0001022652-20-000007 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2019	Mar. 10, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-38358
Entity Registrant Name	INSEEGO CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3377646
Entity Address, Address Line One	12600 Deerfield Parkway, Suite 100
Entity Address, City or Town	Alpharetta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30004
City Area Code	858
Local Phone Number	812-3400
Title of 12(b) Security	Common Stock, $0.001 par value-
Trading Symbol	INSG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 222.1
Entity Common Stock, Shares Outstanding		96,121,497
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A are incorporated by reference into Part III of this Form 10-K to the extent stated herein.
Amendment Flag	false
Entity Central Index Key	0001022652
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 12,074	$ 31,015
Restricted cash	0	61
Accounts receivable, net of allowance for doubtful accounts of $2,133 and $1,841, respectively	19,656	20,633
Inventories, net	25,290	26,431
Prepaid expenses and other	7,117	6,212
Total current assets	64,137	84,352
Property, plant and equipment, net	10,756	6,698
Rental assets, net	5,385	5,769
Intangible assets, net	44,392	31,985
Goodwill	33,659	32,942
Right-of-use assets, net	2,657
Other assets	387	510
Total assets	161,373	162,256
Current liabilities:
Accounts payable	26,482	39,245
Accrued expenses and other current liabilities	17,861	13,024
DigiCore bank facilities	187	1,412
Total current liabilities	44,530	53,681
Long-term liabilities:
Convertible senior notes, net	101,334	93,054
Term loan, net	46,538	45,046
Deferred tax liabilities, net	3,949	4,457
Other long-term liabilities	2,380	2,543
Total liabilities	198,731	198,781
Commitments and Contingencies
Stockholders’ deficit:
Series E Preferred stock, par value $0.001; 10,000 shares designated, 10,000 and 0 shares issued and outstanding, respectively, liquidation preference of $1,000 per share	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 81,974,051 and 73,979,882 shares issued and outstanding, respectively	82	74
Additional paid-in capital	584,862	546,230
Accumulated other comprehensive loss	(3,879)	(4,877)
Accumulated deficit	(618,303)	(577,817)
Total stockholders’ deficit attributable to Inseego Corp.	(37,238)	(36,390)
Noncontrolling interests	(120)	(135)
Total stockholders’ deficit	(37,358)	(36,525)
Total liabilities and stockholders’ deficit	$ 161,373	$ 162,256

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2,133	$ 1,841
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	81,974,051	73,979,882
Common stock, shares outstanding	81,974,051	73,979,882

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
IoT & Mobile Solutions	$ 154,167	$ 135,349
Enterprise SaaS Solutions	65,329	67,114
Total net revenues	219,496	202,463
IoT & Mobile Solutions	129,957	105,344
Enterprise SaaS Solutions	25,568	26,167
Impairment of abandoned product line, net of recoveries	0	355
Total cost of net revenues	155,525	131,866
Gross profit	63,971	70,597
Operating costs and expenses:
Research and development	23,853	20,593
Sales and marketing	28,914	23,027
General and administrative	27,267	25,325
Amortization of purchased intangible assets	3,421	3,624
Extinguishment of acquisition-related liabilities	0	17,174
Restructuring charges, net of recoveries	60	1,191
Total operating costs and expenses	83,515	56,586
Operating income (loss)	(19,544)	14,011
Other income (expense):
Interest expense, net	(20,381)	(20,444)
Other income (expense), net	351	(895)
Loss before income taxes	(39,574)	(7,328)
Income tax provision	536	815
Net loss	(40,110)	(8,143)
Less: Net loss (income) attributable to noncontrolling interests	(15)	85
Net loss attributable to Inseego Corp.	(40,125)	(8,058)
Series E preferred stock dividends	(361)	0
Net loss attributable to common stockholders	$ (40,486)	$ (8,058)
Net loss per common share:
Net loss per share, basic and diluted (in dollars per share)	$ (0.52)	$ (0.12)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding, basic and diluted (in shares)	78,322,496	66,104,376

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (40,110)	$ (8,143)
Foreign currency translation adjustment	998	(9,481)
Total comprehensive loss	$ (39,112)	$ (17,624)

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Series E Preferred Stock	Series E Preferred Stock Preferred Stock	Series E Preferred Stock Additional Paid-in Capital
Beginning Balance at Dec. 31, 2017	$ (45,615)	$ 0	$ 59	$ 519,531	$ (569,759)	$ 4,604	$ (50)
Beginning Balance, shares (in shares) at Dec. 31, 2017		0	58,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,143)				(8,058)		(85)
Foreign currency translation adjustment	(9,481)					(9,481)
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan	2,408		$ 3	2,405
Exercise of stock options, vesting of restricted stock units and stock issued under ESPP (in shares)			2,645
Taxes withheld on net settled vesting of restricted stock units	(656)			(656)
Issuance of common stock	20,086		$ 12	20,074
Issuance of common stock (in shares)			12,690
Share-based compensation	4,876			4,876
Share-based compensation (in shares)			0
Ending Balance at Dec. 31, 2018	(36,525)	$ 0	$ 74	546,230	(577,817)	(4,877)	(135)
Ending Balance, shares (in shares) at Dec. 31, 2018		0	73,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(40,110)				(40,125)		15
Foreign currency translation adjustment	998					998
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan	3,265		$ 2	3,263
Exercise of stock options, vesting of restricted stock units and stock issued under ESPP (in shares)			2,254
Taxes withheld on net settled vesting of restricted stock units	(1,269)			(1,269)
Issuance of common stock	1,439			1,439				$ 10,000		$ 10,000
Issuance of common stock (in shares)			263						10
Exercise of warrants			5,477
Exercise of warrants	17,542		$ 6	17,536
Share-based compensation	7,302			7,302
Series E preferred stock dividends	0			361	(361)
Ending Balance at Dec. 31, 2019	$ (37,358)	$ 0	$ 82	$ 584,862	$ (618,303)	$ (3,879)	$ (120)
Ending Balance, shares (in shares) at Dec. 31, 2019		10	81,974

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (40,110)	$ (8,143)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,426	13,733
Provision for bad debts, net of recoveries	715	555
Provision for excess and obsolete inventory, net of recoveries	980	1,040
Share-based compensation expense	7,302	4,876
Amortization of debt discount and debt issuance costs	9,772	9,772
Deferred income taxes	(598)	14
Non-cash gain on extinguishment of acquisition-related liabilities	0	(17,174)
Other	840	2,022
Changes in assets and liabilities:
Accounts receivable	377	(6,883)
Inventories	(3,077)	(11,437)
Prepaid expenses and other assets	(901)	3,251
Accounts payable	(12,996)	9,646
Accrued expenses, income taxes, and other	1,271	(3,037)
Net cash used in operating activities	(17,999)	(1,765)
Cash flows from investing activities:
Purchases of property, plant and equipment	(6,621)	(1,338)
Proceeds from the sale of property, plant and equipment	517	144
Additions to capitalized software development costs and purchases of intangible assets	(22,109)	(3,040)
Net cash used in investing activities	(28,213)	(4,234)
Cash flows from financing activities:
Gross proceeds received from issuance of Series E preferred stock	10,000	0
Gross proceeds received from private placement	0	19,661
Payment of issuance costs related to private placement	0	(500)
Principal repayments of short-term debt	0	(500)
Proceeds from the exercise of warrants to purchase common stock	17,542	0
Net repayment of DigiCore bank and overdraft facilities	(1,047)	(1,453)
Principal payments under finance lease obligations	(1,022)	(977)
Principal payments on mortgage bond	0	(316)
Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units	1,996	1,752
Net cash provided by financing activities	27,469	17,667
Effect of exchange rates on cash	(259)	(1,851)
Net increase (decrease) in cash, cash equivalents and restricted cash	(19,002)	9,817
Cash, cash equivalents and restricted cash, beginning of period	31,076	21,259
Cash, cash equivalents and restricted cash, end of period	12,074	31,076
Cash paid during the year for:
Interest	9,296	10,642
Income taxes, net of tax refunds	939	672
Supplemental disclosures of non-cash activities:
Transfer of inventories to rental assets	3,748	3,973
Purchases of property, plant and equipment under capital lease	1,341	1,563
Right-of-use assets obtained in exchange for operating leases liabilities	4,694
Capital expenditures financed through accounts payable	2,926	1,680
Issuance of common stock under settlement agreement	$ 1,439	$ 925

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Inseego Corp. (the “Company” or “Inseego”) is a leader in the design and development of mobile (advanced 4G and 5G New Radio (“5G NR”)), Internet of Things (“IoT”) and cloud solutions for large enterprise verticals, service providers and small and medium-sized businesses around the globe. Inseego’s product portfolio consists of fixed and mobile device-to-cloud solutions that produce compelling, intelligent, reliable and secure end-to-end IoT services with deep business intelligence. Inseego’s products and solutions power mission critical applications with a “zero unscheduled downtime” mandate, such as 5G fixed wireless access gateway solutions, 4G and 5G mobile broadband, industrial IoT, SD WAN failover management, asset tracking and fleet management services. Inseego’s solutions are powered by its key innovations in mobile technologies, including a suite of products employing the 5G NR standards, and purpose-built SaaS cloud platforms.

Inseego is a Delaware corporation formed in 2016 and is the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996 (“Novatel Wireless”), as a result of an internal reorganization that was completed in November 2016. The Company’s principal executive office is located at 12600 Deerfield Parkway, Suite 100, Alpharetta, GA 30004, its corporate offices are located at 9710 Scranton Road, Suite 200, San Diego CA 92121 and its sales and engineering offices are located throughout the world. Inseego’s common stock trades on The NASDAQ Global Select Market under the trading symbol “INSG”.

Basis of Presentation

The Company had a net loss attributable to Inseego Corp. of $40.5 million during the year ended December 31, 2019. As of December 31, 2019, the Company had available cash and cash equivalents totaling $12.1 million and working capital of $19.6 million. The Company has a history of operating and net losses and overall usage of cash from operating and investing activities.

In order to make continued investments in its growth plan, on August 9, 2019, the Company issued and sold 10,000 shares of Fixed-Rate Cumulative Perpetual Preferred Stock, Series E, par value $0.001 per share (the “Series E Preferred Stock”), for an aggregate purchase price of $10.0 million. For additional information see Note 7, Stockholders Equity.

On March 6, 2020, the Company issued and sold an additional 25,000 shares of Series E Preferred Stock, for an aggregate purchase price of $25.0 million.

Under the terms of the indenture governing the Inseego Notes (as defined below), both the Company and the holders have rights with respect to conversion or redemption based on the value of the underlying stock. In the first quarter of 2020, $59.9 million of the notes were exchanged for common stock.

Under the terms of the indenture governing the Inseego Notes (as defined below), each holder of the notes has the right to require the Company to repurchase its notes for cash on June 15, 2020 (the “Optional Repurchase Date”). In March 2020, all of the remaining Inseego Note holders have waived this right.

Under the terms of the Senior Credit Agreement, interest is paid based on the three-month LIBOR plus 7.65 percent, payable in cash. In the first quarter of 2020 the Credit Agreement was amended such that any interest payment due will be made in shares of Series E Preferred Stock. On March 10, 2020, the Company entered into a letter agreement (the “Letter Agreement”) with South Ocean Funding, LLC (“South Ocean”), the Lender, holder of the aggregate principal amount currently outstanding under the Credit Agreement, which provides: (i) that the Company and South Ocean will work together, in good faith, to reach an agreement to amend or refinance the Credit Agreement in order to extend the maturity of the Credit Agreement until a date after March 15, 2021; and (ii) should an agreement not be reached to amend or refinance the Credit Agreement prior to August 23, 2020, upon request of the Company, the maturity date of the Credit Agreement will be extended to no earlier than March 15, 2021.

The Company’s management believes that its cash and cash equivalents, together with anticipated cash flows from operations, will be sufficient to meet its working capital needs for the next twelve months following the filing date of this report. The Company’s ability to transition to more profitable operations is dependent upon achieving a level of revenue adequate to support its evolving cost structure.

The Company’s liquidity could be impaired if there is any interruption in its business operations, a material failure to satisfy its contractual commitments or a failure to generate revenue from new or existing products. Ultimately, the Company’s ability to attain profitability and to generate positive cash flow is dependent upon achieving a level of revenues adequate to support its evolving cost structure and increasing working capital needs. If events or circumstances occur such that the

Company does not meet its operating plan as expected, the Company may be required to raise additional capital, reduce planned research and development activities, incur additional restructuring charges or reduce other operating expenses which could have an adverse impact on its ability to achieve its intended business objectives. There can be no assurance that any required or desired restructuring or financing will be available on terms favorable to the Company, or at all. In addition, in order to obtain additional borrowings, the Company must comply with certain requirements under the Credit Agreement and the Inseego Indenture (as defined below). If additional funds are raised by the issuance of equity securities, Company stockholders could experience dilution of their ownership interests and securities issued may have rights senior to those of the holders of the Company’s common stock. If additional funds are raised by the issuance of debt securities, the Company may be subject to additional limitations on its operations.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent liabilities. Actual results could differ materially from these estimates. Significant estimates include revenue recognition, capitalized software costs, allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, royalty costs, accruals relating to litigation and restructuring, income taxes, share-based compensation expense and the Company’s ability to continue as a going concern.

Segment Information

Management has determined that the Company has one reportable segment. The Chief Executive Officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and operating results.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less. Cash and cash equivalents are recorded at market value, which approximates cost. Gains and losses associated with the Company’s foreign currency denominated demand deposits are recorded as a component of other income (expense), net, in the consolidated statements of operations.

Allowance for Doubtful Accounts Receivable

The Company provides an allowance for its accounts receivable for estimated losses that may result from its customers’ inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged receivables, economic conditions, historical losses, and changes in customer payment cycles and its customers’ creditworthiness. Amounts later determined and specifically identified to be uncollectible are charged or written off against this allowance. To minimize the likelihood of uncollectibility, the Company reviews its customers’ creditworthiness periodically based on credit scores generated by independent credit reporting services, its experience with its customers and the economic condition of its customers’ industries. Material differences may result in the amount and timing of expense for any period if the Company were to make different judgments or utilize different estimates.

Inventories and Provision for Excess and Obsolete Inventory

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Shipping and handling costs are classified as a component of cost of net revenues in the consolidated statements of operations. The Company reviews the components of its inventory and its inventory purchase commitments on a regular basis for excess and obsolete inventory based on estimated future usage and sales. Write-downs in inventory value or losses on inventory purchase commitments depend on various items, including factors related to customer demand, economic and competitive conditions, technological advances or new product introductions by the Company or its customers that vary from its current expectations. Whenever inventory is written down, a new cost basis is established and the inventory is not subsequently written up if market conditions improve.

The Company believes that, when made, the estimates used in calculating the inventory provision are reasonable and properly reflect the risk of excess and obsolete inventory. If customer demand for the Company’s inventory is substantially less

than its estimates, inventory write-downs may be required, which could have a material adverse effect on its consolidated financial statements.

Property, Plant and Equipment

Property, plant and equipment are initially stated at cost and depreciated using the straight-line method. Test equipment, computer equipment, purchased software, furniture and fixtures, product tooling and vehicles are depreciated over lives ranging from thirteen months to six years. Leasehold improvements are depreciated over the shorter of the related remaining lease period or useful life. Buildings are depreciated over 50 years. Land is not depreciated. Amortization of equipment under capital leases is included in depreciation expense.

Expenditures for repairs and maintenance are expensed as incurred. Expenditures for major renewals and betterments that extend the useful lives of existing property, plant and equipment are capitalized and depreciated. Upon retirement or disposition of property, plant and equipment, any resulting gain or loss is recognized in other income (expense), net, in the consolidated statements of operations.

Rental Assets

The cost of rental assets, which represents fleet management and vehicle tracking hardware installed in customers’ vehicles where such hardware is provided as part of a fixed term contract with the customer, is capitalized and disclosed separately in the consolidated balance sheets. The Company depreciates rental assets to costs of net revenues on a straight-line basis over the term of the contract, generally three to four years, commencing on installation of the rental asset.

Software Development Costs for External Use

Software development costs for external use are expensed as incurred until technological feasibility has been established, at which time those costs are capitalized as intangible assets until the software is implemented into products sold to customers. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life. Costs incurred to enhance existing software or after the implementation of the software into a product are expensed in the period they are incurred and included in research and development expense in the consolidated statements of operations.

Software Development Costs for Internal Use

Costs incurred in the preliminary stages of development are expensed as incurred and included in research and development expense in the consolidated statements of operations. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of internal-use software when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred. Capitalized internal-use software costs are recorded as part of intangible assets and are amortized on a straight-line basis over the estimated useful life of the software. The Company does not capitalize pilot projects and projects for which it believes that the future economic benefits are less than probable. The Company tests these assets for impairment whenever events or circumstances occur that could impact their recoverability.

Intangible Assets

Intangible assets include purchased finite-lived and indefinite-lived intangible assets resulting from the acquisitions of DigiCore Holdings Limited (“DigiCore” or “Ctrack”) and R.E.R. Enterprises, Inc. (“RER”) and its wholly owned subsidiary and principal operating asset, Feeney Wireless, LLC (which was renamed Inseego North America, LLC) (“INA”), along with the costs of non-exclusive and perpetual worldwide software technology licenses and capitalized software developments costs for both internal and external use. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets (see Note 3, Goodwill and Other Intangible Assets).

Indefinite-lived assets, including goodwill and in-process capitalized software development costs, are not amortized; however, they are tested for impairment annually, and between annual tests, if certain events occur indicating that the carrying amounts may be impaired. The Company tests goodwill for impairment by comparing the fair value of each reporting unit with its carrying amount and an impairment charge is recorded for the amount, if any, by which the carrying value exceeds the reporting unit’s fair value. For the years ended December 31, 2019 and 2018 the Company recorded no impairment loss related to indefinite-lived intangible assets.

Long-Lived Assets

The Company periodically evaluates the carrying value of the unamortized balances of its long-lived assets, including property, plant and equipment, rental assets and intangible assets, to determine whether impairment of these assets has occurred or whether a revision to the related amortization periods should be made. When the carrying value of an asset exceeds the associated undiscounted expected future cash flows, it is considered to be impaired and is written down to fair value. Fair value is determined based on an evaluation of the assets associated undiscounted future cash flows or appraised value. This evaluation is based on management’s projections of the undiscounted future cash flows associated with each class of asset. If management’s evaluation indicates that the carrying values of these assets are impaired, such impairment is recognized by a reduction of the applicable asset carrying value to its estimated fair value and the impairment is expensed as a part of continuing operations. For the year ended December 31, 2018, the Company recorded an impairment loss related to long-lived assets of approximately $0.7 million, which is included in other income (expense), net, in the consolidated statements of operations. For the year ended December 31, 2019, the Company had no impairment loss related to long-lived assets.

Restructuring

The Company accounts for facility exit costs in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 420, Exit or Disposal Cost Obligations, which requires that a liability for such costs be recognized and measured initially at fair value on the cease-use date based on remaining lease rentals, adjusted for the effects of any prepaid or deferred items recognized, reduced by the estimated sublease rentals that could be reasonably obtained even if the Company does not intend to sublease the facilities.

The Company is required to estimate future sublease income and future net operating expenses of the facilities, among other expenses. The most significant of these estimates relate to the timing and extent of future sublease income which reduce lease obligations, and the probability that such sublease income will be realized. The Company bases its estimates of sublease income, in part, on information from third party real estate experts, current market conditions and rental rates, an assessment of the time period over which reasonable estimates could be made, and the location of the respective facility, among other factors. Further adjustments to the facility exit liability accrual will be required in future periods if actual exit costs or sublease income differ from current estimates. Exit costs recorded by the Company under these provisions are neither associated with, nor do they benefit, continuing activities.

Convertible Debt

The Company accounts for its convertible debt instruments that are settleable in cash upon conversion (including partial cash settlement) by separating the liability and equity components of the instruments in a manner that reflects the Company’s nonconvertible debt borrowing rate. The Company determines the carrying amount of the liability component by measuring the fair value of similar debt instruments that do not have the conversion feature. If a similar debt instrument does not exist, the Company estimates the fair value by using assumptions that market participants would use in pricing a debt instrument, including market interest rates, credit standing, yield curves and volatilities. Determining the fair value of the debt component requires the use of accounting estimates and assumptions. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt component and the associated non-cash interest expense.

Upon issuance, the Company assigns a value to the debt component equal to the estimated fair value of similar debt instruments without the conversion feature, which could result in the Company recording the debt instrument at a discount. If the debt instrument is recorded at a discount, the Company amortizes the debt discount over the life of the debt instrument as additional non-cash interest expense utilizing the effective interest method.

Revenue Recognition

The Company generates revenue from a broad range of product sales including intelligent wireless hardware products for the worldwide mobile communications and industrial IoT markets. The Company’s products principally include intelligent mobile hotspots, wireless routers for IoT applications, USB modems, integrated telematics and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to easily analyze data insights and configure and manage their hardware.

The Company classifies its revenues from the sale of its products and services into two distinct groupings, specifically IoT & Mobile Solutions and Enterprise SaaS Solutions. Both IoT & Mobile Solutions and Enterprise SaaS Solutions revenues include any hardware and software required for the respective solution.

Net revenues by product grouping for the years ended December 31, 2019 and 2018 were as follows (in thousands):



	Year Ended December 31,
	2019		2018
IoT & Mobile Solutions	$	154,167	$	135,349
Enterprise SaaS Solutions	65,329		67,114
Total	$	219,496	$	202,463

See geographic disaggregation information in Note 12, Geographic Information and Concentrations of Risk.

IoT & Mobile Solutions. The IoT & Mobile Solutions portfolio is comprised of end-to-end edge to cloud solutions including 4G LTE mobile broadband gateways, routers, modems, hotspots, HD quality VoLTE based wireless home phones, cloud management software and an advanced 5G portfolio of products (currently in various stages of development). The solutions are offered under the MiFi and MiFi^iQ brands for consumer and business markets, and under the Skyus brand for industrial IoT markets.

Enterprise SaaS Solutions. The Enterprise SaaS Solutions consist of various subscription offerings to gain access to the Company’s Ctrack telematics platforms, which provide fleet vehicle, aviation ground vehicle and asset tracking and performance information, and other telematics applications, and the Company’s Device Management System (“DMS”), a hosted software-as-a-service (“SaaS”) platform that helps organizations manage the selection, deployment and spend of their customer’s wireless assets, helping them save money on personnel and telecom expenses.

Contracts with Customers

The Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (as amended, “ASC 606”), effective January 1, 2018, using the modified retrospective method applied to those contracts which were not substantially completed as of January 1, 2018. ASC 606 provides guidance on recognizing revenue, including a five-step model to determine when revenue recognition is appropriate. The standard requires that an entity recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The Company routinely enters into a variety of agreements with customers, including quality agreements, pricing agreements and master supply agreements which outline the general commercial terms and conditions under which the Company does business with a specific customer, including shipping terms and pricing for the products and services that the Company offers. The Company also sells to some customers solely based on purchase orders. The Company has concluded, for the vast majority of its revenues, that its contracts with customers are either a purchase order or the combination of a purchase order with a master supply agreement.

The Company determines revenue recognition through the following five steps:


1)	identification of the contract, or contracts, with a customer;


2)	identification of the performance obligations in the contract;


3)	determination of the transaction price;


4)	allocation of the transaction price to the performance obligations in the contract; and


5)	recognition of revenue when, or as, performance obligations are satisfied.

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’s performance obligations are established when a customer submits a purchase order notification (in writing, electronically or verbally) for goods and services, and the Company accepts the order. The Company identifies performance obligations as the delivery of the requested product or service in appropriate quantities and to the location specified in the customer’s contract and/or purchase order. The Company generally recognizes revenue upon the satisfaction of these criteria when control of the product or service has been transferred to the customer at which time it has an unconditional right to receive payment. The Company’s prices are fixed and have no history of being affected by contingent events that could impact the transaction price. The Company does not offer price concessions and does not accept payment that is less than the price stated when it accepts the purchase order.

Revenue Recognition

Revenue is recognized upon transfer of control of products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that may include various combinations of products and services which are generally capable of being distinct and accounted for as separate performance obligations.

Hardware. Hardware revenue from the sale of the Company’s IoT & Mobile Solutions devices is recognized when the Company transfers control to the customer, typically at the time when the product is delivered, shipped or installed at which time the title passes to the customer, and there are no further performance obligations with regards to the hardware device.

SaaS and Other Services. SaaS subscription revenue is recognized over time on a ratable basis over the contract term beginning on the date that its service is made available to the customer. Subscription periods range from monthly to multi-year, with the majority of contracts being one to three years. Telematics includes a device which collects and transmits the information from the vehicle or other asset. The Company’s customers have an option to purchase the monitoring device or lease it over the term of the contract. If the customer purchases the hardware device, the Company recognizes the revenue at a point in time as discussed above in the hardware revenue recognition disclosure. Prior to adoption of FASB ASC, Leases (“ASC 842”), on January 1, 2019, if the customer chose to lease the monitoring device, the Company accounted for the monitoring device lease as an operating lease, recognized the revenue for the monitoring device lease over the term of the contract and recorded such revenue in accordance with the previous lease accounting guidance in ASC 840, Leases. Under the new standard, because the Company’s rental asset lease contracts qualify as operating leases under ASC 842 and the contracts also include services to operate the underlying asset, and to maintain the asset, the Company has elected the practical expedient to combine the lease and the non-lease components because the service is the predominant element in the eyes of the customer and the pattern of service delivery is the same for both elements. The Company recognizes revenue over time on a ratable basis over the term of the contract.

Maintenance and support services revenue. Periodically, the Company sells separately-priced warranty contracts that extend beyond the Company’s base warranty period. The separately priced service contracts range from 12 months to 36 months. The Company typically receives payment at the inception of the contract and recognizes revenue as earned on a straight-line basis over the term of the contract.

Professional services revenue. From time to time, the Company enters into special engineering design service agreements. Revenues from engineering design services are designed to meet specifications of a particular product, and therefore do not create an asset with an alternative use. The Company recognizes revenue based on the achievement of certain applicable milestones and the amount of payment the Company believes it is entitled to at the time.

With respect to revenue related to third party product sales or other arrangements that involve the services of another party, for which the Company does not control the sale or service and acts as an agent to the transaction, the Company recognizes revenue on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as revenue.

Multiple Performance Obligations

The Company’s contracts with customers may include commitments to transfer multiple products and services to a customer. When hardware, software and services are sold in various combinations, judgment is required to determine whether each performance obligation is considered distinct and accounted for separately, or not distinct and accounted for together with other performance obligations. The Company considered the performance obligations in its customer master supply agreements and determined that, for the majority of its revenue, the Company generally satisfies performance obligations at a point in time upon delivery of the product to the customer.

In instances where the software elements included within hardware for various products are considered to be functioning together with non-software elements to provide the tangible product’s essential functionality, these arrangements are accounted for as a single distinct performance obligation.

Judgment is required to determine the stand-alone selling price (“SSP”) for each distinct performance obligation. When available, the Company uses observable inputs to determine SSP. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, it determines the SSP based on a cost-plus model as market and other observable inputs are seldom present based on the proprietary nature of the Company’s products.

Contract Liabilities

Timing of revenue recognition may differ from the timing of invoicing to customers. If customers are invoiced for subscription services in advance of the service period, deferred revenue liabilities, or contract liabilities, are recorded. Deferred revenue liabilities, or contract liabilities, are also recorded when the Company collects payments in advance of performing the services.

Contract Assets

The Company capitalizes sales commissions earned by its sales force when they are considered to be incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit. There were no significant amounts of assets recorded related to contract costs as of December 31, 2019.

Applying the practical expedient in paragraph 40-25-4 of ASC 340, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general and administrative expenses.

Significant Judgments in the Application of the Guidance in ASC 606

Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company considered the performance obligations in its customer master supply agreements and determined that, for the majority of its revenue, the Company generally satisfies performance obligations at a point in time upon delivery of the product to the customer.

Revenues from the Company’s SaaS subscription services represent a single promise to provide continuous access to its software solutions and their processing capabilities in the form of a service through one of the Company’s data centers or a hosted data center. As each day of providing access to the software is substantially the same, and the customer simultaneously receives and consumes the benefits as access is provided, the Company has determined that its subscription services arrangements include a single performance obligation comprised of a series of distinct services. The Company’s SaaS subscriptions also include an unspecified volume of call center support and any remote system diagnostic and software upgrades as needed. These services are combined with the recurring monthly subscription service since they are highly interrelated and interdependent. Revenue from the Company’s subscription services is recognized over time on a ratable basis over the contract term beginning on the date that the service is made available to the customer.

Shipping and Handling Charges

Fees charged to customers for shipping and handling of products are included in product revenues, and costs for shipping and handling of products are included as a component of cost of sales.

Taxes Collected from Customers

Taxes collected on the value of transaction revenue are excluded from product and services revenues and cost of sales and are accrued in current liabilities until remitted to governmental authorities.

Foreign Currency Transactions

Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. Based upon historical experience, the Company anticipates repayment of these transactions in the foreseeable future, and recognizes the realized and unrealized gains (losses) on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss), which is recorded as other income (expense), net, in the consolidated statements of operations.

Foreign Currency Translation

Assets and liabilities of the Company’s international subsidiaries in which the local currency is the functional currency are translated into U.S. Dollars at period-end exchange rates. Income and expenses are translated into U.S. Dollars at the average

exchange rates during the period. The resulting translation adjustments are included in the Company’s consolidated balance sheets as a component of accumulated other comprehensive loss.

Income Taxes

The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable to or refundable by tax authorities in the current fiscal year. The Company also recognizes federal, state and foreign deferred tax liabilities or assets based on the Company’s estimate of future tax effects attributable to temporary differences and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. The Company evaluates deferred income taxes on a quarterly basis to determine if valuation allowances are required by considering available evidence. If the Company is unable to generate sufficient future taxable income in certain tax jurisdictions, or if there is a material change in the actual effective tax rates or time period within which the underlying temporary differences become taxable or deductible, the Company could be required to increase its valuation allowance against its deferred tax assets which could result in an increase in the Company’s effective tax rate and an adverse impact on operating results. The Company will continue to evaluate the necessity of the valuation allowance based on the remaining deferred tax assets.

The Company follows the accounting guidance related to financial statement recognition, measurement and disclosure of uncertain tax positions. The Company recognizes the impact of an uncertain income tax position on an income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Uncertain tax positions are recognized in the first subsequent financial reporting period in which that threshold is met or from changes in circumstances such as the expiration of applicable statutes of limitations.

Litigation

The Company is, from time to time, party to various legal proceedings arising in the ordinary course of business. The Company records a loss when information indicates that a loss is both probable and estimable. Where a liability is probable and there is a range of estimated loss with no best estimate in the range, the Company records the minimum estimated liability related to the claim. As additional information becomes available, the Company assesses the potential liability related to the Company’s pending litigation and revises its estimates, if necessary. The Company expenses litigation costs as incurred.

Share-Based Compensation

The Company has granted stock options and restricted stock units (“RSUs”) to employees, non-employee consultants and non-employee members of our Board of Directors. The Company also has an employee stock purchase plan (“ESPP”) for eligible employees. The Company measures the compensation cost associated with all share-based payments based on grant date fair values. The fair value of each stock option and stock purchase right is estimated on the date of grant using an option pricing model that meets certain requirements. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options and stock purchase rights. The Black-Scholes model is considered an acceptable model but the fair values generated by it may not be indicative of the actual fair values of the Company’s equity awards as it does not consider certain factors important to those awards to recipients, such as continued service and periodic vesting requirements, as well as limited transferability. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected term, risk-free interest rate and expected dividends.

For grants of stock options, the Company uses a blend of historical and implied volatility for traded options on its stock in order to estimate the expected volatility assumption required in the Black-Scholes model. The Company’s use of a blended volatility estimate in computing the expected volatility assumption for stock options is based on its belief that while the implied volatility is representative of expected future volatility, the historical volatility over the expected term of the award is also an indicator of expected future volatility. Due to the short duration of stock purchase rights under the Company’s ESPP, the Company utilizes historical volatility in order to estimate the expected volatility assumption of the Black-Scholes model.

The expected term of stock options granted is estimated using historical experience. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company’s stock options and stock purchase rights. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. The Company

estimates forfeitures at the time of grant and revises these estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates its forfeiture rate assumption for all types of share-based compensation awards based on historical forfeiture rates related to each category of award.

Compensation cost associated with grants of restricted stock units are measured at fair value, which has historically been the closing price of the Company’s common stock on the date of grant.

The Company recognizes share-based compensation expense over the requisite service period of each individual award, which generally equals the vesting period, using the straight-line method for awards that contain only service conditions. For awards that contain performance conditions, the Company recognizes the share-based compensation expense on a straight-line basis for each vesting tranche.

The Company evaluates the assumptions used to value stock awards on a quarterly basis. If factors change and the Company employs different assumptions, share-based compensation expense may differ significantly from what it has recorded in the past. If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate, increase or cancel any remaining unearned share-based compensation expense.

Net Loss Per Share Attributable to Inseego Corp.

The Company computes basic and diluted per share data for all periods for which a statement of operations is presented. Basic net loss per share excludes dilution and is computed by dividing the net loss by the weighted-average number of shares that were outstanding during the period. Diluted earnings per share (“EPS”) reflects the potential dilution that could occur if securities or other contracts to acquire common stock were exercised or converted into common stock. Potential dilutive securities are excluded from the diluted EPS computation in loss periods as their effect would be anti-dilutive.

Fair Value of Financial Instruments

The Company’s fair value measurements relate to its cash equivalents and money market funds, which are classified pursuant to authoritative guidance for fair value measurements. The Company places its cash equivalents in instruments that meet credit quality standards, as specified in its investment policy guidelines. These guidelines also limit the amount of credit exposure to any one issue, issuer or type of instrument.

The Company’s financial instruments consist principally of long-term debt. From time to time, the Company may utilize foreign exchange forward contracts. These contracts are valued using pricing models that take into account the currency rates as of the balance sheet date.

Comprehensive Loss

Comprehensive loss consists of net earnings and foreign currency translation adjustments.

Prior Period Reclassifications

Certain amounts in prior periods have been reclassified to conform with current period presentation.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB, which are adopted by the Company as of the specified date.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes. The amendment eliminates 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. The amendment also clarifies existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company early adopted the pronouncement effective for the fourth quarter 2019, the impact of which was not material to the 2019 consolidated financial statements.

In June 2016, the FASB issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held. This guidance is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently assessing the impact of this guidance.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to previous guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. The Company adopted the standard on January 1, 2019, the date it became effective for public companies, using the modified retrospective approach whereby the cumulative effect of adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Upon adoption, the Company elected the package of practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classification. The Company also elected the practical expedient provided in a subsequent amendment to the standard that removed the requirement to separate lease and non-lease components, provided certain conditions were met. Refer to Note 10, Leases, for the impact of the adoption of this guidance on the Company’s condensed consolidated financial statements.

Financial Statement Details

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Inventories

Inventories consist of the following (in thousands):



	December 31,
	2019		2018
Finished goods	$	21,229	$	14,797
Raw materials and components	4,061		11,634
	$	25,290	$	26,431

Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):



	December 31,
	2019			2018
Land	$	253		$	247
Buildings	2,303			2,247
Test equipment	10,952			14,444
Computer equipment and purchased software	6,911			4,889
Product tooling	2,139			504
Furniture and fixtures	1,535			677
Vehicles	2,535			1,990
Leasehold improvements	145			136
	26,773			25,134
Less—accumulated depreciation and amortization	(16,017		)	(18,436		)
	$	10,756		$	6,698

At December 31, 2019, the Company had vehicles and equipment under capital leases with an aggregate carrying value of $2.1 million, net of accumulated amortization of $2.6 million. At December 31, 2018, the Company had vehicles and equipment under capital leases with an aggregate carrying value of $1.9 million, net of accumulated amortization of $2.0 million.

Rental Assets

Rental assets consist of the following (in thousands):



	December 31,
	2019			2018
Rental assets	$	18,176		$	16,648
Less—accumulated depreciation	(12,791		)	(10,879		)
	$	5,385		$	5,769

Depreciation and amortization expense related to property, plant and equipment, including equipment under capital leases, and rental assets was $8.8 million and $7.0 million for the years ended December 31, 2019 and 2018, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):



	December 31,
	2019		2018
Royalties	$	1,415	$	1,727
Payroll and related expenses	2,716		2,415
Professional fees	483		514
Accrued interest	1,543		239
Deferred revenue	2,235		2,048
Operating lease liabilities	1,101		—
Acquisition-related liabilities	1,000		1,000
Other	7,368		5,081
	$	17,861	$	13,024

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):



	December 31,
	2019		2018
Cash and cash equivalents	$	12,074	$	31,015
Restricted cash	—		61
Total cash, cash equivalents and restricted cash	$	12,074	$	31,076

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2017	$	37,681
Effect of change in foreign currency exchange rates	(4,739		)
Balance at December 31, 2018	32,942
Effect of change in foreign currency exchange rates	717
Balance at December 31, 2019	$	33,659

The Company’s intangible assets are comprised of the following (in thousands):



	December 31, 2019
	Weighted-Average Life (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Developed technologies	6.0	$	13,076	$	(9,198	)	$	3,878
Trademarks and trade names	10.0	18,352		(8,040		)	10,312
Customer relationships	8.4	12,460		(7,413		)	5,047
Capitalized software development costs	3.6	19,375		(6,570		)	12,805
Other	2.4	2,986		(1,790		)	1,196
Total finite-lived intangible assets		$	66,249	$	(33,011	)	33,238
Indefinite-lived intangible assets:
In-process capitalized software development costs							11,154
Total intangible assets							$	44,392



	December 31, 2018
	Weighted-Average Life (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Developed technologies	6.0	$	12,846	$	(7,034	)	$	5,812
Trademarks and trade names	10.0	18,034		(6,103		)	11,931
Customer relationships	8.4	12,368		(5,711		)	6,657
Capitalized software development costs	5.0	7,221		(2,406		)	4,815
Other	2.3	2,475		(847		)	1,628
Total finite-lived intangible assets		$	52,944	$	(22,101	)	30,843
Indefinite-lived intangible assets:
In-process capitalized software development costs							1,142
Total intangible assets							$	31,985

Amortization expense for the years ended December 31, 2019 and 2018 was approximately $9.7 million and $6.7 million, respectively, including approximately $4.1 million and $1.4 million related to capitalized software development costs for the years ended December 31, 2019 and 2018, respectively.

The Company recorded no impairment losses on intangible assets during the years ended December 31, 2019 and December 31, 2018.

The following table represents details of the amortization of finite-lived intangible assets that is estimated to be expensed in the future (in thousands): (In process)



2020	12,477
2021	7,119
2022	4,419
2023	4,309
2024	3,557
Thereafter	1,357
Total	$	33,238

Fair Value Measurement of Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement of Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). A fair value measurement reflects the assumptions

market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model.

The Company classifies inputs to measure fair value using a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) and is defined as follows:


Level 1:	Pricing inputs are based on quoted market prices for identical assets or liabilities in active markets (e.g., NYSE or NASDAQ). Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Pricing inputs include benchmark yields, trade data, reported trades and broker dealer quotes, two-sided markets and industry and economic events, yield to maturity, Municipal Securities Rule Making Board reported trades and vendor trading platform data. Level 2 includes those financial instruments that are valued using various pricing services and broker pricing information including Electronic Communication Networks and broker feeds.


Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources, including the Company’s own assumptions.

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There have been no transfers of assets or liabilities between fair value measurement classifications during the year ended December 31, 2019.

The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of December 31, 2019 (in thousands):



	Balance as of December 31, 2019		Level 1
Assets:
Cash equivalents
Money market funds	$	126	$	126
Total cash equivalents	$	126	$	126



	Balance as of December 31, 2018		Level 1
Assets:
Cash equivalents
Money market funds	$	10,085	$	10,085
Total cash equivalents	$	10,085	$	10,085

As of December 31, 2019 and 2018, the Company had no outstanding foreign currency exchange forward contracts.

During the years ended December 31, 2019 and 2018, the Company recorded net foreign currency transaction losses of approximately $0.3 million and $0.4 million, respectively, primarily related to outstanding intercompany loans that Ctrack has with certain of its subsidiaries, which are remeasured at each reporting period and payable upon demand.

All recorded gains and losses on foreign currency transactions are recorded in other income (expense), net, in the consolidated statements of operations.

Other Financial Instruments

The Company’s financial assets and liabilities are carried at fair value or at amounts that, because of their short-term nature, approximate current fair value, with the exception of its $105.1 million in Convertible Notes (as defined below) (see Note 5, Debt). The Company carries its Convertible Notes at amortized cost. The debt and equity components of the Convertible Notes were initially measured using Level 3 inputs and are not measured on a recurring basis. It is not practicable

to determine the fair value of the Convertible Notes due to the lack of information available to calculate the fair value of such notes. The carrying value of the liability component of the Convertible Notes was $101.3 million and $93.1 million as of December 31, 2019 and 2018, respectively.

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Short-Term Borrowings

DigiCore Secured Banking Facility

DigiCore has a secured banking facility with Absa Bank Limited in South Africa (“Absa”), which had a maximum borrowing capacity of $1.0 million at December 31, 2019. The facility bears interest at the South Africa prime interest rate less 0.10% (9.90% at December 31, 2019) and is subject to renewal annually. At December 31, 2019 and 2018, $0.2 million and $1.0 million, respectively, was outstanding under this facility.

DigiCore Secured Overdraft Facility

DigiCore has a secured overdraft facility with Grindrod Bank Limited in South Africa, which had a maximum borrowing capacity of $0.3 million at December 31, 2019. The facility bears interest at the South Africa prime interest rate plus 1.00% (11.00% at December 31, 2019), requires monthly interest and, in certain instances, minimum principal payments. The facility is subject to renewal annually. At December 31, 2019 and 2018, $21.0 thousand and $0.4 million, respectively, was outstanding under this facility.

Long-Term Debt

Term Loan

On August 23, 2017, the Company and certain of its direct and indirect subsidiaries (the “Guarantors”) entered into a credit agreement (the “Credit Agreement”) with Cantor Fitzgerald Securities, as administrative agent and collateral agent, and certain lenders (the “Lenders”). Pursuant to the Credit Agreement, the Lenders provided the Company with a term loan in the principal amount of $48.0 million (the “Term Loan”) with a maturity date of August 23, 2020 (the “Maturity Date”). In conjunction with the closing of the Term Loan, the Company received proceeds of $46.9 million, $35.0 million of which was funded to the Company in cash on the closing date, net of an original issue discount and commitment fee, and the remaining $11.9 million of which was funded through the Company’s repurchase and cancellation of approximately $14.9 million of its outstanding Inseego Notes (as defined below) pursuant to the terms of the Note Purchase Agreement (as defined below). The Company paid issuance costs of approximately $0.5 million. Additionally, the Company issued shares of its common stock and accrued an exit fee, which, when combined with the original debt discount and commitment fee, resulted in a total debt discount of approximately $4.0 million.

The Term Loan is secured by a first priority lien on substantially all of the assets of the Company and the Guarantors, including equity interests in certain of the Company’s direct and indirect subsidiaries, in each case subject to certain customary exceptions and permitted liens. The Credit Agreement includes customary representations and warranties, a material adverse change clause, as well as customary reporting and financial covenants, including a restriction on the level of capital expenditures. The Company obtained waivers of the capital expenditure restriction from the lenders during the year ended December 31, 2019. As a result of the waivers, as of December 31, 2019, the Company was in compliance with all financial covenants under the Credit Agreement. On March 9, 2020, the Company entered into an amendment to the Credit Agreement, which among other things, amended certain financial covenants set forth therein and permits the use of the Company’s Series E Preferred Stock to make certain payments, including interest payments, due thereunder.

The Term Loan bears interest at a rate per annum equal to the three-month LIBOR, but in no event less than 1.00%, plus 7.625% (9.535% at December 31, 2019). Interest on the Term Loan is payable on the last business day of each calendar month and on the Maturity Date. Principal on the Term Loan is payable on the Maturity Date. At December 31, 2019, interest due to related parties, totaling $1.3 million, was deferred and is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet. This amount will convert to Series E Preferred Stock based on the amendment noted above. Principal on the Term Loan is payable on the Maturity Date.

As required by the terms of the Credit Agreement, during the year ended December 31, 2018, the Company repaid $0.5 million of principal on the Term Loan in connection with the Settlement Agreement, as defined below (see Note 10, Commitments and Contingencies).

Related parties currently hold 100% of the principal amount. On March 10, 2020, the Company entered into a letter agreement (the “Letter Agreement”) with South Ocean Funding, LLC (“South Ocean”), the Lender, holder of the aggregate principal amount currently outstanding under the Credit Agreement, which provides: (i) that the Company and South Ocean will work together, in good faith, to reach an agreement to amend or refinance the Credit Agreement in order to extend the maturity of the Credit Agreement until a date after March 15, 2021; and (ii) should an agreement not be reached to amend or refinance the Credit Agreement prior to August 23, 2020, upon request of the Company, the maturity date of the Credit Agreement will be extended to no earlier than March 15, 2021.

The Term Loan consisted of the following (in thousands):



	December 31,
	2019			2018
Principal	$	47,500		$	47,500
Less: unamortized debt discount and debt issuance costs	(962		)	(2,454		)
Net carrying amount	$	46,538		$	45,046

The effective interest rate on the Term Loan was 13.50% for the year ended December 31, 2019. The following table sets forth total interest expense recognized related to the Term Loan during the years ended December 31, 2019 and 2018 (in thousands):



	Year Ended December 31,
	2019		2018
Contractual interest expense	$	4,789	$	4,684
Amortization of debt discount	1,331		1,331
Amortization of debt issuance costs	161		160
Total interest expense	$	6,281	$	6,175

Convertible Senior Notes

Novatel Wireless Notes

On June 10, 2015, Novatel Wireless issued $120.0 million of 5.50% convertible senior notes due 2020 (the “Novatel Wireless Notes”). The Company incurred issuance costs of approximately $3.9 million. The Company used a portion of the proceeds from the offering to finance its acquisition of Ctrack, to pay fees and expenses related to the acquisition and for general corporate purposes.

The Novatel Wireless Notes are governed by the terms of an indenture, dated June 10, 2015, between Novatel Wireless, as issuer, Inseego and Wilmington Trust, National Association, as trustee, as amended by certain supplemental indentures. The Novatel Wireless Notes are senior unsecured obligations of Novatel Wireless and bear interest at a rate of 5.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2015. The Novatel Wireless Notes will mature on June 15, 2020, unless earlier repurchased or converted. The Novatel Wireless Notes will be convertible into cash, shares of the Company’s common stock, or a combination thereof, at the election of the Company, at an initial conversion price of $5.00 per share of the Company’s common stock.

Following the settlement of the exchange offer and consent solicitation described below, approximately $0.2 million aggregate principal amount of Novatel Wireless Notes remain outstanding. In connection with the exchange offer and consent solicitation, the Novatel Wireless Notes and its related indenture were amended to, among other things, eliminate certain events of default and substantially all of the restrictive covenants in the Novatel Wireless Notes and its related indenture, including the merger covenant, which sets forth certain requirements that must be met for Novatel Wireless to consolidate, merge or sell all or substantially all of its assets, and the reporting covenant, which requires Novatel Wireless to provide certain periodic reports to noteholders. The Novatel Wireless Notes’ related indenture, as amended, also provides that the form of settlement of any conversions of the Novatel Wireless Notes will be elected by the Company.

Inseego Notes

On January 9, 2017, in connection with the settlement of an exchange offer and consent solicitation with respect to the Novatel Wireless Notes, the Company issued approximately $119.8 million of 5.50% convertible senior notes due 2022 (the “Inseego Notes” and collectively with Novatel Wireless Notes, the “Convertible Notes”). The Inseego Notes were issued in

exchange for approximately $119.8 million aggregate principal amount of outstanding Novatel Wireless Notes that were validly tendered and accepted for exchange and subsequently canceled.

The Inseego Notes are governed by the terms of an indenture, dated January 9, 2017 (the “Inseego Indenture”), between the Company, as issuer, and Wilmington Trust, National Association, as trustee (the “Trustee”). The Inseego Notes are senior unsecured obligations of the Company and bear interest from, and including, December 15, 2016, at a rate of 5.50% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2017. The Inseego Notes will mature on June 15, 2022, unless earlier converted, redeemed or repurchased.

The Inseego Notes will be convertible into cash, shares of the Company’s common stock, or a combination thereof, at the election of the Company, at an initial conversion rate of 212.7660 shares of common stock per $1,000 principal amount of the Inseego Notes, which corresponds to an initial conversion price of $4.70 per share of the Company’s common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of stock dividends and payment of cash dividends. Because the sale price condition included in the Inseego Indenture was satisfied during December 2019, the Inseego Notes are currently convertible and will remain convertible until March 31, 2020, at which time the convertibility will be reevaluated.

At any time prior to the close of business on the business day immediately preceding December 15, 2021, holders may convert their Inseego Notes at their option only under the following circumstances:


(i)	during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter equals or exceeds 130% of the conversion price on such trading day;

(ii)

during the five consecutive business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of the Inseego Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the Company’s common stock and the conversion rate on each such trading day;


(iii)	upon the occurrence of certain corporate events specified in the Inseego Indenture; or


(iv)	if the Company has called the Inseego Notes for redemption.

On or after December 15, 2021, the holders may convert any of their Inseego Notes at any time prior to the close of business on the business day immediately preceding the maturity date.

The Company may redeem all or a portion of the Inseego Notes at its option if the last reported sale price per share of the Company’s common stock equals or exceeds 140% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately prior to the date on which the Company provides written notice of redemption, at a redemption price equal to 100% of the principal amount of the Inseego Notes to be redeemed, plus any accrued and unpaid interest on such Inseego Notes, subject to the right of holders as of the close of business on an interest record date to receive the related interest. In addition, if the Company calls the Inseego Notes for redemption, a “make-whole fundamental change” (as defined in the Inseego Indenture) will be deemed to occur. As a result, the Company will, in certain circumstances, increase the conversion rate for holders who convert their Inseego Notes in connection with such redemption.

The Inseego Notes are subject to repurchase by the Company at the Optional Repurchase Date at a repurchase price in cash equal to 100% of the principal amount of the Inseego Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the Optional Repurchase Date, subject to the right of holders of the Inseego Notes on a record date to receive interest through the corresponding interest payment date. On March 6, 2020, the holders of substantially all of the outstanding indebtedness under the notes agreed to waive their optional right to require the Company to repurchase the notes on June 15, 2020.

No “sinking fund” is provided for the Inseego Notes, which means that the Company is not required to periodically redeem or retire the Inseego Notes. If the Company undergoes a “fundamental change” (as defined in the Inseego Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or part of their Inseego Notes in principal amounts of $1,000, or an integral multiple of $1,000 in excess thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Inseego Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date, subject to the right of holders as of the close of business on an interest

record date to receive the related interest. In addition, every fundamental change is a make-whole fundamental change. As a result, the Company will, in certain circumstances, increase the conversion rate for holders who convert their Inseego Notes in connection with such fundamental change.

The Inseego Indenture contains certain covenants, effective until June 15, 2020, that limit the amount of debt, including secured debt, that may be incurred by the Company or its subsidiaries, and that limit the ability of the Company to pay dividends, repurchase its equity securities or make other restricted payments. The Company was in compliance with such covenants at December 31, 2019.

The Inseego Indenture also provides for customary events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee, by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Inseego Notes, by notice to the Company and the Trustee, may declare the principal and accrued and unpaid interest on the outstanding Inseego Notes to be immediately due and payable. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal and accrued and unpaid interest of the Inseego Notes will automatically become immediately due and payable. Notwithstanding the foregoing, the Inseego Indenture provides that, to the extent the Company elects and for up to 60 days, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants consists exclusively of the right to receive special interest on the Inseego Notes at a rate equal to 0.50% per annum on the principal amount of the outstanding Inseego Notes.

Because the exchange of the Novatel Wireless Notes for the Inseego Notes described above was treated as a debt modification in accordance with applicable FASB guidance (it was between a parent and a subsidiary company and for substantially identical notes), the Company did not recognize a gain or loss with respect to the issuance of the Inseego Notes. In accordance with authoritative guidance, the Company recognized $3.6 million as an additional component of debt discount and additional paid-in capital attributed to the increase in the fair value of the embedded conversion feature of the Inseego Notes before and after modification. The Company will amortize the debt discount on the Inseego Notes as a component of interest expense using the effective interest method through June 2020.

At December 31, 2019, approximately $44.8 million of the Inseego Notes were held by related parties.

The Convertible Notes consisted of the following (in thousands):



	December 31,
	2019			2018
Liability component:
Principal	$	105,125		$	105,125
Less: unamortized debt discount and debt issuance costs	(3,791		)	(12,071		)
Net carrying amount	$	101,334		$	93,054
Equity component	$	41,905		$	41,905

In connection with the issuance of the Convertible Notes, the Company incurred approximately $3.9 million of issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated the costs to the liability and equity components based on the allocation of the proceeds. Of the approximately $3.9 million of issuance costs, approximately $1.3 million were allocated to the equity component and recorded as a reduction to additional paid-in capital and $2.6 million were allocated to the liability component and recorded as a decrease to the carrying amount of the liability component on the consolidated balance sheet. The portion allocated to the liability component is being amortized to interest expense using the effective interest method through June 2020.

The effective interest rate on the liability component of the Convertible Notes was 13.88% for the year ended December 31, 2019. The following table sets forth total interest expense recognized related to the Convertible Notes during the years ended December 31, 2019 and 2018 (in thousands):



	Year Ended December 31,
	2019		2018
Contractual interest expense	$	5,782	$	5,782
Amortization of debt discount	7,821		7,822
Amortization of debt issuance costs	459		459
Total interest expense	$	14,062	$	14,063

At December 31, 2019, the minimum calendar year principal payments and maturities of long-term debt were as follows, assuming no repurchases or conversions of the Novatel Wireless Notes prior to June 15, 2020, the maturity date, or the Inseego Notes prior to June 15, 2022, the maturity date (in thousands):



2020	$	47,750
2021	—
2022	104,875
2023	—
2024	—
Thereafter	—
Total	$	152,625

Exchange Shares

In the first quarter of 2020, the Company entered into privately-negotiated exchange agreements with certain investors holding the Inseego Notes. Pursuant to the exchange agreements, the investors exchanged $59.9 million in aggregate principal amount of outstanding Inseego Notes for 13,688,876 shares of the Company’s common stock, par value $0.001 per share. The investors agreed to waive any accrued but unpaid interest on the exchanged Inseego Notes.

In connection with the above Exchange Shares, the Company issued 942,702 additional shares of the Company’s common stock. The Company will account for the debt conversion as an induced conversion under ASC 470 -“Debt”, and as such, expects to record a loss on induced conversion of approximately $7.9 million as other expense during the first quarter of 2020.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s loss before income taxes for the years ended December 31, 2019 and 2018 is comprised of the following (in thousands):



	Year Ended December 31,
	2019			2018
Domestic	$	(39,187	)	$	(7,335	)
Foreign	(387		)	7
Loss before income taxes	$	(39,574	)	$	(7,328	)

The provision for income taxes for the years ended December 31, 2019 and 2018 is comprised of the following (in thousands):



	Year Ended December 31,
	2019			2018
Current:
Federal	$	(49	)	$	—
State	35			35
Foreign	1,148			766
Total current	1,134			801
Deferred:
Federal	12			12
State	—			—
Foreign	(610		)	2
Total deferred	(598		)	14
Provision for income taxes	$	536		$	815

The Company’s net deferred tax liabilities consist of the following (in thousands):



	December 31,
	2019			2018
Deferred tax assets:
Provision for excess and obsolete inventory	$	2,003		$	2,710
Depreciation and amortization	—			1,426
Interest expense limitation	5,562			2,769
Net operating loss and tax credit carryforwards	95,258			86,385
Share-based compensation	1,226			1,218
Right-of-use-asset	650			—
Unrecognized tax benefits	1,288			1,163
Deferred tax assets	105,987			95,671
Deferred tax liabilities:
Operating lease liability	(650		)	—
Purchased intangible assets	(3,623		)	(4,485		)
Depreciation and amortization	(1,742		)	—
Accrued expenses	(219		)	(1,799		)
Deferred tax liabilities	(6,234		)	(6,284		)
Valuation allowance	(103,702		)	(93,844		)
Net deferred tax liabilities	$	(3,949	)	$	(4,457	)

The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable to or refundable by tax authorities in the current fiscal year. The Company also recognizes federal, state and foreign deferred tax liabilities or assets based on the Company’s estimate of future tax effects attributable to temporary differences and carryforwards. The Company records a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not expected to be realized.

The Company assesses whether a valuation allowance should be recorded against its deferred tax assets based on the consideration of all available evidence, using a “more likely than not” realization standard. The four sources of taxable income that must be considered in determining whether deferred tax assets will be realized are: (1) future reversals of existing taxable temporary differences (i.e., offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the applicable tax law; (3) tax planning strategies; and (4) future taxable income exclusive of reversing temporary differences and carryforwards.

At December 31, 2019 and 2018, the Company recognized valuation allowances of $9.2 million and $2.9 million, respectively, related to its deferred tax assets created in those respective years. As a result, no net income tax benefits resulted in the Company’s statements of operations from the operating losses created during those years.

The provision for income taxes reconciles to the amount computed by applying the statutory federal income tax rate of 21% in 2019 and 2018 to loss before income taxes as follows (in thousands):



	Year Ended December 31,
	2019			2018
Federal tax benefit, at statutory rate	$	(8,311	)	$	(1,555	)
State benefit, net of federal benefit	27			27
Foreign tax rate difference	476			24
Valuation allowance against future tax benefits	9,168			2,878
Research and development credits	(1,456		)	(471		)
Share-based compensation	341			121
Other	291			(209		)
Provision for income taxes	$	536		$	815

At December 31, 2019, the Company had U.S. federal net operating loss carryforwards (“NOLs”) related to tax years 2019 and prior of approximately $389.1 million. Approximately $41.3 million of these NOLs have no expiration date. The remainder begin to expire in 2021, unless previously utilized. Some of these NOLs may be limited by either past or future changes in control events. The Company has California net operating loss carryforwards at December 31, 2019 of approximately $44.0 million, which begin to expire in 2028, unless previously utilized, and foreign net operating losses for its active foreign subsidiaries of approximately $50.2 million, which generally have no expiration date. At December 31, 2019, the Company had federal research and development tax credit carryforwards of approximately $10.2 million, which begin to expire in 2026, unless previously utilized, and California research and development tax credit carryforwards of approximately $12.1 million, which have no expiration date.

Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a rolling three-year period. An analysis was performed for the period through December 31, 2019 and did not identify any events of cumulative change in ownership during the review period. The Company will continue monitoring any future changes in stock ownership.

The Company entered into a Rights Agreement on January 22, 2018 (the “Rights Agreement”), subsequent to the balance sheet date, with Computershare Trust Company, N.A., a federally chartered trust company, as rights agent. The Rights Agreement is intended to discourage acquisitions of the Company’s common stock which could result in a cumulative change in ownership of more than 50% within a rolling three-year period, thereby preserving the Company’s current ability to utilize net operating loss carryforwards to offset future income tax obligations; however, there is no assurance that the Rights Agreement will prevent a cumulative change in ownership.

It is the Company’s intention to reinvest undistributed earnings of its foreign subsidiaries and thereby indefinitely postpone their remittance. Accordingly, no provision has been made for foreign withholding taxes on U.S. income taxes which may become payable if undistributed earnings of the foreign subsidiary were paid as dividends to the Company.

The Company follows the accounting guidance related to financial statement recognition, measurement and disclosure of uncertain tax positions. The Company recognizes the impact of an uncertain income tax position on an income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. No income tax benefit was recognized during the years ended December 31, 2019 and 2018. At December 31, 2019 and 2018, the Company did not have interest expense related to uncertain tax positions or a liability for unrecognized tax benefits. The Company does not expect changes to its uncertain tax position in the next twelve months.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):



Balance at December 31, 2017	$	36,582
Increases related to current and prior year tax positions	324
Balance at December 31, 2018	36,906
Increases related to current and prior year tax positions	929
Balance at December 31, 2019	$	37,835

There are no tax benefits that, if recognized, would affect the effective tax rate that are included in the balances of unrecognized tax benefits at December 31, 2019.

The Company and its subsidiaries file U.S., state and foreign income tax returns in jurisdictions with various statutes of limitations. The Company’s tax returns are subject to examination by federal, state and foreign taxing authorities. The Company’s federal and state tax returns are subject to examination for the years beginning in 2015 and 2014, respectively. Net operating loss carryforwards arising prior to these years are also open to examination, if and when utilized. The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years. However, because audit outcomes and the timing of audit settlements are subject to significant uncertainty, the Company’s current estimate of the total amounts of unrecognized tax benefits could increase or decrease for all open years.

Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

On August 6, 2018, the Company completed a private placement of 12,062,000 shares of its common stock and warrants (the “2018 Warrants”) to purchase an additional 4,221,700 shares of its common stock, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions, to certain accredited investors for gross proceeds of $19.7 million in cash. Each warrant has an initial exercise price of $2.52 per share, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions, and will expire on August 6, 2023. The warrants may be exercisable on a cashless exercise basis if, and only if, the shares of common stock underlying such warrants cannot be immediately resold pursuant to an effective registration statement or Rule 144 of the Securities Act of 1933, as amended, without volume or manner of sale restrictions. In connection with the private placement, the Company incurred issuance costs of approximately $0.5 million.

On March 28, 2019, the 2018 Warrants were exercised at an exercise price of $2.52 per share, for aggregate cash proceeds to the Company of approximately $10.6 million. In connection with the exercise of the 2018 Warrants, on March 28, 2019, the Company issued additional warrants to purchase 2,500,000 shares of common stock (the “2019 Warrants”) to the accredited investors. Each 2019 Warrant has an initial exercise price of $7.00 per share, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions, will be exercisable at any time on or after September 28, 2019, and will expire on June 30, 2022. The 2019 Warrants may be exercisable on a cashless exercise basis if, and only if, the shares of common stock underlying such warrants cannot be immediately resold pursuant to an effective registration statement or Rule 144 of the Securities Act of 1933, as amended, without volume or manner of sale restrictions.

During the fourth quarter of 2019, the Company received $6.9 million in net cash proceeds from the exercise of 1,255,129 of the Company’s common stock purchase warrants issued in 2015.

The Company assessed the terms of the warrants under ASC 815, Derivatives and Hedges. Pursuant to this guidance, the Company has determined that the warrants do not require liability accounting and has classified the warrants as equity.

Preferred Stock

The Company has a total of 2,000,000 shares of preferred stock authorized for issuance at a par value of $0.001 per share, 150,000 of which have been designated Series D Preferred Stock and 39,500 of which have been designated Series E Preferred Stock.

On August 9, 2019, the Company completed a private placement of 10,000 shares of Series E Preferred Stock for an aggregate purchase price of $10.0 million in accordance with the terms and provisions of a Securities Purchase Agreement, dated August 9, 2019, by and among the Company and certain accredited investors. Each share of Series E Preferred Stock entitles the holder thereof to receive, when, as and if declared by the Company out of assets legally available therefor, cumulative cash dividends at an annual rate of 9.00% payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on October 1, 2019. If dividends are not declared and paid in any quarter, or if such dividends are declared but holders of the Series E Preferred Stock elect not to receive them in cash, the quarterly dividend will be deemed to

accrue and will be added to the Series E Base Amount. The Series E Preferred Stock has no voting rights unless otherwise required by law. The Series E Preferred Stock is perpetual and has no maturity date. However, the Company may, at its option, redeem shares of the Series E Preferred Stock, in whole or in part, on or after July 1, 2022, at a price equal to 110% of the Series E Base Amount plus (without duplication) any accrued and unpaid dividends. The “Series E Base Amount” means $1,000 per share, plus any accrued but unpaid dividends, whether or not declared by the Company’s board of directors, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series E Preferred Stock. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Series E Preferred Stock will be entitled to receive, after satisfaction of liabilities to creditors and subject to the rights of holders of any senior securities, but before any distribution of assets is made to holders of common stock or any other junior securities, the Series E Base Amount plus (without duplication) any accrued and unpaid dividends.

There were no dividends declared and $0.4 million of dividends were accrued as of December 31, 2019.

On March 6, 2020, the Company entered into a Securities Purchase Agreement with an accredited investor pursuant to which, among other things, the Company issued and sold to the investor, in a private placement transaction, an aggregate of 25,000 shares of the Company’s Series E Preferred Stock, for a purchase price of $1,000 per share of Series E Preferred Stock, resulting in gross proceeds to the Company of $25.0 million.

Rights Agreement

On January 22, 2018, the Company entered into the Rights Agreement and issued a dividend of one preferred share purchase right (a “Right”) to each of the stockholders of record of each share of common stock outstanding on February 2, 2018. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series D Preferred Stock, par value $0.001 per share (the “Preferred Shares”), of the Company, at a price of $10.00 per one one-thousandth of a Preferred Share represented by a Right (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in the Rights Agreement.

The Rights are not exercisable until the Distribution Date (as defined in the Rights Agreement). The Rights will expire on the earlier of (i) the close of business on January 22, 2021, (ii) the time at which the Rights are redeemed, and (iii) the time at which the Rights are exchanged.

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.

In connection with the issuance of the 2019 Warrants, on March 28, 2019, the Company entered into an Amendment No. 3 to the Rights Agreement, dated January 22, 2018, as amended by that certain Amendment No. 1 to Rights Agreement, dated August 6, 2018, and as amended by that certain Amendment No. 2 to Rights Agreement, dated December 4, 2018, between the Company and Computershare Trust Company, N.A., as rights agent, for the purpose of modifying the definition of “Acquiring Person” under the Rights Agreement to permit each of the Investors to remain a Grandfathered Stockholder (as defined in the Rights Agreement) and not be deemed an “Acquiring Person” under the Rights Agreement in connection with the Investors’ purchase of the 2019 Warrants.

The Investors will remain Grandfathered Stockholders as long as they do not acquire, after the date of the Third Amendment to Rights Agreement, beneficial ownership of Company securities (other than as a result of any adjustment provision or the accrual of interest under any outstanding convertible notes) equal to more than 0.50% of the then-outstanding common stock.

Common Shares Reserved for Future Issuance

The Company had reserved shares of common stock for possible future issuance as of December 31, 2019 and 2018 as follows:



	December 31,
	2019	2018
Common stock warrants outstanding	2,838,454	5,815,283
Stock options outstanding	9,044,304	8,796,212
Restricted stock units outstanding	400,315	454,382
Shares available for issuance pursuant to Convertible Notes	40,649,225	40,649,225
Shares available for future grants of awards under the 2015 Incentive Compensation Plan	4,557	1,943,085
Shares available for future grants of awards under the 2018 Omnibus Incentive Compensation Plan	2,483,664	3,224,425
Shares available under the 2000 Employee Stock Purchase Plan	622,476	825,537
Total shares of common stock reserved for issuance	56,042,995	61,708,149

Share-based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-based Compensation

During the year ended December 31, 2019, the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans.

Under the 2015 Plan and the 2018 Plan, a maximum of 1,946,915 shares and 20,576,085 shares, respectively, of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of RSUs or other awards, including awards with alternative vesting schedules such as performance-based criteria.

For the years ended December 31, 2019 and 2018, the following table presents total share-based compensation expense in each functional line item on the consolidated statements of operations (in thousands):



	Year Ended December 31,
	2019		2018
Cost of revenues	$	1,133	$	390
Research and development	1,548		1,017
Sales and marketing	1,669		970
General and administrative	2,952		2,499
Total	$	7,302	$	4,876

Stock Options

The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. Stock options generally have a term of ten years and vest over a three- to four-year period.

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of each stock option granted:



	Year Ended December 31,
	2019		2018
Expected dividend yield	—	%	—	%
Risk-free interest rate	1.8	%	2.8	%
Volatility	81	%	84	%
Expected term (in years)	5.8		5.8

The weighted-average fair value of stock option awards granted during the years ended December 31, 2019 and 2018 was $3.56 and $1.56, respectively.

The following table summarizes the Company’s stock option activity for the years ended December 31, 2019 and 2018 (dollars in thousands, except per share data):



	Stock Options Outstanding		Weighted-Average Exercise Price Per Option		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding — December 31, 2018	8,796,212		$	2.10
Granted	2,660,936		5.17
Exercised	(1,489,067	)	1.69
Canceled	(923,777	)	3.64
Outstanding — December 31, 2019	9,044,304		$	2.91	8.30	$	39,997
Vested and Expected to Vest — December 31, 2019	7,814,925		$	2.75	8.17	$	35,753
Exercisable — December 31, 2019	3,648,992		$	1.93	7.28	$	19,735

During the year ended December 31, 2018, 1,611,731 shares were issued upon the exercise of stock options. The total intrinsic value of stock options exercised to purchase common stock during the years ended December 31, 2019 and 2018 was approximately $5.6 million and $2.4 million, respectively.

As of December 31, 2019, total unrecognized share-based compensation expense related to non-vested stock options was $9.0 million, which is expected to be recognized over a weighted-average period of approximately 2.8 years. The Company recognized approximately $3.5 million and $2.5 million of share-based compensation expense related to the vesting of stock option awards during the years ended December 31, 2019 and 2018, respectively.

Restricted Stock Units

Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow for recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three- to four-year period.

A summary of restricted stock unit activity under all plans for the year ended December 31, 2019 is presented below:



	Number of Shares		Weighted-Average Grant-Date Fair Value
Non-vested — December 31, 2018	454,382		$	2.17
Granted	870,150		5.07
Vested	(809,482	)	4.20
Forfeited	(114,735	)	3.66
Non-vested — December 31, 2019	400,315		$	3.95

During the year ended December 31, 2018, the weighted-average grant-date fair value of RSUs granted was $2.01. During the years ended December 31, 2019 and 2018, the total fair value of shares vested was $4.0 million and $2.1 million, respectively.

As of December 31, 2019, there was $0.6 million of unrecognized share-based compensation expense related to non-vested RSUs, which is expected to be recognized over a weighted-average period of 0.9 years. The Company recognized approximately $3.5 million and $2.2 million of share-based compensation expense related to the vesting of RSUs during the years ended December 31, 2019 and 2018, respectively.

2000 Employee Stock Purchase Plan

The ESPP permits eligible employees of the Company to purchase newly issued shares of common stock, at a price equal to 85% of the lower of the fair market value on (i) the first day of the offering period or (ii) the last day of each six-month

purchase period, through payroll deductions of up to 10% of their annual cash compensation. Under the ESPP, a maximum of 5,324,000 shares of common stock may be purchased by eligible employees.

During the years ended December 31, 2019 and 2018, the Company issued 203,061 shares and 282,101 shares, respectively, under the ESPP. The Company recognized approximately $0.3 million and $0.2 million of share-based compensation expense related to the ESPP during the years ended December 31, 2019 and 2018, respectively.

Earnings per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings per Share

Basic EPS excludes dilution and is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the Convertible Notes calculated using the if-converted and treasury stock method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive.

The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):



	Year Ended December 31,
	2019			2018
Net loss attributable to common stockholders	$	(40,486	)	$	(8,058	)
Weighted-average common shares outstanding	78,322,496			66,104,376
Basic and diluted net loss per share	$	(0.52	)	$	(0.12	)

For the year ended December 31, 2019, the computation of diluted EPS excluded 34,791,838 shares, primarily related to Convertible Notes, warrants, stock options and RSUs for which the effect would have been anti-dilutive.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal The Company is, from time to time, party to various legal proceedings arising in the ordinary course of business. The Company is regularly required to directly or indirectly participate in other U.S. patent infringement actions pursuant to its contractual indemnification obligations to certain customers. Based on an evaluation of these matters and discussions with the Company’s intellectual property litigation counsel, the Company currently believes that liabilities arising from or sums paid in settlement of these existing matters, if any, would not have a material adverse effect on its consolidated results of operations or financial condition. On May 11, 2017, the Company initiated a lawsuit against the former stockholders of RER in the Court of Chancery of the State of Delaware seeking recovery of damages for civil conspiracy, fraud in the inducement, unjust enrichment and breach of fiduciary duty. On January 16, 2018, the former stockholders of RER filed an answer and counterclaim in the matter seeking recovery of certain deferred and earn-out payments allegedly owed to them by the Company in connection with the Company’s acquisition of RER. On July 26, 2018, the Company and the former stockholders of RER entered into a mutual general release and settlement agreement (the “Settlement Agreement”) pursuant to which the parties agreed to release all claims against each other and the Company agreed to (i) pay the former stockholders of RER $1.0 million in cash by August 17, 2018, (ii) immediately instruct its transfer agent to permit the transfer or sale of 973,333 shares of the Company’s common stock that the Company had issued to the former stockholders of RER in March 2017, (iii) immediately issue 500,000 shares of the Company’s common stock to the former stockholders of RER, (iv) within 12 months following the execution of the Settlement Agreement, deliver to the former stockholders of RER an additional $1.0 million in cash, common stock, or a combination thereof, at the Company’s option, (v) within 24 months following the execution of the Settlement Agreement deliver to the former stockholders of RER an additional $1.0 million in cash, common stock, or a combination thereof, at the Company’s option, and (vi) file one or more registration statements with respect to the resale of the shares of the Company’s common stock issued to the former stockholders of RER pursuant to the Settlement Agreement. In connection with the settlement, the Company recognized a gain of $17.2 million, which is included in extinguishment of acquisition-related liabilities in the consolidated statement of operations for the period ended December 31, 2019. The Company’s remaining liability under the Settlement Agreement at December 31, 2019 consists of approximately $1.0 million and is classified within accrued expenses and other current liabilities on the consolidated balance sheets. Indemnification In the normal course of business, the Company periodically enters into agreements that require the Company to indemnify and defend its customers for, among other things, claims alleging that the Company’s products infringe third-party patents or other intellectual property rights. The Company’s maximum exposure under these indemnification provisions cannot be estimated but the Company does not believe that there are any matters individually or collectively that would have a material adverse effect on its consolidated results of operations or financial condition.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Lessee

The Company is a lessee in lease agreements for office space, automobiles and certain equipment. Certain of the Company’s leases contain provisions that provide for one or more options to renew at the Company’s sole discretion. The majority of the Company’s leases are comprised of fixed lease payments, with a small percentage of its real estate leases including lease payments subject to a rate or index which may be variable. Certain real estate leases also include executory costs such as common area maintenance (non-lease component). As a practical expedient permitted under ASC 842, the Company has elected to account for the lease and non-lease components as a single lease component. Lease payments, which may include lease components and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate or index (fixed in substance) as stipulated in the lease contract.

None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. As a result of the Company’s election of the package of practical expedients permitted within ASC 842, which among other things, allows for the carryforward of historical lease classification, all of the Company’s lease agreements in existence at the date of adoption that were classified as operating leases under ASC 840 have been classified as operating leases under ASC 842. Lease expense for payments related to the Company’s operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company’s operating leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. When the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s borrowing rates at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives. As of December 31, 2019, the Company had right-of-use assets of $2.7 million and lease liabilities related to its operating leases of $2.8 million. Right-of-use assets are included in right-of-use assets, net, on the consolidated balance sheet and lease liabilities related to the Company’s operating leases are included in accrued expenses and other liabilities and other long-term liabilities on the consolidated balance sheet. As of December 31, 2019, the Company’s weighted-average remaining lease term and weighted-average discount rate related to its operating leases were 2.9 years and 9.4%, respectively.

The future minimum payments under operating leases were as follows at December 31, 2019 (in thousands):



2020	$	1,315
2021	911
2022	615
2023	276
2024	93
Total minimum operating lease payments	3,210
Less: amounts representing interest	(401		)
Present value of net minimum operating lease payments	2,809
Less: current portion	(1,101		)
Long-term portion of operating lease obligations	$	1,708

Lessor

Prior to January 1, 2019, and as previously disclosed in the Company’s Form 10-K for the year ended December 31, 2018, the Company derived revenue from customers who lease the Company’s monitoring devices. The Company recorded such revenue in accordance with the previous lease accounting guidance ASC 840, Leases, and determined that the leases qualify as operating leases.

Monitoring device leases in which the Company serves as lessor are classified as operating leases. Accordingly, rental devices are carried at historical cost less accumulated depreciation and impairment, if any, and are included in rental assets, net, on the condensed consolidated balance sheets.

Since the lease components meet the criteria for an operating lease under ASC 842, the Company has elected the practical expedient to combine the lease and the non-lease components because the service is the predominant element in the eyes of the customer and the pattern of service delivery is the same for both elements. The Company will account for the combined component as a single performance obligation under ASC 606, Revenue from Contracts with Customers.

Leases

Lessee

The future minimum payments under operating leases were as follows at December 31, 2019 (in thousands):



2020	$	1,315
2021	911
2022	615
2023	276
2024	93
Total minimum operating lease payments	3,210
Less: amounts representing interest	(401		)
Present value of net minimum operating lease payments	2,809
Less: current portion	(1,101		)
Long-term portion of operating lease obligations	$	1,708

Lessor

Geographic Information and Concentrations of Risk

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Geographic Information and Concentrations of Risk

Geographic Information

The following table details the geographic concentration of the Company’s assets (in thousands):



	December 31,
	2019		2018
United States and Canada	$	81,769	$	79,809
South Africa	53,610		56,937
Other	25,994		25,510
	$	161,373	$	162,256

The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands):



	Year Ended December 31,
	2019		2018
United States and Canada	$	158,756	$	139,246
South Africa	35,001		38,608
Other	25,739		24,609
Total	$	219,496	$	202,463

Concentrations of Risk

For the years ended December 31, 2019 and 2018, one customer accounted for 52.5% and 48.8% of net revenues, respectively. At December 31, 2019, two customers accounted for 25.0% and 11.2% of total accounts receivable. At December 31, 2018, two customers accounted for 30.5% and 12.8% of total accounts receivable.

Retirement Savings Plan	12 Months Ended
Retirement Savings Plan	Dec. 31, 2019
Retirement Benefits [Abstract]
Retirement Savings Plan	Retirement Savings PlanThe Company has a defined contribution 401(k) retirement savings plan (the “Plan”). Substantially all of the Company’s U.S. employees are eligible to participate in the Plan after meeting certain minimum age and service requirements. The Company matches 50% of the first 6% of an employee’s designated deferral of their eligible compensation. Employees may make discretionary contributions to the Plan subject to Internal Revenue Service limitations. Employer matching contributions under the Plan amounted to approximately $0.5 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively. Employer matching contributions vest immediately.

Restructuring

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring

In the third quarter of 2015, the Company approved a restructuring initiative to better position the Company to operate in current market conditions and more closely align operating expenses with revenues, which included employee severance costs and facility exit related costs. In the fourth quarter of 2015, the Company commenced certain initiatives relating to the reorganization of executive level management (collectively, the “2015 Initiatives”). The Company continued these initiatives in 2016 with a reduction-in-force and the completion of the closure of its facility in Richardson, TX. The 2015 Initiatives are expected to cost a total of approximately $6.0 million and be completed when the Richardson, TX lease expires in June 2020.

The following table sets forth activity in the restructuring liability for the year ended December 31, 2019 (in thousands):



	Balance at December 31, 2018		Costs Incurred		Payments			Balance at December 31, 2019		Cumulative Costs Incurred to Date
2015 Initiatives
Employee Severance Costs	$	—	$	—	$	—		$	—	$	4,131
Facility Exit Related Costs	634		60		(474		)	220		1,914
Total	$	634	$	60	$	(474	)	$	220	$	6,045

The balance of the restructuring liability at December 31, 2019 consists of approximately $0.2 million included in accrued expenses and other current liabilities in the consolidated balance sheet.

During the year ended December 31, 2018, the Company wrote down the value of certain inventory by approximately $0.4 million related to the abandonment of certain product lines that management decided to exit. The Company accounted for the adjustments in accordance with the ASC 330, Inventory, and included the adjustments in impairment of abandoned product line, net of recoveries, within cost of net revenues in the consolidated statements of operations.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2019 and 2018:



	2019
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter

	(in thousands, except per share amounts)
Net revenues	$	48,556		$	55,891		$	62,716		$	52,333
Gross profit	14,760			15,555			18,625			15,031
Net income (loss) attributable to common stockholders	(7,485		)	(10,779		)	(8,937		)	(13,285		)
Basic and diluted net loss per share	(0.10		)	(0.14		)	(0.11		)	(0.17		)

	2018
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter

	(in thousands, except per share amounts)
Net revenues	$	46,733		$	49,057		$	50,630		$	56,043
Gross profit	15,543			17,657			17,604			19,793
Net loss attributable to stockholders	(8,050		)	(6,660		)	10,843			(4,191		)
Basic net income (loss) per share	(0.13		)	(0.11		)	0.16			(0.06		)
Diluted net income (loss) per share	(0.13		)	(0.11		)	0.15			(0.06		)

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 3, 2020 the Company and the Trustee entered into a First Supplemental Indenture which eliminated certain covenants in the Inseego Indenture prohibiting the incurrence of certain indebtedness and certain restricted payments. On March 6, 2020, the holders of substantially all of the outstanding indebtedness under the Inseego Notes agreed to waive their optional right to require the Company to repurchase the Inseego Notes on June 15, 2020. On March 6, 2020, the Company entered into a Securities Purchase Agreement with an accredited investor pursuant to which, among other things, the Company issued and sold to the investor, in a private placement transaction, an aggregate of 25,000 shares of the Company’s Series E Preferred Stock, for a purchase price of $1,000 per share of Series E Preferred Stock, resulting in gross proceeds to the Company of $25.0 million. On March 9, 2020, the Company entered into an amendment to the Credit Agreement, which among other things, amended certain financial covenants set forth therein and permits the use of the Company’s Series E Preferred Stock to make certain payments, including interest payments, due thereunder. On March 10, 2020, the Company entered into a letter agreement (the “Letter Agreement”) with South Ocean Funding, LLC (“South Ocean”), the Lender holding all of the aggregate principal amount currently outstanding under the Credit Agreement, which provides: (i) that the Company and South Ocean will work together, in good faith, to reach an agreement to amend or refinance the Credit Agreement in order to extend the maturity of the Credit Agreement until a date after March 15, 2021; and (ii) should an agreement not be reached to amend or refinance the Credit Agreement prior to August 23, 2020, upon request of the Company, the maturity date of the Credit Agreement will be extended to no earlier than March 15, 2021.

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

On March 6, 2020, the Company issued and sold an additional 25,000 shares of Series E Preferred Stock, for an aggregate purchase price of $25.0 million.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Segment Information

Cash and Cash Equivalents

Allowance for Doubtful Accounts Receivable

Inventories and Provision for Excess and Obsolete Inventory

than its estimates, inventory write-downs may be required, which could have a material adverse effect on its consolidated financial statements.

Property, Plant and Equipment

Rental Assets

Software Development Costs and Internal Use Software

Software Development Costs for External Use

Software Development Costs for Internal Use

Intangible Assets

Long-Lived Assets

Restructuring

The Company accounts for facility exit costs in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 420, Exit or D

Convertible Debt

Revenue Recognition

Net revenues by product grouping for the years ended December 31, 2019 and 2018 were as follows (in thousands):



	Year Ended December 31,
	2019		2018
IoT & Mobile Solutions	$	154,167	$	135,349
Enterprise SaaS Solutions	65,329		67,114
Total	$	219,496	$	202,463

See geographic disaggregation information in Note 12, Geographic Information and Concentrations of Risk.

Contracts with Customers

The Company determines revenue recognition through the following five steps:


1)	identification of the contract, or contracts, with a customer;


2)	identification of the performance obligations in the contract;


3)	determination of the transaction price;


4)	allocation of the transaction price to the performance obligations in the contract; and


5)	recognition of revenue when, or as, performance obligations are satisfied.

Revenue Recognition

Multiple Performance Obligations

Contract Liabilities

Contract Assets

Significant Judgments in the Application of the Guidance in ASC 606

Shipping and Handling Charges

Fees charged to customers for shipping and handling of products are included in product revenues, and costs for shipping and handling of products are included as a component of cost of sales.

Taxes Collected from Customers

Foreign Currency Transactions and Translation

Foreign Currency Transactions

Foreign Currency Translation

exchange rates during the period. The resulting translation adjustments are included in the Company’s consolidated balance sheets as a component of accumulated other comprehensive loss.

Income Taxes

Litigation

Share-Based Compensation

Compensation cost associated with grants of restricted stock units are measured at fair value, which has historically been the closing price of the Company’s common stock on the date of grant.

Net Loss Per Share Attributable to Inseego Corp.

Fair Value of Financial Instruments

Comprehensive Loss

Comprehensive loss consists of net earnings and foreign currency translation adjustments.

Prior Period Reclassifications

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Recent Accounting Pronouncements

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB, which are adopted by the Company as of the specified date.

Fair Value Measurement


Level 1:	Pricing inputs are based on quoted market prices for identical assets or liabilities in active markets (e.g., NYSE or NASDAQ). Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:


Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources, including the Company’s own assumptions.

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Disaggregation of Revenue

Net revenues by product grouping for the years ended December 31, 2019 and 2018 were as follows (in thousands):



	Year Ended December 31,
	2019		2018
IoT & Mobile Solutions	$	154,167	$	135,349
Enterprise SaaS Solutions	65,329		67,114
Total	$	219,496	$	202,463

Financial Statement Details (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Inventories

Inventories consist of the following (in thousands):



	December 31,
	2019		2018
Finished goods	$	21,229	$	14,797
Raw materials and components	4,061		11,634
	$	25,290	$	26,431

Summary of Property, Plant and Equipment and Rental Assets

Rental assets consist of the following (in thousands):



	December 31,
	2019			2018
Rental assets	$	18,176		$	16,648
Less—accumulated depreciation	(12,791		)	(10,879		)
	$	5,385		$	5,769

Property, plant and equipment consists of the following (in thousands):



	December 31,
	2019			2018
Land	$	253		$	247
Buildings	2,303			2,247
Test equipment	10,952			14,444
Computer equipment and purchased software	6,911			4,889
Product tooling	2,139			504
Furniture and fixtures	1,535			677
Vehicles	2,535			1,990
Leasehold improvements	145			136
	26,773			25,134
Less—accumulated depreciation and amortization	(16,017		)	(18,436		)
	$	10,756		$	6,698

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):



	December 31,
	2019		2018
Royalties	$	1,415	$	1,727
Payroll and related expenses	2,716		2,415
Professional fees	483		514
Accrued interest	1,543		239
Deferred revenue	2,235		2,048
Operating lease liabilities	1,101		—
Acquisition-related liabilities	1,000		1,000
Other	7,368		5,081
	$	17,861	$	13,024

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A summary of the activity in goodwill is presented below (in thousands):



Balance at December 31, 2017	$	37,681
Effect of change in foreign currency exchange rates	(4,739		)
Balance at December 31, 2018	32,942
Effect of change in foreign currency exchange rates	717
Balance at December 31, 2019	$	33,659

Schedule of Intangible Assets

The Company’s intangible assets are comprised of the following (in thousands):



	December 31, 2019
	Weighted-Average Life (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Developed technologies	6.0	$	13,076	$	(9,198	)	$	3,878
Trademarks and trade names	10.0	18,352		(8,040		)	10,312
Customer relationships	8.4	12,460		(7,413		)	5,047
Capitalized software development costs	3.6	19,375		(6,570		)	12,805
Other	2.4	2,986		(1,790		)	1,196
Total finite-lived intangible assets		$	66,249	$	(33,011	)	33,238
Indefinite-lived intangible assets:
In-process capitalized software development costs							11,154
Total intangible assets							$	44,392



	December 31, 2018
	Weighted-Average Life (in years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Developed technologies	6.0	$	12,846	$	(7,034	)	$	5,812
Trademarks and trade names	10.0	18,034		(6,103		)	11,931
Customer relationships	8.4	12,368		(5,711		)	6,657
Capitalized software development costs	5.0	7,221		(2,406		)	4,815
Other	2.3	2,475		(847		)	1,628
Total finite-lived intangible assets		$	52,944	$	(22,101	)	30,843
Indefinite-lived intangible assets:
In-process capitalized software development costs							1,142
Total intangible assets							$	31,985

Schedule of Amortization Expense of Finite-Lived Intangible Assets Expected to be Recognized

The following table represents details of the amortization of finite-lived intangible assets that is estimated to be expensed in the future (in thousands): (In process)



2020	12,477
2021	7,119
2022	4,419
2023	4,309
2024	3,557
Thereafter	1,357
Total	$	33,238

Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Instruments, Fair Value on a Recurring Basis



	Balance as of December 31, 2019		Level 1
Assets:
Cash equivalents
Money market funds	$	126	$	126
Total cash equivalents	$	126	$	126



	Balance as of December 31, 2018		Level 1
Assets:
Cash equivalents
Money market funds	$	10,085	$	10,085
Total cash equivalents	$	10,085	$	10,085

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Term Loan consisted of the following (in thousands):



	December 31,
	2019			2018
Principal	$	47,500		$	47,500
Less: unamortized debt discount and debt issuance costs	(962		)	(2,454		)
Net carrying amount	$	46,538		$	45,046

Schedule of Debt

The following table sets forth total interest expense recognized related to the Term Loan during the years ended December 31, 2019 and 2018 (in thousands):



	Year Ended December 31,
	2019		2018
Contractual interest expense	$	4,789	$	4,684
Amortization of debt discount	1,331		1,331
Amortization of debt issuance costs	161		160
Total interest expense	$	6,281	$	6,175

Schedule of Convertible Notes Components

The Convertible Notes consisted of the following (in thousands):



	December 31,
	2019			2018
Liability component:
Principal	$	105,125		$	105,125
Less: unamortized debt discount and debt issuance costs	(3,791		)	(12,071		)
Net carrying amount	$	101,334		$	93,054
Equity component	$	41,905		$	41,905

Schedule of Convertible Notes Interest Expense

The following table sets forth total interest expense recognized related to the Convertible Notes during the years ended December 31, 2019 and 2018 (in thousands):



	Year Ended December 31,
	2019		2018
Contractual interest expense	$	5,782	$	5,782
Amortization of debt discount	7,821		7,822
Amortization of debt issuance costs	459		459
Total interest expense	$	14,062	$	14,063

Schedule of Maturities of Long-term Debt



2020	$	47,750
2021	—
2022	104,875
2023	—
2024	—
Thereafter	—
Total	$	152,625

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Loss before Income Taxes

The Company’s loss before income taxes for the years ended December 31, 2019 and 2018 is comprised of the following (in thousands):



	Year Ended December 31,
	2019			2018
Domestic	$	(39,187	)	$	(7,335	)
Foreign	(387		)	7
Loss before income taxes	$	(39,574	)	$	(7,328	)

Summary of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2019 and 2018 is comprised of the following (in thousands):



	Year Ended December 31,
	2019			2018
Current:
Federal	$	(49	)	$	—
State	35			35
Foreign	1,148			766
Total current	1,134			801
Deferred:
Federal	12			12
State	—			—
Foreign	(610		)	2
Total deferred	(598		)	14
Provision for income taxes	$	536		$	815

Summary of Net Deferred Tax Assets

The Company’s net deferred tax liabilities consist of the following (in thousands):



	December 31,
	2019			2018
Deferred tax assets:
Provision for excess and obsolete inventory	$	2,003		$	2,710
Depreciation and amortization	—			1,426
Interest expense limitation	5,562			2,769
Net operating loss and tax credit carryforwards	95,258			86,385
Share-based compensation	1,226			1,218
Right-of-use-asset	650			—
Unrecognized tax benefits	1,288			1,163
Deferred tax assets	105,987			95,671
Deferred tax liabilities:
Operating lease liability	(650		)	—
Purchased intangible assets	(3,623		)	(4,485		)
Depreciation and amortization	(1,742		)	—
Accrued expenses	(219		)	(1,799		)
Deferred tax liabilities	(6,234		)	(6,284		)
Valuation allowance	(103,702		)	(93,844		)
Net deferred tax liabilities	$	(3,949	)	$	(4,457	)

Summary of Provision for Income Taxes Reconciles to Amount Computed by Applying Statutory Federal Income Tax Rate

The provision for income taxes reconciles to the amount computed by applying the statutory federal income tax rate of 21% in 2019 and 2018 to loss before income taxes as follows (in thousands):



	Year Ended December 31,
	2019			2018
Federal tax benefit, at statutory rate	$	(8,311	)	$	(1,555	)
State benefit, net of federal benefit	27			27
Foreign tax rate difference	476			24
Valuation allowance against future tax benefits	9,168			2,878
Research and development credits	(1,456		)	(471		)
Share-based compensation	341			121
Other	291			(209		)
Provision for income taxes	$	536		$	815

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):



Balance at December 31, 2017	$	36,582
Increases related to current and prior year tax positions	324
Balance at December 31, 2018	36,906
Increases related to current and prior year tax positions	929
Balance at December 31, 2019	$	37,835

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Summary of Common Shares Reserved for Future Issuance

The Company had reserved shares of common stock for possible future issuance as of December 31, 2019 and 2018 as follows:



	December 31,
	2019	2018
Common stock warrants outstanding	2,838,454	5,815,283
Stock options outstanding	9,044,304	8,796,212
Restricted stock units outstanding	400,315	454,382
Shares available for issuance pursuant to Convertible Notes	40,649,225	40,649,225
Shares available for future grants of awards under the 2015 Incentive Compensation Plan	4,557	1,943,085
Shares available for future grants of awards under the 2018 Omnibus Incentive Compensation Plan	2,483,664	3,224,425
Shares available under the 2000 Employee Stock Purchase Plan	622,476	825,537
Total shares of common stock reserved for issuance	56,042,995	61,708,149

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense



	Year Ended December 31,
	2019		2018
Cost of revenues	$	1,133	$	390
Research and development	1,548		1,017
Sales and marketing	1,669		970
General and administrative	2,952		2,499
Total	$	7,302	$	4,876

Share-based Compensation Stock Option Fair Value Assumptions

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of each stock option granted:



	Year Ended December 31,
	2019		2018
Expected dividend yield	—	%	—	%
Risk-free interest rate	1.8	%	2.8	%
Volatility	81	%	84	%
Expected term (in years)	5.8		5.8

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the years ended December 31, 2019 and 2018 (dollars in thousands, except per share data):



	Stock Options Outstanding		Weighted-Average Exercise Price Per Option		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding — December 31, 2018	8,796,212		$	2.10
Granted	2,660,936		5.17
Exercised	(1,489,067	)	1.69
Canceled	(923,777	)	3.64
Outstanding — December 31, 2019	9,044,304		$	2.91	8.30	$	39,997
Vested and Expected to Vest — December 31, 2019	7,814,925		$	2.75	8.17	$	35,753
Exercisable — December 31, 2019	3,648,992		$	1.93	7.28	$	19,735

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity under all plans for the year ended December 31, 2019 is presented below:



	Number of Shares		Weighted-Average Grant-Date Fair Value
Non-vested — December 31, 2018	454,382		$	2.17
Granted	870,150		5.07
Vested	(809,482	)	4.20
Forfeited	(114,735	)	3.66
Non-vested — December 31, 2019	400,315		$	3.95

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):



	Year Ended December 31,
	2019			2018
Net loss attributable to common stockholders	$	(40,486	)	$	(8,058	)
Weighted-average common shares outstanding	78,322,496			66,104,376
Basic and diluted net loss per share	$	(0.52	)	$	(0.12	)

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The future minimum payments under operating leases were as follows at December 31, 2019 (in thousands):



2020	$	1,315
2021	911
2022	615
2023	276
2024	93
Total minimum operating lease payments	3,210
Less: amounts representing interest	(401		)
Present value of net minimum operating lease payments	2,809
Less: current portion	(1,101		)
Long-term portion of operating lease obligations	$	1,708

Geographic Information and Concentrations of Risk (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Geographic Concentration of Assets

The following table details the geographic concentration of the Company’s assets (in thousands):



	December 31,
	2019		2018
United States and Canada	$	81,769	$	79,809
South Africa	53,610		56,937
Other	25,994		25,510
	$	161,373	$	162,256

Schedule of Geographic Concentration of Net Revenues

The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands):



	Year Ended December 31,
	2019		2018
United States and Canada	$	158,756	$	139,246
South Africa	35,001		38,608
Other	25,739		24,609
Total	$	219,496	$	202,463

Restructuring (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Summary of Restructuring Liability

The following table sets forth activity in the restructuring liability for the year ended December 31, 2019 (in thousands):



	Balance at December 31, 2018		Costs Incurred		Payments			Balance at December 31, 2019		Cumulative Costs Incurred to Date
2015 Initiatives
Employee Severance Costs	$	—	$	—	$	—		$	—	$	4,131
Facility Exit Related Costs	634		60		(474		)	220		1,914
Total	$	634	$	60	$	(474	)	$	220	$	6,045

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results of Operations

The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2019 and 2018:



	2019
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter

	(in thousands, except per share amounts)
Net revenues	$	48,556		$	55,891		$	62,716		$	52,333
Gross profit	14,760			15,555			18,625			15,031
Net income (loss) attributable to common stockholders	(7,485		)	(10,779		)	(8,937		)	(13,285		)
Basic and diluted net loss per share	(0.10		)	(0.14		)	(0.11		)	(0.17		)

	2018
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter

	(in thousands, except per share amounts)
Net revenues	$	46,733		$	49,057		$	50,630		$	56,043
Gross profit	15,543			17,657			17,604			19,793
Net loss attributable to stockholders	(8,050		)	(6,660		)	10,843			(4,191		)
Basic net income (loss) per share	(0.13		)	(0.11		)	0.16			(0.06		)
Diluted net income (loss) per share	(0.13		)	(0.11		)	0.15			(0.06		)

Nature of Business and Significant Accounting Policies - Additional Information (Detail)			3 Months Ended									9 Months Ended	12 Months Ended
	Mar. 06, 2020 USD ($) shares	Aug. 09, 2019 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) $ / shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) $ / shares	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Sep. 30, 2019 Segments	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Nature Of Business And Significant Accounting Policies [Line Items]
Net income (loss) attributable to common stockholders				$ (13,285,000)	$ (8,937,000)	$ (10,779,000)	$ (7,485,000)	$ (4,191,000)	$ 10,843,000	$ (6,660,000)	$ (8,050,000)		$ (40,486,000)	$ (8,058,000)
Cash and cash equivalents				12,100,000									12,100,000
Working capital				$ 19,600,000									19,600,000
Number of reportable segments \| Segments												1
Impairment of indefinite-lived intangible assets													$ 0	700,000
Long-lived assets impairment														$ 700,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001				$ 0.001					$ 0.001	$ 0.001
Gross proceeds received from issuance of Series E preferred stock													$ 10,000,000	$ 0
Minimum
Nature Of Business And Significant Accounting Policies [Line Items]
Property, plant and equipment useful lives													13 months
General warranty period													1 year
Minimum \| Rental Assets
Nature Of Business And Significant Accounting Policies [Line Items]
Property, plant and equipment useful lives													3 years
Maximum
Nature Of Business And Significant Accounting Policies [Line Items]
Property, plant and equipment useful lives													6 years
Maximum \| Buildings
Nature Of Business And Significant Accounting Policies [Line Items]
Property, plant and equipment useful lives													50 years
Maximum \| Rental Assets
Nature Of Business And Significant Accounting Policies [Line Items]
Property, plant and equipment useful lives													4 years
Series E Preferred Stock
Nature Of Business And Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) \| shares		10,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001
Gross proceeds received from issuance of Series E preferred stock		$ 10,000,000.0
Subsequent Event \| Series E Preferred Stock
Nature Of Business And Significant Accounting Policies [Line Items]
Preferred stock, shares issued (in shares) \| shares	25,000
Gross proceeds received from issuance of Series E preferred stock	$ 25,000,000.0
Convertible Debt \| Inseego Notes \| Subsequent Event
Nature Of Business And Significant Accounting Policies [Line Items]
Principal exchanged			$ 59,900,000
London Interbank Offered Rate (LIBOR) \| Senior Credit Agreement \| Subsequent Event
Nature Of Business And Significant Accounting Policies [Line Items]
Margin on base rate			7.65%

Nature of Business and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
IoT & Mobile Solutions									$ 154,167	$ 135,349
Enterprise SaaS Solutions									65,329	67,114
Total net revenues	$ 52,333	$ 62,716	$ 55,891	$ 48,556	$ 56,043	$ 50,630	$ 49,057	$ 46,733	$ 219,496	$ 202,463

Nature of Business and Significant Accounting Policies - Schedule of Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Net cash used in operating activities	$ (17,999)	$ (1,765)
Net increase in cash, cash equivalents and restricted cash	(19,002)	9,817
Cash, cash equivalents and restricted cash, end of period	$ 12,074	$ 31,076	$ 21,259

Financial Statement Details - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 21,229	$ 14,797
Raw materials and components	4,061	11,634
Total inventory	$ 25,290	$ 26,431

Financial Statement Details - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 26,773	$ 25,134
Less—accumulated depreciation and amortization	(16,017)	(18,436)
Property, plant and equipment, net	10,756	6,698
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	253	247
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,303	2,247
Test equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,952	14,444
Computer equipment and purchased software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,911	4,889
Product tooling
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,139	504
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,535	677
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,535	1,990
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 145	$ 136

Financial Statement Details - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Vehicles and equipment under capital leases, net	$ 2.1	$ 1.9
Vehicles and equipment under capital leases, accumulated depreciation	(2.6)	(2.0)
Depreciation and amortization expense	$ 8.8	$ 7.0

Financial Statement Details - Rental Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 26,773	$ 25,134
Less—accumulated depreciation	(16,017)	(18,436)
Property, plant and equipment, net	10,756	6,698
Rental Assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,176	16,648
Less—accumulated depreciation	(12,791)	(10,879)
Property, plant and equipment, net	$ 5,385	$ 5,769

Financial Statement Details - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 1,415	$ 1,727
Payroll and related expenses	2,716	2,415
Professional fees	483	514
Accrued interest	1,543	239
Deferred revenue	2,235	2,048
Operating lease liabilities	1,101
Acquisition-related liabilities	1,000	1,000
Other	7,368	5,081
Accrued expenses and other current liabilities, total	$ 17,861	$ 13,024

Financial Statement Details - Cash, Cash Equivalents and Restricted Cast (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 12,074	$ 31,015
Restricted cash	0	61
Total cash, cash equivalents and restricted cash	$ 12,074	$ 31,076	$ 21,259

Goodwill and Other Intangible Assets - Goodwill Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Balance at beginning of period	$ 32,942	$ 37,681
Effect of change in foreign currency exchange rates	717	(4,739)
Balance at end of period	$ 33,659	$ 32,942

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 66,249	$ 52,944
Accumulated Amortization	(33,011)	(22,101)
Net Carrying Value	33,238	30,843
Indefinite-lived intangible assets	11,154	1,142
Total intangible assets, net	$ 44,392	$ 31,985
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (in years)	6 years	6 years
Gross Carrying Value	$ 13,076	$ 12,846
Accumulated Amortization	(9,198)	(7,034)
Net Carrying Value	$ 3,878	$ 5,812
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (in years)	10 years	10 years
Gross Carrying Value	$ 18,352	$ 18,034
Accumulated Amortization	(8,040)	(6,103)
Net Carrying Value	$ 10,312	$ 11,931
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (in years)	8 years 4 months 24 days	8 years 4 months 24 days
Gross Carrying Value	$ 12,460	$ 12,368
Accumulated Amortization	(7,413)	(5,711)
Net Carrying Value	$ 5,047	$ 6,657
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (in years)	3 years 7 months 6 days	5 years
Gross Carrying Value	$ 19,375	$ 7,221
Accumulated Amortization	(6,570)	(2,406)
Net Carrying Value	$ 12,805	$ 4,815
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life (in years)	2 years 4 months 24 days	2 years 3 months 18 days
Gross Carrying Value	$ 2,986	$ 2,475
Accumulated Amortization	(1,790)	(847)
Net Carrying Value	$ 1,196	$ 1,628

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 9.7	$ 6.7
Impairment of Intangible Assets (Excluding Goodwill)	0.0	0.0
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4.1	$ 1.4

Goodwill and Other Intangible Assets - Schedule of Amortization Expense of FInite-Lived Intangible Assets Expected to be Recognized (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 12,477
2021	7,119
2022	4,419
2023	4,309
2024	3,557
Thereafter	1,357
Net Carrying Value	$ 33,238	$ 30,843

Fair Value Measurement of Assets and Liabilities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Foreign currency exchange forward contracts outstanding	$ 0	$ 0
Net foreign currency transaction gains (losses)	$ (300,000)	$ 400,000

Fair Value Measurement of Assets and Liabilities - Summary of Company's Financial Instruments, Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Cash equivalents
Total cash equivalents	$ 126	$ 10,085
Level 1
Cash equivalents
Total cash equivalents	126	10,085
Money market funds
Cash equivalents
Total cash equivalents	126	10,085
Money market funds \| Level 1
Cash equivalents
Total cash equivalents	$ 126	$ 10,085

Fair Value Measurement of Assets and Liabilities - Other Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal	$ 105,125	$ 105,125
Level 3 \| Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	$ 101,300	$ 93,100

Debt - Narrative (Details)				3 Months Ended		12 Months Ended
Debt - Narrative (Details)	Aug. 23, 2017 USD ($)	Jan. 09, 2017 USD ($) trading_day $ / shares shares	Jun. 10, 2015 USD ($) $ / shares	Mar. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Debt Instrument [Line Items]
Accrued interest					$ 1,543,000	$ 1,543,000	$ 239,000
Long-term debt					$ 152,625,000	$ 152,625,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001	$ 0.001	$ 0.001
Convertible Debt
Debt Instrument [Line Items]
Debt issuance cost allocated to equity component			$ 1,300,000
Debt issuance costs allocated to liability component			2,600,000
Effective interest rate					13.88%	13.88%
Long-term debt					$ 101,334,000	$ 101,334,000	$ 93,054,000
Absa
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility					1,000,000.0	1,000,000.0
Outstanding borrowings under the credit facility					200,000	200,000	1,000,000.0
Grindrod Bank
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility					300,000	300,000
Outstanding borrowings under the credit facility					$ 21,000.0	$ 21,000.0	400,000
Prime Rate \| Absa
Debt Instrument [Line Items]
Margin on base rate						0.10%
Interest rate at period end					9.90%	9.90%
Prime Rate \| Grindrod Bank
Debt Instrument [Line Items]
Margin on base rate						1.00%
Interest rate at period end					11.00%	11.00%
Term Loan \| Secured Debt
Debt Instrument [Line Items]
Convertible debt, face amount	$ 48,000,000.0
Debt issuance costs	500,000
Convertible debt, stated interest rate					9.535%	9.535%
Accrued interest					$ 1,300,000	$ 1,300,000
Percent held by related parties					100.00%	100.00%
Effective interest rate					13.50%	13.50%
Long-term debt					$ 46,538,000	$ 46,538,000	$ 45,046,000
Proceeds from term loans	46,900,000
Unamortized discount	4,000,000.0
Proceeds from issuance of debt, portion funded in cash	$ 35,000,000.0
Repayments of debt					500,000
Term Loan \| London Interbank Offered Rate (LIBOR) \| Secured Debt
Debt Instrument [Line Items]
Margin on base rate	7.625%
Term Loan \| London Interbank Offered Rate (LIBOR) \| Minimum \| Secured Debt
Debt Instrument [Line Items]
Convertible debt, stated interest rate	1.00%
Inseego Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible debt, face amount		$ 119,800,000
Convertible debt, stated interest rate		5.50%
Conversion price ($ per share) \| $ / shares		$ 4.70
Repurchase price as a percentage of principal amount		100.00%
Minimum principal needed to call debt		25.00%
Redemption of principal		100.00%
Company elected remedy in default		60 days
Interest rate during remedy for default		0.50%
Convertible, beneficial conversion feature		$ 3,600,000
Converted instrument, shares issued (in shares) \| shares		212.7660
Proceeds from issuance of debt, portion funded in repurchase and cancellation of debt	$ 11,900,000
Extinguishment of Debt, Amount	$ 14,900,000
Debt from related parties					$ 44,800,000	$ 44,800,000
Inseego Notes \| Convertible Debt \| Stock price exceeds 130% of conversion price
Debt Instrument [Line Items]
Threshold of trading days \| trading_day		20
Threshold of consecutive trading days		30
Threshold percentage of stock price trigger		130.00%
Inseego Notes \| Convertible Debt \| Debt trading price below product of stock price and conversion rate
Debt Instrument [Line Items]
Threshold of consecutive trading days		5
Threshold percentage of stock price trigger		98.00%
Number of consecutive business days		5
Inseego Notes \| Convertible Debt \| Stock price exceeds 140% of conversion price
Debt Instrument [Line Items]
Threshold of trading days \| trading_day		20
Threshold of consecutive trading days		30
Threshold percentage of stock price trigger		140.00%
Repurchase price as a percentage of principal amount		100.00%
Novatel Wireless Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible debt, face amount		$ 200,000	120,000,000.0
Debt issuance costs			$ 3,900,000
Convertible debt, stated interest rate			5.50%
Conversion price ($ per share) \| $ / shares			$ 5.00
Principal exchanged		$ 119,800,000
Subsequent Event \| Inseego Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal exchanged				$ 59,900,000
Converted instrument, shares issued (in shares) \| shares				13,688,876
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001
Subsequent Event \| Inseego Notes, Additional Conversions \| Convertible Debt
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) \| shares				942,702
Loss on debt conversion				$ 7,900,000

Debt - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net carrying amount	$ 152,625
Convertible Debt
Debt Instrument [Line Items]
Principal	105,125	$ 105,125
Less: unamortized debt discount and debt issuance costs	(3,791)	(12,071)
Net carrying amount	101,334	93,054
Equity component	41,905	41,905
Term Loan \| Secured Debt
Debt Instrument [Line Items]
Principal	47,500	47,500
Less: unamortized debt discount and debt issuance costs	(962)	(2,454)
Net carrying amount	$ 46,538	$ 45,046

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	$ 5,782	$ 5,782
Amortization of debt discount	7,821	7,822
Amortization of debt issuance costs	459	459
Total interest expense	14,062	14,063
Term Loan \| Secured Debt
Debt Instrument [Line Items]
Contractual interest expense	4,789	4,684
Amortization of debt discount	1,331	1,331
Amortization of debt issuance costs	161	160
Total interest expense	$ 6,281	$ 6,175

Debt - Minimum payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 47,750
2021	0
2022	104,875
2023	0
2024	0
Thereafter	0
Total	$ 152,625

Income Taxes - Summary of Loss before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ (39,187)	$ (7,335)
Foreign	(387)	7
Loss before income taxes	$ (39,574)	$ (7,328)

Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ (49)	$ 0
State	35	35
Foreign	1,148	766
Total current	1,134	801
Deferred:
Federal	12	12
State	0	0
Foreign	(610)	2
Total deferred	(598)	14
Provision for income taxes	$ 536	$ 815

Income Taxes - Summary of Net Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Provision for excess and obsolete inventory	$ 2,003	$ 2,710
Depreciation and amortization	0	1,426
Interest expense limitation	5,562	2,769
Net operating loss and tax credit carryforwards	95,258	86,385
Share-based compensation	1,226	1,218
Right-of-use-asset	650
Unrecognized tax benefits	1,288	1,163
Deferred tax assets	105,987	95,671
Deferred tax liabilities:
Operating lease liability	(650)
Purchased intangible assets	(3,623)	(4,485)
Depreciation and amortization	(1,742)	0
Accrued expenses	(219)	(1,799)
Deferred tax liabilities	(6,234)	(6,284)
Valuation allowance	(103,702)	(93,844)
Net deferred tax liabilities	$ (3,949)	$ (4,457)

Income Taxes - Summary of Provision for Income Taxes Reconciles to Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal tax benefit, at statutory rate	$ (8,311)	$ (1,555)
State benefit, net of federal benefit	27	27
Foreign tax rate difference	476	24
Valuation allowance against future tax benefits	9,168	2,878
Research and development credits	(1,456)	(471)
Share-based compensation	341	121
Other	291	(209)
Provision for income taxes	$ 536	$ 815

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Valuation allowances recognized in the current year	$ 9,200,000	$ 2,900,000
Internal Revenue Code related to annual use of operating loss carry forwards	annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a rolling three-year period
Income tax benefit recognized related to uncertain tax positions	$ 0	0
Interest expense related to uncertain tax positions	0	0
Liability related to unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	389,100,000
Operating loss carryforwards, not subject to expiration	41,300,000
Research and development tax credit carryforwards	10,200,000
California Franchise Tax Board
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	44,000,000.0
Research and development tax credit carryforwards	12,100,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 50,200,000

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 36,906	$ 36,582
Increases related to current and prior year tax positions	929	324
Ending Balance	$ 37,835	$ 36,906

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended	12 Months Ended
	Mar. 06, 2020	Aug. 09, 2019	Mar. 28, 2019	Aug. 06, 2018	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 22, 2018
Class of Stock [Line Items]
Number of shares issued (in shares)				12,062,000
Number of additional shares from warrants (in shares)			2,500,000	4,221,700	1,255,129	1,255,129
Gross proceeds				$ 19,700
Exercise price per share (in dollars per share)			$ 7.00	$ 2.52
Stock issuance costs				$ 500		$ 0	$ 500
Proceeds from the exercise of warrants			$ 10,600		$ 6,900	$ 17,542	$ 0
Preferred stock, shares authorized (in shares)					2,000,000	2,000,000	2,000,000
Preferred stock, par value (in dollars per share)					$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)					0	0	0
Number of rights issued per common stock (in shares)								1
Gross proceeds received from issuance of Series E preferred stock						$ 10,000	$ 0
Dividends accrued					$ 400	$ 400
Percent threshold for acquiring common stock in order to remain Grandfathered Stockholders						0.50%
Series D Preferred Stock
Class of Stock [Line Items]
Exercise price per share (in dollars per share)								$ 10.00
Preferred stock, shares authorized (in shares)					150,000	150,000
Preferred stock, par value (in dollars per share)								$ 0.001
Number of preferred shares issued from exercise of right (in shares)								0.001
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					39,500	39,500
Preferred stock, par value (in dollars per share)		$ 0.001
Preferred stock, shares issued (in shares)		10,000
Gross proceeds received from issuance of Series E preferred stock		$ 10,000
Dividend rate		9.00%
Redemption price		110.00%
Liquidation preference per share (in dollars per share)		$ 1,000
Subsequent Event \| Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	25,000
Purchase price (in dollars per share)	$ 1,000
Gross proceeds received from issuance of Series E preferred stock	$ 25,000

Stockholders' Equity - Summary of Common Shares Reserved for Future Issuance (Detail) - shares	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	56,042,995	61,708,149
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	9,044,304	8,796,212
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	400,315	454,382
Convertible Notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	40,649,225	40,649,225
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance or purchase (in shares)	622,476	825,537
Common stock warrants outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	2,838,454	5,815,283
2015 Incentive Compensation Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance or purchase (in shares)	4,557	1,943,085
2018 Omnibus Incentive Compensation Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance or purchase (in shares)	2,483,664	3,224,425

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon the exercise of stock options	1,489,067	1,611,731
Share-based compensation expense	$ 7,302	$ 4,876
Shares issued under the ESPP	203,061	282,101
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of stock options granted	10 years
Weighted-average fair value of stock option awards granted (per share)	$ 3.56	$ 1.56
Intrinsic value of stock options exercised during period	$ 5,600	$ 2,400
Unrecognized share-based compensation expense related to non-vested stock options	$ 9,000
Expected recognition period	2 years 9 months 18 days
Share-based compensation expense	$ 3,500	2,500
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected recognition period	10 months 24 days
Share-based compensation expense	$ 3,500	$ 2,200
Weighted-average grant-date fair value of RSUs granted (per share)	$ 5.07	$ 2.01
Total vest date fair value of RSUs vested	$ 4,000	$ 2,100
Unrecognized share-based compensation expense related to non-vested RSUs	$ 600
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan	5,324,000
Share-based compensation expense	$ 300	$ 200
Percentage of lower limit value of common stock	85.00%
Purchase period duration	6 months
Maximum limit of payroll deductions (percent)	10.00%
2015 Incentive Compensation Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan	1,946,915
2018 Omnibus Incentive Compensation Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan	20,576,085

Share-based Compensation - Summary of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 7,302	$ 4,876
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	1,133	390
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	1,548	1,017
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	1,669	970
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 2,952	$ 2,499

Share-based Compensation - Share-based Compensation Fair Value Assumptions (Detail) - Stock Options	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.80%	2.80%
Volatility rate	81.00%	84.00%
Expected term (in years)	5 years 9 months 18 days	5 years 9 months 18 days

Share-based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock Options Outstanding
Outstanding — beginning of period	8,796,212
Granted	2,660,936
Exercised	(1,489,067)	(1,611,731)
Canceled	(923,777)
Outstanding — end of period	9,044,304	8,796,212
Vested and Expected to Vest — December 31, 2019	7,814,925
Exercisable — December 31, 2019	3,648,992
Weighted-Average Exercise Price Per Option
Outstanding — beginning of period	$ 2.10
Granted	5.17
Exercised	1.69
Canceled	3.64
Outstanding — end of period	2.91	$ 2.10
Vested and Expected to Vest — December 31, 2019	2.75
Exercisable — December 31, 2019	$ 1.93
Weighted-Average Remaining Contractual Term (Years), Options Outstanding	8 years 3 months 18 days
Weighted-Average Remaining Contractual Term (Years), Options Vested and Expected to Vest	8 years 2 months 1 day
Weighted-Average Remaining Contractual Term (Years), Options Exercisable	7 years 3 months 10 days
Aggregate Intrinsic Value, Options Outstanding	$ 39,997
Aggregate Intrinsic Value, Options Vested and Expected to Vest	35,753
Aggregate Intrinsic Value, Options Exercisable	$ 19,735

Share-based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested — beginning of period	454,382
Granted	870,150
Vested	(809,482)
Forfeited	(114,735)
Non-vested — end of period	400,315	454,382
Weighted-Average Grant-Date Fair Value
Non-vested — beginning of period	$ 2.17
Granted	5.07	$ 2.01
Vested	4.20
Forfeited	3.66
Non-vested — end of period	$ 3.95	$ 2.17

Earnings per Share - Narrative (Detail)	12 Months Ended
Earnings per Share - Narrative (Detail)	Dec. 31, 2019 shares
Earnings Per Share [Abstract]
Anti-dilutive shares	34,791,838

Earnings per Share - Earnings per Basic and Diluted Share Table (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (13,285)	$ (8,937)	$ (10,779)	$ (7,485)	$ (4,191)	$ 10,843	$ (6,660)	$ (8,050)	$ (40,486)	$ (8,058)
Weighted-average common shares outstanding, basic and diluted (in shares)									78,322,496	66,104,376
Net loss per share, basic and diluted (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.14)	$ (0.10)					$ (0.52)	$ (0.12)

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Jul. 26, 2018	Mar. 15, 2017	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Amount award to other party	$ 1,000
Stock issued during period, litigation settlement (in shares)	500,000
Additional amount awarded to other party, within 12 months	$ 1,000
Additional amount awarded to other party, within 24 months	$ 1,000
Extinguishment of acquisition-related liabilities			$ 0	$ 17,174
Contingent consideration, liability, current			$ 1,000
Former stockholders of RER
Loss Contingencies [Line Items]
Stock issued during period, shares, acquisitions (in shares)		973,333

Leases - Narrative (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Right-of-use assets, net	$ 2,657
Operating lease liabilities	$ 2,809
Weighted-average remaining lease term	2 years 10 months 24 days
Weighted-average discount rate	9.40%

Leases - Maturity of Operating Lease Liability (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 1,315
2021	911
2022	615
2023	276
2024	93
Total minimum operating lease payments	3,210
Less: amounts representing interest	(401)
Present value of net minimum operating lease payments	2,809
Less: current portion	(1,101)
Long-term portion of operating lease obligations	$ 1,708

Geographic Information and Concentrations of Risk - Schedule of Geographic Concentration of Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets by Geographic Concentration, Total	$ 161,373	$ 162,256
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets by Geographic Concentration, Total	81,769	79,809
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets by Geographic Concentration, Total	53,610	56,937
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets by Geographic Concentration, Total	$ 25,994	$ 25,510

Geographic Information and Concentrations of Risk - Schedule of Geographic Concentration of Net Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 52,333	$ 62,716	$ 55,891	$ 48,556	$ 56,043	$ 50,630	$ 49,057	$ 46,733	$ 219,496	$ 202,463
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									158,756	139,246
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									35,001	38,608
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 25,739	$ 24,609

Geographic Information and Concentrations of Risk - Additional Information (Detail) - Customer Concentration	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net Revenues \| Customer One
Segment Reporting Information [Line Items]
Concentration percentage	52.50%	48.80%
Accounts Receivable \| Customer One
Segment Reporting Information [Line Items]
Concentration percentage	25.00%	30.50%
Accounts Receivable \| Customer Two
Segment Reporting Information [Line Items]
Concentration percentage	11.20%	12.80%

Retirement Savings Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Percentage of employees contribution matched by employer	50.00%
Percentage of employees gross pay eligible for employer match	6.00%
Employer matching contributions	$ 0.5	$ 0.4

Restructuring - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring liability, current	$ 200
Impairment of abandoned product line, net of recoveries	0	$ 355
2015 Initiatives
Restructuring Cost and Reserve [Line Items]
Expected costs	$ 6,000

Restructuring - Summary of Restructuring Liability (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 634
Costs Incurred	60
Payments	(474)
Ending Balance	220
Cumulative Costs Incurred to Date	6,045
2015 Initiatives \| Employee Severance Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0
Costs Incurred	0
Payments	0
Ending Balance	0
Cumulative Costs Incurred to Date	4,131
2015 Initiatives \| Facility Exit Related Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	634
Costs Incurred	60
Payments	(474)
Ending Balance	220
Cumulative Costs Incurred to Date	$ 1,914

Quarterly Financial Information (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 52,333	$ 62,716	$ 55,891	$ 48,556	$ 56,043	$ 50,630	$ 49,057	$ 46,733	$ 219,496	$ 202,463
Gross profit	15,031	18,625	15,555	14,760	19,793	17,604	17,657	15,543	63,971	70,597
Net income (loss) attributable to common stockholders	$ (13,285)	$ (8,937)	$ (10,779)	$ (7,485)	$ (4,191)	$ 10,843	$ (6,660)	$ (8,050)	$ (40,486)	$ (8,058)
Net loss per share, basic and diluted (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.14)	$ (0.10)					$ (0.52)	$ (0.12)
Basic net income (loss) per share (in dollars per share)					$ (0.06)	$ 0.16	$ (0.11)	$ (0.13)
Diluted net income (loss) per share (in dollars per share)					$ (0.06)	$ 0.15	$ (0.11)	$ (0.13)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 06, 2020	Aug. 09, 2019	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Gross proceeds received from issuance of Series E preferred stock			$ 10,000	$ 0
Series E Preferred Stock
Subsequent Event [Line Items]
Preferred stock, shares issued (in shares)		10,000
Gross proceeds received from issuance of Series E preferred stock		$ 10,000
Series E Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares issued (in shares)	25,000
Purchase price (in dollars per share)	$ 1,000
Gross proceeds received from issuance of Series E preferred stock	$ 25,000