	3 years		7,164		(2,245	)		4,919		10,543		(3,383	)		7,160
Total		$	23,019	$	(17,152	)	$	5,867	$	26,427	$	(18,655	)	$	7,772

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at September 30, 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 (October - December)	$	80	$	442	$	522
2023		244		2,749		2,993
2024		130		2,400		2,530
2025		82		1,436		1,518
2026		70		133		203
Thereafter		6		—		6
Total amortization	$	612	$	7,160	$	7,772

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total cost	$ 37,833	$ 34,757
Less: Accumulated depreciation	(26,779)	(24,267)
Property and equipment, net	11,054	10,490
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 32,097	$ 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	$ 4,438	$ 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	$ 823	$ 844
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 475	$ 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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances for receivables	$ 634	$ 683
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	27,216,120	26,892,082
Common stock, shares, outstanding	27,016,104	26,735,175
Treasury stock, shares	200,016	156,907

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 13. 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.

Purchase commitments with contract manufacturers and suppliers

We purchase components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us, such as forecasted demand. The Company may be liable to purchase excess product or aged material from our suppliers following reasonable mitigation efforts.

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 Change to Accrued Warranty (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,731	$ 1,714
Fulfillment of assumed acquisition warranty	(53)	(216)
Provision increase (decrease), net	(7)	233
Ending balance	$ 1,685	$ 1,731

Share Capital - Shares (Tables)

9 Months Ended

Sep. 30, 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 ordinary shares under employee share purchase plan		87,229			—
Issuance of vested shares		192,690			—
Share options exercised		44,119			—
Shares withheld for net settlement of shares issued		(43,109	)		—
Balance at September 30, 2022		27,016,104		$	3

Share-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Options
Options outstanding, Beginning balance \| shares	2,797,992
Options granted \| shares	963,000
Options exercised \| shares	(44,119)
Options expired \| shares	(8,799)
Options forfeited \| shares	(85,958)
Options outstanding, Ending balance \| shares	3,622,116	2,797,992
Options exercisable \| shares	1,833,090
Options vested and expected to vest \| shares	3,547,231
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance \| $ / shares	$ 12.64
Weighted average exercise price, Options granted \| $ / shares	15.61
Weighted average exercise price, Options exercised \| $ / shares	8.20
Weighted average exercise price, Options expired \| $ / shares	14.77
Weighted average exercise price, Options forfeited \| $ / shares	8.53
Weighted average exercise price, Outstanding ending balance \| $ / shares	13.58	$ 12.64
Weighted average exercise price, Options exercisable \| $ / shares	12.10
Weighted average exercise price, Options vested and expected to vest \| $ / shares	$ 13.56
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	7 years 7 months 6 days	7 years 10 months 24 days
Weighted average remaining contractual term, Options exercisable	6 years 6 months
Weighted average remaining contractual term, Options vested and expected to vest	7 years 6 months
Aggregate intrinsic value, Outstanding \| $	$ 15,206,759	$ 38,295,799
Aggregate intrinsic value, Options exercisable \| $	9,925,892
Aggregate intrinsic value, Options vested and expected to vest \| $	$ 14,940,070

Other Expense, Net

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other expense (income), net

Note 8. Other expense (income), net

Net other expense (income) changed from expense of $0.1 million for the three-month period ended September 30, 2021 to expense of $0.2 million for the three-month period ended September 30, 2022. Net other expense (income) changed from expense of $0.2 million for the nine-month period ended September 30, 2021 to income of $0.1 million for the nine-month period ended September 30, 2022. Other expense (income), net represents foreign exchange gains and losses.

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
Ending balance at Jun. 30, 2021	100,178	$ 3	117,521	(3,276)	(13,422)	(648)
Ending balance, shares at Jun. 30, 2021		26,503,000
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	35,994				35,994
Share-based compensation	5,061		5,061
Issuance of ordinary shares under ESPP	1,164		1,164
Issuance of ordinary shares under ESPP, shares		39,000
Issuance of vested shares		195,000
Treasury shares withheld for net settlement	(2,573)			(2,573)
Treasury shares withheld for net settlement, shares		(55,000)
Share options exercised	4,541		4,541
Share options exercised, shares		425,000
Foreign currency translation	(122)					(122)
Ending balance at Sep. 30, 2021	107,452	$ 3	120,603	(3,663)	(8,805)	(686)
Ending balance, shares at Sep. 30, 2021		26,639,000
Beginning balance at Jun. 30, 2021	100,178	$ 3	117,521	(3,276)	(13,422)	(648)
Beginning balance, shares at Jun. 30, 2021		26,503,000
Net income	4,617				4,617
Share-based compensation	1,886		1,886
Issuance of vested shares		34,000
Treasury shares withheld for net settlement	(387)			(387)
Treasury shares withheld for net settlement, shares		(11,000)
Share options exercised	1,196		1,196
Share options exercised, shares		113,000
Foreign currency translation	(38)					(38)
Ending balance at Sep. 30, 2021	107,452	$ 3	120,603	(3,663)	(8,805)	(686)
Ending balance, shares at Sep. 30, 2021		26,639,000
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
Ending balance at Jun. 30, 2022	118,152	$ 3	130,430	(4,512)	(6,624)	(1,145)
Ending balance, shares at Jun. 30, 2022		26,964,000
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	10,189				10,189
Share-based compensation	7,073		7,073
Issuance of ordinary shares under ESPP	1,606		1,606
Issuance of ordinary shares under ESPP, shares		87,229
Issuance of vested shares		192,690
Treasury shares withheld for net settlement	(817)			(817)
Treasury shares withheld for net settlement, shares		(43,109)
Share options exercised	$ 362		362
Share options exercised, shares	44,119	44,119
Foreign currency translation	$ (729)					(729)
Ending balance at Sep. 30, 2022	129,821	$ 3	133,158	(4,723)	2,811	(1,428)
Ending balance, shares at Sep. 30, 2022		27,016,104
Beginning balance at Jun. 30, 2022	118,152	$ 3	130,430	(4,512)	(6,624)	(1,145)
Beginning balance, shares at Jun. 30, 2022		26,964,000
Net income	9,435				9,435
Share-based compensation	2,615		2,615
Issuance of vested shares		47,000
Treasury shares withheld for net settlement	(211)			(211)
Treasury shares withheld for net settlement, shares		(12,000)
Share options exercised	113		113
Share options exercised, shares		17,000
Foreign currency translation	(283)					(283)
Ending balance at Sep. 30, 2022	$ 129,821	$ 3	$ 133,158	$ (4,723)	$ 2,811	$ (1,428)
Ending balance, shares at Sep. 30, 2022		27,016,104

Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Employee benefit plans

Note 7. 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 $0.2 million and $0.2 million for the three-month periods ended September 30, 2021 and 2022, respectively, and $1.0 million and $1.2 million for the nine-month periods ended September 30, 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 September 30, 2021 and 2022, respectively, and $0.3 million and $0.3 million for the nine-month periods ended September 30, 2021 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories, Net

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


	December 31,			September 30,
	2021			2022
				(unaudited)
Finished goods	$	31,991		$	44,893
Raw materials		7,353			11,962
Gross inventory		39,344			56,855
Less: Excess and obsolete provision		(5,567	)		(6,214	)
Inventories, net	$	33,777		$	50,641

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2021		2022
			(unaudited)
Accrued goods and services	$	12,278	$	12,880
Accrued inventory purchases		2,218		2,053
Accrued customer rebates		7,355		12,065
Other		97		314
Accrued liabilities	$	21,948	$	27,312

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,			Nine months ended September 30,
	2021			2022
				(unaudited)
Beginning balance	$	1,714		$	1,731
Fulfillment of assumed acquisition warranty		(216	)		(53	)
Provision increase (decrease), net		233			7
Ending balance	$	1,731		$	1,685

Debt (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 (in thousands):


	December 31,			September 30,
	2021			2022
				(unaudited)
Term loan facility	$	30,000		$	28,688
Less debt issuance costs		(546	)		(443	)
Total debt		29,454			28,245
Less current portion of term facility		(2,625	)		(3,281	)
Current portion of debt issuance costs		136			126
Total long-term external debt, net	$	26,965		$	25,090

Schedule of Maturities on External Debt Outstanding

Maturities on the external debt outstanding at September 30, 2022 is as follows (unaudited and in thousands):


Year ending December 31,
2022 (October - December)	$	1,313
2023		2,625
2024		2,625
2025		2,625
2026		19,500
Total	$	28,688

Debt - Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended
Debt - Additional Information (Details) - USD ($)	Nov. 17, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Net interest expense		$ 500,000	$ 700,000		$ 1,400,000	$ 3,200,000
Amortization of debt issuance costs associated with excess cash flow payment				$ 19,600,000		$ 300,000
BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding		28,688,000			$ 28,688,000
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		28,688,000			$ 28,688,000		$ 30,000,000
Term Loan Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Debt outstanding	30,000,000.0
Term Loan Facility \| Bank of American
Debt Instrument [Line Items]
Debt outstanding		$ 28,700,000			$ 28,700,000
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		5.15%			5.15%
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			$ 0.0
Revolving Credit Facility \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt Instrument amount available under credit facility		$ 45,000,000.0			$ 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%

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2022
Leases [Line Items]
Lessee operating lease option to extend	true
Lessee not yet commenced, description	As of September 30, 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	4 years
Lessee operating lease option to extend period	4 years

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating leases:
Operating lease assets	$ 4,548	$ 5,899
Current lease liabilities	$ 2,001	$ 2,116
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 2,558	$ 4,112
Weighted average remaining lease term (years):
Operating leases	2 years 9 months 10 days	3 years 4 months 6 days
Weighted average discount rate:
Operating leases	6.12%	6.15%

Revenues from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 81,200	$ 75,920	$ 212,392	$ 257,144
Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation Of Revenue [Line Items]
Revenues	$ 30,086	$ 36,564	$ 89,547	$ 140,105
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	37.00%	48.00%	42.00%	54.00%
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenues	$ 29,263	$ 23,414	$ 70,876	$ 67,047
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	36.00%	31.00%	34.00%	26.00%
Caribbean and Latin America
Disaggregation Of Revenue [Line Items]
Revenues	$ 8,935	$ 7,993	$ 21,979	$ 30,660
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	11.00%	11.00%	10.00%	12.00%
Asia Pacific
Disaggregation Of Revenue [Line Items]
Revenues	$ 12,916	$ 7,949	$ 29,990	$ 19,332
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	16.00%	10.00%	14.00%	8.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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	$ 0.2	$ 0.2	$ 1.2	$ 1.0
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	$ 0.3	$ 0.3
Defined contribution plan, employee matching contribution, percent of match			3.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay			1.00%

Other expense (income), net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Other Expense
Other Non Operating Income and Expense [Line Items]
Foreign exchange (gains) and losses	$ 0.2	$ 0.1	$ (0.1)	$ 0.2

Share Capital - Shares (Share Capital Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares					44,119
Share options exercised	$ 113	$ 1,196			$ 362	$ 4,541
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	26,964,000	26,503,000	26,735,175	26,035,000	26,735,175	26,035,000
Issuance of ordinary shares under employee share purchase plan, shares					87,229	39,000
Issuance of vested shares, Number of shares	47,000	34,000			192,690	195,000
Share options exercised, shares	17,000	113,000			44,119	425,000
Shares withheld for net settlement of shares issued, Number of shares	(12,000)	(11,000)			(43,109)	(55,000)
Ending balance, shares	27,016,104	26,639,000	26,964,000	26,503,000	27,016,104	26,639,000
Beginning balance			$ 3		$ 3
Ending balance	$ 3				$ 3

Leases (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Operating lease cost	$	630	$	580	$	1,981	$	1,781
Short-term lease cost		82		99		222		352
Variable lease costs		125		171		354		461
Total lease expense	$	837	$	850	$	2,557	$	2,594

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			September 30, 2022
					(unaudited)
Operating leases:
Operating lease assets	Operating lease assets	$	5,899		$	4,548
Current lease liabilities	Other current liabilities	$	2,116		$	2,001
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	4,112		$	2,558
Weighted average remaining lease term (years):
Operating leases			3.35			2.78
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):


	Nine Months Ended September 30,
	2021		2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,976	$	1,783

Remaining Maturities on Lease Liabilities

Remaining maturities on lease liabilities as of September 30, 2022 is as follows (unaudited and in thousands):


	Operating leases
2022 (October - December)	$	611
2023		2,093
2024		1,086
2025		783
2026		374
Thereafter		—
Total lease payments		4,947
Less: interest		388
Present value of lease liabilities	$	4,559

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 9,435	$ 4,617	$ 10,189	$ 35,994
Denominator:
Basic weighted average shares outstanding	26,977,155	26,540,843	26,855,395	26,342,113
Dilutive effect of share option awards	755,196	1,785,873	840,828	1,968,804
Dilutive effect of restricted share units and restricted share awards	242,443	312,459	235,509	382,951
Dilutive effect of employee share purchase plan	4,781	2	7,996	11,809
Diluted weighted average shares outstanding	27,979,575	28,639,177	27,939,728	28,705,677
Net earnings per share, basic	$ 0.35	$ 0.17	$ 0.38	$ 1.37
Net earnings per share, diluted	$ 0.34	$ 0.16	$ 0.36	$ 1.25

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
2022 (October - December)	$ 522
2023	2,993
2024	2,530
2025	1,518
2026	203
Thereafter	6
Net balance	7,772	$ 5,867
Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2022 (October - December)	80
2023	244
2024	130
2025	82
2026	70
Thereafter	6
Net balance	612
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2022 (October - December)	442
2023	2,749
2024	2,400
2025	1,436
2026	133
Thereafter
Net balance	$ 7,160

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,000	$ 800	$ 2,874	$ 2,526

Leases - Remaining Maturities on Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (October - December)	$ 611
2023	2,093
2024	1,086
2025	783
2026	374
Total lease payments	4,947
Less: interest	388
Present value of lease liabilities	$ 4,559

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule Of Income Taxes [Line Items]
Provision (benefit) for income taxes	$ (154)	$ 355	$ (1,048)	$ (5,899)
Effective tax rate	(1.70%)	7.10%	(11.50%)	(19.60%)
Statutory rate	21.00%	21.00%	21.00%	21.00%
Non-recurring tax benefit related to valuation allowance reversal					$ 7,700

- Definition

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

+ References + Details

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related party transactions

Note 17. 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 and nine-month periods ended September 30, 2021 and 2022, the Company did not have any related party transactions to disclose (unaudited).

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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							September 30, 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	$	(14,660	)	$	—
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,752	)		9,548
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	$	(40,982	)	$	9,548

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of September 30, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (October - December)	$	374
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	9,548

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 580	$ 630	$ 1,781	$ 1,981
Short-term lease cost	99	82	352	222
Variable lease costs	171	125	461	354
Total lease expense	$ 850	$ 837	$ 2,594	$ 2,557

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 12. 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 provision for income taxes of $0.4 million and a benefit for income taxes of $0.2 million for the three-month periods ended September 30, 2021 and 2022, with an effective tax rate of 7.1% and (1.7)%, respectively. In the three-month period ended September 30, 2021, the effective tax rate of 7.1% was different from the statutory rate of 21.0%, primarily due to tax benefits arising on employee restricted share vesting and option exercises. For the three-month period ended September 30, 2022, the Company’s effective tax rate of (1.7)% was different from the statutory rate of 21.0%, primarily due to Foreign Derived Intangible Income, tax benefits arising on Research and Development tax credits, and changes to excess tax benefits on share-based compensation.

In the nine-month periods ended September 30, 2021 and 2022, the Company recorded a tax benefit of $5.9 million and $1.0 million, respectively, with an effective income tax rate of (19.6)% and (11.5)%, respectively. For the nine-month period ended September 30, 2021 the effective income tax rate of (19.6)% was different from the statutory rate of 21%, primarily due to the 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 nine-month period ended September 30, 2022, the effective income tax rate of (11.5)% was different from the statutory rate of 21%, primarily due to tax benefits arising on Research and Development tax credits, Foreign Derived Intangible Income, the revaluing of certain UK deferred tax assets at a higher future tax rate, and changes to excess tax benefits on share-based compensation.

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 September 30, 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 https://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 https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

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+ Details

Software

9 Months Ended

Sep. 30, 2022

Research and Development [Abstract]

Software

Note 4. Software

Software consisted of the following (in thousands):


		December 31, 2021							September 30, 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	$	15,884	$	(15,272	)	$	612
Software marketed for external sale	3 years		7,164		(2,245	)		4,919		10,543		(3,383	)		7,160
Total		$	23,019	$	(17,152	)	$	5,867	$	26,427	$	(18,655	)	$	7,772

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 $0.1 million and $0.1 million for the three-month periods ended September 30, 2021 and 2022, respectively, and $0.5 million and $0.4 million for the nine-month periods ended September 30, 2021 and 2022, respectively.

Amortization expense recognized on software to be sold or marketed externally was $0.2 million and $0.4 million for the three-month periods ended September 30, 2021 and 2022, respectively, and $0.5 million and $1.1 million for the nine-month periods ended September 30, 2021 and 2022, respectively, and is included in cost of revenues on the condensed consolidated statements of operations.

Based on capitalized software assets at September 30, 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 (October - December)	$	80	$	442	$	522
2023		244		2,749		2,993
2024		130		2,400		2,530
2025		82		1,436		1,518
2026		70		133		203
Thereafter		6		—		6
Total amortization	$	612	$	7,160	$	7,772

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Numerator:
Net income	$	4,617	$	9,435	$	35,994	$	10,189
Denominator:
Basic weighted average shares outstanding		26,540,843		26,977,155		26,342,113		26,855,395
Dilutive effect of share option awards		1,785,873		755,196		1,968,804		840,828
Dilutive effect of restricted share units and restricted share awards		312,459		242,443		382,951		235,509
Dilutive effect of employee share purchase plan		2		4,781		11,809		7,996
Diluted weighted average shares outstanding		28,639,177		27,979,575		28,705,677		27,939,728
Net earnings per share, basic	$	0.17	$	0.35	$	1.37	$	0.38
Net earnings per share, diluted	$	0.16	$	0.34	$	1.25	$	0.36

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 16. 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 September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Operating lease cost	$	630	$	580	$	1,981	$	1,781
Short-term lease cost		82		99		222		352
Variable lease costs		125		171		354		461
Total lease expense	$	837	$	850	$	2,557	$	2,594

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


	Balance Sheet Caption	December 31, 2021			September 30, 2022
					(unaudited)
Operating leases:
Operating lease assets	Operating lease assets	$	5,899		$	4,548
Current lease liabilities	Other current liabilities	$	2,116		$	2,001
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	4,112		$	2,558
Weighted average remaining lease term (years):
Operating leases			3.35			2.78
Weighted average discount rate:
Operating leases			6.15	%		6.12	%

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


	Nine Months Ended September 30,
	2021		2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,976	$	1,783

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

Remaining maturities on lease liabilities as of September 30, 2022 is as follows (unaudited and in thousands):


	Operating leases
2022 (October - December)	$	611
2023		2,093
2024		1,086
2025		783
2026		374
Thereafter		—
Total lease payments		4,947
Less: interest		388
Present value of lease liabilities	$	4,559

As of September 30, 2022, the Company does not have any leases that have not yet commenced.

Business and Significant Accounting Policies (Policies)	9 Months Ended
Business and Significant Accounting Policies (Policies)	Sep. 30, 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 September 30, 2022, and for the three-month and nine-month periods ended September 30, 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 September 30, 2022 and results of operations for the three-month and nine-month periods ended September 30, 2021 and 2022 and cash flows for the nine-month periods ended September 30, 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 principles 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 and nine-month periods ended September 30, 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.

Share-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,848	$ 2,076	$ 7,785	$ 5,584
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	56	39	163	108
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,241	834	3,274	2,193
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	696	540	1,901	1,374
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 855	$ 663	$ 2,447	$ 1,909

Share-Based Compensation - Summary of Changes in Number of Shares Available for Grant (Details) - shares	9 Months Ended
	Sep. 30, 2022	Feb. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	(402,546)
Options granted	(963,000)
Expirations	8,799
Forfeitures	85,958
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	(402,546)
Options granted	(963,000)
Shares withheld in settlement of taxes and/or exercise price	43,109
Expirations	8,799
Forfeitures	115,493
Available for grant, ending balance	1,975,095

Revenues from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Note 15. 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 September 30,								Nine Months Ended September 30,
	2021				2022				2021				2022
Point-to-Multi-Point	$	50,144	66	%	$	26,090	32	%	$	167,739	65	%	$	85,285	40	%
Point-to-Point		13,890	18	%		15,409	19	%		45,432	18	%		45,807	21	%
Enterprise		10,734	14	%		38,330	47	%		41,154	16	%		77,852	37	%
Other		1,152	2	%		1,371	2	%		2,819	1	%		3,448	2	%
Total Revenues	$	75,920	100	%	$	81,200	100	%	$	257,144	100	%	$	212,392	100	%

In the above table, the Company has renamed the Wi-Fi product category to Enterprise to more accurately represent the products and services included in this product category, which includes Wi-Fi, switching and software subscriptions.

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 September 30,								Nine Months Ended September 30,
	2021				2022				2021				2022
North America	$	36,564	48	%	$	30,086	37	%	$	140,105	54	%	$	89,547	42	%
Europe, Middle East and Africa		23,414	31	%		29,263	36	%		67,047	26	%		70,876	34	%
Caribbean and Latin America		7,993	11	%		8,935	11	%		30,660	12	%		21,979	10	%
Asia Pacific		7,949	10	%		12,916	16	%		19,332	8	%		29,990	14	%
Total Revenues	$	75,920	100	%	$	81,200	100	%	$	257,144	100	%	$	212,392	100	%

Contract balances

The following table summarizes contract balances as of December 31, 2021 and September 30, 2022 (in thousands):


	December 31, 2021		September 30, 2022
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	68,788	$	83,679
Deferred revenue - current		6,880		8,226
Deferred revenue - noncurrent		5,363		8,201
Refund liability	$	2,516	$	3,051

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 September 30, 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 September 30, 2022, deferred revenue (current and noncurrent) of $16.4 million represents the Company’s remaining performance obligations, of which $8.2 million is expected to be recognized within one year, with the remainder to be recognized thereafter (unaudited).

Revenue recognized during the three-month and nine-month periods ended September 30, 2022 which was previously included in deferred revenues as of December 31, 2021 was $1.5 million and $5.7 million, respectively, compared to $1.8 million and $5.4 million of revenue recognized during the three-month and nine-month periods ended September 30, 2021, respectively, 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Revenues from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenues	$ 81,200	$ 75,920	$ 212,392	$ 257,144
Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Point-to-Multi-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 26,090	$ 50,144	$ 85,285	$ 167,739
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	32.00%	66.00%	40.00%	65.00%
Point-to-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 15,409	$ 13,890	$ 45,807	$ 45,432
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	19.00%	18.00%	21.00%	18.00%
Enterprise
Disaggregation Of Revenue [Line Items]
Revenues	$ 38,330	$ 10,734	$ 77,852	$ 41,154
Enterprise \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	47.00%	14.00%	37.00%	16.00%
Other
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,371	$ 1,152	$ 3,448	$ 2,819
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	2.00%	2.00%	2.00%	1.00%

- Definition

+ References

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per share

Note 11. 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 September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Numerator:
Net income	$	4,617	$	9,435	$	35,994	$	10,189
Denominator:
Basic weighted average shares outstanding		26,540,843		26,977,155		26,342,113		26,855,395
Dilutive effect of share option awards		1,785,873		755,196		1,968,804		840,828
Dilutive effect of restricted share units and restricted share awards		312,459		242,443		382,951		235,509
Dilutive effect of employee share purchase plan		2		4,781		11,809		7,996
Diluted weighted average shares outstanding		28,639,177		27,979,575		28,705,677		27,939,728
Net earnings per share, basic	$	0.17	$	0.35	$	1.37	$	0.38
Net earnings per share, diluted	$	0.16	$	0.34	$	1.25	$	0.36

Debt - Schedule of Maturities on External Debt Outstanding (Details) - BofA Credit Agreement $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
2022 (October - December)	$ 1,313
2023	2,625
2024	2,625
2025	2,625
2026	19,500
Total	$ 28,688

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 44,859	$ 59,291
Receivables, net of allowances of $683 and $634	84,352	69,773
Inventories, net	50,641	33,777
Recoverable income taxes	299	860
Prepaid expenses	8,088	12,170
Other current assets	5,816	4,718
Total current assets	194,055	180,589
Noncurrent assets
Property and equipment, net	11,054	10,490
Software, net	7,772	5,867
Operating lease assets	4,548	5,899
Intangible assets, net	9,548	10,777
Goodwill	9,842	9,842
Deferred tax assets, net	9,593	7,604
Other noncurrent assets	1,035	1,200
TOTAL ASSETS	247,447	232,268
Current liabilities
Accounts payable	28,167	28,241
Accrued liabilities	27,312	21,948
Employee compensation	6,475	16,601
Current portion of long-term external debt, net	3,155	2,489
Deferred revenues	8,226	6,880
Other current liabilities	6,853	5,981
Total current liabilities	80,188	82,140
Noncurrent liabilities
Long-term external debt, net	25,090	26,965
Deferred revenues	8,201	5,363
Noncurrent operating lease liabilities	2,558	4,112
Other noncurrent liabilities	1,589	1,551
Total liabilities	117,626	120,131
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2021 and September 30, 2022; 26,892,082 shares issued and 26,735,175 outstanding at December 31, 2021 and 27,216,120 shares issued and 27,016,104 outstanding at September 30, 2022	3	3
Additional paid in capital	133,158	124,117
Treasury shares, at cost, 156,907 shares at December 31, 2021 and 200,016 shares at September 30, 2022	(4,723)	(3,906)
Accumulated deficit	2,811	(7,378)
Accumulated other comprehensive loss	(1,428)	(699)
Total shareholders' equity	129,821	112,137
TOTAL LIABILITIES AND EQUITY	$ 247,447	$ 232,268

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 6. Debt

As of September 30, 2022, the Company had $28.7 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 September 30, 2022 (in thousands):


	December 31,			September 30,
	2021			2022
				(unaudited)
Term loan facility	$	30,000		$	28,688
Less debt issuance costs		(546	)		(443	)
Total debt		29,454			28,245
Less current portion of term facility		(2,625	)		(3,281	)
Current portion of debt issuance costs		136			126
Total long-term external debt, net	$	26,965		$	25,090

Secured credit agreement

The Company is currently operating under its 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. 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 September 30, 2022, the applicable margin was 1.75% and the effective interest rate on the term loan was 5.15%. 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 September 30, 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 began making quarterly principal payments of $0.7 million, with the remaining principal due on maturity on November 17, 2026. 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 September 30, 2022 is as follows (unaudited and in thousands):


Year ending December 31,
2022 (October - December)	$	1,313
2023		2,625
2024		2,625
2025		2,625
2026		19,500
Total	$	28,688

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 certain of 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 September 30, 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 $0.7 million and $0.5 million for the three-month periods ended September 30, 2021 and 2022, respectively, and $3.2 million and $1.4 million for the nine-month periods ended September 30, 2021 and 2022, respectively. The nine-month period ended September 30, 2021 included $0.3 million of additional amortization of debt issuance costs associated with the excess cash flow payment of $19.6 million made in the second quarter of 2021.

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 benchmark 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.

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+ Details

Share-Based Compensation - Summary of Restricted Shares Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Units
Number of Units, RSUs, beginning balance \| shares	547,343
Number of Units, RSUs granted \| shares	402,546
Number of Units, RSUs vested \| shares	(192,690)
Number of Units, RSUs forfeited \| shares	(29,535)
Number of Units, RSUs, ending balance \| shares	727,664
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	15.14
Weighted average grant date fair value, RSUs vested \| $ / shares	22.99
Weighted average grant date fair value, RSUs forfeited \| $ / shares	23.70
Weighted average grant date fair value, RSUs, ending balance \| $ / shares	$ 18.23

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment information

Note 14. 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.

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+ Details

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 83,679	$ 68,788
Deferred revenue - current	8,226	6,880
Deferred revenue - noncurrent	8,201	5,363
Refund liability	$ 3,051	$ 2,516

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reporting segments	1
Number of operating segment	1

Share-Based Compensation - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.96%	1.14%
Weighted-average expected volatility	72.90%	50.90%
Expected term (in years)	5 years 6 months	6 years 6 months
Weighted average grant-date fair value per share of options granted	$ 9.94	$ 21.36

Share-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
	Feb. 25, 2022	Jun. 30, 2019	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted							402,546
Share-based compensation income tax benefits			$ 300,000	$ 600,000			$ 800,000	$ 3,000,000.0
Share-based compensation expense							7,785,000	5,584,000
Pre-tax unrecognized compensation expense, net of estimated forfeitures							$ 25,000,000.0
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			9,925,892				$ 9,925,892
Share options exercised							44,119
Unrecognized pre-tax share based compensation expense related to unvested share option awards			13,700,000				$ 13,700,000
Shares vested							192,690
Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units			11,300,000				$ 11,300,000
Share options vesting period							4 years
Vesting period of restricted shares							4 years
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			$ 700,000	$ 500,000
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
Shares issued under the ESPP					87,229	39,061
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				1,320,000
Shares granted							402,546
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							402,546
Shares vested							192,690
Shares to pay employees' portion of minimum payroll withholding taxes							43,109

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		December 31,			September 30,
	Useful Life	2021			2022
					(unaudited)
Equipment and tooling	3 to 5 years	$	29,621		$	32,097
Computer equipment	3 to 5 years		3,835			4,438
Furniture and fixtures	10 years		844			823
Leasehold improvements	2 to 3 years		457			475
Total cost			34,757			37,833
Less: Accumulated depreciation			(24,267	)		(26,779	)
Property and equipment, net		$	10,490		$	11,054

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished goods	$ 44,893	$ 31,991
Raw materials	11,962	7,353
Gross inventory	56,855	39,344
Less: Excess and obsolete provision	(6,214)	(5,567)
Inventories, net	$ 50,641	$ 33,777

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	CMBM
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,035,371
Entity Current Reporting Status	Yes
Entity File Number	001-38952
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3800 Golf Road
Entity Address, Address Line Two	Suite 360
Entity Address, City or Town	Rolling Meadows
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60008
City Area Code	345
Local Phone Number	943-3100
Entity Incorporation State Country Code	E9
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.0001 par value
Security Exchange Name	NASDAQ

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 81,200	$ 75,920	$ 212,392	$ 257,144
Cost of revenues	40,034	39,900	108,621	130,862
Gross profit	41,166	36,020	103,771	126,282
Operating expenses
Research and development	11,747	12,082	34,425	36,302
Sales and marketing	10,767	9,938	31,494	29,696
General and administrative	7,186	6,640	22,936	22,065
Depreciation and amortization	1,506	1,548	4,486	4,707
Total operating expenses	31,206	30,208	93,341	92,770
Operating income	9,960	5,812	10,430	33,512
Interest expense, net	514	752	1,418	3,208
Other expense (income), net	165	88	(129)	209
Income before income taxes	9,281	4,972	9,141	30,095
Provision (benefit) for income taxes	(154)	355	(1,048)	(5,899)
Net income	$ 9,435	$ 4,617	$ 10,189	$ 35,994
Earnings per share
Basic	$ 0.35	$ 0.17	$ 0.38	$ 1.37
Diluted	$ 0.34	$ 0.16	$ 0.36	$ 1.25
Weighted-average number of shares outstanding to compute net earnings per share
Basic	26,977,155	26,540,843	26,855,395	26,342,113
Diluted	27,979,575	28,639,177	27,939,728	28,705,677

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued goods and services	$ 12,880	$ 12,278
Accrued inventory purchases	2,053	2,218
Accrued customer rebates	12,065	7,355
Other	314	97
Accrued liabilities	$ 27,312	$ 21,948

Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance sheet components

Note 2. Balance sheet components

Inventories, net

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


	December 31,			September 30,
	2021			2022
				(unaudited)
Finished goods	$	31,991		$	44,893
Raw materials		7,353			11,962
Gross inventory		39,344			56,855
Less: Excess and obsolete provision		(5,567	)		(6,214	)
Inventories, net	$	33,777		$	50,641

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2021		2022
			(unaudited)
Accrued goods and services	$	12,278	$	12,880
Accrued inventory purchases		2,218		2,053
Accrued customer rebates		7,355		12,065
Other		97		314
Accrued liabilities	$	21,948	$	27,312

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,			Nine months ended September 30,
	2021			2022
				(unaudited)
Beginning balance	$	1,714		$	1,731
Fulfillment of assumed acquisition warranty		(216	)		(53	)
Provision increase (decrease), net		233			7
Ending balance	$	1,731		$	1,685

At September 30, 2022, $1.2 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.

Business and Significant Accounting Policies

9 Months Ended

Sep. 30, 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 enterprise 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 September 30, 2022, and for the three-month and nine-month periods ended September 30, 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 September 30, 2022 and results of operations for the three-month and nine-month periods ended September 30, 2021 and 2022 and cash flows for the nine-month periods ended September 30, 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 principles 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 and nine-month periods ended September 30, 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.

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 50,530	$ 50,530
Accumulated amortization	(40,982)	(39,753)
Total amortization	9,548	10,777
Unpatented Technology
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	14,660	14,660
Accumulated amortization	(14,660)	(14,555)
Total amortization	$ 0	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	(9,752)	(8,628)
Total amortization	$ 9,548	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)

Share Capital - Shares

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Share capital - shares

Note 10. 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 ordinary shares under employee share purchase plan		87,229			—
Issuance of vested shares		192,690			—
Share options exercised		44,119			—
Shares withheld for net settlement of shares issued		(43,109	)		—
Balance at September 30, 2022		27,016,104		$	3

As of September 30, 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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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,685	$ 1,731	$ 1,714
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,200
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 500

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Note 5. 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 September 30, 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 nine-month period ended September 30, 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 September 30, 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							September 30, 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	$	(14,660	)	$	—
Customer relationships	5 - 18 years		19,300		(8,628	)		10,672		19,300		(9,752	)		9,548
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	$	(40,982	)	$	9,548

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 September 30, 2021 and 2022, respectively, and $1.7 million and $1.2 million for the nine-month periods ended September 30, 2021 and 2022, respectively.

Based on capitalized intangible assets as of September 30, 2022, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2022 (October - December)	$	374
2023		1,498
2024		1,498
2025		1,498
2026		1,498
Thereafter		3,182
Total amortization	$	9,548

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 10,189	$ 35,994
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	2,874	2,526
Amortization of software and intangible assets	2,750	2,720
Amortization of debt issuance costs	229	663
Share-based compensation	7,785	5,584
Deferred income taxes	(1,987)	(6,424)
Provision for inventory excess and obsolescence	1,719	(684)
Other	(94)	(176)
Change in assets and liabilities:
Receivables	(9,436)	(12,489)
Inventories	(18,583)	5,857
Prepaid expenses	4,054	(1,103)
Accounts payable	(347)	(7,110)
Accrued employee compensation	(10,159)	(1,786)
Accrued liabilities	286	(128)
Other assets and liabilities	3,640	951
Net cash provided by (used in) operating activities	(7,080)	24,395
Cash flows from investing activities:
Purchase of property and equipment	(3,242)	(4,197)
Purchase of software	(3,441)	(2,591)
Net cash used in investing activities	(6,683)	(6,788)
Cash flows from financing activities:
Repayment of term loan	(1,312)	(24,572)
Issuance of ordinary shares under ESPP	1,127	833
Taxes paid from shares withheld	(760)	(2,254)
Proceeds from share option exercises	362	4,541
Net cash used in financing activities	(583)	(21,452)
Effect of exchange rate on cash	(86)	(31)
Net decrease in cash	(14,432)	(3,876)
Cash, beginning of period	59,291	62,472
Cash, end of period	44,859	58,596
Supplemental disclosure of cash flow information:
Income taxes paid	908	573
Interest paid	$ 497	$ 1,828

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 9,435	$ 4,617	$ 10,189	$ 35,994
Other comprehensive loss
Foreign currency translation adjustment	(283)	(38)	(729)	(122)
Comprehensive income	$ 9,152	$ 4,579	$ 9,460	$ 35,872

- Definition

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

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Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment

Note 3. Property and equipment

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


		December 31,			September 30,
	Useful Life	2021			2022
					(unaudited)
Equipment and tooling	3 to 5 years	$	29,621		$	32,097
Computer equipment	3 to 5 years		3,835			4,438
Furniture and fixtures	10 years		844			823
Leasehold improvements	2 to 3 years		457			475
Total cost			34,757			37,833
Less: Accumulated depreciation			(24,267	)		(26,779	)
Property and equipment, net		$	10,490		$	11,054

Total depreciation expense was $0.8 million and $1.0 million for the three-month periods ended September 30, 2021 and 2022, respectively and $2.5 million and $2.9 million for the nine-month period ended September 30, 2021 and 2022, respectively.

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-based compensation

Note 9. 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 nine-month period ended September 30, 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		(402,546	)
Options granted		(963,000	)
Shares withheld in settlement of taxes and/or exercise price		43,109
Expirations		8,799
Forfeitures		115,493
Available for grant at September 30, 2022		1,975,095

Share-based compensation

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2021 and 2022 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Cost of revenues	$	39	$	56	$	108	$	163
Research and development		834		1,241		2,193		3,274
Sales and marketing		540		696		1,374		1,901
General and administrative		663		855		1,909		2,447
Total share-based compensation expense	$	2,076	$	2,848	$	5,584	$	7,785

For the three-month periods ended September 30, 2021 and 2022, the Company recorded corresponding income tax benefits of $0.6 million and $0.3 million, respectively, and for the nine-month periods ended September 30, 2021 and 2022, the Company recorded corresponding tax benefits of $3.0 million and $0.8 million, respectively.

As of September 30, 2022, the Company estimates the pre-tax unrecognized compensation expense of $25.0 million, net of estimated forfeitures, related to all unvested share-based awards, including share options and restricted share units will be recognized through the third 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 nine-month period ended September 30, 2022 for estimating the forfeitures of share options and restricted share units granted.

Share options

Share options typically have a contractual term of ten years from grant date and typically vest over a four-year period. The following is a summary of option activity for the Company’s share incentive plans for the nine-month period ended September 30, 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		963,000		$	15.61		—	$	—
Options exercised		(44,119	)	$	8.20		—	$	—
Options expired		(8,799	)	$	14.77		—	$	—
Options forfeited		(85,958	)	$	8.53		—	$	—
Outstanding at September 30, 2022		3,622,116		$	13.58		7.6	$	15,206,759
Options exercisable at September 30, 2022		1,833,090		$	12.10		6.5	$	9,925,892
Options vested and expected to vest at September 30, 2022		3,547,231		$	13.56		7.5	$	14,940,070

At September 30, 2022, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $9.9 million. The Company had 44,119 options exercised during the nine-month period ended September 30, 2022.

At September 30, 2022, there was $13.7million 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 third quarter of 2026.

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):


	Nine Months Ended September 30,
	2021			2022
Expected dividend yield		—			—
Risk-free interest rate		1.14	%		2.96	%
Weighted-average expected volatility		50.9	%		72.9	%
Expected term (in years)		6.5			5.5
Weighted average grant-date fair value per share of options granted	$	21.36		$	9.94

Restricted shares

Restricted shares typically vest over a four-year period. The following is a summary of restricted shares activity for the Company’s share incentive plan for the nine-month period ended September 30, 2022 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2021		547,343		$	22.47
RSUs granted		402,546		$	15.14
RSUs vested		(192,690	)	$	22.99
RSUs forfeited		(29,535	)	$	23.70
RSU balance at September 30, 2022		727,664		$	18.23

During the nine-month period ended September 30, 2022, 402,546 RSUs were granted under the Company’s 2019 Share Incentive Plan and 192,690 RSUs vested. The Company withheld 43,109 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of September 30, 2022, there was $11.3 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 third 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 July 1, 2022 and runs through December 31, 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 the three-month periods ended September 30, 2021 and 2022, the Company recognized $0.2 million and $0.2 million, respectively, of share-based compensation expense related to the ESPP. For the nine-month periods ended September 30, 2021 and 2022, the Company recognized $0.5 million and $0.7 million, respectively, of share-based compensation expense related to the ESPP. There were 39,061 shares issued under the ESPP during the six-month offering period that ended on June 30, 2021 and 87,229 shares issued under the ESPP during the six-month offering period that ended on June 30, 2022.

Share Capital - Shares - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares
Stockholders' Equity Note [Abstract]
Common stock dividends declared	$ 0
Common stock dividends paid	$ 0

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Customer	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Customer
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 16.4		$ 16.4		$ 12.2
Revenue recognized	$ 1.5	$ 1.8	$ 5.7	$ 5.4
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%

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [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 nine-month period ended September 30, 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		(402,546	)
Options granted		(963,000	)
Shares withheld in settlement of taxes and/or exercise price		43,109
Expirations		8,799
Forfeitures		115,493
Available for grant at September 30, 2022		1,975,095

Schedule of Total Share Based Compensation Expense

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2021 and 2022 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Cost of revenues	$	39	$	56	$	108	$	163
Research and development		834		1,241		2,193		3,274
Sales and marketing		540		696		1,374		1,901
General and administrative		663		855		1,909		2,447
Total share-based compensation expense	$	2,076	$	2,848	$	5,584	$	7,785

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for the nine-month period ended September 30, 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		963,000		$	15.61		—	$	—
Options exercised		(44,119	)	$	8.20		—	$	—
Options expired		(8,799	)	$	14.77		—	$	—
Options forfeited		(85,958	)	$	8.53		—	$	—
Outstanding at September 30, 2022		3,622,116		$	13.58		7.6	$	15,206,759
Options exercisable at September 30, 2022		1,833,090		$	12.10		6.5	$	9,925,892
Options vested and expected to vest at September 30, 2022		3,547,231		$	13.56		7.5	$	14,940,070

Schedule of Estimated Fair Value of Weighted Average Assumptions


	Nine Months Ended September 30,
	2021			2022
Expected dividend yield		—			—
Risk-free interest rate		1.14	%		2.96	%
Weighted-average expected volatility		50.9	%		72.9	%
Expected term (in years)		6.5			5.5
Weighted average grant-date fair value per share of options granted	$	21.36		$	9.94

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plan for the nine-month period ended September 30, 2022 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2021		547,343		$	22.47
RSUs granted		402,546		$	15.14
RSUs vested		(192,690	)	$	22.99
RSUs forfeited		(29,535	)	$	23.70
RSU balance at September 30, 2022		727,664		$	18.23

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation included in costs and expenses	$ 2,848	$ 2,076	$ 7,785	$ 5,584
Cost of Revenues
Share-based compensation included in costs and expenses	56	39	163	108
Research and Development
Share-based compensation included in costs and expenses	1,241	834	3,274	2,193
Sales and Marketing
Share-based compensation included in costs and expenses	696	540	1,901	1,374
General and Administrative
Share-based compensation included in costs and expenses	$ 855	$ 663	$ 2,447	$ 1,909

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,783	$ 1,976

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 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 September 30,								Nine Months Ended September 30,
	2021				2022				2021				2022
Point-to-Multi-Point	$	50,144	66	%	$	26,090	32	%	$	167,739	65	%	$	85,285	40	%
Point-to-Point		13,890	18	%		15,409	19	%		45,432	18	%		45,807	21	%
Enterprise		10,734	14	%		38,330	47	%		41,154	16	%		77,852	37	%
Other		1,152	2	%		1,371	2	%		2,819	1	%		3,448	2	%
Total Revenues	$	75,920	100	%	$	81,200	100	%	$	257,144	100	%	$	212,392	100	%

Schedule of Revenue by Geography

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2022				2021				2022
North America	$	36,564	48	%	$	30,086	37	%	$	140,105	54	%	$	89,547	42	%
Europe, Middle East and Africa		23,414	31	%		29,263	36	%		67,047	26	%		70,876	34	%
Caribbean and Latin America		7,993	11	%		8,935	11	%		30,660	12	%		21,979	10	%
Asia Pacific		7,949	10	%		12,916	16	%		19,332	8	%		29,990	14	%
Total Revenues	$	75,920	100	%	$	81,200	100	%	$	257,144	100	%	$	212,392	100	%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2021 and September 30, 2022 (in thousands):


	December 31, 2021		September 30, 2022
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	68,788	$	83,679
Deferred revenue - current		6,880		8,226
Deferred revenue - noncurrent		5,363		8,201
Refund liability	$	2,516	$	3,051