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    Immersion Corporation Reports Fourth Quarter and Full Year 2023 Results

    3/7/24 4:05:00 PM ET
    $IMMR
    Computer peripheral equipment
    Technology
    Get the next $IMMR alert in real time by email

    Fourth Quarter GAAP Net Income of $16.0 million or $0.49 per diluted share

    Fourth Quarter Non-GAAP Net Income of $16.9 million or $0.52 per diluted share

    Repurchased 1% of shares outstanding

    Immersion Corporation (NASDAQ:IMMR), a leading developer and provider of technologies for haptics, today reported financial results for the fourth quarter and full year ended December 31, 2023.

    Fourth Quarter Financial Summary:1

    • Total revenues of $10.4 million, compared to $9.2 million in the fourth quarter of 2022. Royalty and license revenues were $10.4 million, compared to $9.1 million in the fourth quarter of 2022.
    • GAAP net income was $16.0 million, or $0.49 per diluted share, compared to GAAP net income of $19.7 million, or $0.60 per diluted share, in the fourth quarter of 2022.
    • GAAP operating expenses of $5.3 million in the fourth quarter of 2023, compared to GAAP operating expenses of $3.4 million in the fourth quarter of 2022. Non-GAAP operating expenses of $4.5 million in the fourth quarter of 2023, compared to Non-GAAP operating expenses of $2.6 million in the fourth quarter of 2022.
    • Non-GAAP net income was $16.9 million, or $0.52 per diluted share in the fourth quarter of 2023, compared to non-GAAP net income of $20.5 million, or $0.63 per diluted share in the fourth quarter of 2022.
    • Repurchased 319,017 shares in the fourth quarter of 2023 (1% of shares outstanding at December 31, 2023) at an average price of $6.52 per share.

    Fiscal Year 2023 Financial Summary:

    • Revenues for 2023 were $33.9 million, compared to $38.5 million in 2022. Royalty and license revenues for 2023 totaled $33.8 million, compared to $38.2 million in 2022.
    • Net income for 2023 was $34.0 million, or $1.04 per diluted share, compared to net income of $30.7 million, or $0.92 per diluted share, for 2022.
    • GAAP operating expenses of $16.0 million in 2023, compared to GAAP operating expenses of $14.0 million in 2022. Non-GAAP operating expenses of $11.5 million in 2023, compared to Non-GAAP operating expenses of $10.2 million in 2022.
    • Non-GAAP net income for 2023 was $38.5 million, or $1.18 per diluted share, compared to non-GAAP net income for 2022 of $34.5 million, or $1.03 per diluted share.
    • Cash, cash equivalents and short-term investments were $160.4 million as of December 31, 2023, an increase of $10.7 million from $149.7 million as of December 31, 2022.
    • Repurchased 1,217,774 shares in 2023 (3.9% of shares outstanding at December 31, 2023) at an average price of $6.77 per share.
    1 Non-GAAP measures are not calculated in accordance with GAAP as described in this press release. A reconciliation of each Non-GAAP measure to the most applicable GAAP measure is included in this press release.

    Eric Singer, Chairman & CEO, stated, "2023 was a year of steady execution and accomplishment for Immersion as we maintained our efforts to enforce our intellectual property, renew license deals, and thoughtfully allocate capital. We returned $15.7 million to shareholders via buybacks and dividends during the year while also increasing our stockholder's equity to $183.1 million, or $5.81 per share, as of December 31, 2023. This is an increase of over $27.4 million from $157.7 million, or $4.89 per share, at the end of 2022."

    "As we enter 2024, we continue to focus on our stated objectives and are confident that our strong balance sheet positions us well," Singer concluded.

    The sixth quarterly dividend, in the amount of $0.045 per share, will be paid on April 19, 2024 to shareholders of record on April 12, 2024. Future quarterly dividends will be subject to further review and approval by the Board of Directors (the "Board") in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company's capital allocation strategy from time-to-time.

    About Immersion

    Immersion Corporation (NASDAQ:IMMR) is a leading innovator of touch feedback technology, also known as haptics. The company invents, accelerates, and scales haptic experiences by providing technology solutions for mobile, automotive, gaming, and consumer electronics. Haptic technology creates immersive and realistic experiences that enhance digital interactions by engaging users' sense of touch. Learn more at www.immersion.com.

    Use of Non-GAAP Financial Measures

    Immersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information, such as Non-GAAP net income, Non-GAAP operating expenses and Non-GAAP net income per diluted share because it is useful in understanding the company's performance as it excludes certain non-cash expenses like stock-based compensation expense and other special charges, depreciation and restructuring costs, that many investors feel may obscure the company's true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results under GAAP. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release.

    Forward-looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The forward-looking statements involve risks and uncertainties. Forward-looking statements are identified by words such as "anticipates," "believes," "expects," "intends," "may," "can," "will," "places," "estimates," and other similar expressions. However, these words are not the only way we identify forward-looking statements. Examples of forward-looking statements include any expectations, projections, or other characterizations of future events, or circumstances, including but not limited to statements about the Company's focus on protecting its intellectual property, either through the execution of new or renewal license agreements or by proactive enforcement continuing to pursue thoughtful capital allocation to increase long-term shareholder value, and the timing of any dividend payments.

    Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results could differ materially from those projected in the forward-looking statements, therefore we caution you not to place undue reliance on these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the inability to predict the outcome of any litigation, the costs associated with any litigation and the risks related to our business, both direct and indirect, of initiating litigation, unanticipated changes in the markets in which the Company operates; the effects of the current macroeconomic climate; delay in or failure to achieve adoption of or commercial demand for the Company's products or third party products incorporating the Company's technologies; the inability of Immersion to renew existing licensing arrangements, or enter into new licensing arrangements on favorable terms; the loss of a major customer; the ability of Immersion to protect and enforce its intellectual property rights and other factors. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion's Annual Report on Form 10-K for 2023 as filed with the U.S. Securities and Exchange Commission. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and Immersion does not intend to update these forward-looking statements after the date of this press release, except as required by law.

    Immersion, and the Immersion logo are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners. The use of the word "partner" or "partnership" in this press release does not mean a legal partner or legal partnership.

    (IMMR – C)

    Immersion Corporation

    Condensed Consolidated Balance Sheets

    (In thousands)

    (Unaudited)

     

     

    December 31, 2023

     

    December 31, 2022

     

     

    (1)

     

     

     

    (1)

     

    ASSETS

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    56,071

     

     

    $

    48,820

     

    Investments-current

     

    104,291

     

     

     

    100,918

     

    Accounts and other receivables

     

    2,241

     

     

     

    1,235

     

    Prepaid expenses and other current assets

     

    9,847

     

     

     

    9,347

     

    Total current assets

     

    172,450

     

     

     

    160,320

     

    Property and equipment, net

     

    211

     

     

     

    293

     

    Investments-noncurrent

     

    33,350

     

     

     

    17,040

     

    Long-term deposits

     

    6,231

     

     

     

    4,324

     

    Deferred tax assets

     

    3,343

     

     

     

    7,217

     

    Other assets

     

    146

     

     

     

    916

     

    TOTAL ASSETS

    $

    215,731

     

     

    $

    190,110

     

    LIABILITIES

     

     

     

     

     

     

     

    Accounts payable

    $

    47

     

     

    $

    86

     

    Accrued compensation

     

    3,127

     

     

     

    2,029

     

    Deferred revenue-current

     

    4,239

     

     

     

    4,766

     

    Other current liabilities

     

    11,900

     

     

     

    11,044

     

    Total current liabilities

     

    19,313

     

     

     

    17,925

     

    Deferred revenue-noncurrent

     

    8,390

     

     

     

    12,629

     

    Other long-term liabilities

     

    4,926

     

     

     

    1,856

     

    Total liabilities

     

    32,629

     

     

     

    32,410

     

    STOCKHOLDERS' EQUITY

     

    183,102

     

     

     

    157,700

     

    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

    $

    215,731

     

     

    $

    190,110

     

     

    (1) Derived from Immersion's annual audited consolidated financial statements.

     

    Immersion Corporation

    Condensed Consolidated Statements of Operations

    (In thousands, except per share amounts)

    (Unaudited)

     

     

    Three Months Ended

    December 31,

     

    Years Ended

    December 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Royalty and license

    $

    10,380

     

     

    $

    9,099

     

     

    $

    33,781

     

     

    $

    38,178

     

    Development, services, and other

     

    —

     

     

     

    65

     

     

     

    138

     

     

     

    283

     

    Total revenues

     

    10,380

     

     

     

    9,164

     

     

     

    33,919

     

     

     

    38,461

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Sales and marketing

     

    890

     

     

     

    229

     

     

     

    1,751

     

     

     

    1,219

     

    Research and development

     

    22

     

     

     

    262

     

     

     

    281

     

     

     

    1,380

     

    General and administrative

     

    4,432

     

     

     

    2,892

     

     

     

    13,960

     

     

     

    11,442

     

    Total operating expenses

     

    5,344

     

     

     

    3,383

     

     

     

    15,992

     

     

     

    14,041

     

    Operating income

     

    5,036

     

     

     

    5,781

     

     

     

    17,927

     

     

     

    24,420

     

    Interest and other income (loss), net

     

    14,257

     

     

    8,958

     

     

    24,988

     

     

     

    2,545

    Income before benefit from (provision for) income taxes

     

    19,293

     

     

     

    14,739

     

     

    42,915

     

     

     

    26,965

     

    Benefit from (provision for) income taxes

     

    (3,303

    )

     

     

    4,963

     

     

    (8,939

    )

     

     

    3,699

    Net income

    $

    15,990

     

     

    $

    19,702

     

    $

    33,976

     

     

    $

    30,664

     

    Basic net income per share

    $

    0.49

     

     

    $

    0.61

     

    $

    1.05

     

     

    $

    0.92

     

    Shares used in calculating basic net income per share

     

    32,465

     

     

     

    32,327

     

     

     

    32,214

     

     

     

    33,280

     

    Diluted net income per share

    $

    0.49

     

     

    $

    0.60

     

    $

    1.04

     

     

    $

    0.92

     

    Shares used in calculating diluted net income per share

     

    32,707

     

     

     

    32,584

     

     

     

    32,536

     

     

     

    33,508

     

     

    Immersion Corporation

    Reconciliation of GAAP Net Income to Non-GAAP Net Income

    (In thousands, except per share amounts)

    (Unaudited)

     

     

    Three Months Ended

    December 31,

     

    Years Ended

    December 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    GAAP net income

    $

    15,990

     

     

    $

    19,702

     

    $

    33,976

     

     

    $

    30,664

     

    Add: Stock-based compensation

     

    869

     

     

     

    756

     

     

     

    3,395

     

     

     

    3,417

     

    Add: Restructuring expense

     

    7

     

     

     

    —

     

     

     

    420

     

     

     

    —

     

    Add: Depreciation and amortization of property and equipment

     

    12

     

     

     

    45

     

     

     

    68

     

     

     

    140

     

    Other nonrecurring charges

     

    6

     

     

     

    27

     

     

     

    627

     

     

     

    322

     

    Non-GAAP net income

    $

    16,884

     

     

    $

    20,530

     

    $

    38,486

     

     

    $

    34,543

     

    Non-GAAP net income per diluted share

    $

    0.52

     

     

    $

    0.63

     

    $

    1.18

     

     

    $

    1.03

     

    Shares used in calculating Non-GAAP net income per diluted share

     

    32,707

     

     

     

    32,584

     

     

     

    32,536

     

     

     

    33,508

     

     

    Immersion Corporation

    Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

    (In thousands)

    (Unaudited)

     

     

    Three Months Ended

    December 31,

     

    Years Ended

    December 31,

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    GAAP operating expenses

    $

    5,344

     

     

    $

    3,383

     

     

    $

    15,992

     

     

    $

    14,041

     

    Adjustments to GAAP operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stock-based compensation expense - S&M

     

    (302

    )

     

     

    (41

    )

     

     

    (412

    )

     

     

    (61

    )

    Stock-based compensation expense - R&D

     

    (2

    )

     

     

    (21

    )

     

     

    69

     

     

     

    (117

    )

    Stock-based compensation expense - G&A

     

    (565

    )

     

     

    (694

    )

     

     

    (3,052

    )

     

     

    (3,239

    )

    Restructuring expense

     

    (7

    )

     

     

    —

     

     

     

    (420

    )

     

     

    —

     

    Depreciation and amortization expense of property and equipment

     

    (12

    )

     

     

    (45

    )

     

     

    (68

    )

     

     

    (140

    )

    Other nonrecurring charges

     

    (6

    )

     

     

    (27

    )

     

     

    (627

    )

     

     

    (322

    )

    Non-GAAP operating expenses

    $

    4,450

     

     

    $

    2,555

     

     

    $

    11,482

     

     

    $

    10,162

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240307428413/en/

    Get the next $IMMR alert in real time by email

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      Believes the Stern-Controlled Board's Decision to Challenge Our Special Meeting Demand – Without Any Valid Justification – Reinforces the Need for Objective and Independent Perspectives in the Boardroom Contends the Company is Making Misleading Claims About Murchinson to Distract from Mr. Stern Having Presided Over a More Than 77% Share Price Decline Since Becoming Chairman Puts Forward Proposals to Remove Four Incumbents and Appoint Two Highly Qualified, Independent Director Candidates with Sorely Needed Capital Allocation Acumen and Corporate Governance Expertise Sees a Clear Opportunity to Optimize Nano Dimension's Overcapitalized Balance Sheet, Explore Strategic Options to Maximize V

      2/2/23 5:25:00 PM ET
      $ATHX
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    $IMMR
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    • Immersion Corporation Reports Third Quarter of Fiscal 2025 Results

      GAAP Net Income (Loss) Attributable to Immersion Stockholders of $15.5 million or $0.47 per diluted share Non-GAAP Net Income (Loss) Attributable to Immersion Stockholders of $20.8 million or $0.63 per diluted share Immersion Corporation ("Immersion", the "Company", "we", "us" or "our") (NASDAQ:IMMR), a leading provider of technologies for haptics, today reported financial results for the third quarter of its fiscal year ending April 30, 2025 ("fiscal 2025"). Third Quarter of Fiscal 2025 Consolidated Financial Summary1: Total revenues of $474.8 million in the three months ended January 31, 2025, compared to $9.5 million in the three months ended September 30, 2023. GAAP Net income (l

      3/12/25 8:30:00 AM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • Immersion Corporation Reports Second Quarter of Fiscal 2025 Results

      GAAP Net Income Attributable to Immersion stockholders of $27.2 million or $0.83 per diluted share Non-GAAP Net Income Attributable to Immersion stockholders of $40.2 million or $1.22 per diluted share Immersion Corporation ("Immersion", the "Company", "we", "us" or "our") (NASDAQ:IMMR), a leading provider of technologies for haptics, today reported financial results for the second quarter of its fiscal year ending April 30, 2025, ("fiscal 2025"). Second Quarter of Fiscal 2025 Consolidated Financial Summary1: • Total revenues of $616.2 million in the three months ended October 31, 2024, compared to $7.0 million in the three months ended June 30, 2023. • GAAP net

      12/16/24 8:55:00 AM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • Immersion Corporation Reports Second Quarter 2024 Results

      GAAP Net Income Attributable to Immersion stockholders of $28.9 million or $0.89 per diluted share Non-GAAP Net Income Attributable to Immersion stockholders of $37.0 million or $1.14 per diluted share Immersion Corporation ("Immersion", the "Company", "we", "us" or "our") (NASDAQ:IMMR), a leading provider of technologies for haptics, today reported financial results for the second quarter ended June 30, 2024. Second Quarter Consolidated Financial Summary1: • Total revenues of $99.4 million in the second quarter of 2024, compared to $7.0 million in the second quarter of 2023. • GAAP net income attributable to Immersion Corporation stockholders was $28.9 million,

      8/20/24 5:19:00 PM ET
      $BNED
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    $IMMR
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    • Chief Strategy Officer Martin William C was granted 86,899 shares and bought $204,982 worth of shares (27,150 units at $7.55), increasing direct ownership by 9% to 1,450,693 units (SEC Form 4)

      4 - IMMERSION CORP (0001058811) (Issuer)

      3/24/25 4:16:16 PM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • President and CEO Singer Eric bought $357,561 worth of shares (47,638 units at $7.51), increasing direct ownership by 2% to 2,166,866 units (SEC Form 4)

      4 - IMMERSION CORP (0001058811) (Issuer)

      3/21/25 7:43:58 PM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • Director Toro 18 Holdings Llc bought $1,731,361 worth of shares (202,044 units at $8.57) (SEC Form 4)

      4 - IMMERSION CORP (0001058811) (Reporting)

      3/14/25 2:14:07 PM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • Amendment: SEC Form SC 13G/A filed by Immersion Corporation

      SC 13G/A - IMMERSION CORP (0001058811) (Subject)

      11/13/24 3:44:19 PM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • SEC Form SC 13G filed by Immersion Corporation

      SC 13G - IMMERSION CORP (0001058811) (Subject)

      2/13/24 5:06:27 PM ET
      $IMMR
      Computer peripheral equipment
      Technology
    • SEC Form SC 13G filed by Immersion Corporation

      SC 13G - IMMERSION CORP (0001058811) (Subject)

      2/9/24 2:52:51 PM ET
      $IMMR
      Computer peripheral equipment
      Technology