Inseego (INSG) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38358
Entity Registrant Name	INSEEGO CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3377646
Entity Address, Address Line One	12600 Deerfield Parkway, Suite 100
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	858
Local Phone Number	812-3400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	INSG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		107,397,278
Entity Central Index Key	0001022652
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 41,520	$ 46,474
Restricted cash	3,661	3,338
Accounts receivable, net of allowance for doubtful accounts of $358 and $408, respectively	21,723	26,781
Inventories	37,474	37,402
Prepaid expenses and other	10,944	13,624
Total current assets	115,322	127,619
Property, plant and equipment, net of accumulated depreciation of $23,334 and $26,692, respectively	7,828	8,102
Rental assets, net of accumulated depreciation of $5,939 and $5,392, respectively	4,713	4,575
Intangible assets, net of accumulated amortization of $54,100 and $48,404, respectively	46,318	46,995
Goodwill	21,922	20,336
Right-of-use assets, net	7,699	7,839
Other assets	378	377
Total assets	204,180	215,843
Current liabilities:
Accounts payable	40,096	48,577
Accrued expenses and other current liabilities	32,485	26,253
Total current liabilities	72,581	74,830
Long-term liabilities:
2025 Notes, net	157,629	157,866
Deferred tax liabilities, net	1,051	852
Other long-term liabilities	7,109	7,149
Total liabilities	238,370	240,697
Commitments and contingencies
Stockholders’ deficit:
Series E Preferred stock, par value $0.001; 39,500 shares designated, 25,000 shares issued and outstanding, liquidation preference of $1,000 per share (plus any accrued but unpaid dividends)	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 107,389,076 and 105,380,533 shares issued and outstanding, respectively	107	105
Additional paid-in capital	784,267	770,619
Accumulated other comprehensive loss	(5,633)	(8,531)
Accumulated deficit	(812,931)	(787,047)
Total stockholders’ deficit	(34,190)	(24,854)
Total liabilities and stockholders’ deficit	$ 204,180	$ 215,843

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 358	$ 408
Accumulated depreciation, Property, plant and equipment	23,334	26,692
Accumulated depreciation, Rental assets	5,939	5,392
Accumulated amortization, Intangible assets	$ 54,100	$ 48,404
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	107,389,076	105,380,533
Common stock, shares outstanding (in shares)	107,389,076	105,380,533
Series E preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	39,500	39,500
Preferred stock issued (in shares)	25,000	25,000
Preferred stock, shares outstanding (in shares)	25,000	25,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenues:
Total net revenues	$ 61,384	$ 57,597
Cost of net revenues:
Total cost of net revenues	46,136	39,124
Gross profit	15,248	18,473
Operating costs and expenses:
Research and development	18,560	14,555
Sales and marketing	9,773	11,004
General and administrative	8,238	8,644
Amortization of purchased intangible assets	444	466
Total operating costs and expenses	37,015	34,669
Operating loss	(21,767)	(16,196)
Other (expense) income:
Loss on debt conversion and extinguishment, net	(450)	(432)
Interest expense, net	(2,923)	(1,845)
Other (expense) income, net	(405)	1,735
Loss before income taxes	(25,545)	(16,738)
Income tax (benefit) provision	(322)	221
Net loss	(25,223)	(16,959)
Less: Net income attributable to noncontrolling interests	0	(214)
Net loss attributable to Inseego Corp.	(25,223)	(17,173)
Series E preferred stock dividends	(661)	(867)
Net loss attributable to common stockholders	$ (25,884)	$ (18,040)
Net loss per common share:
Basic (in dollars per share)	$ (0.24)	$ (0.18)
Diluted (in dollars per share)	$ (0.24)	$ (0.18)
Weighted-average shares used in computation of net loss per common share:
Basic (in shares)	105,649,419	101,370,433
Diluted (in shares)	105,649,419	101,370,433
IoT & Mobile Solutions
Net revenues:
Total net revenues	$ 54,505	$ 42,959
Cost of net revenues:
Total cost of net revenues	42,903	33,442
Enterprise SaaS Solutions
Net revenues:
Total net revenues	6,879	14,638
Cost of net revenues:
Total cost of net revenues	$ 3,233	$ 5,682

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,223)	$ (16,959)
Foreign currency translation adjustment	2,898	(1,732)
Total comprehensive loss	(22,325)	(18,691)
Comprehensive income attributable to noncontrolling interests	0	(214)
Comprehensive loss attributable to Inseego Corp.	$ (22,325)	$ (18,905)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Total	2022 Notes	2025 Notes	Common shares	Preferred Stock	Common Stock	Common Stock2025 Notes	Common StockCommon shares	Additional Paid-in Capital	Additional Paid-in Capital2022 Notes	Additional Paid-in Capital2025 Notes	Additional Paid-in CapitalCommon shares	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ (27,899)				$ 0	$ 99			$ 711,487				$ (732,422)	$ (6,972)	$ (91)
Beginning balance (shares) at Dec. 31, 2020					35	99,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(16,959)												(17,173)		214
Foreign currency translation adjustment	(1,732)													(1,732)
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan	1,561					$ 1			1,560
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)						1,429
Taxes withheld on net settled vesting of restricted stock units	(468)								(468)
Issuance of common shares in connection with conversion of notes			$ 5,383				$ 1				$ 5,382
Issuance of common shares in connection with conversion of notes (shares)							429
Issuance of shares				$ 29,428				$ 2				$ 29,426
Issuance of shares (shares)								1,516
Share-based compensation	9,098								9,098
Net noncontrolling interest acquired	125												241		(116)
Series E preferred stock dividends	0								867				(867)
Ending balance at Mar. 31, 2021	(1,463)				$ 0	$ 103			757,352				(750,221)	(8,704)	7
Ending balance (shares) at Mar. 31, 2021					35	102,773
Beginning balance at Dec. 31, 2021	(24,854)				$ 0	$ 105			770,619				(787,047)	(8,531)	0
Beginning balance (shares) at Dec. 31, 2021					25	105,381
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(25,223)												(25,223)		0
Foreign currency translation adjustment	2,898													2,898
Adjustment relating to extinguishment of 2022 Notes		$ 1,728								$ 1,728
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan	76					$ 2			74
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)						2,008
Taxes withheld on net settled vesting of restricted stock units	(14)								(14)
Share-based compensation	11,199								11,199
Series E preferred stock dividends	0								661				(661)
Ending balance at Mar. 31, 2022	$ (34,190)				$ 0	$ 107			$ 784,267				$ (812,931)	$ (5,633)	$ 0
Ending balance (shares) at Mar. 31, 2022					25	107,389

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (25,223)	$ (16,959)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	7,243	6,230
Provision for bad debts, net of recoveries	(14)	101
Provision for excess and obsolete inventory	247	(173)
Share-based compensation expense	11,199	9,098
Amortization of debt discount and debt issuance costs	1,650	374
Fair value adjustment on derivative instrument	(609)	(1,951)
Loss on debt conversion and extinguishment, net	450	432
Deferred income taxes	189	326
Finance Lease, Right-of-Use Asset, Amortization	342	512
Other	0	107
Changes in assets and liabilities, net of effects of divestiture:
Accounts receivable	5,477	2,668
Inventories	(355)	(5,414)
Prepaid expenses and other assets	2,701	1,198
Accounts payable	(10,400)	(1,937)
Accrued expenses, income taxes, and other	6,819	6,898
Increase (Decrease) in Operating Lease Liability	(354)	(537)
Net cash (used in) provided by operating activities	(638)	973
Cash flows from investing activities:
Acquisition of noncontrolling interest	0	(116)
Purchases of property, plant and equipment	(763)	(1,324)
Proceeds from the sale of property, plant and equipment	0	21
Additions to capitalized software development costs	(3,127)	(7,977)
Net cash used in investing activities	(3,890)	(9,396)
Cash flows from financing activities:
Net borrowing of bank and overdraft facilities	(54)	263
Principal payments under finance lease obligations	(62)	0
Proceeds from a public offering, net of issuance costs	0	29,428
Principal repayments on financed other assets	(1,007)	(1,237)
Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units	63	1,093
Net cash (used in) provided by financing activities	(1,060)	29,547
Effect of exchange rates on cash	957	(1,589)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,631)	19,535
Cash, cash equivalents and restricted cash, beginning of period	49,812	40,015
Cash, and cash equivalents, and restricted cash, end of period	45,181	59,550
Cash paid during the year for:
Interest	0	169
Income taxes	41	29
Supplemental disclosures of non-cash activities:
Transfer of inventories to rental assets	225	1,289
Capital expenditures financed through accounts payable or accrued liabilities	2,105	2,890
Right-of-use assets obtained in exchange for operating leases liabilities	79	148
2025 Notes conversion, including shares issued in satisfaction of interest make-whole payment	$ 0	$ 5,383

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The information contained herein has been prepared by Inseego Corp. (the “Company”) in accordance with the rules of the Securities and Exchange Commission (the “SEC”). The information at March 31, 2022 and the results of the Company’s operations for the three months ended March 31, 2022 and 2021 are unaudited. The condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring accruals, except otherwise disclosed herein, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods presented. These unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The year-end condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements and may not include all disclosures required by accounting principles generally accepted in the United States. Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not affect total revenues, costs and expenses, net loss, assets, liabilities or stockholders’ deficit. Except as set forth below, the accounting policies used in preparing these unaudited condensed consolidated financial statements are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole. Risks and Uncertainties In December 2019, the novel coronavirus (“COVID-19”) was reported to have surfaced in Wuhan, China, resulting in shutdowns of manufacturing and commerce globally in the months that followed. Since then, the COVID-19 pandemic has spread worldwide, and has resulted in authorities implementing numerous measures to try to contain the disease or slow its spread, such as travel bans and restrictions, quarantines, shelter-in-place orders and shutdowns. The extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on future developments, including the duration and spread of the pandemic and related actions taken by the U.S. government, state and local government officials, and international governments to prevent the spread of the disease, all of which are uncertain and cannot be predicted. In addition, a global semiconductor supply shortage is having wide-ranging effects across the technology industry. This semiconductor shortage has not materially impacted the Company but may impact the Company’s customers, and may negatively impact the supply of materials needed for our testing and production timeline. Our suppliers, contract manufacturers, and our customers are all taking actions to reduce the impact of the semiconductor shortage; however, if the shortage persists, the impact on our business could be material. Liquidity As of March 31, 2022, the Company had available cash and cash equivalents totaling $41.5 million, excluding restricted cash of $3.7 million. On July 30, 2021, the Company completed the sale of its Ctrack business operations in Africa, Pakistan and the Middle East (together “Ctrack South Africa”). Initial cash proceeds of approximately $36.6 million were received. Net cash proceeds received were $31.5 million, net of cash divested of $5.0 million. Final cash proceeds were subject to certain post-closing working capital adjustments which totaled $2.6 million, out of which $2.2 million was received on October 29, 2021, and the remaining $0.4 million was offset with the Company’s existing accounts payable balance to an affiliate of Convergence Partners (“Convergence”), an investment management firm in South Africa. On January 25, 2021, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC (the “Agent”), pursuant to which the Company may offer and sell, from time to time, through or to the Agent, up to $40.0 million of shares of its common stock (the “ATM Offering”). In January 2021, the Company sold 1,516,073 shares of common stock, at an average price of $20.11 per share, for net proceeds of $29.4 million, after deducting underwriter fees and discounts of $0.9 million, and other offering fees, pursuant to the ATM Offering. The Company has a history of operating and net losses and overall usage of cash from operating and investing activities. The Company’s management believes that its cash and cash equivalents, together with anticipated cash flows from operations, will be sufficient to meet its cash flow needs for the next twelve months from the filing date of this report. The Company’s ability to attain more profitable operations and continue to generate positive cash flow is dependent upon achieving a level and mix of revenues adequate to support its evolving cost structure. If events or circumstances occur such that the Company does not meet its operating plan as expected, or if the Company becomes obligated to pay unforeseen expenditures as a result of ongoing litigation, the Company may be required to raise capital, reduce planned research and development activities, incur additional restructuring charges or reduce other operating expenses which could have an adverse impact on its ability to achieve its intended business objectives. The Company’s liquidity could be impaired if there is any interruption in its business operations, a material failure to satisfy its contractual commitments or a failure to generate revenue from new or existing products. There can be no assurance that any required or desired restructuring or financing will be available on terms favorable to the Company, or at all. Additionally, the Company is uncertain of the full extent to which the COVID-19 pandemic will impact the Company’s business, operations and financial results. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Segment Information Management has determined that the Company has one reportable segment. The Chief Executive Officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and operating results. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that the COVID-19 pandemic could have on our significant accounting estimates. Significant estimates include revenue recognition, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments with original maturities of three months or less. The Company’s cash and cash equivalents are generally held with large financial institutions worldwide to reduce the amount of exposure to any credit risk. Restricted cash consists of Company funds in escrow with a financial institution as collateral for potential future uninsured warranty claims related to the divestiture of Ctrack South Africa. Cash, cash equivalents and restricted cash are recorded at market value, which approximates cost. Gains and losses associated with the Company’s foreign currency denominated demand deposits are recorded as a component of other income, net, in the consolidated statements of operations. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheets to “Cash, cash equivalents, and restricted cash, end of period” as reported within the consolidated statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 41,520 $ 46,474 Restricted cash 3,661 3,338 Cash, cash equivalents and restricted cash, end of period $ 45,181 $ 49,812 Recently Adopted Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity's Own Equity . The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021. The Company adopted this standard in the first quarter of fiscal 2022 and it did not have an impact to the condensed consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . The new ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of fiscal 2022 and it did not have an impact to the condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Other than the above mentioned recently adopted accounting pronouncements, there have been no recent accounting pronouncements, changes in accounting pronouncements or recent accounting pronouncements not yet adopted during the three months ended March 31, 2022 that are of significance or potential significance to the Company’s financial position, results of operations and cash flows.

Financial Statement Details

Financial Statement Details	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Details	Financial Statement Details Inventories Inventories, net, consist of the following (in thousands): March 31, December 31, Finished goods $ 33,351 $ 33,112 Raw materials and components 4,123 4,290 Total inventories $ 37,474 $ 37,402 Prepaid expenses and other Prepaid expenses and other consists of the following (in thousands): March 31, December 31, Rebate receivables $ 3,715 $ 6,398 Receivables from contract manufacturers 1,553 2,626 Software licenses 2,021 1,261 Insurance 522 1,269 Deposits 960 1,023 Financed assets 1,014 323 Other 1,159 724 $ 10,944 $ 13,624 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Royalties $ 1,828 $ 2,243 Payroll and related expenses 14,089 9,326 Warranty obligations 521 473 Professional fees 462 502 Bank overdrafts 350 370 Accrued interest 2,192 877 Contract liabilities 6,425 3,832 Operating lease liabilities 1,759 1,769 Accrued contract manufacturing liabilities 1,199 927 Liabilities related to financed assets 530 1,593 Value added tax payables 443 642 Other 2,687 3,699 Total accrued expenses and other current liabilities $ 32,485 $ 26,253

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement of Assets and Liabilities	Fair Value Measurement of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model. The Company classifies inputs to measure fair value using a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) and is defined as follows: Level 1: Pricing inputs are based on quoted market prices for identical assets or liabilities in active markets (e.g., NYSE or NASDAQ). Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Pricing inputs include benchmark yields, trade data, reported trades and broker dealer quotes, two-sided markets and industry and economic events, yield to maturity, Municipal Securities Rule Making Board reported trades and vendor trading platform data. Level 2 includes those financial instruments that are valued using various pricing services and broker pricing information including Electronic Communication Networks and broker feeds. Level 3: Pricing inputs include significant inputs that are generally less observable from objective sources, including the Company’s own assumptions. The fair market value for level 3 securities may be highly sensitive to the use of unobservable inputs and subjective assumptions. Generally, changes in significant unobservable inputs may result in significantly lower or higher fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There have been no transfers of assets or liabilities between fair value measurement classifications during the three months ended March 31, 2022 or 2021. The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Total Fair Value Level 3 Level 1 Total Fair Value Level 3 Level 1 Assets Cash equivalents Money market funds $ 126 $ — $ 126 $ 126 $ — $ 126 Total assets $ 126 $ — $ 126 $ 126 $ — $ 126 Liabilities 2025 Notes Interest make-whole payment $ 317 $ 317 $ — $ 926 $ 926 $ — Total liabilities $ 317 $ 317 $ — $ 926 $ 926 $ — The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model with the following key assumptions: March 31, 2022 December 31, 2021 Volatility 50 % 50 % Stock price $4.05 per share $5.83 per share Credit spread 15.53 % 15.93 % Term 3.09 years 3.34 years Dividend yield — % — % Risk-free rate 2.45 % 1.02 % The following table sets forth a summary of changes in the fair value of Level 3 liabilities for the three months ended March 31, 2022 (in thousands): Balance as of Additions Conversions Change in fair value Balance as of Liabilities: Interest make-whole payment $ 926 $ — $ — $ (609) $ 317 The Company evaluated the 2025 Notes under ASC 815, Derivatives and Hedging , and identified an embedded derivative that required bifurcation. The embedded derivative is an interest make-whole payment. The estimated fair values of the interest make-whole derivative liability at March 31, 2022 and December 31, 2021 were determined using significant assumptions which include an implied credit spread rate for notes with a similar term, the expected volatility and dividend yield of the Company’s common stock and the risk-free interest rate. Changes in the fair value of the interest make-whole payment totaling a gain of $0.6 million for the three months ended March 31, 2022 are included in the Company’s condensed consolidated statement of operations within other income (expense), net. As of March 31, 2022, the embedded derivative had a fair value of $0.3 million. Other Financial Instruments The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of the 2025 Notes. On May 12, 2020, the Company issued $180.4 million in aggregate principal amount of 2025 Notes, and restructured its outstanding debt as described further in Note 4. Debt.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt 2025 Notes On May 12, 2020, the Company completed its registered public offering of $100.0 million aggregate principal amount of 2025 Notes and issued $80.4 million principal amount of 2025 Notes in the privately negotiated exchange agreements that closed concurrently with the registered offering in May 2020. During the three months ended March 31, 2021, certain holders of the 2025 Notes converted an aggregate of approximately $5.0 million in principal amount of the 2025 Notes into 428,669 shares of the Company’s common stock, including 32,221 shares of common stock issued in satisfaction of the interest make-whole payment. In connection therewith, the Company recorded a loss of $0.4 million on debt conversion, net in the condensed consolidated statement of operations. The 2025 Notes are issued under an indenture, dated May 12, 2020 (the “Base Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated May 12, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The 2025 Notes will mature on May 1, 2025, unless earlier repurchased, redeemed or converted. The 2025 Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 3.25%, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2020. Holders of the 2025 Notes may convert the 2025 Notes into shares of the Company’s common stock (together with cash in lieu of any fractional share), at their option, at any time until the close of business on the scheduled trading day immediately before the maturity date. Upon conversion of the 2025 Notes, the Company will deliver for each $1,000 principal amount of 2025 Notes converted a number of shares of common stock (together with cash in lieu of any fractional share), equal to the conversion rate. The initial conversion rate for the 2025 Notes is 79.2896 shares of common stock per $1,000 principal amount of 2025 Notes, which represents an initial conversion price of approximately $12.61 per share, and is subject to adjustment upon the occurrence of certain events, including, but not limited to, certain stock dividends, splits and combinations, the issuance of certain rights, options or warrants to holders of the common stock, certain distributions of assets, debt securities, capital stock or other property to holders of the common stock, cash dividends on the common stock and certain Company tender or exchange offers. If a fundamental change (as defined in the Indenture) occurs at any time prior to the maturity date, then the noteholders may require the Company to repurchase their 2025 Notes at a cash repurchase price equal to the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. If a make-whole fundamental change (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time. The 2025 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after May 6, 2023 and on or before the scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, as long as the last reported sale price per share of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. The Indenture contains customary events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee, by notice to the Company, or the holders of the 2025 Notes representing at least 25% in aggregate principal amount of the outstanding 2025 Notes, by notice to the Company and the Trustee, may declare 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Notes to be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Notes will automatically become immediately due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 360 days after such event of default, consist exclusively of the right to receive additional interest on the 2025 Notes. Interest make-whole payment The 2025 Notes also include an interest make-whole payment feature whereby if the last reported sale price of the Company’s common stock for each of the five trading days immediately preceding a conversion date is greater than or equal to $10.51, the Company will, in addition to the other consideration payable or deliverable in connection with such conversion, make an interest make-whole payment to the converting holder equal to the sum of the present values of the scheduled payments of interest that would have been made on the 2025 Notes to be converted had such notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date. The present values will be computed using a discount rate equal to 1%. The Company will satisfy its obligation to pay the interest make-whole payment, at its election, in cash or shares of common stock (together with cash in lieu of fractional shares). The Company has determined that this feature is an embedded derivative and has recognized the fair value of this derivative as a liability in the condensed consolidated balance sheets, with subsequent changes to fair value to be recorded at each reporting period on the condensed consolidated statement of operations in other income, net. As of March 31, 2022, $161.9 million in principal amount of the 2025 Notes were outstanding, $80.4 million of which were held by related parties, and $1.1 million of accrued interest due to related parties was included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. As of December 31, 2021, $161.9 million in principal amount of the 2025 Notes were outstanding, $80.4 million of which were held by related parties, and $0.4 million of accrued interest due to related parties was included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Assuming no repurchases or conversions of the 2025 Notes prior to May 1, 2025, the entire principal balance of $161.9 million of the 2025 Notes is due on May 1, 2025. The 2025 Notes consist of the following (in thousands): March 31, December 31, Principal $ 161,898 $ 161,898 Add: fair value of embedded derivative 317 926 Less: unamortized debt discount (2,554) (2,761) Less: unamortized issuance costs (2,032) (2,197) Net carrying amount $ 157,629 $ 157,866 The effective interest rate on the liability component of the 2025 Notes was 4.23% and 4.06% for the three months ended March 31, 2022 and 2021, respectively. The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands): Three Months Ended March 31, 2022 2021 Contractual interest expense $ 1,315 $ 1,287 Amortization of debt discount 207 208 Amortization of debt issuance costs 165 166 Total interest expense $ 1,687 $ 1,661

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation During the three months ended March 31, 2022, the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans. Under the 2018 Plan, a maxi mum of 8,897,084 shares of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of restricted stock units (“RSUs”) or other awards, including awards with alternative vesting schedules such as performance-based criteria. For the three months ended March 31, 2022 and 2021 the following table presents total share-based compensation expense in each functional line item on the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended 2022 2021 Cost of revenues $ 1,415 $ 1,578 Research and development 4,070 3,228 Sales and marketing 2,043 1,988 General and administrative 3,671 2,304 Total $ 11,199 $ 9,098 During the quarter ended March 31, 2022, the Board of Directors of the Company approved and the Company granted restricted stock units to eligible employees under the 2018 Plan that were immediately vested, as fiscal 2021 annual bonus payments. The total charges recorded during the quarter ended March 31, 2022 were $8.8 million . Such bonus payments in fiscal 2021 were paid and recorded in the quarter ended March 31, 2021 and total charges related to such bonus payments were $7.0 million. Stock Options The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options. For performance stock awards subject to market-based vesting conditions, fair values are determined using the Monte-Carlo simulation model. Stock options generally have a term of ten years and vest over a three The following table summarizes the Company’s stock option activity for the three months ended March 31, 2022: Outstanding — December 31, 2021 8,085,793 Granted 1,302,500 Exercised (130,790) Canceled (583,612) Outstanding — March 31, 2022 8,673,891 Exercisable — March 31, 2022 4,931,898 At March 31, 2022, total unrecognized compensatio n expense related to stock options was $11.1 million, which is expected to be recognized over a weighted-average period of 2.97 years. Restricted Stock Units Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three The following table summarizes the Company’s RSU activity: Non-vested — December 31, 2021 1,247,723 Granted 2,139,100 Vested (1,892,613) Forfeited (50,700) Non-vested — March 31, 2022 1,443,510 At March 31, 2022, total unrecognized compensation expense related to RSUs was $5.9 million, which is expected to be recognized over a weighted-average period of 3.34 years.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the 2025 Notes calculated using the if-converted method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive. The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Net loss attributable to common stockholders $ (25,884) $ (18,040) Weighted-average common shares outstanding 105,649,419 101,370,433 Basic and diluted net loss per share $ (0.24) $ (0.18) For the three months ended March 31, 2022, the computation of diluted EPS excluded 27,109,523 shares, primarily related to the 2025 Notes, warrants, stock options, RSUs and employee stock purchase plan for which the effect would have been anti-dilutive. The following is a summary of outstanding anti-dilutive potential common stock that was excluded from diluted net loss per share attributable to stockholders in the following periods: Three Months Ended March 31, (in thousands) 2022 2021 Convertible Notes 14,341 14,341 Warrants 2,500 2,500 Non-qualified stock options 8,675 7,627 Restricted stock units 1,443 400 Employee stock purchase plan 151 13 Total 27,110 24,881

Private Placements and Public O

Private Placements and Public Offering	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Private Placements and Public Offering	Private Placements and Public Offering Common Stock On March 28, 2019, the Company issued warrants to purchase 2,500,000 shares of common stock (the “2019 Warrants”) to certain accredited investors. Each 2019 Warrant has an initial exercise price of $7.00 per share, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions, became exercisable on September 28, 2019, and will expire on June 30, 2022. The Company assessed the terms of the warrants under ASC 815. Pursuant to this guidance, the Company has determined that the warrants do not require liability accounting and has classified the warrants as equity.

Geographic Information and Conc

Geographic Information and Concentrations of Risk	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Geographic Information and Concentrations of Risk	Geographic Information and Concentrations of Risk Geographic Information The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands): Three Months Ended March 31, 2022 2021 United States and Canada $ 52,642 $ 42,736 Europe 5,620 5,833 South Africa — 7,108 Other 3,122 1,920 Total $ 61,384 $ 57,597 Concentrations of Risk For the three months ended March 31, 2022, two customers accoun ted for 37.3% and 39.9% of n et revenues, respectively. For the three months ended March 31, 2021, two customers accounted for 45.0% and 15.8% of net revenues. As of March 31, 2022 two customers accoun ted for 33.0% and 26.2% of

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Noncancellable Purchase Obligations The Company typically enters into commitments with its contract manufacturers that require future purchase of goods or services in the three to four quarters following the balance sheet date. Such commitments are noncancellable (“noncancellable purchase obligations”). As of March 31, 2022, future payments under these noncancellable purchase obligations were approximately $169.1 million. Legal The Company is, from time to time, party to various legal proceedings arising in the ordinary course of business. For example, the Company is currently named as a defendant or co-defendant in several patent infringement lawsuits in the U.S. and may be required to indirectly participate in other U.S. patent infringement actions pursuant to its contractual indemnification obligations to certain customers. Based on an evaluation of these matters and discussions with the Company’s intellectual property litigation counsel, the Company currently believes that liabilities arising from or sums paid in settlement of these existing matters, if any, would not have a material adverse effect on its condensed consolidated results of operations or financial condition. Indemnification In the normal course of business, the Company periodically enters into agreements that require the Company to indemnify and defend its customers for, among other things, claims alleging that the Company’s products infringe third-party patents or other intellectual property rights. The Company’s maximum exposure under these indemnification provisions cannot be estimated but the Company does not believe that there are any matters individually or collectively that would have a material adverse effect on its condensed consolidated results of operations or financial condition.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases Lessee The Company is a lessee in lease agreements for office space, automobiles and certain equipment. Certain of the Company’s leases contain provisions that provide for one or more options to renew at the Company’s sole discretion. The majority of the Company’s leases are comprised of fixed lease payments, with a small percentage of its real estate leases including lease payments subject to a rate or index, which may be variable. Certain real estate leases also include executory costs such as common area maintenance (non-lease component). As a practical expedient permitted under the new guidance, ASC 842 Leases, (“ASC 842”), the Company has elected to account for the lease and non-lease components as a single lease component. Lease payments, which may include lease components and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate or index (fixed in substance) as stipulated in the lease contract. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under the legacy guidance, ASC 840, have been classified as operating leases under ASC 842. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. When the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s borrowing rates at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. The components of the right-of-use assets and lease liabilities were as follows (in thousands): Balance Sheet Classification March 31, December 31, Right-of-use assets, net Right-of-use assets, net $ 7,699 $ 7,839 Current operating lease liabilities Accrued expenses and other current liabilities $ 1,759 $ 1,769 Non-current operating lease liabilities Other long-term liabilities 6,956 7,112 Total operating lease liabilities $ 8,715 $ 8,881 Weighted-average remaining lease term (in years) 4.8 5.0 Weighted-average discount rate 9.1 % 9.1 % The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease costs included in operating costs and expenses: Operating leases $ 610 $ 510 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows related to operating leases $ 622 $ 535 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 79 $ 148 The future minimum payments under operating leases were as follows as of March 31, 2022 (in thousands): 2022 (remainder) $ 1,918 2023 2,187 2024 2,019 2025 1,736 2026 1,727 2027 1,152 Thereafter — Total minimum operating lease payments $ 10,739 Less: amounts representing interest (2,024) Present value of net minimum operating lease payments 8,715 Less: current portion (1,759) Long-term portion of operating lease obligations $ 6,956 Lessor Monitoring device leases in which the Company serves as lessor are classified as operating leases. Accordingly, rental devices are carried at historical cost less accumulated depreciation and impairment, if any, and are included in rental assets, net, on the condensed consolidated balance sheets. Since the lease components meet the criteria for an operating lease under ASC 842, the Company has elected the practical expedient to combine the lease and the non-lease components because the service is the predominant element in the eyes of the customer and the pattern of service delivery is the same for both elements. The Company accounts for the combined component as a single performance obligation under ASC 606, Revenue from Contracts with Customers .
Leases	Leases Lessee The Company is a lessee in lease agreements for office space, automobiles and certain equipment. Certain of the Company’s leases contain provisions that provide for one or more options to renew at the Company’s sole discretion. The majority of the Company’s leases are comprised of fixed lease payments, with a small percentage of its real estate leases including lease payments subject to a rate or index, which may be variable. Certain real estate leases also include executory costs such as common area maintenance (non-lease component). As a practical expedient permitted under the new guidance, ASC 842 Leases, (“ASC 842”), the Company has elected to account for the lease and non-lease components as a single lease component. Lease payments, which may include lease components and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate or index (fixed in substance) as stipulated in the lease contract. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under the legacy guidance, ASC 840, have been classified as operating leases under ASC 842. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. When the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s borrowing rates at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. The components of the right-of-use assets and lease liabilities were as follows (in thousands): Balance Sheet Classification March 31, December 31, Right-of-use assets, net Right-of-use assets, net $ 7,699 $ 7,839 Current operating lease liabilities Accrued expenses and other current liabilities $ 1,759 $ 1,769 Non-current operating lease liabilities Other long-term liabilities 6,956 7,112 Total operating lease liabilities $ 8,715 $ 8,881 Weighted-average remaining lease term (in years) 4.8 5.0 Weighted-average discount rate 9.1 % 9.1 % The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease costs included in operating costs and expenses: Operating leases $ 610 $ 510 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows related to operating leases $ 622 $ 535 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 79 $ 148 The future minimum payments under operating leases were as follows as of March 31, 2022 (in thousands): 2022 (remainder) $ 1,918 2023 2,187 2024 2,019 2025 1,736 2026 1,727 2027 1,152 Thereafter — Total minimum operating lease payments $ 10,739 Less: amounts representing interest (2,024) Present value of net minimum operating lease payments 8,715 Less: current portion (1,759) Long-term portion of operating lease obligations $ 6,956 Lessor Monitoring device leases in which the Company serves as lessor are classified as operating leases. Accordingly, rental devices are carried at historical cost less accumulated depreciation and impairment, if any, and are included in rental assets, net, on the condensed consolidated balance sheets. Since the lease components meet the criteria for an operating lease under ASC 842, the Company has elected the practical expedient to combine the lease and the non-lease components because the service is the predominant element in the eyes of the customer and the pattern of service delivery is the same for both elements. The Company accounts for the combined component as a single performance obligation under ASC 606, Revenue from Contracts with Customers .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax (benefit) provision of $(0.3) million a nd $0.2 million for the three months ended March 31, 2022 and 2021, respectively, consisted primarily of foreign income taxes at certain of the Company’s international entities and minimum state taxes for its U.S.-based entities. The Company’s income tax expense is different than the expected expense based on statutory rates primarily due to full valuation allowances at all of its U.S.-based entities and several of its foreign subsidiaries. The tax benefit for the first quarter of 2022 and the tax expense for the first quarter of 2021 were largely driven by foreign currency losses, and gains, respectively, at the Company’s foreign subsidiaries. On March 11, 2021, Congress passed, and the President signed into law, the American Rescue Plan Act, 2021 (the “ARP”), which includes certain business tax provisions. The Company does not expect the ARP to have a material impact on the Company’s effective tax rate or income tax expense for the year ending December 31, 2022. On October 28, 2021, the House Rules Committee, under the Biden Administration released new proposed tax legislation under the “Build Back Better Act” (“BBBA”) which contains potential reversals and revisions of key provisions of the 2017 Tax Cuts and Jobs Act. The BBBA, which was passed by the U.S. House of Representatives in November 2021, is proposed legislation that has not yet been enacted into law. Additionally, in late March 2022, the Biden administration proposed a 28% corporate income tax rate. The Company does not believe this will have a material impact on its effective tax rate, though it continues to monitor the Biden Administration’s proposals.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The information contained herein has been prepared by Inseego Corp. (the “Company”) in accordance with the rules of the Securities and Exchange Commission (the “SEC”). The information at March 31, 2022 and the results of the Company’s operations for the three months ended March 31, 2022 and 2021 are unaudited. The condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring accruals, except otherwise disclosed herein, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods presented. These unaudited condensed consolidated financial statements and notes hereto should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The year-end condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements and may not include all disclosures required by accounting principles generally accepted in the United States. Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not affect total revenues, costs and expenses, net loss, assets, liabilities or stockholders’ deficit. Except as set forth below, the accounting policies used in preparing these unaudited condensed consolidated financial statements are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Segment Information	Segment Information Management has determined that the Company has one reportable segment. The Chief Executive Officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and operating results.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that the COVID-19 pandemic could have on our significant accounting estimates. Significant estimates include revenue recognition, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments with original maturities of three months or less. The Company’s cash and cash equivalents are generally held with large financial institutions worldwide to reduce the amount of exposure to any credit risk. Restricted cash consists of Company funds in escrow with a financial institution as collateral for potential future uninsured warranty claims related to the divestiture of Ctrack South Africa. Cash, cash equivalents and restricted cash are recorded at market value, which approximates cost. Gains and losses associated with the Company’s foreign currency denominated demand deposits are recorded as a component of other income, net, in the consolidated statements of operations.
Recently Adopted Accounting Pronouncements and Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity's Own Equity . The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021. The Company adopted this standard in the first quarter of fiscal 2022 and it did not have an impact to the condensed consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . The new ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of fiscal 2022 and it did not have an impact to the condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Other than the above mentioned recently adopted accounting pronouncements, there have been no recent accounting pronouncements, changes in accounting pronouncements or recent accounting pronouncements not yet adopted during the three months ended March 31, 2022 that are of significance or potential significance to the Company’s financial position, results of operations and cash flows.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model. The Company classifies inputs to measure fair value using a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) and is defined as follows: Level 1: Pricing inputs are based on quoted market prices for identical assets or liabilities in active markets (e.g., NYSE or NASDAQ). Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Pricing inputs include benchmark yields, trade data, reported trades and broker dealer quotes, two-sided markets and industry and economic events, yield to maturity, Municipal Securities Rule Making Board reported trades and vendor trading platform data. Level 2 includes those financial instruments that are valued using various pricing services and broker pricing information including Electronic Communication Networks and broker feeds. Level 3: Pricing inputs include significant inputs that are generally less observable from objective sources, including the Company’s own assumptions. The fair market value for level 3 securities may be highly sensitive to the use of unobservable inputs and subjective assumptions. Generally, changes in significant unobservable inputs may result in significantly lower or higher fair value measurements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheets to “Cash, cash equivalents, and restricted cash, end of period” as reported within the consolidated statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 41,520 $ 46,474 Restricted cash 3,661 3,338 Cash, cash equivalents and restricted cash, end of period $ 45,181 $ 49,812

Financial Statement Details (Ta

Financial Statement Details (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Inventories	Inventories, net, consist of the following (in thousands): March 31, December 31, Finished goods $ 33,351 $ 33,112 Raw materials and components 4,123 4,290 Total inventories $ 37,474 $ 37,402
Summary of Prepaid Expenses and Other	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, Royalties $ 1,828 $ 2,243 Payroll and related expenses 14,089 9,326 Warranty obligations 521 473 Professional fees 462 502 Bank overdrafts 350 370 Accrued interest 2,192 877 Contract liabilities 6,425 3,832 Operating lease liabilities 1,759 1,769 Accrued contract manufacturing liabilities 1,199 927 Liabilities related to financed assets 530 1,593 Value added tax payables 443 642 Other 2,687 3,699 Total accrued expenses and other current liabilities $ 32,485 $ 26,253
Schedule of Other Current Assets	Prepaid expenses and other Prepaid expenses and other consists of the following (in thousands): March 31, December 31, Rebate receivables $ 3,715 $ 6,398 Receivables from contract manufacturers 1,553 2,626 Software licenses 2,021 1,261 Insurance 522 1,269 Deposits 960 1,023 Financed assets 1,014 323 Other 1,159 724 $ 10,944 $ 13,624

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Total Fair Value Level 3 Level 1 Total Fair Value Level 3 Level 1 Assets Cash equivalents Money market funds $ 126 $ — $ 126 $ 126 $ — $ 126 Total assets $ 126 $ — $ 126 $ 126 $ — $ 126 Liabilities 2025 Notes Interest make-whole payment $ 317 $ 317 $ — $ 926 $ 926 $ — Total liabilities $ 317 $ 317 $ — $ 926 $ 926 $ —
Schedule of Fair Value Valuation Model and Assumptions	The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model with the following key assumptions: March 31, 2022 December 31, 2021 Volatility 50 % 50 % Stock price $4.05 per share $5.83 per share Credit spread 15.53 % 15.93 % Term 3.09 years 3.34 years Dividend yield — % — % Risk-free rate 2.45 % 1.02 %
Summary of Changes in Fair Value of Level 3 Liabilities	The following table sets forth a summary of changes in the fair value of Level 3 liabilities for the three months ended March 31, 2022 (in thousands): Balance as of Additions Conversions Change in fair value Balance as of Liabilities: Interest make-whole payment $ 926 $ — $ — $ (609) $ 317

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Net Carrying Amount of Debt	The 2025 Notes consist of the following (in thousands): March 31, December 31, Principal $ 161,898 $ 161,898 Add: fair value of embedded derivative 317 926 Less: unamortized debt discount (2,554) (2,761) Less: unamortized issuance costs (2,032) (2,197) Net carrying amount $ 157,629 $ 157,866
Schedule of Interest Expense	The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands): Three Months Ended March 31, 2022 2021 Contractual interest expense $ 1,315 $ 1,287 Amortization of debt discount 207 208 Amortization of debt issuance costs 165 166 Total interest expense $ 1,687 $ 1,661

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation	Three Months Ended 2022 2021 Cost of revenues $ 1,415 $ 1,578 Research and development 4,070 3,228 Sales and marketing 2,043 1,988 General and administrative 3,671 2,304 Total $ 11,199 $ 9,098 During the quarter ended March 31, 2022, the Board of Directors of the Company approved and the Company granted restricted stock units to eligible employees under the 2018 Plan that were immediately vested, as fiscal 2021 annual bonus payments. The total charges recorded during the quarter ended March 31, 2022 were $8.8 million
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2022: Outstanding — December 31, 2021 8,085,793 Granted 1,302,500 Exercised (130,790) Canceled (583,612) Outstanding — March 31, 2022 8,673,891 Exercisable — March 31, 2022 4,931,898
Summary of Restricted Stock Unit Activity	The following table summarizes the Company’s RSU activity: Non-vested — December 31, 2021 1,247,723 Granted 2,139,100 Vested (1,892,613) Forfeited (50,700) Non-vested — March 31, 2022 1,443,510

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings per Share	The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Net loss attributable to common stockholders $ (25,884) $ (18,040) Weighted-average common shares outstanding 105,649,419 101,370,433 Basic and diluted net loss per share $ (0.24) $ (0.18)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following is a summary of outstanding anti-dilutive potential common stock that was excluded from diluted net loss per share attributable to stockholders in the following periods: Three Months Ended March 31, (in thousands) 2022 2021 Convertible Notes 14,341 14,341 Warrants 2,500 2,500 Non-qualified stock options 8,675 7,627 Restricted stock units 1,443 400 Employee stock purchase plan 151 13 Total 27,110 24,881

Geographic Information and Co_2

Geographic Information and Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Geographic Concentration of Net Revenues	The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands): Three Months Ended March 31, 2022 2021 United States and Canada $ 52,642 $ 42,736 Europe 5,620 5,833 South Africa — 7,108 Other 3,122 1,920 Total $ 61,384 $ 57,597

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Components of Right-of-Use Assets and Lease Liabilities	The components of the right-of-use assets and lease liabilities were as follows (in thousands): Balance Sheet Classification March 31, December 31, Right-of-use assets, net Right-of-use assets, net $ 7,699 $ 7,839 Current operating lease liabilities Accrued expenses and other current liabilities $ 1,759 $ 1,769 Non-current operating lease liabilities Other long-term liabilities 6,956 7,112 Total operating lease liabilities $ 8,715 $ 8,881 Weighted-average remaining lease term (in years) 4.8 5.0 Weighted-average discount rate 9.1 % 9.1 %
Schedule of Lease Costs	The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease costs included in operating costs and expenses: Operating leases $ 610 $ 510
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows related to operating leases $ 622 $ 535 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 79 $ 148
Schedule of Future Minimum Payments Under Operating Leases	The future minimum payments under operating leases were as follows as of March 31, 2022 (in thousands): 2022 (remainder) $ 1,918 2023 2,187 2024 2,019 2025 1,736 2026 1,727 2027 1,152 Thereafter — Total minimum operating lease payments $ 10,739 Less: amounts representing interest (2,024) Present value of net minimum operating lease payments 8,715 Less: current portion (1,759) Long-term portion of operating lease obligations $ 6,956

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands	Oct. 29, 2021USD ($)	Jul. 30, 2021USD ($)	Jan. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)	Jan. 25, 2021USD ($)
Class of Stock [Line Items]
Cash and cash equivalents				$ 41,520	$ 46,474
Restricted cash				$ 3,661	$ 3,338
Number of shares issued (in shares) | shares			1,516,073
Purchase price (in dollars per share) | $ / shares			$ 20.11
Proceeds from sale of stock			$ 29,400
Offering costs			$ 900
Number of reportable segments | segment				1
Ctrack South Africa | Disposed of by sale
Class of Stock [Line Items]
Initial cash proceeds		$ 36,600
Net cash proceeds		31,500
Net cash divested		5,000
Post-closing working capital adjustments		$ 2,600
Post-closing working capital adjustments received	$ 2,200
Receivable related to working capital adjustments	$ 400
Canaccord Genuity LLC
Class of Stock [Line Items]
Equity Distribution Agreement, maximum aggregate amount authorized for offer or sale						$ 40,000

Basis of Presentation - Reconci

Basis of Presentation - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 41,520	$ 46,474
Restricted cash	3,661	3,338
Cash, cash equivalents and restricted cash, end of period	$ 45,181	$ 49,812	$ 59,550	$ 40,015

Financial Statement Details - I

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 33,351	$ 33,112
Raw materials and components	4,123	4,290
Total inventories	$ 37,474	$ 37,402

Financial Statement Details - P

Financial Statement Details - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rebate receivables	$ 3,715	$ 6,398
Receivables from contract manufacturers	1,553	2,626
Software licenses	2,021	1,261
Insurance	522	1,269
Deposits	960	1,023
Financed assets	1,014	323
Other	1,159	724
Total prepaid expenses and other	$ 10,944	$ 13,624

Financial Statement Details - A

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 1,828	$ 2,243
Payroll and related expenses	14,089	9,326
Warranty obligations	521	473
Professional fees	462	502
Bank overdrafts	350	370
Accrued interest	2,192	877
Contract liabilities	6,425	3,832
Operating lease liabilities	1,759	1,769
Accrued contract manufacturing liabilities	1,199	927
Liabilities related to financed assets	530	1,593
Value added tax payables	443	642
Other	2,687	3,699
Total accrued expenses and other current liabilities	$ 32,485	$ 26,253

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities
Interest make-whole payment	$ 300
Recurring
Assets
Total assets	126	$ 126
Liabilities
Total liabilities	317	926
Recurring | Interest make-whole provision
Liabilities
Interest make-whole payment	317	926
Recurring | Money market funds
Assets
Money market funds	126	126
Recurring | Level 1
Assets
Total assets	126	126
Liabilities
Total liabilities	0	0
Recurring | Level 1 | Interest make-whole provision
Liabilities
Interest make-whole payment	0	0
Recurring | Level 1 | Money market funds
Assets
Money market funds	126	126
Recurring | Level 3
Assets
Total assets	0	0
Liabilities
Total liabilities	317	926
Recurring | Level 3 | Interest make-whole provision
Liabilities
Interest make-whole payment	317	926
Recurring | Level 3 | Money market funds
Assets
Money market funds	$ 0	$ 0

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities - Binomial Lattice Model and Assumptions (Details) - Level 3 - Interest make-whole payment	3 Months Ended	12 Months Ended
	Mar. 31, 2022$ / shares	Dec. 31, 2021$ / shares
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.50	0.50
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price	$ 4.05	$ 5.83
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1553	0.1593
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	3 years 1 month 2 days	3 years 4 months 2 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0245	0.0102

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities - Activity in Level 3 Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Level 3 Liabilities
Beginning balance	$ 926
Additions	0
Conversions	0
Change in fair value	(609)
Ending balance	$ 317

Fair Value Measurement of Ass_6

Fair Value Measurement of Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	May 12, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on change in fair value of embedded derivative	$ 600
Interest make-whole payment	300
2025 Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest make-whole payment	317	$ 926
Carrying amount of debt	$ 161,898	$ 161,898	$ 180,400

Debt - Narrative (Details)

Debt - Narrative (Details)	May 12, 2020USD ($)	Mar. 31, 2022USD ($)trading_day$ / shares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Loss on debt conversion and extinguishment		$ 450,000	$ 432,000
2025 Notes
Debt Instrument [Line Items]
Debt conversion amount			$ 5,000,000
Conversion (shares) | shares			428,669
Shares in satisfaction of make-whole payment (shares) | shares			32,221
Loss on debt conversion and extinguishment			$ 400,000
Convertible Debt | 2025 Notes
Debt Instrument [Line Items]
Proceeds from completed registered offering	$ 100,000,000
Debt issued in exchange transaction	80,400,000
Stated interest rate of debt issued		3.25%
Principal amount per note		$ 1,000
Conversion ratio		79.2896
Conversion price ($ per share) | $ / shares		$ 12.61
Threshold percentage of stock price trigger		130.00%
Threshold of trading days | trading_day		20
Threshold of consecutive trading days | trading_day		30
Aggregate percentage of holders to declare notes due and payable in default event		25.00%
Percentage of principal and accrued interest that may be called in default event		100.00%
Percentage of principal and accrued interest that may be called in event of bankruptcy, insolvency or reorganization		100.00%
Stock price trigger (in dollars per share) | $ / shares		$ 10.51
Interest make-whole payment discount rate		1.00%
Principal amount	$ 180,400,000	$ 161,898,000		$ 161,898,000
Notes held by related parties		80,400,000		80,400,000
Accrued interest due to related parties		$ 1,100,000		$ 400,000
Effective interest rate		4.23%		4.06%

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	May 12, 2020
Debt Instrument [Line Items]
Interest make-whole payment	$ 300
2025 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal amount	161,898	$ 161,898	$ 180,400
Interest make-whole payment	317	926
Unamortized debt discount	(2,554)	(2,761)
Unamortized issuance costs	(2,032)	(2,197)
Net carrying amount	$ 157,629	$ 157,866

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - 2025 Notes - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 1,315	$ 1,287
Amortization of debt discount	207	208
Amortization of debt issuance costs	165	166
Total interest expense	$ 1,687	$ 1,661

Share-based Compensation - Expe

Share-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 11,199	$ 9,098
Cost of net revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	1,415	1,578
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	4,070	3,228
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	2,043	1,988
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 3,671	$ 2,304

Share-based Compensation - Acti

Share-based Compensation - Activity (Details)	3 Months Ended
	Mar. 31, 2022shares
Stock Options
Outstanding — beginning balance	8,085,793
Granted	1,302,500
Exercised	(130,790)
Canceled	(583,612)
Outstanding — ending balance	8,673,891
Exercisable — ending balance	4,931,898
RSUs
Restricted Stock Units
Non-vested — beginning balance	1,247,723
Granted	2,139,100
Vested	(1,892,613)
Forfeited	(50,700)
Non-vested — ending balance	1,443,510

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11,199	$ 9,098
2018 Omnibus Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan	8,897,084
RSUs with immediate vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,800	$ 7,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General term (in years)	10 years
Unrecognized expense	$ 11,100
Recognition period	2 years 11 months 19 days
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 5,900
Recognition period	3 years 4 months 2 days
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (25,884)	$ (18,040)
Weighted-average common shares outstanding, basic (in shares)	105,649,419	101,370,433
Weighted-average common shares outstanding, diluted (in shares)	105,649,419	101,370,433
Basic net income (loss) per share (in dollars per share)	$ (0.24)	$ (0.18)
Diluted net income (loss) per share (in dollars per share)	$ (0.24)	$ (0.18)

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	27,109,523	24,881,000

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	27,109,523	24,881,000
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	14,341,000	14,341,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	2,500,000	2,500,000
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	8,675,000	7,627,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	1,443,000	400,000
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	151,000	13,000

Private Placements and Public_2

Private Placements and Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2021	Jan. 25, 2021	Mar. 28, 2019
Class of Stock [Line Items]
Number of shares issued (in shares)	1,516,073
Purchase price (in dollars per share)	$ 20.11
Proceeds from sale of stock	$ 29.4
2019 Warrants
Class of Stock [Line Items]
Number of additional shares from warrants (in shares)			2,500,000
Initial exercise price of warrants (in dollars per share)			$ 7
Canaccord Genuity LLC
Class of Stock [Line Items]
Equity Distribution Agreement, maximum aggregate amount authorized for offer or sale		$ 40

Geographic Information and Co_3

Geographic Information and Concentrations of Risk - Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 61,384	$ 57,597
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	52,642	42,736
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	5,620	5,833
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	0	7,108
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 3,122	$ 1,920

Geographic Information and Co_4

Geographic Information and Concentrations of Risk - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net Revenues | Customer concentration risk | Customer one
Segment Reporting Information [Line Items]
Concentration percentage	37.30%	45.00%
Net Revenues | Customer concentration risk | Customer two
Segment Reporting Information [Line Items]
Concentration percentage	39.90%	15.80%
Accounts Receivable | Credit concentration risk | Customer one
Segment Reporting Information [Line Items]
Concentration percentage	33.00%		61.70%
Accounts Receivable | Credit concentration risk | Customer two
Segment Reporting Information [Line Items]
Concentration percentage	26.20%		12.60%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancellable purchase obligations	$ 169.1

Leases - Components (Details)

Leases - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, net	$ 7,699	$ 7,839
Current operating lease liabilities	1,759	1,769
Non-current operating lease liabilities	6,956	7,112
Total operating lease liabilities	$ 8,715	$ 8,881
Weighted-average remaining lease term (in years)	4 years 9 months 18 days	5 years
Weighted-average discount rate	9.10%	9.10%

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease costs	$ 610	$ 510

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating cash flows related to operating leases	$ 622	$ 535
Right-of-use assets obtained in exchange for operating leases liabilities	$ 79	$ 148

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remainder)	$ 1,918
2023	2,187
2024	2,019
2025	1,736
2026	1,727
2027	1,152
Thereafter	0
Total minimum operating lease payments	10,739
Less: amounts representing interest	(2,024)
Present value of net minimum operating lease payments	8,715	$ 8,881
Less: current portion	(1,759)	(1,769)
Long-term portion of operating lease obligations	$ 6,956	$ 7,112

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (322)	$ 221