Cambium Networks (CMBM) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	CMBM
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,405,076
Entity Current Reporting Status	Yes
Entity File Number	001-38952
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3800 Golf Road
Entity Address, Address Line Two	Suite 360
Entity Address, City or Town	Rolling Meadows
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60008
City Area Code	345
Local Phone Number	814-7600
Entity Incorporation State Country Code	E9
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.0001 par value
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 38,696	$ 48,162
Receivables, net of allowances of $577 and $540	98,207	89,321
Inventories, net	68,333	57,068
Recoverable income taxes	122	117
Prepaid expenses	10,792	11,857
Other current assets	7,557	6,464
Total current assets	223,707	212,989
Noncurrent assets
Property and equipment, net	11,521	11,271
Software, net	9,309	8,439
Operating lease assets	4,709	4,011
Intangible assets, net	8,799	9,173
Goodwill	9,842	9,842
Deferred tax assets, net	14,301	12,782
Other noncurrent assets	876	955
TOTAL ASSETS	283,064	269,462
Current liabilities
Accounts payable	29,537	31,284
Accrued liabilities	31,657	28,042
Employee compensation	6,991	7,394
Current portion of long-term external debt, net	3,160	3,158
Deferred revenues	8,761	8,913
Other current liabilities	13,667	8,429
Total current liabilities	93,773	87,220
Noncurrent liabilities
Long-term external debt, net	23,837	24,463
Deferred revenues	8,666	8,617
Noncurrent operating lease liabilities	2,723	2,170
Other noncurrent liabilities	1,529	1,619
Total liabilities	130,528	124,089
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2022 and March 31, 2023; 27,522,734 shares issued and 27,313,273 outstanding at December 31, 2022 and 27,618,271 shares issued and 27,397,342 outstanding at March 31, 2023	3	3
Additional paid in capital	142,009	138,997
Treasury shares, at cost, 209,461 shares at December 31, 2022 and 220,929 shares at March 31, 2023	(5,133)	(4,922)
Accumulated earnings	17,098	12,822
Accumulated other comprehensive loss	(1,441)	(1,527)
Total shareholders' equity	152,536	145,373
TOTAL LIABILITIES AND EQUITY	$ 283,064	$ 269,462

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances for receivables	$ 540	$ 577
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	27,618,271	27,522,734
Common stock, shares, outstanding	27,397,342	27,313,273
Treasury stock, shares	220,929	209,461

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 77,401	$ 61,896
Cost of revenues	37,741	32,730
Gross profit	39,660	29,166
Operating expenses
Research and development	14,262	12,942
Sales and marketing	11,670	10,429
General and administrative	6,667	6,544
Depreciation and amortization	1,496	1,446
Total operating expenses	34,095	31,361
Operating (loss) income	5,565	(2,195)
Interest expense, net	597	497
Other expense, net	154	77
(Loss) income before income taxes	4,814	(2,769)
(Benefit) provision for income taxes	538	(1,201)
Net (loss) income	$ 4,276	$ (1,568)
(Loss) earnings per share
Basic	$ 0.16	$ (0.06)
Diluted	$ 0.15	$ (0.06)
Weighted-average number of shares outstanding to compute net (loss) earnings per share
Basic	27,341,013	26,749,675
Diluted	28,452,855	26,749,675

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based compensation included in costs and expenses	$ 2,875	$ 2,420
Cost of Revenues
Share-based compensation included in costs and expenses	56	57
Research and Development
Share-based compensation included in costs and expenses	1,269	1,022
Selling and Marketing
Share-based compensation included in costs and expenses	700	627
General and Administrative
Share-based compensation included in costs and expenses	$ 850	$ 714

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 4,276	$ (1,568)
Other comprehensive loss
Foreign currency translation adjustment	86	(66)
Comprehensive (loss) income	$ 4,362	$ (1,634)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Shares	Accumulated (deficit) equity	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021	$ 112,137	$ 3	$ 124,117	$ (3,906)	$ (7,378)	$ (699)
Beginning balance, shares at Dec. 31, 2021		26,735,000
Net (loss) income	(1,568)				(1,568)
Share-based compensation	2,174		2,174
Issuance of vested shares		94,000
Treasury shares withheld for net settlement	(415)			(415)
Treasury shares withheld for net settlement, shares		(18,000)
Proceeds from exercise of share options	146		146
Proceeds from exercise of share options, shares		14,000
Foreign currency translation	(66)					(66)
Ending balance at Mar. 31, 2022	112,408	$ 3	126,437	(4,321)	(8,946)	(765)
Ending balance, shares at Mar. 31, 2022		26,825,000
Beginning balance at Dec. 31, 2022	145,373	$ 3	138,997	(4,922)	12,822	(1,527)
Beginning balance, shares at Dec. 31, 2022		27,313,273
Net (loss) income	4,276				4,276
Share-based compensation	2,625		2,625
Issuance of vested shares		44,706
Treasury shares withheld for net settlement	(211)			(211)
Treasury shares withheld for net settlement, shares		(12,000)
Proceeds from exercise of share options	$ 387		387
Proceeds from exercise of share options, shares	50,831	50,831
Foreign currency translation	$ 86					86
Ending balance at Mar. 31, 2023	$ 152,536	$ 3	$ 142,009	$ (5,133)	$ 17,098	$ (1,441)
Ending balance, shares at Mar. 31, 2023		27,397,342

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ 4,276	$ (1,568)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	1,058	870
Amortization of software and intangible assets	1,037	920
Amortization of debt issuance costs	75	77
Share-based compensation	2,875	2,420
Deferred income taxes	(1,519)	(1,373)
Provision for inventory excess and obsolescence	1,336	52
Other	(231)	81
Change in assets and liabilities:
Receivables	(8,973)	6,152
Inventories	(12,601)	(6,485)
Prepaid expenses	1,069	(578)
Accounts payable	(1,474)	(12,109)
Accrued employee compensation	(584)	(10,276)
Accrued liabilities	3,738	2,129
Other assets and liabilities	3,959	463
Net cash used in operating activities	(5,959)	(19,225)
Cash flows from investing activities:
Purchase of property and equipment	(1,569)	(714)
Purchase of software	(1,537)	(1,068)
Net cash used in investing activities	(3,106)	(1,782)
Cash flows from financing activities:
Repayment of term loan	(656)
Taxes paid from shares withheld	(148)	(42)
Proceeds from share option exercises	387	146
Net cash provided by (used in) financing activities	(417)	104
Effect of exchange rate on cash	16	9
Net (decrease) increase in cash	(9,466)	(20,894)
Cash, beginning of period	48,162	59,291
Cash, end of period	38,696	38,397
Supplemental disclosure of cash flow information:
Income taxes paid	204	116
Interest paid	$ 412	$ 95

Business and Significant Accoun

Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Business and significant accounting policies	Note 1. Business and significant accounting policies Business Cambium Networks Corporation (“Cambium” or “Cambium Networks” or the “Company”), incorporated under the laws of the Cayman Islands, is a holding company whose principal operating entities are Cambium Networks, Ltd. (UK), Cambium Networks, Inc. (USA), and Cambium Networks Private Limited (India). On June 26, 2019, the Company completed an Initial Public Offering and the Company's ordinary shares began trading on the Nasdaq Global Markets. Cambium Networks Corporation and its wholly owned subsidiaries design, develop, and manufacture wireless broadband and Wi-Fi networking infrastructure solutions that are used by businesses, governments, and service providers in urban, suburban and rural environments. Cambium's products simplify and automate the design, deployment, optimization, and management of broadband and Wi-Fi access networks through intelligent automation. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2023, and for the three-month periods ended March 31, 2022 and 2023, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of March 31, 2023 and results of operations for the three-month periods ended March 31, 2022 and 2023 and cash flows for the three-month periods ended March 31, 2022 and 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K and filed with the SEC on February 27, 2023. The results of operations for the three-month period ended March 31, 2023 are not necessarily indicative of the operating results to be expected for the full year. In 2022, management determined that certain costs previously included as general and administrative expenses related to other functions of the business. Prior periods have been revised to reflect the allocation of these costs to their respective functions. These costs primarily include facility costs such as leased space and shared IT costs. Revisions were made to increase research and development expense by $ 0.8 million and selling and marketing expense by $ 0.3 million and decrease general and administrative expense by $ 1.1 million for the three-month period ended March 31, 2022. Update to Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in the 2022 Form 10-K, Part II, Item 8.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance sheet components	Note 2 . Balance sheet components Inventories, net Inventories, net consisted of the following (in thousands): December 31, March 31, 2022 2023 Finished goods $ 50,052 $ 60,211 Raw materials 15,010 17,244 Gross inventory 65,062 77,455 Less: Excess and obsolete provision ( 7,994 ) ( 9,122 ) Inventories, net $ 57,068 $ 68,333 Accrued liabilities Accrued liabilities consisted of the following (in thousands): December 31, March 31, 2022 2023 Accrued goods and services $ 10,633 $ 12,092 Accrued inventory purchases 3,189 5,867 Accrued customer rebates 13,797 13,225 Other 423 473 Accrued liabilities $ 28,042 $ 31,657 Accrued warranty Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands): Year ended Three Months ended March 31, 2022 2023 Beginning balance $ 1,731 $ 1,651 Fulfillment of assumed acquisition warranty ( 142 ) ( 154 ) Provision increase (decrease), net 62 ( 40 ) Ending balance $ 1,651 $ 1,457 At March 31, 2023, $ 1.2 million is included in Other current liabilities and $ 0.2 million is included in Other noncurrent liabilities on the Company’s condensed consolidated balance sheet.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and equipment	Note 3 . Property and equipment Property and equipment, net consisted of the following (in thousands): December 31, March 31, Useful Life 2022 2023 Equipment and tooling 3 to 5 years $ 33,026 $ 34,051 Computer equipment 3 to 5 years 4,572 4,832 Furniture and fixtures 10 years 809 814 Leasehold improvements 2 to 3 years 472 520 Total cost 38,879 40,217 Less: Accumulated depreciation ( 27,608 ) ( 28,696 ) Property and equipment, net $ 11,271 $ 11,521 Total depreciation expense was $ 0.9 million and $ 1.1 million for the three-month periods ended March 31, 2022 and 2023, respectively.

Software

Software	3 Months Ended
	Mar. 31, 2023
Research and Development [Abstract]
Software	Note 4 . Software Software consisted of the following (in thousands): December 31, 2022 March 31, 2023 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance Acquired and Software for internal use 3 to 7 years $ 15,995 $ ( 15,326 ) $ 669 $ 16,059 $ ( 15,391 ) $ 668 Software marketed for external sale 3 years 11,650 ( 3,880 ) 7,770 13,120 ( 4,479 ) 8,641 Total $ 27,645 $ ( 19,206 ) $ 8,439 $ 29,179 $ ( 19,870 ) $ 9,309 Amortization of acquired and internal use software is computed using the straight-line method over an estimated useful life of generally three to seven years . Amortization expense recognized on acquired and internal use software is reflected in depreciation and amortization in the condensed consolidated statements of operations. Amortization expense was $ 0.2 million and $ 0.1 million for the three-month periods ended March 31, 2022 and 2023, respectively. Amortization expense recognized on software to be sold or marketed externally was $ 0.3 million and $ 0.6 million for the three-month periods ended March 31, 2022 and 2023, respectively, and is included in cost of revenues on the condensed consolidated statements of operations. Based on capitalized software assets at March 31, 2023, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands): Year ending December 31, Acquired and internal use software Software Total 2023 (April - December) 253 2,332 2,585 2024 190 3,259 3,449 2025 140 2,240 2,380 2026 79 810 889 2027 6 — 6 Thereafter — — — Total amortization $ 668 $ 8,641 $ 9,309

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Note 5 . Goodwill and Intangible Assets There was no change in the carrying amount of goodwill during the three-month period ended March 31, 2023 (unaudited). The Company tests goodwill and intangible assets for impairment annually on December 31 and more frequently if impairment indicators exist. Accordingly, the Company performs quarterly qualitative assessments of significant events and circumstances such as a reporting unit’s historical and current results, assumptions regarding future performance, strategic initiatives and overall economic factors, including the impact of the current global outbreak of COVID-19 and macro-economic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of the reporting unit or intangible asset is less than their carrying value. If indicators of impairment are identified, a quantitative impairment test is performed. The qualitative assessment for the quarter did not indicate the existence of impairment indicators. Based on the operating results for the three-month period ended March 31, 2023 and other considerations, the Company believes that it is more likely than not that the enterprise value for its one reporting unit and the fair value of intangibles is still greater than their carrying values. Accordingly, no goodwill impairment indicators were present at March 31, 2023 that would necessitate an interim impairment assessment. The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands): December 31, 2022 March 31, 2023 Useful Life Gross Accumulated Net balance Gross Accumulated Net balance Customer 5 - 18 years 19,300 ( 10,127 ) 9,173 19,300 ( 10,501 ) 8,799 Total $ 19,300 $ ( 10,127 ) $ 9,173 $ 19,300 $ ( 10,501 ) $ 8,799 Intangible assets are amortized over their expected useful life and none are expected to have a significant residual value at the end of their useful life. Intangible assets amortization expense was $ 0.4 million and $ 0.4 million for the three-month periods ended March 31, 2022 and 2023, respectively. Based on capitalized intangible assets as of March 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2023 (April - December) 1,124 2024 1,498 2025 1,498 2026 1,498 2027 1,498 Thereafter 1,683 Total amortization $ 8,799

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 6 . Debt As of March 31, 2023, the Company had $ 27.4 million outstanding under its current term loan facility and $ 0.0 million outstanding under its revolving credit facility. The Company has available $ 45.0 million under its revolving credit facility (unaudited). The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2022 and March 31, 2023 (in thousands): December 31, March 31, 2022 2023 Term loan facility $ 28,031 $ 27,375 Less debt issuance costs ( 410 ) ( 378 ) Total debt 27,621 26,997 Less current portion of term facility ( 3,281 ) ( 3,281 ) Current portion of debt issuance costs 123 121 Total long-term external debt, net $ 24,463 $ 23,837 Secured credit agreement The Company is currently operating under its credit agreement entered into on November 17, 2021 with Bank of America ("BofA Credit Agreement") which provides for the provisions of loans and other financial accommodations in an aggregate principal amount of up to $ 75.0 million in the form of (i) a five-year term loan facility (the "Term Facility") in the amount of $ 30.0 million and (ii) a five-year revolving credit facility (the "Revolving Facility") in the amount of $ 45.0 million, including a $ 5.0 million sublimit for the issuance of letters of credit and a $ 5.0 million sublimit for swingline loans. On November 17, 2021, the Company borrowed $ 30.0 million as a Eurodollar Rate loan. Both the Term Facility and the Revolving Facility mature on November 17, 2026 . Interest accrues on the outstanding principal amount of the Term and Revolving Facilities on a quarterly basis and is equal to a base rate equal to the rate per annum determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate as selected by the Company, plus an applicable margin between 1.75 % to 2.25 % as determined by the Company’s performance as measured by the consolidated leverage ratio. At March 31, 2023 the applicable margin was 1.75 % and the effective interest rate on the term loan was 7.12 % . In addition to paying interest on the outstanding principal under the term loan facility, the Company is required to pay a quarterly commitment fee on the unutilized commitments under the revolving credit facility ranging from 0.20 % to 0.25 % as determined by the Company's performance as measured by the consolidated leverage ratio. The commitment fee was 0.20 % at March 31, 2023. The Company is also required to pay letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBOR-based borrowings under the revolving credit facility on a per annum basis, payable in arrears, as well as fronting fees for the issuance of letters of credit and agency fees. The Company is required to make quarterly principal payments of $ 0.7 million, with the remaining principal due on maturity on November 17, 2026 . The Company is required to pay interest quarterly on the outstanding balance. The Company is permitted to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans under the BofA Credit Agreement at any time without premium or penalty. Maturities on the external debt outstanding at March 31, 2023 is as follows (unaudited and in thousands): Year ending December 31, 2023 (April - December) 1,969 2024 2,625 2025 2,625 2026 19,500 Total $ 26,719 Borrowings under the BofA Credit Agreement are secured by a first-priority lien on substantially all of the Company’s assets, the equity interests in certain of the Company’s subsidiaries, and any intercompany debt. The Credit Agreement contains certain customary affirmative and negative covenants that are usual and customary for companies with similar credit ratings. As of March 31, 2023, the Company was in compliance with all affirmative and negative covenants (unaudited). Net int erest expense, including bank charges and amortization of debt issuance costs on the external debt, was $ 0.5 million and $ 0.6 million for the three-month periods ended March 31, 2022 and 2023, respectively. Expected Discontinuation of LIBOR In July 2017, the United Kingdom’s Financial Conduct Authority, or FCA, which regulates LIBOR, announced it will no longer compel banks to submit rates for the calculation of LIBOR after 2021. On December 31, 2021, the 1-week and 2-month US Dollar LIBOR ceased, and the remaining five US Dollar LIBOR tenors (overnight and 1-month, 3-month, 6-month and 12-month) will cease on June 30, 2023 . The base interest rate on the Company’s BofA Credit Agreement may be determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate, as selected by the Company. The BofA Credit Agreement matures on November 17, 2026 , which is subsequent to the cessation of all tenors of the US Dollar LIBOR rate. The Company is evaluating the potential impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates, including SOFR. Eurodollar loans under the BofA Credit Agreement are currently indexed to the Eurodollar Rate (the rate equivalent to LIBOR). The BofA Credit Agreement contemplates the discontinuation of LIBOR and provides that a benchmark replacement rate shall be determined by reference to other applicable rates and additionally allows for the Company to switch to a Base Rate Loan, as defined in the BofA Credit Agreement. The Company does not believe that the transition will have a material effect on the consolidated financial statement or impact our ability to borrow under the current credit agreement.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee benefit plans	Note 7 . Employee benefit plans The Company’s employee benefit plans currently consist of a retirement plan in the United States and a separate defined contribution plan in the UK. The Company does not offer any other postretirement benefit plans, such as retiree medical and dental benefits or deferred compensation agreements to its employees or officers. U.S. plan U.S. employees that satisfy certain eligibility requirements, including requirements related to age and length of service, are eligible to participate in the Cambium Networks, Inc. 401(k) Plan. The plan is intended to qualify as a tax-qualified 401(k) plan so that contributions to the 401(k) plan, and income earned on such contributions, are not taxable to participants until withdrawn or distributed from the 401(k) plan. Under the 401(k) plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee as directed by participants. Under the Cambium Networks, Inc. 401(k) Plan, the Company matches 100 % of employee contributions to the 401(k) plan up to a maximum amount of 4 % of eligible wages, which matching contributions are subject to vesting in equal annual increments over two years of service. All contributions, including the Company match, are made in cash. Contributions made by the Company under the Cambium Networks, Inc. 401(k) Plan were $ 0.5 million and $ 0.4 million for the three-month periods ended March 31, 2022 and 2023, respectively. UK plan UK employees who satisfy certain eligibility requirements are eligible to participate in the Cambium Networks Ltd. Stakeholder Pension Scheme, which is a qualified defined contribution plan. Employees are eligible to participate on the first of the month following receipt of their enrollment form, and eligible employees are automatically enrolled in the plan at a default employee contribution rate of 3 % of eligible compensation and a company contribution rate of 5 % of the employee’s basic salary. The Company contribution rate increases by 1 % for each additional 1% that the employee contributes up to a maximum of 7 %. Company matching contributions vest immediately and employees are always vested in their own contributions. All contributions, including the Company match, are made in cash and deposited in the participant’s account each pay period. The total contributed by the Company under this plan was $ 0.1 million and $ 0.1 million for the three-month periods ended March 31, 2022 and 2023, respectively.

Other Expense (Income), Net

Other Expense (Income), Net	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other Expense (Income), Net	Note 8 . Other expense (income), net Net other expense was $ 0.1 million and $ 0.2 million for the three-month periods ended March 31, 2022 and 2023, respectively. Other expense, net represents foreign exchange gains and losses.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Note 9 . Share-based compensation 2019 Share incentive plan In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the 2019 Share Incentive Plan (“2019 Plan”). The 2019 Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards (“RSAs”), restricted share units (“RSUs”), other share-based awards and performance awards. The share reserve under the 2019 Plan is automatically increased on the first day of each fiscal year, beginning with the fiscal year ended December 31, 2020 and continuing until, and including, the fiscal year ending December 31, 2029. The number of shares added annually is equal to the lowest of 1,320,000 shares, 5 % of the number of the Company’s shares outstanding on the first day of such fiscal year, or an amount determined by the Board of Directors. On March 1, 2023, the Company registered 1,320,000 additional shares that may be issued under the 2019 Plan. The Company’s employees, officers, directors, consultants, and advisors are eligible to receive awards under the 2019 Plan. Incentive share options, however, may only be granted to the Company's employees. The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the three-month period ended March 31, 2023 (unaudited): Number of shares Available for grant at December 31, 2022 2,000,364 Added to 2019 Share Incentive Plan 1,320,000 RSUs granted ( 15,935 ) Shares withheld in settlement of taxes and/or exercise price 11,468 Forfeitures 7,661 Available for grant at March 31, 2023 3,323,558 For the three-month periods ended March 31, 2022 and 2023, the Company recorded corresponding income tax benefits of $ 0.1 million and $ 0.1 million, respectively. As of March 31, 2023, the Company estimates the pre-tax unrecognized compensation expense of $ 20.6 million, net of estimated forfeitures, related to all unvested share-based awards, including share options and restricted share units will be recognized through the firs t quarter of 2027. The Company expects to satisfy the exercise of share options and future distributions of shares for restricted share units by issuing new ordinary shares that have been reserved under the 2019 Plan. The Company uses the Black-Scholes option pricing model to estimate the fair value of share options. The Company utilized a forfeiture rate of 8.2 % during the three-month period ended March 31, 2023 for estimating the forfeitures of share options and restricted share units granted. Share options Share options typically have a contractual term of ten years from grant date and typically vest over a four-year period. The following is a summary of option activity for the Company’s share incentive plans for the three-month period ended March 31, 2023 (unaudited): Options Weighted Weighted Aggregate Outstanding at December 31, 2022 3,395,219 $ 13.83 7.6 $ 28,985,969 Options exercised ( 50,831 ) $ 8.44 — $ — Options forfeited ( 1,187 ) $ 12.00 — $ — Outstanding at March 31, 2023 3,343,201 $ 13.91 7.4 $ 15,632,159 Options exercisable at March 31, 2023 1,925,300 $ 12.58 6.6 $ 11,296,025 Options vested and expected to vest at March 31, 2023 3,297,666 $ 13.89 7.4 $ 15,459,280 At March 31, 2023, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $ 11.3 million. The Company had 50,831 options exercised during the three-month period ended March 31, 2023. At March 31, 2023, there was $ 10.7 million in unrecognized pre-tax share-based compensation expense, net of estimated forfeitures, related to unvested share option awards. The unrecognized share-based compensation expense is expected to be recognized through the third quarter of 2026. For the three-month periods ended March 31, 2022 and 2023, there were no shares options granted in either period. Restricted shares Restricted shares typically vest over a four-year period. The following is a summary of restricted shares activity for the Company’s share incentive plan for the three-month period ended March 31, 2023 (unaudited): Units Weighted RSU balance at December 31, 2022 696,990 $ 18.22 RSUs granted 15,935 $ 20.63 RSUs vested ( 44,706 ) $ 17.98 RSUs forfeited ( 6,474 ) $ 17.92 RSU balance at March 31, 2023 661,745 $ 18.29 During the three-month period ended March 31, 2023, 15,935 RSUs were granted under the Company’s 2019 Share Incentive Plan and 44,706 RSUs vested. The Company withheld 11,468 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. As of March 31, 2023, there was $ 9.9 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested restricted share units. The unrecognized compensation expense is expected to be recognized through the first quarter of 2027. Employee share purchase plan In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the Employee Share Purchase Plan (“ESPP”). The ESPP was effective on June 25, 2019, and the initial offering period of six-months commenced on January 1, 2021. The current offering period of six months commenced on January 1, 2023 and runs through June 30, 2023. The purchase price of the shares is 85 % of the lower of the fair market value of the Company’s ordinary shares on the first trading day of the offering period and the purchase date. The ESPP includes an annual increase to the shares available for sale on the first day of each fiscal year beginning in 2020, equal to the lesser of: 275,000 shares, 1 % of the outstanding shares as of the last day of the immediately preceding fiscal year, or such other amount as the administrator may determine. The Company registered 273,133 additional shares on March 1, 2023. For the three-month periods ended March 31, 2022 and 2023, the Company recognized $ 0.2 million and $ 0.3 million, respectively, of share-based compensation expense related to the ESPP.

Share Capital - Shares

Share Capital - Shares	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Share Capital - Shares	Note 10. Share capital - shares The following table reflects the share capital activity (unaudited): Number of Par value Balance at December 31, 2022 27,313,273 $ 3 Issuance of vested shares 44,706 — Share options exercised 50,831 — Shares withheld for net settlement of shares issued ( 11,468 ) — Balance at March 31, 2023 27,397,342 $ 3 As of March 31, 2023, no dividends have been declared or paid.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 11. Earnings per share Basic net earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period. For purposes of this calculation, share options, RSUs, and ESPP awards are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings per share when including them would have an anti-dilutive effect. The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data): Three Months Ended March 31, 2022 2023 Numerator: Net (loss) income $ ( 1,568 ) $ 4,276 Denominator: Basic weighted average shares outstanding 26,749,675 27,341,013 Dilutive effect of share option awards — 846,656 Dilutive effect of restricted share units and restricted share awards — 265,160 Dilutive effect of employee share purchase plan — 26 Diluted weighted average shares outstanding 26,749,675 28,452,855 Net (loss) earnings per share, basic $ ( 0.06 ) $ 0.16 Net (loss) earnings per share, diluted $ ( 0.06 ) $ 0.15 In the computation of diluted earnings per share for the three-month period ended March 31, 2022, the Company did not include any share equivalents because their inclusion would have been antidilutive. In the computation of diluted earnings per share for the three-month period ended March 31, 2023, 1,202,805 ordinary share equivalents were excluded because their inclusion would have been antidilutive.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Note 12. Income taxes The Company’s provision for income taxes is based upon the estimated annual tax rate for the year applied to federal, state and foreign income. The Company recorded a benefit for income taxes of $ 1.2 million for the three-month period ended March 31, 2022 and a provision for income taxes of $ 0.5 million for the three-month period ended March 31, 2023, with an effective tax rate of 43.4 % and 11.2 %, respectively. In the three-month period ended March 31, 2022, the effective tax rate of 43.4 % was different from the statutory rate of 21.0 %, primarily due to tax benefits arising on Research and Development tax credits, Foreign Derived Intangible Income, and the revaluing of UK deferred tax assets at a higher future tax rate. For the three-month period ended March 31, 2023, the Company’s effective tax rate of 11.2 % was different from the statutory rate of 21.0 %, primarily due to Foreign Derived Intangible Income and tax benefits arising on Research and Development tax credits. In applying the statutory tax rate in the effective income tax rate reconciliation, the Company used the statutory U.S. federal income tax rate of 21 % rather than the Cayman Islands zero percent rate. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and, therefore, the need for a valuation allowance on a quarterly basis.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 13. Commitments and contingencies In accordance with ASC 460, Guarantees , the Company recognizes the fair value for guarantee and indemnification arrangements it issues or modifies, if these arrangements are within the scope of the interpretation. In addition, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has incurred. If the Company determines it is probable that a loss has occurred, then any such estimated loss would be recognized under those guarantees and indemnifications and would be recognized in the Company’s condensed consolidated statements of operations and corresponding condensed consolidated balance sheets during that period. Indemnification The Company generally indemnifies its customers against claims brought by a third party to the extent any such claim alleges that the Company’s product infringes a patent, copyright or trademark or violates any other proprietary rights of that third party. The maximum potential amount of future payments the Company may be required to make under these indemnification agreements is not estimable. The Company indemnifies its directors and officers and select key employees, including key employees serving as directors or officers of the Company’s subsidiaries, for certain events or occurrences, subject to certain limits, while the director or officer is or was serving at the Company’s request in such capacity. The term of the indemnification period is for the director’s or officer’s term of service. The Company may terminate the indemnification agreements with its directors, officers or key employees upon the termination of their services as directors or officers of the Company or its subsidiaries, or the termination of activities for which indemnification has been provided, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that limits its exposure. The Company believes the fair value of these indemnification agreements is minimal. Purchase commitments with contract manufacturers and suppliers We purchase components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory and components based upon criteria as defined by us, such as forecasted demand. The Company may be liable to purchase excess product or aged material or components from our suppliers following reasonable mitigation efforts. Warranties The Company offers a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. The Company’s responsibility under its standard warranty is the repair or replacement of in-warranty defective product, or to credit the purchase price of the defective product, at its discretion, without charge to the customer. The Company’s estimate of future warranty costs is largely based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. The standard warranty is included in either Other current liabilities or Other noncurrent liabilities on its condensed consolidated balance sheets, depending on the time period covered by the warranty. The Company also offers an extended warranty for purchase that represents a future performance obligation for the Company. The extended warranty is included in deferred revenues (both current and noncurrent) on the condensed consolidated balance sheets and recognized on a straight-line basis over the term of the extended warranty. The warranty costs are reflected in the Company’s condensed consolidated statements of operations within cost of revenues. Legal proceedings Third parties may from time to time assert legal claims against the Company. The Company records accruals for loss contingencies to the extent that it concludes it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a regular basis, developments in legal proceedings and other matters that could cause a change in amounts recorded. Due to the inherent uncertainty involving legal matters, the ultimate resolution could differ from amounts recorded. There is no pending or threatened legal proceedings to which the Company is a party, that in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment information	Note 14. Segment information The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company determined that it operates as one operating segment and one reporting unit.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues from contracts with customers	Note 15. Revenues from contracts with customers Revenues consist primarily of revenues from the sale of hardware products with essential embedded software. Revenues also include amounts for software products, extended warranty on hardware products and subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers and systems integrators. The Company recognizes revenue to reflect the transfer of control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for products or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, and purchased extended warranty on hardware products have been identified as separate and distinct performance obligations. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and co-operative marketing allowances. The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with essential embedded software is recognized when control of the asset is transferred, which is typically at the time of shipment. Revenue from perpetual license software is recognized at the point in time that the customer is able to use or benefit from the software. Extended warranty on hardware products is a performance obligation that is satisfied over time, beginning on the effective date of the warranty period and ending on the expiration of the warranty period. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from software subscriptions is recognized ratably over the term in which the services are provided and the performance obligation is satisfied. The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware products and extended warranty. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis for each distinct product or service in the contract. The best evidence of standalone selling price is the observable price of a product or service when the Company sells that product or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the transaction price allocated to each performance obligation using the expected costs plus a margin approach. Disaggregation of revenues Revenues by product category were as follows (unaudited and in thousands, except percentages): Three Months Ended March 31, 2022 2023 Point-to-Multi-Point $ 30,926 50 % $ 22,292 29 % Point-to-Point 14,714 24 % 18,008 23 % Enterprise 15,508 25 % 35,656 46 % Other 748 1 % 1,445 2 % Total Revenues $ 61,896 100 % $ 77,401 100 % In the above table, the Company has renamed the Wi-Fi product category to Enterprise to more accurately represent the products and services included in this product category, which includes Wi-Fi, switching and software subscriptions. The Company’s products are predominately sold through third-party distributors, and distributed through a third-party logistics provider with facilities in the United States, Netherlands and China. The Company has determined the geographical distribution of product revenues based upon the ship-to destinations specified by its distributor customers. Revenues by geography were as follows (unaudited and in thousands, except percentages): Three Months Ended March 31, 2022 2023 North America $ 28,321 46 % $ 47,593 62 % Europe, Middle East and Africa 20,332 33 % 19,708 25 % Caribbean and Latin America 5,084 8 % 3,685 5 % Asia Pacific 8,159 13 % 6,415 8 % Total Revenues $ 61,896 100 % $ 77,401 100 % Contract balances The following table summarizes contract balances as of December 31, 2021 and March 31, 2023 (in thousands): December 31, 2022 March 31, 2023 Trade accounts receivable, net of allowance for credit losses $ 89,181 $ 98,020 Deferred revenue - current 8,913 8,761 Deferred revenue - noncurrent 8,617 8,666 Refund liability $ 3,186 $ 6,740 Deferred revenue consists of amounts due or received from customers in advance of the Company satisfying performance obligations under contractual arrangements. Deferred revenue is classified as current or noncurrent based on the timing of when revenue will be recognized. The changes in deferred revenue were due to normal timing differences between the Company’s performance and the customers’ payment. The refund liability is the estimated amount expected to be refunded to customers in relation to product exchanges made as part of the Company’s stock rotation program and returns that have been authorized, but not yet received by the Company. It is included within Other current liabilities in the condensed consolidated balance sheets. Receivables and concentration of credit risk Trade accounts receivable represents amounts for which the Company has an unconditional right to payment. Amounts are in accordance with contractual terms and are recorded at face amount less an allowance for credit losses. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivables. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity indicators for individual customers. The Company considers the credit risk of all customers and regularly monitors credit risk exposure in its trade receivables. The Company’s standard credit terms with its customers are generally net 30 to 60 days . The Company had one customer representing more than 10 % of trade receivables at December 31, 2022 and one customer representing more than 10 % of trade receivables at March 31, 2023 . Remaining performance obligations Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2022, deferred revenue (current and noncurrent) of $ 17.5 million represents the Company’s remaining performance obligations, of which $ 8.9 million is expected to be recognized within one year , with the remainder to be recognized thereafter. As of March 31, 2023, deferred revenue (current and noncurrent) of $ 17.4 million represents the Company’s remaining performance obligations, of which $ 8.8 million is expected to be recognized within one year , with the remainder to be recognized thereafter (unaudited). Revenue recognized during the three-month period ended March 31, 2023 which was previously included in deferred revenues as of December 31, 2022 was $ 3.4 million, compared to $ 2.2 million of revenue recognized during the three-month period ended March 31, 2022, which was previously included in deferred revenues as of December 31, 2021 (unaudited). Cost to obtain a contract Sales commissions are incremental costs of obtaining a contract. The Company has elected to recognize these expenses as incurred, as the amortization period of these costs is one year or less.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 16. Leases The Company has operating leases for offices, vehicles and equipment. Leases with a term of 12 months or less are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term. Right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s lease payments are typically fixed or contain fixed escalators. The Company’s leases typically include certain lock-in periods and renewal options to extend the lease, but does not consider options to extend the lease it is not reasonably certain to exercise. The Company elected the practical expedient to not separate the lease and non-lease components of its leases and currently has no leases with options to purchase the leased property. The components of lease expense were as follows and are included in general and administrative expense (unaudited and in thousands): Three Months Ended March 31, 2022 2023 Operating lease cost $ 609 $ 572 Short-term lease cost 134 99 Variable lease costs 143 161 Total lease expense $ 886 $ 832 Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate): Balance Sheet Caption December 31, 2022 March 31, 2023 Operating leases: Operating lease assets Operating lease assets $ 4,011 $ 4,709 Current lease liabilities Other current liabilities $ 1,930 $ 2,064 Noncurrent lease liabilities Noncurrent operating lease liabilities $ 2,170 $ 2,723 Weighted average remaining lease term (years): Operating leases 2.67 3.11 Weighted average discount rate: Operating leases 6.11 % 6.24 % Supplemental cash flow information related to leases were as follows (unaudited and in thousands): Three Months Ended March 31, 2022 2023 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 674 $ 599 The Company’s current lease terms range from one to five years and may include options to extend the lease by one to four years . Remaining maturities on lease liabilities as of March 31, 2023 is as follows (unaudited and in thousands): Operating leases 2023 (April - December) 1,725 2024 1,435 2025 1,057 2026 635 2027 254 Thereafter 151 Total lease payments 5,257 Less: interest 470 Present value of lease liabilities $ 4,787 As of March 31, 2023, the Company does not have any leases that have not yet commenced.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 17. Related party transactions The Company follows ASC 850, Related Party Disclosures , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal. For the three-month period ended March 31, 2022 and 2023, the Company did no t have any material related party transactions to disclose (unaudited).

Business and Significant Acco_2

Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2023, and for the three-month periods ended March 31, 2022 and 2023, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of March 31, 2023 and results of operations for the three-month periods ended March 31, 2022 and 2023 and cash flows for the three-month periods ended March 31, 2022 and 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K and filed with the SEC on February 27, 2023. The results of operations for the three-month period ended March 31, 2023 are not necessarily indicative of the operating results to be expected for the full year. In 2022, management determined that certain costs previously included as general and administrative expenses related to other functions of the business. Prior periods have been revised to reflect the allocation of these costs to their respective functions. These costs primarily include facility costs such as leased space and shared IT costs. Revisions were made to increase research and development expense by $ 0.8 million and selling and marketing expense by $ 0.3 million and decrease general and administrative expense by $ 1.1 million for the three-month period ended March 31, 2022.
Update to Significant Accounting Policies	Update to Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in the 2022 Form 10-K, Part II, Item 8.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories, Net	Inventories, net consisted of the following (in thousands): December 31, March 31, 2022 2023 Finished goods $ 50,052 $ 60,211 Raw materials 15,010 17,244 Gross inventory 65,062 77,455 Less: Excess and obsolete provision ( 7,994 ) ( 9,122 ) Inventories, net $ 57,068 $ 68,333
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): December 31, March 31, 2022 2023 Accrued goods and services $ 10,633 $ 12,092 Accrued inventory purchases 3,189 5,867 Accrued customer rebates 13,797 13,225 Other 423 473 Accrued liabilities $ 28,042 $ 31,657
Schedule of Change to Accrued Warranty	Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands): Year ended Three Months ended March 31, 2022 2023 Beginning balance $ 1,731 $ 1,651 Fulfillment of assumed acquisition warranty ( 142 ) ( 154 ) Provision increase (decrease), net 62 ( 40 ) Ending balance $ 1,651 $ 1,457

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): December 31, March 31, Useful Life 2022 2023 Equipment and tooling 3 to 5 years $ 33,026 $ 34,051 Computer equipment 3 to 5 years 4,572 4,832 Furniture and fixtures 10 years 809 814 Leasehold improvements 2 to 3 years 472 520 Total cost 38,879 40,217 Less: Accumulated depreciation ( 27,608 ) ( 28,696 ) Property and equipment, net $ 11,271 $ 11,521

Software (Tables)

Software (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of Carrying Amount and Amortization of Software and Intangible Assets	The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands): December 31, 2022 March 31, 2023 Useful Life Gross Accumulated Net balance Gross Accumulated Net balance Customer 5 - 18 years 19,300 ( 10,127 ) 9,173 19,300 ( 10,501 ) 8,799 Total $ 19,300 $ ( 10,127 ) $ 9,173 $ 19,300 $ ( 10,501 ) $ 8,799
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized intangible assets as of March 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2023 (April - December) 1,124 2024 1,498 2025 1,498 2026 1,498 2027 1,498 Thereafter 1,683 Total amortization $ 8,799
Capitalized Software Assets
Schedule of Carrying Amount and Amortization of Software and Intangible Assets	Software consisted of the following (in thousands): December 31, 2022 March 31, 2023 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance Acquired and Software for internal use 3 to 7 years $ 15,995 $ ( 15,326 ) $ 669 $ 16,059 $ ( 15,391 ) $ 668 Software marketed for external sale 3 years 11,650 ( 3,880 ) 7,770 13,120 ( 4,479 ) 8,641 Total $ 27,645 $ ( 19,206 ) $ 8,439 $ 29,179 $ ( 19,870 ) $ 9,309
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized software assets at March 31, 2023, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands): Year ending December 31, Acquired and internal use software Software Total 2023 (April - December) 253 2,332 2,585 2024 190 3,259 3,449 2025 140 2,240 2,380 2026 79 810 889 2027 6 — 6 Thereafter — — — Total amortization $ 668 $ 8,641 $ 9,309

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount and Amortization of Software and Intangible Assets	The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands): December 31, 2022 March 31, 2023 Useful Life Gross Accumulated Net balance Gross Accumulated Net balance Customer 5 - 18 years 19,300 ( 10,127 ) 9,173 19,300 ( 10,501 ) 8,799 Total $ 19,300 $ ( 10,127 ) $ 9,173 $ 19,300 $ ( 10,501 ) $ 8,799
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized intangible assets as of March 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2023 (April - December) 1,124 2024 1,498 2025 1,498 2026 1,498 2027 1,498 Thereafter 1,683 Total amortization $ 8,799

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Current and Noncurrent Portions of External Debt Facilities	The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2022 and March 31, 2023 (in thousands): December 31, March 31, 2022 2023 Term loan facility $ 28,031 $ 27,375 Less debt issuance costs ( 410 ) ( 378 ) Total debt 27,621 26,997 Less current portion of term facility ( 3,281 ) ( 3,281 ) Current portion of debt issuance costs 123 121 Total long-term external debt, net $ 24,463 $ 23,837
Schedule of Maturities on External Debt Outstanding	Maturities on the external debt outstanding at March 31, 2023 is as follows (unaudited and in thousands): Year ending December 31, 2023 (April - December) 1,969 2024 2,625 2025 2,625 2026 19,500 Total $ 26,719

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Changes in Number of Shares Available for Grant	The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the three-month period ended March 31, 2023 (unaudited): Number of shares Available for grant at December 31, 2022 2,000,364 Added to 2019 Share Incentive Plan 1,320,000 RSUs granted ( 15,935 ) Shares withheld in settlement of taxes and/or exercise price 11,468 Forfeitures 7,661 Available for grant at March 31, 2023 3,323,558
Summary of Stock Option Activity	The following is a summary of option activity for the Company’s share incentive plans for the three-month period ended March 31, 2023 (unaudited): Options Weighted Weighted Aggregate Outstanding at December 31, 2022 3,395,219 $ 13.83 7.6 $ 28,985,969 Options exercised ( 50,831 ) $ 8.44 — $ — Options forfeited ( 1,187 ) $ 12.00 — $ — Outstanding at March 31, 2023 3,343,201 $ 13.91 7.4 $ 15,632,159 Options exercisable at March 31, 2023 1,925,300 $ 12.58 6.6 $ 11,296,025 Options vested and expected to vest at March 31, 2023 3,297,666 $ 13.89 7.4 $ 15,459,280
Summary of Restricted Shares Activity	The following is a summary of restricted shares activity for the Company’s share incentive plan for the three-month period ended March 31, 2023 (unaudited): Units Weighted RSU balance at December 31, 2022 696,990 $ 18.22 RSUs granted 15,935 $ 20.63 RSUs vested ( 44,706 ) $ 17.98 RSUs forfeited ( 6,474 ) $ 17.92 RSU balance at March 31, 2023 661,745 $ 18.29

Share Capital - Shares (Tables)

Share Capital - Shares (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shares (Share Capital Activity)	The following table reflects the share capital activity (unaudited): Number of Par value Balance at December 31, 2022 27,313,273 $ 3 Issuance of vested shares 44,706 — Share options exercised 50,831 — Shares withheld for net settlement of shares issued ( 11,468 ) — Balance at March 31, 2023 27,397,342 $ 3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Earnings Per Share	The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data): Three Months Ended March 31, 2022 2023 Numerator: Net (loss) income $ ( 1,568 ) $ 4,276 Denominator: Basic weighted average shares outstanding 26,749,675 27,341,013 Dilutive effect of share option awards — 846,656 Dilutive effect of restricted share units and restricted share awards — 265,160 Dilutive effect of employee share purchase plan — 26 Diluted weighted average shares outstanding 26,749,675 28,452,855 Net (loss) earnings per share, basic $ ( 0.06 ) $ 0.16 Net (loss) earnings per share, diluted $ ( 0.06 ) $ 0.15

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenues by Product Category	Revenues by product category were as follows (unaudited and in thousands, except percentages): Three Months Ended March 31, 2022 2023 Point-to-Multi-Point $ 30,926 50 % $ 22,292 29 % Point-to-Point 14,714 24 % 18,008 23 % Enterprise 15,508 25 % 35,656 46 % Other 748 1 % 1,445 2 % Total Revenues $ 61,896 100 % $ 77,401 100 %
Schedule of Revenue by Geography	Revenues by geography were as follows (unaudited and in thousands, except percentages): Three Months Ended March 31, 2022 2023 North America $ 28,321 46 % $ 47,593 62 % Europe, Middle East and Africa 20,332 33 % 19,708 25 % Caribbean and Latin America 5,084 8 % 3,685 5 % Asia Pacific 8,159 13 % 6,415 8 % Total Revenues $ 61,896 100 % $ 77,401 100 %
Summary of Contract Balances	The following table summarizes contract balances as of December 31, 2021 and March 31, 2023 (in thousands): December 31, 2022 March 31, 2023 Trade accounts receivable, net of allowance for credit losses $ 89,181 $ 98,020 Deferred revenue - current 8,913 8,761 Deferred revenue - noncurrent 8,617 8,666 Refund liability $ 3,186 $ 6,740

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows and are included in general and administrative expense (unaudited and in thousands): Three Months Ended March 31, 2022 2023 Operating lease cost $ 609 $ 572 Short-term lease cost 134 99 Variable lease costs 143 161 Total lease expense $ 886 $ 832
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate): Balance Sheet Caption December 31, 2022 March 31, 2023 Operating leases: Operating lease assets Operating lease assets $ 4,011 $ 4,709 Current lease liabilities Other current liabilities $ 1,930 $ 2,064 Noncurrent lease liabilities Noncurrent operating lease liabilities $ 2,170 $ 2,723 Weighted average remaining lease term (years): Operating leases 2.67 3.11 Weighted average discount rate: Operating leases 6.11 % 6.24 %
Supplemental Cash Flow Information	Supplemental cash flow information related to leases were as follows (unaudited and in thousands): Three Months Ended March 31, 2022 2023 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 674 $ 599
Remaining Maturities on Lease Liabilities	Remaining maturities on lease liabilities as of March 31, 2023 is as follows (unaudited and in thousands): Operating leases 2023 (April - December) 1,725 2024 1,435 2025 1,057 2026 635 2027 254 Thereafter 151 Total lease payments 5,257 Less: interest 470 Present value of lease liabilities $ 4,787

Business and Significant Acco_3

Business and Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Research and Development
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses	$ 0.8
Selling and Marketing Expenses
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses	0.3
General and Administrative Expenses
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses	$ (1.1)

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Finished goods	$ 60,211	$ 50,052
Raw materials	17,244	15,010
Gross inventory	77,455	65,062
Less: Excess and obsolete provision	(9,122)	(7,994)
Inventories, net	$ 68,333	$ 57,068

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued goods and services	$ 12,092	$ 10,633
Accrued inventory purchases	5,867	3,189
Accrued customer rebates	13,225	13,797
Other	473	423
Accrued liabilities	$ 31,657	$ 28,042

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,651	$ 1,731
Fulfillment of assumed acquisition warranty	(154)	(142)
Provision increase (decrease), net	(40)	62
Ending balance	$ 1,457	$ 1,651

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,457	$ 1,651	$ 1,731
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,200
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 200

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total cost	$ 40,217	$ 38,879
Less: Accumulated depreciation	(28,696)	(27,608)
Property and equipment, net	11,521	11,271
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 34,051	$ 33,026
Equipment and Tooling | Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Equipment and Tooling | Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total cost	$ 4,832	$ 4,572
Computer Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Computer Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Useful Life	10 years	10 years
Total cost	$ 814	$ 809
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 520	$ 472
Leasehold Improvements | Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years	2 years
Leasehold Improvements | Maximum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,058	$ 870

Software - Schedule of Software

Software - Schedule of Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 29,179	$ 27,645
Accumulated amortization	(19,870)	(19,206)
Net balance	9,309	8,439
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	16,059	15,995
Accumulated amortization	(15,391)	(15,326)
Net balance	$ 668	669
Acquired and Software for Internal Use | Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Acquired and Software for Internal Use | Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful Life	3 years
Gross carrying amount	$ 13,120	11,650
Accumulated amortization	(4,479)	(3,880)
Net balance	$ 8,641	$ 7,770

Software - Additional Informati

Software - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.1	$ 0.2
Acquired and Software for Internal Use | Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Acquired and Software for Internal Use | Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Amortization expense	$ 0.6	$ 0.3

Software - Schedule of Estimate

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
2023 (April - December)	$ 2,585
2024	3,449
2025	2,380
2026	889
2027	6
Net balance	9,309	$ 8,439
Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2023 (April - December)	253
2024	190
2025	140
2026	79
2027	6
Net balance	668
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2023 (April - December)	2,332
2024	3,259
2025	2,240
2026	810
Net balance	$ 8,641

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Unit	Mar. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Adjustments to carrying value of goodwill	$ 0
Number of reporting unit | Unit	1
Impairment of goodwill	$ 0
Amortization expense	$ 400,000	$ 400,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	$ 19,300
Accumulated amortization	(10,501)	(10,127)
Total amortization	8,799	9,173
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	19,300	19,300
Accumulated amortization	(10,501)	(10,127)
Total amortization	$ 8,799	$ 9,173
Customer Relationships | Minimum
Finite Lived Intangible Assets [Line Items]
Useful Life	5 years
Customer Relationships | Maximum
Finite Lived Intangible Assets [Line Items]
Useful Life	18 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
2023 (April - December)	$ 1,124
2024	1,498
2025	1,498
2026	1,498
2027	1,498
Thereafter	1,683
Total amortization	$ 8,799	$ 9,173

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		3 Months Ended
	Nov. 17, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Net interest expense		$ 600,000	$ 500,000
BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding		$ 26,719,000
Debt instrument, maturity date	Nov. 17, 2026
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Undrawn commitment fee		0.20%
Debt instrument, principal payments		$ 700,000
Debt instrument, frequency of payment		quarterly
BofA Credit Agreement | LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms		Interest accrues on the outstanding principal amount of the Term and Revolving Facilities on a quarterly basis and is equal to a base rate equal to the rate per annum determined by reference to the 1-month, 3-month or 6-month US Dollar LIBOR rate as selected by the Company, plus an applicable margin between 1.75% to 2.25% as determined by the Company’s performance as measured by the consolidated leverage ratio.
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding		$ 27,375,000		$ 28,031,000
Term Loan Facility | Eurodollar Rate
Debt Instrument [Line Items]
Debt outstanding	30,000,000
Term Loan Facility | Bank of American
Debt Instrument [Line Items]
Debt outstanding		$ 27,400,000
Term Loan Facility | BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding	$ 30,000,000
Debt instrument, maturity date	Nov. 17, 2026
Debt instrument term	5 years
Debt instrument, effective interest rate		7.12%
Term Loan Facility | BofA Credit Agreement | Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate		1.75%
Term Loan Facility | BofA Credit Agreement | LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms		On December 31, 2021, the 1-week and 2-month US Dollar LIBOR ceased, and the remaining five US Dollar LIBOR tenors (overnight and 1-month, 3-month, 6-month and 12-month) will cease on June 30, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		$ 0
Revolving Credit Facility | Silicon Valley Bank
Debt Instrument [Line Items]
Debt Instrument amount available under credit facility		$ 45,000,000
Revolving Credit Facility | BofA Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date	Nov. 17, 2026
Line of credit facility, maximum borrowing capacity	$ 45,000,000
Debt instrument term	5 years
Sublimit for Issuance of Letters of Credit | BofA Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000
Swingline Loans | BofA Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 5,000,000
Maximum | BofA Credit Agreement
Debt Instrument [Line Items]
Undrawn commitment fee	0.25%
Maximum | BofA Credit Agreement | Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	2.25%
Minimum | BofA Credit Agreement
Debt Instrument [Line Items]
Undrawn commitment fee	0.20%
Minimum | BofA Credit Agreement | Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate	1.75%

Debt - Schedule of Current and

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less debt issuance costs	$ (378)	$ (410)
Total debt	26,997	27,621
Less current portion of term facility	(3,281)	(3,281)
Current portion of debt issuance costs	121	123
Total long-term external debt, net	23,837	24,463
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 27,375	$ 28,031

Debt - Schedule of Maturities o

Debt - Schedule of Maturities on External Debt Outstanding (Details) - BofA Credit Agreement $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023 (April - December)	$ 1,969
2024	2,625
2025	2,625
2026	19,500
Total	$ 26,719

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
U.S. Pan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100%
Defined contribution plan, maximum annual contributions per employee, percent	4%
Defined contribution plan employers matching contribution vesting period	2 years
Defined contribution plan, employer discretionary contribution amount	$ 0.4	$ 0.5
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	5%
Defined contribution plan, maximum annual contributions per employee, percent	7%
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1
Defined contribution plan, employee matching contribution, percent of match	3%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	1%

Other Expense (Income), Net - A

Other Expense (Income), Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Other Expense
Other Non Operating Income and Expense [Line Items]
Foreign exchange (gains) and losses	$ 0.2	$ 0.1

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 01, 2023	Jun. 30, 2019	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			15,935
Share-based compensation income tax benefits			$ 100,000	$ 100,000
Share-based compensation expense			2,875,000	$ 2,420,000
Pre-tax unrecognized compensation expense, net of estimated forfeitures			$ 20,600,000
Forfeiture rate utilized for estimating forfeitures of options and restricted share units granted			8.20%
Share options contractual term			10 years
Aggregate intrinsic value of options exercisable			$ 11,296,025
Share options exercised, shares			50,831
Unrecognized pre-tax share based compensation expense related to unvested share option awards			$ 10,700,000
Shares vested			44,706
Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units			$ 9,900,000
Share options vesting period			4 years
Vesting period of restricted shares			4 years
Share options granted during the year			0	0
Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares added annually		275,000
Percentage of outstanding shares		1%
Share-based compensation expense			$ 300,000	$ 200,000
Percentage of purchase price shares on first trading day of offering period and purchase date		85%
Number of additional shares available under ESPP	273,133
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	1,320,000		1,320,000
Shares granted			15,935
Percentage of outstanding shares		5%
2019 Share Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares added annually		1,320,000
2019 Share Incentive Plan | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			15,935
Shares vested			44,706
Shares to pay employees' portion of minimum payroll withholding taxes			11,468

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Changes in Number of Shares Available for Grant (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	(15,935)
Forfeitures	1,187
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for grant, beginning balance	2,000,364
Added to 2019 Share Incentive Plan	1,320,000	1,320,000
RSUs granted	(15,935)
Shares withheld in settlement of taxes and/or exercise price	11,468
Forfeitures	7,661
Available for grant, ending balance	3,323,558

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Options outstanding, Beginning balance	3,395,219
Options exercised	(50,831)
Options forfeited	(1,187)
Options outstanding, Ending balance	3,343,201	3,395,219
Options exercisable	1,925,300
Options vested and expected to vest	3,297,666
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance	$ 13.83
Weighted average exercise price, Options exercised	8.44
Weighted average exercise price, Options forfeited	12
Weighted average exercise price, Outstanding ending balance	13.91	$ 13.83
Weighted average exercise price, Options exercisable	12.58
Weighted average exercise price, Options vested and expected to vest	$ 13.89
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	7 years 4 months 24 days	7 years 7 months 6 days
Weighted average remaining contractual term, Options exercisable	6 years 7 months 6 days
Weighted average remaining contractual term, Options vested and expected to vest	7 years 4 months 24 days
Aggregate intrinsic value, Outstanding	$ 15,632,159	$ 28,985,969
Aggregate intrinsic value, Options exercisable	11,296,025
Aggregate intrinsic value, Options vested and expected to vest	$ 15,459,280

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Shares Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Units
Number of Units, RSUs, beginning balance | shares	696,990
Number of Units, RSUs granted | shares	15,935
Number of Units, RSUs vested | shares	(44,706)
Number of Units, RSUs forfeited | shares	(6,474)
Number of Units, RSUs, ending balance | shares	661,745
Weighted average grant date fair value
Weighted average grant date fair value, RSUs, beginning balance | $ / shares	$ 18.22
Weighted average grant date fair value, RSUs granted | $ / shares	20.63
Weighted average grant date fair value, RSUs vested | $ / shares	17.98
Weighted average grant date fair value, RSUs forfeited | $ / shares	17.92
Weighted average grant date fair value, RSUs, ending balance | $ / shares	$ 18.29

Share Capital - Shares (Share C

Share Capital - Shares (Share Capital Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares	50,831
Proceeds from exercise of share options	$ 387	$ 146
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	27,313,273	26,735,000
Issuance of vested shares, Number of shares	44,706	94,000
Share options exercised, shares	50,831	14,000
Shares withheld for net settlement of shares issued, Number of shares	(12,000)	(18,000)
Shares withheld for net settlement of shares issued, Number of shares	11,468
Ending balance, shares	27,397,342	26,825,000
Beginning balance	$ 3
Ending balance	$ 3

Share Capital - Shares - Additi

Share Capital - Shares - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares
Stockholders' Equity Note [Abstract]
Common stock dividends declared	$ 0
Common stock dividends paid	$ 0

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net (loss) income	$ 4,276	$ (1,568)
Denominator:
Basic weighted average shares outstanding	27,341,013	26,749,675
Dilutive effect of share option awards	846,656
Dilutive effect of restricted share units and restricted share awards	265,160
Dilutive effect of employee share purchase plan	26
Diluted weighted average shares outstanding	28,452,855	26,749,675
Net (loss) earnings per share, basic	$ 0.16	$ (0.06)
Net (loss) earnings per share, diluted	$ 0.15	$ (0.06)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted ner loss per share	1,202,805

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Income Taxes [Line Items]
Provision (benefit) for income taxes	$ 538	$ (1,201)
Effective tax rate	11.20%	43.40%
Statutory rate	21%	21%

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reporting segments	1
Number of operating segment	1

Revenues from Contracts with _3

Revenues from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 77,401	$ 61,896
Sales Revenue, Product Line | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%
Point-to-Multi-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 22,292	$ 30,926
Point-to-Multi-Point | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	29%	50%
Point-to-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 18,008	$ 14,714
Point-to-Point | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23%	24%
Enterprise
Disaggregation of Revenue [Line Items]
Revenues	$ 35,656	$ 15,508
Enterprise | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	46%	25%
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,445	$ 748
Other | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	2%	1%

Revenues from Contracts with _4

Revenues from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 77,401	$ 61,896
Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100%	100%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 47,593	$ 28,321
North America | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	62%	46%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	$ 19,708	$ 20,332
Europe, Middle East and Africa | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	25%	33%
Caribbean and Latin America
Disaggregation of Revenue [Line Items]
Revenues	$ 3,685	$ 5,084
Caribbean and Latin America | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	5%	8%
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 6,415	$ 8,159
Asia Pacific | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	8%	13%

Revenues from Contracts with _5

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 98,020	$ 89,181
Deferred revenue - current	8,761	8,913
Deferred revenue - noncurrent	8,666	8,617
Refund liability	$ 6,740	$ 3,186

Revenues from Contracts with _6

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Customer	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Customer
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 17.4		$ 17.5
Revenue recognized	$ 3.4	$ 2.2
Revenue practical expedient, incremental cost of obtaining contract [true/false]	true
Minimum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable	30 days
Maximum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable	60 days
Customer Concentration Risk | Accounts Receivables
Revenue From Contract With Customer [Line Items]
Number of customers | Customer	1		1
Customer Concentration Risk | Accounts Receivables | Customer A
Revenue From Contract With Customer [Line Items]
Concentration risk, percentage	10%		10%

Revenues from Contracts with _7

Revenues from Contracts with Customers - Additional Information (Details 1) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue	$ 17.4	$ 17.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period		1 year
Deferred revenue		$ 8.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year
Deferred revenue	$ 8.8

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 572	$ 609
Short-term lease cost	99	134
Variable lease costs	161	143
Total lease expense	$ 832	$ 886

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease assets	$ 4,709	$ 4,011
Current lease liabilities	$ 2,064	$ 1,930
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 2,723	$ 2,170
Weighted average remaining lease term (years):
Operating leases	3 years 1 month 9 days	2 years 8 months 1 day
Weighted average discount rate:
Operating leases	6.24%	6.11%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 599	$ 674

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023
Leases [Line Items]
Lessee operating lease option to extend	true
Lessee not yet commenced, description	As of March 31, 2023, the Company does not have any leases that have not yet commenced.
Minimum
Leases [Line Items]
Lessee operating lease term of contract	1 year
Lessee operating lease option to extend period	1 year
Maximum
Leases [Line Items]
Lessee operating lease term of contract	5 years
Lessee operating lease option to extend period	4 years

Leases - Remaining Maturities o

Leases - Remaining Maturities on Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (April - December)	$ 1,725
2024	1,435
2025	1,057
2026	635
2027	254
Thereafter	151
Total lease payments	5,257
Less: interest	470
Present value of lease liabilities	$ 4,787

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0