Cambium Networks (CMBM) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	CMBM
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-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		26,508,999
Entity Current Reporting Status	Yes
Entity File Number	001-38952
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3800 Golf Road
Entity Address, Address Line Two	Suite 360
Entity Address, City or Town	Rolling Meadows
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60008
City Area Code	345
Local Phone Number	943-3100
Entity Incorporation State Country Code	E9
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.0001 par value
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 51,397	$ 62,472
Receivables, net of allowances of $919 and $777	80,638	58,114
Inventories, net	28,393	33,962
Recoverable income taxes	2,356	1,420
Prepaid expenses	3,736	4,143
Other current assets	3,975	5,024
Total current assets	170,495	165,135
Noncurrent assets
Property and equipment, net	8,510	7,535
Software, net	4,366	3,438
Operating lease assets	4,516	5,083
Intangible assets, net	11,792	12,895
Goodwill	9,842	9,842
Deferred tax assets, net	7,155	1,537
Other noncurrent assets	391	288
TOTAL ASSETS	217,067	205,753
Current liabilities
Accounts payable	30,092	30,859
Accrued liabilities	19,978	20,160
Employee compensation	11,323	14,911
Current portion of long-term external debt, net	12,156	29,201
Deferred revenues	6,247	6,471
Other current liabilities	6,313	6,009
Total current liabilities	86,109	107,611
Noncurrent liabilities
Long-term external debt, net	20,507	24,957
Deferred revenues	5,084	4,448
Noncurrent operating lease liabilities	3,244	3,332
Deferred tax liabilities, net	9	9
Other noncurrent liabilities	1,936	2,009
Total liabilities	116,889	142,366
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2020 and June 30, 2021; 26,126,672 shares issued and 26,034,526 outstanding at December 31, 2020 and 26,639,054 shares issued and 26,503,019 outstanding at June 30, 2021	3	3
Additional paid in capital	117,521	109,837
Treasury shares, at cost, 92,146 shares at December 31, 2020 and 136,035 shares at June 30, 2021	(3,276)	(1,090)
Accumulated deficit	(13,422)	(44,799)
Accumulated other comprehensive loss	(648)	(564)
Total shareholders' equity	100,178	63,387
TOTAL LIABILITIES AND EQUITY	$ 217,067	$ 205,753

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowances for receivables	$ 777	$ 919
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	26,639,054	26,126,672
Common stock, shares, outstanding	26,503,019	26,034,526
Treasury stock, shares	136,035	92,146

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 92,709	$ 62,254	$ 181,224	$ 122,683
Cost of revenues	46,617	31,782	90,962	61,579
Gross profit	46,092	30,472	90,262	61,104
Operating expenses
Research and development	12,617	9,299	24,220	21,113
Sales and marketing	9,718	8,035	19,758	18,339
General and administrative	7,896	6,625	15,425	13,071
Depreciation and amortization	1,564	1,700	3,159	3,395
Total operating expenses	31,795	25,659	62,562	55,918
Operating income	14,297	4,813	27,700	5,186
Interest expense, net	1,316	1,525	2,456	2,870
Other (income) expense, net	79	(22)	121	(238)
Income before income taxes	12,902	3,310	25,123	2,554
(Benefit) provision for income taxes	1,385	(2)	(6,254)	80
Net income	$ 11,517	$ 3,312	$ 31,377	$ 2,474
Earnings per share
Basic	$ 0.44	$ 0.13	$ 1.20	$ 0.10
Diluted	$ 0.40	$ 0.13	$ 1.09	$ 0.10
Weighted-average number of shares outstanding to compute net earnings per share
Basic	26,365,207	25,683,289	26,241,101	25,680,234
Diluted	28,909,348	25,789,830	28,730,225	25,764,966

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based compensation included in costs and expenses	$ 2,098	$ 940	$ 3,508	$ 1,751
Cost of Revenues
Share-based compensation included in costs and expenses	50	18	69	35
Research and Development
Share-based compensation included in costs and expenses	842	422	1,359	790
Sales and Marketing
Share-based compensation included in costs and expenses	539	243	834	475
General and Administrative
Share-based compensation included in costs and expenses	$ 667	$ 257	$ 1,246	$ 451

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 11,517	$ 3,312	$ 31,377	$ 2,474
Other comprehensive loss
Foreign currency translation adjustment	(19)	(16)	(84)	(404)
Comprehensive income	$ 11,498	$ 3,296	$ 31,293	$ 2,070

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Shares	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 39,929	$ 3	$ 104,773	$ (1,094)	$ (63,374)	$ (379)
Beginning balance, shares at Dec. 31, 2019		25,673,000
Net income (loss)	2,474				2,474
Share-based compensation	1,751		1,751
Issuance of vested shares		20,000
Treasury shares withheld for net settlement	46			46
Treasury shares withheld for net settlement, shares		(9,000)
Foreign currency translation adjustment	(404)					(404)
Ending balance at Jun. 30, 2020	43,796	$ 3	106,524	(1,048)	(60,900)	(783)
Ending balance, shares at Jun. 30, 2020		25,684,000
Beginning balance at Mar. 31, 2020	39,567	$ 3	105,584	(1,041)	(64,212)	(767)
Beginning balance, shares at Mar. 31, 2020		25,680,000
Net income (loss)	3,312				3,312
Share-based compensation	940		940
Issuance of vested shares		5,000
Treasury shares withheld for net settlement	(7)			(7)
Treasury shares withheld for net settlement, shares		(1,000)
Foreign currency translation adjustment	(16)					(16)
Ending balance at Jun. 30, 2020	43,796	$ 3	106,524	(1,048)	(60,900)	(783)
Ending balance, shares at Jun. 30, 2020		25,684,000
Beginning balance at Dec. 31, 2020	63,387	$ 3	109,837	(1,090)	(44,799)	(564)
Beginning balance, shares at Dec. 31, 2020		26,034,526
Net income (loss)	31,377				31,377
Share-based compensation	3,175		3,175
Issuance of ordinary shares	1,164		1,164
Issuance of ordinary shares, shares		39,061
Issuance of vested shares		161,000
Treasury shares withheld for net settlement	(2,186)			(2,186)
Treasury shares withheld for net settlement, shares		(44,000)
Share options exercised	$ 3,345		3,345
Share options exercised, shares	312,404	312,404
Foreign currency translation adjustment	$ (84)					(84)
Ending balance at Jun. 30, 2021	100,178	$ 3	117,521	(3,276)	(13,422)	(648)
Ending balance, shares at Jun. 30, 2021		26,503,019
Beginning balance at Mar. 31, 2021	84,401	$ 3	113,067	(3,101)	(24,939)	(629)
Beginning balance, shares at Mar. 31, 2021		26,299,000
Net income (loss)	11,517				11,517
Share-based compensation	1,916		1,916
Issuance of ordinary shares	1,164		1,164
Issuance of ordinary shares, shares		39,000
Issuance of vested shares		40,000
Treasury shares withheld for net settlement	(175)			(175)
Treasury shares withheld for net settlement, shares		(3,000)
Share options exercised	1,374		1,374
Share options exercised, shares		128,000
Foreign currency translation adjustment	(19)					(19)
Ending balance at Jun. 30, 2021	$ 100,178	$ 3	$ 117,521	$ (3,276)	$ (13,422)	$ (648)
Ending balance, shares at Jun. 30, 2021		26,503,019

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 31,377	$ 2,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,697	1,913
Amortization of software and intangible assets	1,774	1,785
Amortization of debt issuance costs	577	273
Share-based compensation	3,508	1,751
Deferred income taxes	(5,619)	(250)
Provision for inventory excess and obsolescence	(769)	1,052
Other	(17)	138
Change in assets and liabilities:
Receivables	(22,581)	9,467
Inventories	6,338	10,411
Prepaid expenses	401	1,506
Accounts payable	(1,482)	(4,981)
Accrued employee compensation	(3,438)	2,398
Accrued liabilities	1,004	(430)
Other assets and liabilities	(194)	(2,073)
Net cash provided by operating activities	12,576	25,434
Cash flows from investing activities:
Purchase of property and equipment	(1,964)	(1,542)
Purchase of software	(1,599)	(436)
Cash paid for acquisition		(334)
Net cash used in investing activities	(3,563)	(2,312)
Cash flows from financing activities:
Proceeds from issuance of revolver debt		10,000
Repayment of term loan	(22,072)	(5,000)
Repayment of revolver debt		(10,000)
Issuance of ordinary shares	833
Taxes paid from shares withheld	(2,185)	46
Proceeds from share option exercises	3,345
Net cash used in financing activities	(20,079)	(4,954)
Effect of exchange rate on cash	(9)	(70)
Net increase (decrease) in cash	(11,075)	18,098
Cash, beginning of period	62,472	19,346
Cash, end of period	51,397	37,444
Supplemental disclosure of cash flow information:
Income taxes paid	379	421
Interest paid	$ 1,404	$ 2,213

Business and Significant Accoun

Business and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Business and significant accounting policies	Note 1. Business and significant accounting policies Business Cambium Networks Corporation (“Cambium” or the “Company”), incorporated under the laws of the Cayman Islands, is a holding company whose principal operating entities are Cambium Networks, Ltd. (UK), Cambium Networks, Inc. (USA), and Cambium Networks Private Limited (India). On October 28, 2011, Cambium acquired the point-to-point (“PTP”) and point-to-multi-point (“PMP”) businesses from Motorola Solutions, Inc. in an acquisition funded by investment funds affiliated with Vector Capital. Cambium Networks became the renamed entity subsequent to the acquisition. Cambium Networks Corporation and its wholly owned subsidiaries provide fixed wireless broadband and Wi-Fi networking infrastructure solutions that work for businesses, communities and cities worldwide. Cambium Networks’ radios are deployed to connect people, places and things with a unified wireless fabric that spans multiple standards and frequencies of fixed wireless and Wi-Fi, all managed centrally via the cloud. The Company’s solutions are deployed in networks by service providers, enterprise, industrial and government connectivity solutions in urban, suburban and rural environments. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of June 30, 2021, and for the three-month and six-month periods ended June 30, 2020 and 2021, 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 June 30, 2021 and results of operations for the three-month and six-month period ended June 30, 2020 and 2021 and cash flows for the six-month periods ended June 30, 2020 and 2021. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principals generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2020 included in the Company’s annual report on Form 10-K and filed with the SEC on March 1, 2021. The results of operations for the three-month and six-month periods ended June 30, 2021 are not necessarily indicative of the operating results to be expected for the full year. The Company has reclassified certain prior period amounts in the condensed consolidated statement of cash flows to conform to the current period’s presentation. Specifically, within the condensed consolidated statements of cash flows, the provision for inventory excess and obsolescence has been reclassified from “Other” to “Provision for inventory excess and obsolescence” and prepaid expenss has been reclassified from “Other assets and liabilities” to “Prepaid expenses”. This change in classification does not affect previously reported cash flows from operating activities in the condensed consolidated statements of cash flows. Update to Significant Accounting Policies There have been no material changes to the Company’s signifiant accounting policies disclosed in the 2020 Form 10-K, Part II, Item 8. Recently adopted accounting pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reportin g. This update provides optional expedients and exceptions for applying generally accepted accounting principles to certain contract modification and hedging relationships that reference London Inter-bank Offered Rate (LIBOR) or another reference rate that is expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be completed. The adoption of ASU 2020-04 will not have an impact on the condensed consolidated financial statements until the debt agreement is modified to no longer reference LIBOR, and is not expected to be material. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removed certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amended other aspects of the guidance to help simplify and promote consistent application of GAAP . The Company adopted this ASU effective January 1, 2021 on a prospective basis. The adoption of ASU 2019-12 did not have a material impact on the condensed consolidated financial statements.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value	Note 2. Fair value The fair value of the Company’s external debt under its Credit Agreement approximates its carrying value because the terms and conditions approximate the terms and conditions of current market debt available to the Company. Due to the floating interest rate the debt is classified as Level 2 of the fair value hierarchy. The external debt was estimated based on the current rates offered to the Company for debt with the same remaining maturities. The fair value of the Company’s Credit Agreement was $55.3 million and $33.2 million as of December 31, 2020 and June 30, 2021, respectively. The fair value of cash approximates its carrying value (Level 1 of the fair value hierarchy)

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Balance sheet components	Note 3. Balance sheet components Inventories, net Inventories, net consisted of the following (in thousands): December 31, June 30, 2020 2021 (unaudited) Finished goods $ 35,241 $ 30,073 Raw materials 4,576 3,406 Gross inventory 39,817 33,479 Less: Excess and obsolete provision (5,855 ) (5,086 ) Inventories, net $ 33,962 $ 28,393 Accrued liabilities Accrued liabilities consisted of the following (in thousands): December 31, June 30, 2020 2021 (unaudited) Accrued goods and services $ 7,937 $ 8,347 Accrued inventory purchases 4,830 5,094 Accrued customer rebates 7,380 6,522 Other 13 15 Accrued liabilities $ 20,160 $ 19,978 Accrued warranty Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands): Year ended December 31, Six months ended June 30, 2020 2021 (unaudited) Beginning balance $ 706 $ 1,714 Warranties assumed due to acquisition 1,174 — Fulfillment of assumed acquisition warranty (482 ) (178 ) Provision increase, net 316 303 Ending balance $ 1,714 $ 1,839 At June 30, 2021, $1.3 million is included in Other current liabilities and $0.5 million is included in Other noncurrent liabilities on the Company’s condensed consolidated balance sheet.

Property and equipment

Property and equipment	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4. Property and equipment Property and equipment, net consisted of the following (in thousands): December 31, June 30, Useful Life 2020 2021 (unaudited) Equipment and tooling 3 to 5 years $ 24,367 $ 26,895 Computer equipment 3 to 5 years 3,137 3,213 Furniture and fixtures 10 years 745 748 Leasehold improvements 2 to 3 years 282 282 Total cost 28,531 31,138 Less: Accumulated depreciation (20,996 ) (22,628 ) Property and equipment, net $ 7,535 $ 8,510 Total depreciation expense was $0.9 million and $0.8 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $1.9 million and $1.7 million for the six-month periods ended June 30, 2020 and 2021, respectively.

Software

Software	6 Months Ended
	Jun. 30, 2021
Research And Development [Abstract]
Software	Note 5. Software Software consisted of the following (in thousands): December 31, 2020 June 30, 2021 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance (unaudited) (unaudited) (unaudited) Acquired and Software for internal use 3 to7 years $ 15,680 $ (14,214 ) $ 1,466 $ 15,693 $ (14,569 ) $ 1,124 Software marketed for external sale 3 years 3,411 (1,439 ) 1,972 4,993 (1,751 ) 3,242 Total $ 19,091 $ (15,653 ) $ 3,438 $ 20,686 $ (16,320 ) $ 4,366 Amortization of acquired and internal use software is computed using the straight-line method over an estimated useful life of generally three to seven years. Amortization expense recognized on acquired and internal use software is reflected in depreciation and amortization in the condensed consolidated statements of operations. Amortization expense was $0.2 million and $0.2 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $0.4 million and $0.4 million for the six-month periods ended June 30, 2020 and 2021, respectively. Amortization expense recognized on software to be sold or marketed externally was $0.1 million and $0.2 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $0.3 million and $0.3 million for the six-month periods ended June 30, 2020 and 2021and is included in cost of revenues on the condensed consolidated statements of operations. Based on capitalized software assets at June 30, 2021, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands): Year ending December 31, Acquired and internal use software Software marketed for external use Total 2021 (July - December) $ 330 $ 533 $ 863 2022 417 1,146 1,563 2023 167 1,032 1,199 2024 68 509 577 2025 68 22 90 Thereafter 74 — 74 Total amortization $ 1,124 $ 3,242 $ 4,366

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Note 6. Goodwill and Intangible Assets When the Company acquired the trade assets of Motorola Solutions, Inc.’s wireless point-to-point and point-to-multi-point businesses, the transaction generated goodwill and certain intangible assets. The goodwill associated with this transaction was recorded by Cambium Networks Corporation and allocated to Cambium Networks, Ltd. and Cambium Networks, Inc. using a revenue and asset allocation method. Although goodwill has been allocated to two operating subsidiaries, as noted in Note 15 – Segment information, the Company operates as one operating segment and one reporting unit and therefore, goodwill is reported, and impairment testing performed, at the Cambium Networks Corporation consolidated level. There was no change in the carrying amount of goodwill during the six-month period ended June 30, 2021 (unaudited). The Company tests goodwill and intangible assets for impairment annually on December 31 and more frequently if impairment indicators exist. Accordingly, the Company performs quarterly qualitative assessments of significant events and circumstances such as a reporting unit’s historical and current results, assumptions regarding future performance, strategic initiatives and overall economic factors, including the impact of the current global outbreak of the coronavirus (or COVID-19) and macro-economic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of the reporting unit or intangible asset is less than their carrying value. If indicators of impairment are identified, a quantitative impairment test is performed. Qualitative assessments for the quarter did not indicate the existence of impairment indicators. Based on the operating results for the six-month period ended June 30, 2021 and other considerations, the Company believes that it is more likely than not that the enterprise value for its one reporting unit and the fair value of intangibles is still greater than their carrying values. Accordingly, no goodwill impairment indicators were present at June 30, 2021 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, 2020 June 30, 2021 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance (unaudited) (unaudited) (unaudited) Unpatented technology 3 - 7 years $ 14,660 $ (14,375 ) $ 285 $ 14,660 $ (14,465 ) $ 195 Customer relationships 5 - 18 years 19,300 (7,128 ) 12,172 19,300 (7,877 ) 11,423 Patents 7 years 11,300 (11,300 ) — 11,300 (11,300 ) — Trademarks 10 years 5,270 (4,832 ) 438 5,270 (5,096 ) 174 Total $ 50,530 $ (37,635 ) $ 12,895 $ 50,530 $ (38,738 ) $ 11,792 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 $0.5 million and $0.5 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $1.1 million and $1.1 million for the six-month periods ended June 30, 2020 and 2021. Based on capitalized intangible assets as of June 30, 2021, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2021 (July - December) $ 1,013 2022 1,603 2023 1,498 2024 1,498 2025 1,498 Thereafter 4,682 Total amortization $ 11,792

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Note As of June 30, 2021, the Company had $33.2 million outstanding under its current term loan facility and $0.0 million in borrowings under its revolving credit facility. The Company has available $10.0 million under its revolving credit facility (unaudited). The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2020 and June 30, 2021 (in thousands): December 31, June 30, 2020 2021 (unaudited) Term loan facility $ 55,250 $ 33,178 Less debt issuance costs (1,092 ) (515 ) Total debt 54,158 32,663 Less current portion of term facility (29,747 ) (12,500 ) Current portion of debt issuance costs 546 344 Total long-term external debt, net $ 24,957 $ 20,507 On May 27, 2021, the Company paid $19.6 million related to a required repayment of principal in accordance with the excess cash flow provision of the term loan agreement based on the calculation of excess cash flow at December 31, 2020. Secured credit agreement Both the term loan facility and the revolving credit facility mature on December 21, 2022. The Company is currently operating under the Third Amendment (“Third Amendment”) to the December 21, 2017 credit agreement (as amended and restated, the “Credit Agreement”), which was entered into on June 28, 2019. Under the Third Amendment, the Company is required to make quarterly principal payments of $2.5 million, with the remaining principal due on maturity on December 21, 2022. At June 30, 2021, the current portion of term facility includes $2.5 million of principal due June 30, 2021 and paid on July 1, 2021 and is included in Current portion of long-term debt on the condensed consolidated balance sheets. Interest accrues on the outstanding principal amount of the term loan on a quarterly basis and is equal to a base rate of the higher of (a) 1.25% per annum or (b) the rate per annum determined by reference to the US Dollar LIBOR rate as selected by the Company, plus an applicable margin of 4.75%, 4.25% The Company is permitted to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans under the Credit Agreement at any time without premium or penalty, other than customary breakage costs with respect to LIBOR- based loans. Maturities on the external debt outstanding at June 30, 2021 is as follows (unaudited and in thousands): Year ending December 31, 2021 (July - December) $ 7,500 2022 25,678 Total $ 33,178 Borrowings under the Credit Agreement are secured by a first-priority lien on substantially all of the Company’s assets, the equity interests in the Company’s subsidiaries, and any intercompany debt. The Credit Agreement contains certain customary affirmative and negative covenants that are usual and customary for companies with similar credit ratings. As of June 30, 2021, 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 $1.5 million and $1.3 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $2.9 million and $2.5 million for the six-month periods ended June 30, 2020 and 2021, 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. In May 2021, the FCA confirmed the 1 week and 2-month US Dollar LIBOR tenors will cease on December 31, 2021, but the remaining five US Dollar LIBOR tenors (overnight and 1, 3, 6 and 12 month) will not cease until June 30, 2023. The base interest rate on the Company’s Credit Agreement may be determined by reference to the 1-, 2-, 3- or 6-month US Dollar LIBOR rate, as selected by the Company. The Credit Agreement matures on December 21, 2022, which is prior to the cessation of all tenors of the US Dollar LIBOR rate. The Credit Agreement contemplates the discontinuation of LIBOR and provides options for the Company in such an event. The Company is evaluating the potential impact of a transition from LIBOR as an interest rate benchmark to other potential alternative reference rates. The Company will continue to actively assess the related opportunities and risks involved in this transition.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Employee benefit plans	Note 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 $0.3 million and $0.2 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $0.5 million and $0.8 million for the six-month periods ended June 30, 2020 and 2021, 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 June 30, 2020 and 2021, respectively, and $0.2 million and $0.2 million for the six-month periods ended June 30, 2020 and 2021, respectively.

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Other (income) expense, net	Note 9. Other (income) expense, net Net other (income) expense was $(0.0) million and $0.1 million for the three-month periods ended June 30, 2020 and 2021, respectively, and $(0.2) million and $0.1 million for the six-month periods ended June 30, 2020 and 2021, respectively, and represents foreign exchange gains and losses.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation	Note 10. Share-based compensation 2019 Share incentive plan In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the 2019 Share Incentive Plan (“2019 Plan”). The 2019 Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards (“RSAs”), restricted share units (“RSUs”), other share-based awards and performance awards. The number of shares that were reserved for issuance under the 2019 Plan was 3,400,000, in addition to the 240,037 RSAs and RSUs the Company granted in substitution for unvested Class B Units or phantom units in Vector Cambium Holdings (Cayman), L.P. (“VCH L.P.”) in connection with the Company’s initial public offering (“IPO”) based on a price of $12.00 per share (“Recapitalization 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, 2021, the Company registered 1,301,726 additional shares that may be issued under the 2019 Plan. The Company’s employees, officers, directors, consultants, and advisors are eligible to receive awards under the 2019 Plan. Incentive share options, however, may only be granted to its employees. Participants in the 2019 Plan will also consist of persons to whom Recapitalization Awards were granted. The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the six-month period ended June 30, 2021 (unaudited): Number of shares Available for grant at December 31, 2020 832,134 Added to 2019 Share Incentive Plan 1,301,726 RSUs granted (247,670 ) Options granted (116,035 ) Shares withheld in settlement of taxes and/or exercise price 43,889 Forfeitures 19,527 Available for grant at June 30, 2021 1,833,571 Share-based compensation The following table shows total share-based compensation expense for the three-month and six-month periods ended June 30, 2020 and 2021 (unaudited and in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2021 2020 2021 Cost of revenues $ 18 $ 50 $ 35 $ 69 Research and development 422 842 790 1,359 Sales and marketing 243 539 475 834 General and administrative 257 667 451 1,246 Total share-based compensation expense $ 940 $ 2,098 $ 1,751 $ 3,508 For the three-month and six-month periods ended June 30, 2020, the Company recorded share-based compensation expense of $0.0 million and $0.0 million, respectively, and for the three-month and six-month periods ended June 30, 2021, the Company recorded share-based compensation expense of $0.2 million and $0.3 million, respectively, related to the Company’s employee share purchase plan. For the three-month period ended June 30, 2020 and 2021, the Company recorded corresponding income tax benefits of $0.2 million and $1.1 million, respectively, and for the six-month period ended June 30, 2020 and 2021, the Company recorded corresponding tax benefits of $0.3 million and $2.4 million, respectively. As of June 30 , 2021 , the Company estimates the pre-tax unrecognized compensation expense of $ million , net of estimated forfeitures, related to all unvested share-based awards, including s hare options, restricted share units and restricted share awards will be recognized through the first quarter of 202 5 . The Company expects to satisfy the exercise of s hare options and future distributions of shares for restricted share units and restricted share awards 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 5% during the six-month period ended June 30, 2021 for estimating the forfeitures of share options and restricted share units granted. Share options The following is a summary of option activity for the Company’s share incentive plans for the six-month period ended June 30, 2021 (unaudited): Options Weighted average exercise price Weighted Average remaining contractual term (years) Aggregate intrinsic value Outstanding at December 31, 2020 3,164,185 $ 11.24 8.8 $ 43,793,890 Options granted 116,035 $ 42.52 — $ — Options exercised (312,404 ) $ 10.71 — $ — Options forfeited (17,812 ) $ 10.81 — $ — Outstanding at June 30, 2021 2,950,004 $ 12.53 8.4 $ 105,672,118 Options exercisable at June 30, 2021 929,847 $ 10.58 8.1 $ 35,120,703 Options vested and expected to vest at June 30, 2021 2,894,174 $ 12.52 8.4 $ 103,689,431 Share options typically have a contractual term of ten years from grant date. At June 30, 2021, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $35.1 million. The Company had 312,404 options exercised during the six-month period ended June 30, 2021. At June 30, 2021, there was $11.0 million in unrecognized pre-tax share-based compensation expense, net of estimated forfeitures, related to unvested share option awards. The unrecognized share-based compensation expense is expected to be recognized through the first quarter of 2025. The fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions (unaudited): Six Months Ended June 30, 2020 2021 Expected dividend yield — — Risk-free interest rate 0.43 % 1.14 % Weighted-average expected volatility 48.9 % 50.9 % Expected term (in years) 6.5 6.5 Weighted average grant-date fair value per share of options granted $ 3.22 $ 21.36 Restricted shares The following is a summary of restricted shares activity for the Company’s share incentive plans for the six-month period ended June 30, 2021 (unaudited): Units Weighted average grant date fair value RSU and RSA balance at December 31, 2020 519,197 $ 4.89 RSUs and RSAs granted 247,670 $ 42.63 RSUs and RSAs vested (160,391 ) $ 4.87 RSUs and RSAs forfeited (1,715 ) $ 42.52 RSU and RSA balance at June 30, 2021 604,761 $ 20.25 RSUs and RSAs expected to vest at June 30, 2021 604,761 $ 20.25 During the six-month period ended June 30, 2021, 247,670 RSUs were granted under the Company’s 2019 Share Incentive Plan and 160,391 RSUs vested. The Company withheld 43,889 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. As of June 30, 2021, there was $10.6 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested share awards. The unrecognized compensation expense is expected to be recognized through the first quarter of 2025. 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 and ran through June 30, 2021. 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. Upon adoption of the plan, a total of 550,000 shares were made available under the ESPP. Per the ESPP, the number of shares that will be available for sale also includes an annual increase 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 256,730 and 260,345 additional shares on March 24, 2020 and March 1, 2021, respectively, for a total of 1,067,075 shares that may be issued under the ESPP. For the three-month and six-month periods ended June 30, 2021, the Company recognized $0.2 million and $0.3 million, respectively, of share-based compensation expense related to the ESPP. There were 39,061 shares issued under the ESPP during the three and six-month periods ended June 30, 2021.

Share Capital - Shares

Share Capital - Shares	6 Months Ended
	Jun. 30, 2021
Stockholders Equity Note [Abstract]
Share capital - shares	Note The following table reflects the share capital activity (unaudited): Number of shares Value (in thousands) Balance at December 31, 2020 26,034,526 $ 3 Issuance of ordinary shares 39,061 — Issuance of vested shares 160,917 — Share options exercised 312,404 — Shares withheld for net settlement of shares issued (43,889 ) — Balance at June 30, 2021 26,503,019 $ 3 As of June 30, 2021, no dividends have been declared or paid.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per share	Note 12. Earnings per share Basic net earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period. For purposes of this calculation, share options, RSUs, RSAs and ESPP awards are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings per share when including them would have an anti-dilutive effect. The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2021 2020 2021 Numerator: Net income $ 3,312 $ 11,517 $ 2,474 $ 31,377 Denominator: Basic weighted average shares outstanding 25,683,289 26,365,207 25,680,234 26,241,101 Dilutive effect of share option awards — 2,113,603 — 2,058,633 Dilutive effect of restricted share units and restricted share awards 106,541 408,068 84,732 412,428 Dilutive effect of employee share purchase plan awards — 22,470 — 18,063 Diluted weighted average shares outstanding 25,789,830 28,909,348 25,764,966 28,730,225 Net earnings per share, basic $ 0.13 $ 0.44 $ 0.10 $ 1.20 Net earnings per share, diluted $ 0.13 $ 0.40 $ 0.10 $ 1.09

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Note 13. Income taxes The Company’s provision for income taxes is based upon estimated annual tax rate for the year applied to federal, state and foreign income. The Company recorded a tax benefit of $(0.0) million and a provision of $1.4 million for the three-month periods ended June 30, 2020 and 2021, with an effective tax rate of (0.1)% and 10.7%, respectively. In the three-month period ended June 30, 2020, the effective tax rate of (0.1)% was primarily due to a partial release of a valuation allowance against the loss carryforwards in the Company’s UK entity. For the three-month period ended June 30, 2021, the effective tax rate of 10.7% did not benefit from the release of a valuation allowance, as all of the remaining valuation allowance on the UK NOL was released in the first quarter of 2021. For the three-month period ended June 30, 2021, the Company’s effective tax rate of 10.7% was different from the statutory rate of 21.0% primarily due to tax benefits arising on employee restricted share vesting and option exercises. In the six-month periods ended June 30, 2020 and 2021, the Company recorded a provision for income taxes of $0.1 million and a tax benefit of $(6.3) million, with an effective tax rate of 3.1% and (24.9)%, respectively. The change in the effective tax rate from 3.1% to (24.9)% was primarily due to the release of a valuation allowance against the loss carryforwards in the Company’s UK entity and tax benefits arising on employee restricted share vesting and option exercises. For the six-month period ended June 30, 2021, the Company’s effective tax rate of (24.9)% was different from the statutory rate of 21.0% primarily due to the release of a valuation allowance against the loss carryforwards in the Company’s UK entity resulting in recognition of a tax benefit, and tax benefits arising on employee restricted share vesting and option exercises. 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. It established a valuation allowance on all of its net deferred tax assets of its UK entity at June 30, 2019, given that the Company was in a 12-quarter cumulative loss position. The Company had continued to carry the valuation allowance through 2019, and during 2020 through the period ended December 31, 2020, due to a continuing 12-quarter cumulative loss position. In the first quarter of 2021, management concluded that all of the valuation allowance on the Company’s UK entity’s deferred tax assets was no longer needed. This is primarily due to a 12-quarter cumulative income through the first quarter of 2021 and the forecast of future taxable income. As of June 30, 2021, based on the evaluation of positive and negative evidence, the Company believes it is more likely than not that the net deferred tax assets will be realized by its UK entity. Accordingly, management has recognized, and continues to recognize a non-recurring tax benefit of $7.7 million related to the valuation allowance reversal. As of June 30, 2021, the Company continued to maintain a valuation allowance of $0.7 million for state research and development tax credit benefits in the state of California. Such assessment may change in the future as further evidence becomes available. On June 10, 2021, a new tax law became effective in the UK. The new tax law introduced certain tax changes in the UK, including a higher rate of 25% beginning April 1, 2023, and a 30% first year bonus depreciation on qualifying capital expenditures beginning April 1, 2021. The Company has revalued certain longer termed deferred assets at the higher future tax rate of 25% based on the expected reversal date of those assets. In addition, the Company initiated utilization of the 30% bonus first year depreciation on fixed assets placed into service beginning on April 1, 2021. The impact of the tax changes was not significant for the six-month period ended June 30, 2021, though the impact will become more significant when the current tax rate changes from the current rate of 19% to 25% beginning on April 1, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 14. Commitments and contingencies In accordance with ASC 460, Guarantees , the Company recognizes the fair value for guarantee and indemnification arrangements it issues or modifies, if these arrangements are within the scope of the interpretation. In addition, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has incurred. If the Company determines it is probable that a loss has occurred, then any such estimated loss would be recognized under those guarantees and indemnifications and would be recognized in the Company’s condensed consolidated statements of operations and corresponding condensed consolidated balance sheets during that period. Indemnification The Company generally indemnifies its customers against claims brought by a third party to the extent any such claim alleges that the Company’s product infringes a patent, copyright or trademark or violates any other proprietary rights of that third party. The maximum potential amount of future payments the Company may be required to make under these indemnification agreements is not estimable. The Company indemnifies its directors and officers and select key employees, including key employees serving as directors or officers of the Company’s subsidiaries, for certain events or occurrences, subject to certain limits, while the director or officer is or was serving at the Company’s request in such capacity. The term of the indemnification period is for the director’s or officer’s term of service. The Company may terminate the indemnification agreements with its directors, officers or key employees upon the termination of their services as directors or officers of the Company or its subsidiaries, or the termination of activities for which indemnification has been provided, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that limits its exposure. The Company believes the fair value of these indemnification agreements is minimal. Warranties The Company offers a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. The Company’s responsibility under its standard warranty is the repair or replacement of in-warranty defective product, or to credit the purchase price of the defective product, at its discretion, without charge to the customer. The Company’s estimate of future warranty costs is largely based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. The standard warranty is included in either Other current liabilities or Other noncurrent liabilities on its condensed consolidated balance sheets, depending on the time period covered by the warranty. The Company also offers an extended warranty for purchase that represents a future performance obligation for the Company. The extended warranty is included in deferred revenues (both current and noncurrent) on the condensed consolidated balance sheets and recognized on a straight-line basis over the term of the extended warranty. The warranty costs are reflected in the Company’s condensed consolidated statements of operations within cost of revenues. Legal proceedings Third parties may from time to time assert legal claims against the Company. The Company records accruals for loss contingencies to the extent that it concludes it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a regular basis, developments in legal proceedings and other matters that could cause a change in amounts recorded. Due to the inherent uncertainty involving legal matters, the ultimate resolution could differ from amounts recorded. There is no pending or threatened legal proceedings to which the Company is a party, that in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment information	Note 15. Segment information The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company determined that it operates as one operating segment and one reporting unit.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenues from contracts with customers	Note 16. Revenues from contracts with customers Revenues consist primarily of revenues from the sale of hardware products with essential embedded software. Revenues also include limited amounts for software products, extended warranty on hardware products and subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers and systems integrators. The Company recognizes revenue to reflect the transfer of control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for products or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, and purchased extended warranty on hardware products have been identified as separate and distinct performance obligations. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and co-operative marketing allowances. The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with essential embedded software is recognized when control of the asset is tranferred, 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 simlar 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 June 30, Six Months Ended June 30, 2020 2021 2020 2021 Point-to-Multi-Point $ 40,564 65 % $ 59,796 64 % $ 75,431 61 % $ 117,595 65 % Point-to-Point 12,602 20 % 14,066 15 % 25,712 21 % 31,542 17 % Wi-Fi 7,640 12 % 18,297 20 % 19,121 16 % 30,420 17 % Other 1,448 3 % 550 1 % 2,419 2 % 1,667 1 % Total Revenues $ 62,254 100 % $ 92,709 100 % $ 122,683 100 % $ 181,224 100 % The Company’s products are predominately 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. Revenues by geography were as follows (unaudited and in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2020 2021 2020 2021 North America $ 32,454 52 % $ 49,346 53 % $ 63,489 52 % $ 103,541 57 % Europe, Middle East and Africa 20,424 33 % 24,943 27 % 39,168 32 % 43,633 24 % Caribbean and Latin America 4,653 7 % 12,152 13 % 9,883 8 % 22,667 13 % Asia Pacific 4,723 8 % 6,268 7 % 10,143 8 % 11,383 6 % Total Revenues $ 62,254 100 % $ 92,709 100 % $ 122,683 100 % $ 181,224 100 % Contract balances The following table summarizes contract balances as of December 31, 2020 and June 30, 2021 (in thousands): December 31, 2020 June 30, 2021 (unaudited) Trade accounts receivable, net of allowance for credit losses $ 56,798 $ 80,212 Deferred revenue - current 6,471 6,247 Deferred revenue - noncurrent 4,448 5,084 Refund liability $ 2,416 $ 2,923 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 two customers representing more than 10% of trade receivables at December 31, 2020 and two customers representing more than 10% of trade receivables at June 30, 2021. Remaining performance obligations Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2020, deferred revenue (current and noncurrent) of $10.9 million represents the Company’s remaining performance obligations, of which $6.5 million is expected to be recognized within one year, with the remainder to be recognized thereafter. As of June 30, 2021, deferred revenue (current and noncurrent) of $11.3 million represents the Company’s remaining performance obligations, of which $6.2 million is expected to be recognized within one year, with the remainder to be recognized thereafter (unaudited) Revenue recognized during the three and six-month periods ended June 30, 2021 which was previously included in deferred revenues as of December 31, 2020 was $1.9 million and $3.6 million, respectively, compared to $2.1 million and $4.8 million of revenue recognized during the three and six-month periods ended June 30, 2020, respectively, which was previously included in deferred revenues as of December 31, 2019. 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	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Note 17. Leases 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 June 30, Six Months Ended June 30, 2020 2021 2020 2021 Operating lease cost $ 648 $ 687 $ 1,292 $ 1,351 Short-term lease cost 122 68 149 140 Variable lease costs 106 106 215 229 Total lease expense $ 876 $ 861 $ 1,656 $ 1,720 Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate): Balance Sheet Caption December 31, 2020 June 30, 2021 (unaudited) Operating leases: Operating lease assets Operating lease assets $ 5,083 $ 4,516 Current lease liabilities Other current liabilities $ 2,167 $ 1,743 Noncurrent lease liabilities Noncurrent operating lease liabilities $ 3,332 $ 3,244 Weighted average remaining lease term (years): Operating leases 3.35 3.39 Weighted average discount rate: Operating leases 8.36 % 7.36 % Supplemental cash flow information related to leases were as follows (unaudited and in thousands): Six Months Ended June 30, 2020 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,273 $ 1,300 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 June 30, 2021 is as follows (unaudited and in thousands): Operating leases 2021 (July - December) $ 1,229 2022 1,595 2023 1,474 2024 717 2025 479 Thereafter 218 Total lease payments 5,712 Less: interest 725 Present value of lease liabilities $ 4,987 As of June 30, 2021, the Company has one lease, an office facility located in India, with the present value of the lease liability of $0.1 million, that has not yet commenced.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	Note The Company follows ASC 850, Related Party Disclosures For the three-month periods ended June 30, 2020 and 2021, the Company did not have any related party transactions.

Business and Significant Acco_2

Business and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, and for the three-month and six-month periods ended June 30, 2020 and 2021, 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 June 30, 2021 and results of operations for the three-month and six-month period ended June 30, 2020 and 2021 and cash flows for the six-month periods ended June 30, 2020 and 2021. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principals generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2020 included in the Company’s annual report on Form 10-K and filed with the SEC on March 1, 2021. The results of operations for the three-month and six-month periods ended June 30, 2021 are not necessarily indicative of the operating results to be expected for the full year. The Company has reclassified certain prior period amounts in the condensed consolidated statement of cash flows to conform to the current period’s presentation. Specifically, within the condensed consolidated statements of cash flows, the provision for inventory excess and obsolescence has been reclassified from “Other” to “Provision for inventory excess and obsolescence” and prepaid expenss has been reclassified from “Other assets and liabilities” to “Prepaid expenses”. This change in classification does not affect previously reported cash flows from operating activities in the condensed consolidated statements of cash flows.
Update to Significant Accounting Policies	Update to Significant Accounting Policies There have been no material changes to the Company’s signifiant accounting policies disclosed in the 2020 Form 10-K, Part II, Item 8.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reportin g. This update provides optional expedients and exceptions for applying generally accepted accounting principles to certain contract modification and hedging relationships that reference London Inter-bank Offered Rate (LIBOR) or another reference rate that is expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022, when the reference rate replacement activity is expected to be completed. The adoption of ASU 2020-04 will not have an impact on the condensed consolidated financial statements until the debt agreement is modified to no longer reference LIBOR, and is not expected to be material. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removed certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amended other aspects of the guidance to help simplify and promote consistent application of GAAP . The Company adopted this ASU effective January 1, 2021 on a prospective basis. The adoption of ASU 2019-12 did not have a material impact on the condensed consolidated financial statements.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories, Net	Inventories, net consisted of the following (in thousands): December 31, June 30, 2020 2021 (unaudited) Finished goods $ 35,241 $ 30,073 Raw materials 4,576 3,406 Gross inventory 39,817 33,479 Less: Excess and obsolete provision (5,855 ) (5,086 ) Inventories, net $ 33,962 $ 28,393
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): December 31, June 30, 2020 2021 (unaudited) Accrued goods and services $ 7,937 $ 8,347 Accrued inventory purchases 4,830 5,094 Accrued customer rebates 7,380 6,522 Other 13 15 Accrued liabilities $ 20,160 $ 19,978
Schedule of Change to Accrued Warranty	Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands): Year ended December 31, Six months ended June 30, 2020 2021 (unaudited) Beginning balance $ 706 $ 1,714 Warranties assumed due to acquisition 1,174 — Fulfillment of assumed acquisition warranty (482 ) (178 ) Provision increase, net 316 303 Ending balance $ 1,714 $ 1,839

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): December 31, June 30, Useful Life 2020 2021 (unaudited) Equipment and tooling 3 to 5 years $ 24,367 $ 26,895 Computer equipment 3 to 5 years 3,137 3,213 Furniture and fixtures 10 years 745 748 Leasehold improvements 2 to 3 years 282 282 Total cost 28,531 31,138 Less: Accumulated depreciation (20,996 ) (22,628 ) Property and equipment, net $ 7,535 $ 8,510

Software (Tables)

Software (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Carrying Amount and Amortization of Software and Intangible Assets	The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands): December 31, 2020 June 30, 2021 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance (unaudited) (unaudited) (unaudited) Unpatented technology 3 - 7 years $ 14,660 $ (14,375 ) $ 285 $ 14,660 $ (14,465 ) $ 195 Customer relationships 5 - 18 years 19,300 (7,128 ) 12,172 19,300 (7,877 ) 11,423 Patents 7 years 11,300 (11,300 ) — 11,300 (11,300 ) — Trademarks 10 years 5,270 (4,832 ) 438 5,270 (5,096 ) 174 Total $ 50,530 $ (37,635 ) $ 12,895 $ 50,530 $ (38,738 ) $ 11,792
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized intangible assets as of June 30, 2021, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2021 (July - December) $ 1,013 2022 1,603 2023 1,498 2024 1,498 2025 1,498 Thereafter 4,682 Total amortization $ 11,792
Capitalized Software Assets
Schedule of Carrying Amount and Amortization of Software and Intangible Assets	Software consisted of the following (in thousands): December 31, 2020 June 30, 2021 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance (unaudited) (unaudited) (unaudited) Acquired and Software for internal use 3 to7 years $ 15,680 $ (14,214 ) $ 1,466 $ 15,693 $ (14,569 ) $ 1,124 Software marketed for external sale 3 years 3,411 (1,439 ) 1,972 4,993 (1,751 ) 3,242 Total $ 19,091 $ (15,653 ) $ 3,438 $ 20,686 $ (16,320 ) $ 4,366
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized software assets at June 30, 2021, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands): Year ending December 31, Acquired and internal use software Software marketed for external use Total 2021 (July - December) $ 330 $ 533 $ 863 2022 417 1,146 1,563 2023 167 1,032 1,199 2024 68 509 577 2025 68 22 90 Thereafter 74 — 74 Total amortization $ 1,124 $ 3,242 $ 4,366

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020 June 30, 2021 Useful Life Gross carrying amount Accumulated amortization Net balance Gross carrying amount Accumulated amortization Net balance (unaudited) (unaudited) (unaudited) Unpatented technology 3 - 7 years $ 14,660 $ (14,375 ) $ 285 $ 14,660 $ (14,465 ) $ 195 Customer relationships 5 - 18 years 19,300 (7,128 ) 12,172 19,300 (7,877 ) 11,423 Patents 7 years 11,300 (11,300 ) — 11,300 (11,300 ) — Trademarks 10 years 5,270 (4,832 ) 438 5,270 (5,096 ) 174 Total $ 50,530 $ (37,635 ) $ 12,895 $ 50,530 $ (38,738 ) $ 11,792
Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets	Based on capitalized intangible assets as of June 30, 2021, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands): Year ending December 31, Amortization 2021 (July - December) $ 1,013 2022 1,603 2023 1,498 2024 1,498 2025 1,498 Thereafter 4,682 Total amortization $ 11,792

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Current and Noncurrent Portions of External Debt Facilities	The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2020 and June 30, 2021 (in thousands): December 31, June 30, 2020 2021 (unaudited) Term loan facility $ 55,250 $ 33,178 Less debt issuance costs (1,092 ) (515 ) Total debt 54,158 32,663 Less current portion of term facility (29,747 ) (12,500 ) Current portion of debt issuance costs 546 344 Total long-term external debt, net $ 24,957 $ 20,507
Schedule of Maturities on External Debt Outstanding	Maturities on the external debt outstanding at June 30, 2021 is as follows (unaudited and in thousands): Year ending December 31, 2021 (July - December) $ 7,500 2022 25,678 Total $ 33,178

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Changes in Number of Shares Available for Grant	The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the six-month period ended June 30, 2021 (unaudited): Number of shares Available for grant at December 31, 2020 832,134 Added to 2019 Share Incentive Plan 1,301,726 RSUs granted (247,670 ) Options granted (116,035 ) Shares withheld in settlement of taxes and/or exercise price 43,889 Forfeitures 19,527 Available for grant at June 30, 2021 1,833,571
Schedule of Total Share Based Compensation Expense	The following table shows total share-based compensation expense for the three-month and six-month periods ended June 30, 2020 and 2021 (unaudited and in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2021 2020 2021 Cost of revenues $ 18 $ 50 $ 35 $ 69 Research and development 422 842 790 1,359 Sales and marketing 243 539 475 834 General and administrative 257 667 451 1,246 Total share-based compensation expense $ 940 $ 2,098 $ 1,751 $ 3,508
Summary of Stock Option Activity	The following is a summary of option activity for the Company’s share incentive plans for the six-month period ended June 30, 2021 (unaudited): Options Weighted average exercise price Weighted Average remaining contractual term (years) Aggregate intrinsic value Outstanding at December 31, 2020 3,164,185 $ 11.24 8.8 $ 43,793,890 Options granted 116,035 $ 42.52 — $ — Options exercised (312,404 ) $ 10.71 — $ — Options forfeited (17,812 ) $ 10.81 — $ — Outstanding at June 30, 2021 2,950,004 $ 12.53 8.4 $ 105,672,118 Options exercisable at June 30, 2021 929,847 $ 10.58 8.1 $ 35,120,703 Options vested and expected to vest at June 30, 2021 2,894,174 $ 12.52 8.4 $ 103,689,431
Schedule of Estimated Fair Value of Weighted Average Assumptions	The fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions (unaudited): Six Months Ended June 30, 2020 2021 Expected dividend yield — — Risk-free interest rate 0.43 % 1.14 % Weighted-average expected volatility 48.9 % 50.9 % Expected term (in years) 6.5 6.5 Weighted average grant-date fair value per share of options granted $ 3.22 $ 21.36
Summary of Restricted Shares Activity	The following is a summary of restricted shares activity for the Company’s share incentive plans for the six-month period ended June 30, 2021 (unaudited): Units Weighted average grant date fair value RSU and RSA balance at December 31, 2020 519,197 $ 4.89 RSUs and RSAs granted 247,670 $ 42.63 RSUs and RSAs vested (160,391 ) $ 4.87 RSUs and RSAs forfeited (1,715 ) $ 42.52 RSU and RSA balance at June 30, 2021 604,761 $ 20.25 RSUs and RSAs expected to vest at June 30, 2021 604,761 $ 20.25

Share Capital - Shares (Tables)

Share Capital - Shares (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders Equity Note [Abstract]
Shares (Share Capital Activity)	The following table reflects the share capital activity (unaudited): Number of shares Value (in thousands) Balance at December 31, 2020 26,034,526 $ 3 Issuance of ordinary shares 39,061 — Issuance of vested shares 160,917 — Share options exercised 312,404 — Shares withheld for net settlement of shares issued (43,889 ) — Balance at June 30, 2021 26,503,019 $ 3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2020 2021 2020 2021 Numerator: Net income $ 3,312 $ 11,517 $ 2,474 $ 31,377 Denominator: Basic weighted average shares outstanding 25,683,289 26,365,207 25,680,234 26,241,101 Dilutive effect of share option awards — 2,113,603 — 2,058,633 Dilutive effect of restricted share units and restricted share awards 106,541 408,068 84,732 412,428 Dilutive effect of employee share purchase plan awards — 22,470 — 18,063 Diluted weighted average shares outstanding 25,789,830 28,909,348 25,764,966 28,730,225 Net earnings per share, basic $ 0.13 $ 0.44 $ 0.10 $ 1.20 Net earnings per share, diluted $ 0.13 $ 0.40 $ 0.10 $ 1.09

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2020 2021 2020 2021 Point-to-Multi-Point $ 40,564 65 % $ 59,796 64 % $ 75,431 61 % $ 117,595 65 % Point-to-Point 12,602 20 % 14,066 15 % 25,712 21 % 31,542 17 % Wi-Fi 7,640 12 % 18,297 20 % 19,121 16 % 30,420 17 % Other 1,448 3 % 550 1 % 2,419 2 % 1,667 1 % Total Revenues $ 62,254 100 % $ 92,709 100 % $ 122,683 100 % $ 181,224 100 %
Schedule of Revenue by Geography	Revenues by geography were as follows (unaudited and in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2020 2021 2020 2021 North America $ 32,454 52 % $ 49,346 53 % $ 63,489 52 % $ 103,541 57 % Europe, Middle East and Africa 20,424 33 % 24,943 27 % 39,168 32 % 43,633 24 % Caribbean and Latin America 4,653 7 % 12,152 13 % 9,883 8 % 22,667 13 % Asia Pacific 4,723 8 % 6,268 7 % 10,143 8 % 11,383 6 % Total Revenues $ 62,254 100 % $ 92,709 100 % $ 122,683 100 % $ 181,224 100 %
Summary of Contract Balances	The following table summarizes contract balances as of December 31, 2020 and June 30, 2021 (in thousands): December 31, 2020 June 30, 2021 (unaudited) Trade accounts receivable, net of allowance for credit losses $ 56,798 $ 80,212 Deferred revenue - current 6,471 6,247 Deferred revenue - noncurrent 4,448 5,084 Refund liability $ 2,416 $ 2,923

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2020 2021 2020 2021 Operating lease cost $ 648 $ 687 $ 1,292 $ 1,351 Short-term lease cost 122 68 149 140 Variable lease costs 106 106 215 229 Total lease expense $ 876 $ 861 $ 1,656 $ 1,720
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate): Balance Sheet Caption December 31, 2020 June 30, 2021 (unaudited) Operating leases: Operating lease assets Operating lease assets $ 5,083 $ 4,516 Current lease liabilities Other current liabilities $ 2,167 $ 1,743 Noncurrent lease liabilities Noncurrent operating lease liabilities $ 3,332 $ 3,244 Weighted average remaining lease term (years): Operating leases 3.35 3.39 Weighted average discount rate: Operating leases 8.36 % 7.36 %
Supplemental Cash Flow Information	Supplemental cash flow information related to leases were as follows (unaudited and in thousands): Six Months Ended June 30, 2020 2021 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 1,273 $ 1,300
Remaining Maturities on Lease Liabilities	Remaining maturities on lease liabilities as of June 30, 2021 is as follows (unaudited and in thousands): Operating leases 2021 (July - December) $ 1,229 2022 1,595 2023 1,474 2024 717 2025 479 Thereafter 218 Total lease payments 5,712 Less: interest 725 Present value of lease liabilities $ 4,987

Business and Significant Acco_3

Business and Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2021
ASU 2019-12
Business And Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2020-04
Business And Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Mar. 12, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value credit agreement	$ 33.2	$ 55.3

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Net [Abstract]
Finished goods	$ 30,073	$ 35,241
Raw materials	3,406	4,576
Gross inventory	33,479	39,817
Less: Excess and obsolete provision	(5,086)	(5,855)
Inventories, net	$ 28,393	$ 33,962

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued goods and services	$ 8,347	$ 7,937
Accrued inventory purchases	5,094	4,830
Accrued customer rebates	6,522	7,380
Other	15	13
Accrued liabilities	$ 19,978	$ 20,160

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,714	$ 706
Warranties assumed due to acquisition		1,174
Fulfillment of assumed acquisition warranty	(178)	(482)
Provision increase, net	303	316
Ending balance	$ 1,839	$ 1,714

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,839	$ 1,714	$ 706
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,300
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 500

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total cost	$ 31,138	$ 28,531
Less: Accumulated depreciation	(22,628)	(20,996)
Property and equipment, net	8,510	7,535
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 26,895	24,367
Equipment and Tooling | Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years
Equipment and Tooling | Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total cost	$ 3,213	3,137
Computer Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years
Computer Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Useful Life	10 years
Total cost	$ 748	745
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 282	$ 282
Leasehold Improvements | Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years
Leasehold Improvements | Maximum
Property Plant And Equipment [Line Items]
Useful Life	3 years

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 800	$ 900	$ 1,697	$ 1,913

Software - Schedule of Software

Software - Schedule of Software (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 20,686	$ 19,091
Accumulated amortization	(16,320)	(15,653)
Net balance	4,366	3,438
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	15,693	15,680
Accumulated amortization	(14,569)	(14,214)
Net balance	$ 1,124	1,466
Acquired and Software for Internal Use | Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Acquired and Software for Internal Use | Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Gross carrying amount	$ 4,993	3,411
Accumulated amortization	(1,751)	(1,439)
Net balance	$ 3,242	$ 1,972

Software - Additional Informati

Software - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.2	$ 0.2	$ 0.4	$ 0.4
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	$ 0.2	$ 0.1	$ 0.3	$ 0.3

Software - Schedule of Estimate

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
2021 (July - December)	$ 1,013
2022	1,603
2023	1,498
2024	1,498
2025	1,498
Thereafter	4,682
Total amortization	11,792	$ 12,895
Capitalized Software Assets
Finite Lived Intangible Assets [Line Items]
2021 (July - December)	863
2022	1,563
2023	1,199
2024	577
2025	90
Thereafter	74
Total amortization	4,366
Capitalized Software Assets | Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2021 (July - December)	330
2022	417
2023	167
2024	68
2025	68
Thereafter	74
Total amortization	1,124
Capitalized Software Assets | Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2021 (July - December)	533
2022	1,146
2023	1,032
2024	509
2025	22
Total amortization	$ 3,242

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)SegmentSubsidiaryUnit	Jun. 30, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Number of operating segment | Segment			1
Number of reportable segments | Segment			1
Number of operating subsidiaries | Subsidiary			2
Adjustments to carrying value of goodwill			$ 0
Number of reporting unit | Unit			1
Impairment of goodwill			$ 0
Amortization expense	$ 500,000	$ 500,000	$ 1,100,000	$ 1,100,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 50,530	$ 50,530
Accumulated amortization	(38,738)	(37,635)
Total amortization	11,792	12,895
Unpatented Technology
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	14,660	14,660
Accumulated amortization	(14,465)	(14,375)
Total amortization	$ 195	285
Unpatented Technology | Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Unpatented Technology | Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	19,300
Accumulated amortization	(7,877)	(7,128)
Total amortization	$ 11,423	12,172
Customer Relationships | Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	5 years
Customer Relationships | Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years
Patents
Finite Lived Intangible Assets [Line Items]
Useful life	7 years
Gross carrying amount	$ 11,300	11,300
Accumulated amortization	$ (11,300)	(11,300)
Trademarks
Finite Lived Intangible Assets [Line Items]
Useful life	10 years
Gross carrying amount	$ 5,270	5,270
Accumulated amortization	(5,096)	(4,832)
Total amortization	$ 174	$ 438

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Net [Abstract]
2021 (July - December)	$ 1,013
2022	1,603
2023	1,498
2024	1,498
2025	1,498
Thereafter	4,682
Total amortization	$ 11,792	$ 12,895

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	May 27, 2021	Nov. 13, 2020	Jun. 28, 2019	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt outstanding				$ 33,178			$ 33,178
Repayment of term loan							22,072	$ 5,000
Current portion of long-term debt				12,156			12,156		$ 29,201
Net interest expense				1,300		$ 1,500	2,500	$ 2,900
Amortization of debt issuance costs associated with excess cash flow payment				300			300
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date			Dec. 21, 2022
Debt instrument, principal payments			$ 2,500
Debt instrument, frequency of payment			quarterly
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding				$ 33,178			$ 33,178		$ 55,250
Repayment of term loan	$ 19,600
Debt instrument interest rate				5.25%			5.25%		5.50%
Debt instrument, interest rate terms							Interest accrues on the outstanding principal amount of the term loan on a quarterly basis and is equal to a base rate of the higher of (a) 1.25% per annum or (b) the rate per annum determined by reference to the 1-, 2-, 3- or 6-month US Dollar LIBOR rate as selected by the Company, plus an applicable margin of 4.75%, 4.25%, or 4.00% as determined by the Company’s performance as measured by the consolidated leverage ratio.
Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument base rate							1.25%
Term Loan Facility | Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate		4.75%		4.00%	4.25%				4.25%
Term Loan Facility | Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Debt instrument, maturity date			Dec. 21, 2022
Current portion of long-term debt				$ 2,500			$ 2,500
Term Loan Facility | Third Amended and Restated Credit Agreement | LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, interest rate terms							In May 2021, the FCA confirmed the 1 week and 2-month US Dollar LIBOR tenors will cease on December 31, 2021, but the remaining five US Dollar LIBOR tenors (overnight and 1, 3, 6 and 12 month) will not cease until June 30, 2023.  The base interest rate on the Company’s Credit Agreement may be determined by reference to the 1-, 2-, 3- or 6-month US Dollar LIBOR rate, as selected by the Company.
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding				0			$ 0
Debt Instrument amount available under credit facility				$ 10,000			$ 10,000
Revolving Credit Facility | Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Credit facility, expiration date			Dec. 21, 2022

Debt - Schedule of Current and

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, Gross	$ 33,178
Less debt issuance costs	(515)	$ (1,092)
Total debt	32,663	54,158
Less current portion of term facility	(12,500)	(29,747)
Current portion of debt issuance costs	344	546
Total long-term external debt, net	20,507	24,957
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 33,178	$ 55,250

Debt - Schedule of Maturities o

Debt - Schedule of Maturities on External Debt Outstanding (Details) $ in Thousands	Jun. 30, 2021USD ($)
Maturities Of Long Term Debt [Abstract]
2021 (July - December)	$ 7,500
2022	25,678
Total	$ 33,178

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
U.S. Pan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			100.00%
Defined contribution plan, maximum annual contributions per employee, percent			4.00%
Defined contribution plan employers matching contribution vesting period			2 years
Defined contribution plan, employer discretionary contribution amount	$ 0.2	$ 0.3	$ 0.8	$ 0.5
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			5.00%
Defined contribution plan, maximum annual contributions per employee, percent			7.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1	$ 0.2	$ 0.2
Defined contribution plan, employee matching contribution, percent of match			3.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay			1.00%

Other (Income) Expense, Net - A

Other (Income) Expense, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Other (Income) Expense
Other Non Operating Income and Expense [Line Items]
Foreign exchange (gains) and losses	$ 0.1	$ 0	$ 0.1	$ (0.2)

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)	Mar. 01, 2021	Mar. 24, 2020	Jun. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted						247,670
Share-based compensation income tax benefits				$ 1,100,000	$ 200,000	$ 2,400,000	$ 300,000
Share-based compensation						3,508,000	1,751,000
Pre-tax unrecognized compensation expense, net of estimated forfeitures						$ 21,600,000
Forfeiture rate utilized for estimating forfeitures of options and restricted share units granted.						5.00%
Share options contractual term						10 years
Aggregate intrinsic value of options exercisable				35,120,703		$ 35,120,703
Share options exercised						312,404
Unrecognized pre-tax share based compensation expense related to unvested share option awards				11,000,000		$ 11,000,000
Shares vested						160,391
Unrecognized pre-tax compensation expense related to unvested share awards				10,600,000		$ 10,600,000
Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			1,067,075
Number of outstanding shares added annually			275,000
Percentage of outstanding shares			1.00%
Share-based compensation				$ 200,000	$ 0	$ 300,000	$ 0
Total number of shares available under ESPP			550,000
Percentage of purchase price shares on first trading day of offering period and purchase date			85.00%
Number of additional shares available under ESPP	260,345	256,730
Number of shares issued				39,061		39,061
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	1,301,726			1,301,726		1,301,726
Shares granted						247,670
Percentage of outstanding shares			5.00%
2019 Share Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares added annually			1,320,000
2019 Share Incentive Plan | IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			3,400,000
2019 Share Incentive Plan | RSAs and RSUs | IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			240,037
2019 Share Incentive Plan | Recapitalization Awards | IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price			$ 12
2019 Share Incentive Plan | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted						247,670
Shares vested						160,391
Shares to pay employees' portion of minimum payroll withholding taxes						43,889

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Changes in Number of Shares Available for Grant (Details) - shares	6 Months Ended
	Jun. 30, 2021	Mar. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted	(247,670)
Options granted	(116,035)
Forfeitures	17,812
2019 Share Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for grant, beginning balance	832,134
Number of shares authorized	1,301,726	1,301,726
RSUs granted	(247,670)
Options granted	(116,035)
Shares withheld in settlement of taxes and/or exercise price	43,889
Forfeitures	19,527
Available for grant, ending balance	1,833,571

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,098	$ 940	$ 3,508	$ 1,751
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	50	18	69	35
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	842	422	1,359	790
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	539	243	834	475
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 667	$ 257	$ 1,246	$ 451

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Stock Option Activity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Options
Options outstanding, Beginning balance | shares	3,164,185
Options granted | shares	116,035
Options exercised | shares	(312,404)
Options forfeited | shares	(17,812)
Options outstanding, Ending balance | shares	2,950,004	3,164,185
Options exercisable | shares	929,847
Options vested and expected to vest | shares	2,894,174
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance | $ / shares	$ 11.24
Weighted average exercise price, Options granted | $ / shares	42.52
Weighted average exercise price, Options exercised | $ / shares	10.71
Weighted average exercise price, Options forfeited | $ / shares	10.81
Weighted average exercise price, Outstanding ending balance | $ / shares	12.53	$ 11.24
Weighted average exercise price, Options exercisable | $ / shares	10.58
Weighted average exercise price, Options vested and expected to vest | $ / shares	$ 12.52
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	8 years 4 months 24 days	8 years 9 months 18 days
Weighted average remaining contractual term, Options exercisable	8 years 1 month 6 days
Weighted average remaining contractual term, Options vested and expected to vest	8 years 4 months 24 days
Aggregate intrinsic value, Outstanding, Beginning balance | $	$ 105,672,118	$ 43,793,890
Aggregate intrinsic value, Options exercisable | $	35,120,703
Aggregate intrinsic value, Options vested and expected to vest | $	$ 103,689,431

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.14%	0.43%
Weighted-average expected volatility	50.90%	48.90%
Expected term (in years)	6 years 6 months	6 years 6 months
Weighted average grant-date fair value per share of options granted	$ 21.36	$ 3.22

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Shares Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Units
Number of Units, RSU and RSA, beginning balance | shares	519,197
Number of Units, RSU and RSA, granted | shares	247,670
Number of Units, RSU and RSA, vested | shares	(160,391)
Number of Units, RSU and RSA, forfeited | shares	(1,715)
Number of Units, RSU and RSA, ending balance | shares	604,761
Number of Units, RSUs and RSAs, expected to vest | shares	604,761
Weighted average grant date fair value
Weighted average grant date fair value, RSU and RSA, beginning balance | $ / shares	$ 4.89
Weighted average grant date fair value, RSU and RSA, granted | $ / shares	42.63
Weighted average grant date fair value, RSU and RSA, vested | $ / shares	4.87
Weighted average grant date fair value, RSU, and RSA, forfeited | $ / shares	42.52
Weighted average grant date fair value, RSU and RSA, ending balance | $ / shares	20.25
Weighted average grant date fair value, RSU and RSA, expected to vest | $ / shares	$ 20.25

Share Capital - Shares (Share C

Share Capital - Shares (Share Capital Activity) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares		312,404
Issuance of ordinary shares, Value	$ 1,164	$ 1,164
Share options exercised	$ 1,374	$ 3,345
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	26,299,000	26,034,526
Issuance of ordinary shares, Number of shares	39,000	39,061
Issuance of vested shares, Number of shares		160,917
Share options exercised, shares	128,000	312,404
Shares withheld for net settlement of shares issued, Number of shares		(43,889)
Ending balance, shares	26,503,019	26,503,019
Beginning balance		$ 3
Ending balance	$ 3	$ 3

Share Capital - Shares - Additi

Share Capital - Shares - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021$ / 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 11,517	$ 3,312	$ 31,377	$ 2,474
Denominator:
Basic weighted average shares outstanding	26,365,207	25,683,289	26,241,101	25,680,234
Dilutive effect of share option awards	2,113,603		2,058,633
Dilutive effect of restricted share units and restricted share awards	408,068	106,541	412,428	84,732
Dilutive effect of employee share purchase plan awards	22,470		18,063
Diluted weighted average shares outstanding	28,909,348	25,789,830	28,730,225	25,764,966
Net earnings per share, basic	$ 0.44	$ 0.13	$ 1.20	$ 0.10
Net earnings per share, diluted	$ 0.40	$ 0.13	$ 1.09	$ 0.10

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Jun. 10, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Income Taxes [Line Items]
Provision (benefit) for income taxes			$ 1,385	$ (2)	$ (6,254)	$ 80
Effective tax rate			10.70%	(0.10%)	(24.90%)	3.10%
Statutory rate			21.00%		21.00%
Non-recurring tax benefit related to valuation allowance reversal					$ 7,700
UK
Schedule Of Income Taxes [Line Items]
Statutory rate					19.00%
Percentage of higher future tax rate effective from beginning April 1, 2023		25.00%
Tax rate on first year bonus depreciation from beginning April 1, 2021		30.00%
Forecast | UK
Schedule Of Income Taxes [Line Items]
Statutory rate	25.00%
California | Research and Development
Schedule Of Income Taxes [Line Items]
Valuation allowance on the related deferred tax asset					$ 700

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021Segment
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 92,709	$ 62,254	$ 181,224	$ 122,683
Sales Revenue, Product Line | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Point-to-Multi-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 59,796	$ 40,564	$ 117,595	$ 75,431
Point-to-Multi-Point | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	64.00%	65.00%	65.00%	61.00%
Point-to-Point
Disaggregation Of Revenue [Line Items]
Revenues	$ 14,066	$ 12,602	$ 31,542	$ 25,712
Point-to-Point | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	15.00%	20.00%	17.00%	21.00%
Wi-Fi
Disaggregation Of Revenue [Line Items]
Revenues	$ 18,297	$ 7,640	$ 30,420	$ 19,121
Wi-Fi | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	20.00%	12.00%	17.00%	16.00%
Other
Disaggregation Of Revenue [Line Items]
Revenues	$ 550	$ 1,448	$ 1,667	$ 2,419
Other | Sales Revenue, Product Line | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	1.00%	3.00%	1.00%	2.00%

Revenues from Contracts with _4

Revenues from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 92,709	$ 62,254	$ 181,224	$ 122,683
Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation Of Revenue [Line Items]
Revenues	$ 49,346	$ 32,454	$ 103,541	$ 63,489
North America | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	53.00%	52.00%	57.00%	52.00%
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenues	$ 24,943	$ 20,424	$ 43,633	$ 39,168
Europe, Middle East and Africa | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	27.00%	33.00%	24.00%	32.00%
Caribbean and Latin America
Disaggregation Of Revenue [Line Items]
Revenues	$ 12,152	$ 4,653	$ 22,667	$ 9,883
Caribbean and Latin America | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	13.00%	7.00%	13.00%	8.00%
Asia Pacific
Disaggregation Of Revenue [Line Items]
Revenues	$ 6,268	$ 4,723	$ 11,383	$ 10,143
Asia Pacific | Sales Revenue, Product Line | Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	7.00%	8.00%	6.00%	8.00%

Revenues from Contracts with _5

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 80,212	$ 56,798
Deferred revenues	6,247	6,471
Deferred revenues	5,084	4,448
Refund liability	$ 2,923	$ 2,416

Revenues from Contracts with _6

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Customer	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)Customer
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 11.3		$ 11.3		$ 10.9
Revenue remaining performance obligation	6.2		6.2		$ 6.5
Revenue recognized	$ 1.9	$ 2.1	$ 3.6	$ 4.8
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			2		2
Customer Concentration Risk | Accounts Receivables | Customer A
Revenue From Contract With Customer [Line Items]
Concentration risk, percentage			10.00%		10.00%
Customer Concentration Risk | Accounts Receivables | Customer B
Revenue From Contract With Customer [Line Items]
Concentration risk, percentage			10.00%

Revenues from Contracts with _7

Revenues from Contracts with Customers - Additional Information (Details 1)	Jun. 30, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 687	$ 648	$ 1,351	$ 1,292
Short-term lease cost	68	122	140	149
Variable lease costs	106	106	229	215
Total lease expense	$ 861	$ 876	$ 1,720	$ 1,656

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating leases:
Operating lease assets	$ 4,516	$ 5,083
Current lease liabilities	$ 1,743	$ 2,167
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 3,244	$ 3,332
Weighted average remaining lease term (years):
Operating leases	3 years 4 months 20 days	3 years 4 months 6 days
Weighted average discount rate:
Operating leases	7.36%	8.36%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,300	$ 1,273

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Leases [Line Items]
Lessee operating lease option to extend	true
Office Facility Leases
Leases [Line Items]
Present value of lease liability	$ 0.1
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	Jun. 30, 2021USD ($)
Leases [Abstract]
2021 (July - December)	$ 1,229
2022	1,595
2023	1,474
2024	717
2025	479
Thereafter	218
Total lease payments	5,712
Less: interest	725
Present value of lease liabilities	$ 4,987

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0