(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Exhibit Title | ||||
IMMERSION CORPORATION | ||||||||||||||||||||
Date: | May 6, 2021 | By: | /s/ AARON AKERMAN | |||||||||||||||||
Name: | Aaron Akerman | |||||||||||||||||||
Title: | Chief Financial Officer |
March 31, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | (1) | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 102,624 | $ | 59,522 | |||||||
Accounts and other receivables | 2,034 | 2,218 | |||||||||
Prepaid expenses and other current assets | 11,213 | 12,610 | |||||||||
Total current assets | 115,871 | 74,350 | |||||||||
Property and equipment, net | 254 | 209 | |||||||||
Long-term deposits | 12,296 | 12,571 | |||||||||
Other assets | 7,987 | 9,000 | |||||||||
TOTAL ASSETS | $ | 136,408 | $ | 96,130 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 469 | $ | 149 | |||||||
Accrued compensation | 933 | 1,001 | |||||||||
Other current liabilities | 2,718 | 2,457 | |||||||||
Deferred revenue | 5,098 | 5,173 | |||||||||
Total current liabilities | 9,218 | 8,780 | |||||||||
Long-term deferred revenue | 20,183 | 21,334 | |||||||||
Other long-term liabilities | 1,709 | 2,035 | |||||||||
TOTAL LIABILITIES | 31,110 | 32,149 | |||||||||
STOCKHOLDERS’ EQUITY | 105,298 | 63,981 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 136,408 | $ | 96,130 | |||||||
(1) Derived from Immersion’s annual audited consolidated financial statements. |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Royalty and license | $ | 7,068 | $ | 6,182 | |||||||
Development, services, and other | 91 | 75 | |||||||||
Total revenues | 7,159 | 6,257 | |||||||||
Costs and expenses: | |||||||||||
Cost of revenues | 29 | 44 | |||||||||
Sales and marketing | 1,106 | 1,716 | |||||||||
Research and development | 1,307 | 1,689 | |||||||||
General and administrative | 2,224 | 7,356 | |||||||||
Total costs and expenses | 4,666 | 10,805 | |||||||||
Operating income (loss) | 2,493 | (4,548) | |||||||||
Interest and other income (loss), net | (316) | (228) | |||||||||
Income (loss) before provision for income taxes | 2,177 | (4,776) | |||||||||
Provision for income taxes | (141) | (52) | |||||||||
Net income (loss) | $ | 2,036 | $ | (4,828) | |||||||
Basic net income (loss) per share | $ | 0.07 | $ | (0.16) | |||||||
Shares used in calculating basic net income (loss) per share | 28,579 | 31,006 | |||||||||
Diluted net income (loss) per share | $ | 0.07 | $ | (0.16) | |||||||
Shares used in calculating diluted net income (loss) per share | 29,180 | 31,006 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
GAAP net income (loss) | $ | 2,036 | $ | (4,828) | |||||||
Add: Provision for income taxes | 141 | 52 | |||||||||
Less: Non-GAAP provision for income taxes | (29) | (42) | |||||||||
Add: Stock-based compensation | 531 | 729 | |||||||||
Add: Restructuring expense | 101 | 524 | |||||||||
Add: Depreciation and amortization of property and equipment | $ | 24 | $ | 963 | |||||||
Non-GAAP net income (loss) | $ | 2,804 | $ | (2,602) | |||||||
Non-GAAP net income (loss) per diluted share | $ | 0.10 | $ | (0.08) | |||||||
Dilutive shares used in calculating Non-GAAP net income (loss) per share | 29,180 | 31,006 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Fixed fee license revenue | $ | 1,275 | $ | 1,287 | |||||||
Per-unit royalty revenue | 5,793 | 4,895 | |||||||||
Total royalty and license revenue | 7,068 | 6,182 | |||||||||
Development, services, and other revenue | 91 | 75 | |||||||||
Total revenue | $ | 7,159 | $ | 6,257 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Mobility | 68 | % | 77 | % | |||||||
Gaming | 19 | % | 11 | % | |||||||
Automotive | 13 | % | 12 | % | |||||||
Total | 100 | % | 100 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
GAAP operating expenses | $ | 4,637 | $ | 10,761 | |||||||
Adjustments to non-GAAP operating expenses: | |||||||||||
Stock-based compensation expense - S&M | (224) | (45) | |||||||||
Stock-based compensation expense - R&D | (318) | (168) | |||||||||
Stock-based compensation expense - G&A | 11 | (516) | |||||||||
Restructuring expense | (101) | (524) | |||||||||
Depreciation and amortization of property and equipment | (24) | (963) | |||||||||
Non-GAAP operating expenses | $ | 3,981 | $ | 8,545 |
Cover |
Mar. 04, 2021 |
Nov. 05, 2020 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Document Period End Date | May 06, 2021 | |
Entity Registrant Name | IMMERSION CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-38334 | |
Entity Tax Identification Number | 94-3180138 | |
Entity Address, Address Line One | 330 Townsend Street, Suite 234 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 408 | |
Local Phone Number | 467-1900 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | IMMR | |
Security Exchange Name | NASDAQ | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001058811 | |
Amendment Flag | false |
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