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Immersion (NASDAQ: IMMR) reported strong Q2 2024 financial results, with total revenues reaching $99.4 million, up from $7.0 million in Q2 2023. GAAP net income attributable to Immersion stockholders was $28.9 million ($0.89 per diluted share), while non-GAAP net income was $37.0 million ($1.14 per diluted share). The company’s standalone royalty and license revenue increased to $52.4 million. Immersion also acquired a 42% stake in Barnes & Noble Education, gaining control through board appointments. The company’s non-GAAP stockholders’ equity grew by $53.0 million to $236.1 million. A quarterly dividend of $0.045 per share was declared, payable on October 18, 2024.
Immersion (NASDAQ: IMMR) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con ricavi totali che hanno raggiunto 99,4 milioni di dollari, in aumento rispetto ai 7,0 milioni di dollari del secondo trimestre del 2023. Il reddito netto GAAP attribuibile agli azionisti di Immersion è stato di 28,9 milioni di dollari (0,89 dollari per azione diluita), mentre il reddito netto non GAAP è stato di 37,0 milioni di dollari (1,14 dollari per azione diluita). Il fatturato da royalties e licenze dell’azienda è aumentato a 52,4 milioni di dollari. Immersion ha anche acquisito una partecipazione del 42% in Barnes & Noble Education, guadagnando il controllo attraverso nomine in cda. Il patrimonio netto non GAAP degli azionisti è cresciuto di 53,0 milioni di dollari, raggiungendo i 236,1 milioni di dollari. È stato dichiarato un dividendo trimestrale di 0,045 dollari per azione, pagabile il 18 ottobre 2024.
Immersion (NASDAQ: IMMR) reportó resultados financieros fuertes para el segundo trimestre de 2024, con ingresos totales alcanzando 99,4 millones de dólares, un aumento respecto a los 7,0 millones de dólares en el segundo trimestre de 2023. El ingreso neto GAAP atribuible a los accionistas de Immersion fue de 28,9 millones de dólares (0,89 dólares por acción diluida), mientras que el ingreso neto no GAAP fue de 37,0 millones de dólares (1,14 dólares por acción diluida). Los ingresos independientes por regalías y licencias de la empresa aumentaron a 52,4 millones de dólares. Immersion también adquirió una participación del 42% en Barnes & Noble Education, obteniendo el control a través de nombramientos en la junta. El patrimonio neto de los accionistas no GAAP creció en 53,0 millones de dólares, alcanzando 236,1 millones de dólares. Se declaró un dividendo trimestral de 0,045 dólares por acción, pagadero el 18 de octubre de 2024.
Immersion (NASDAQ: IMMR)은 2024년 2분기 강력한 재무 실적을 보고했으며, 총 수익은 9940만 달러로, 2023년 2분기의 700만 달러에서 증가했습니다. GAAP 기준의 순이익은 Immersion 주주에게 2890만 달러 (희석 주당 0.89 달러)였고, 비 GAAP 기준의 순이익은 3700만 달러 (희석 주당 1.14 달러)로 나타났습니다. 회사의 독립적인 로열티 및 라이센스 수익은 5240만 달러로 증가했습니다. Immersion은 또한 Barnes & Noble Education의 42% 지분을 인수하여 이사회 임명을 통해 제어권을 확보했습니다. 비 GAAP 기준으로 주주 지분은 5300만 달러 증가하여 2억 3610만 달러에 달했습니다. 주당 0.045 달러의 분기 배당금이 선언되어 2024년 10월 18일에 지급됩니다.
Immersion (NASDAQ: IMMR) a annoncé des résultats financiers solides pour le deuxième trimestre de 2024, avec des revenus totaux atteignant 99,4 millions de dollars, en augmentation par rapport à 7,0 millions de dollars au deuxième trimestre 2023. Le bénéfice net GAAP attribuable aux actionnaires d’Immersion était de 28,9 millions de dollars (0,89 dollar par action diluée), tandis que le bénéfice net non-GAAP était de 37,0 millions de dollars (1,14 dollar par action diluée). Les revenus de redevances et de licences de l’entreprise ont augmenté pour atteindre 52,4 millions de dollars. Immersion a également acquis une participation de 42% dans Barnes & Noble Education, gagnant le contrôle grâce à des nominations au conseil. Les capitaux propres non-GAAP des actionnaires de l’entreprise ont augmenté de 53,0 millions de dollars, atteignant 236,1 millions de dollars. Un dividende trimestriel de 0,045 dollar par action a été déclaré, payable le 18 octobre 2024.
Immersion (NASDAQ: IMMR) berichtete über starke Finanzresultate für das zweite Quartal 2024, mit einem Gesamtumsatz von 99,4 Millionen US-Dollar, ein Anstieg im Vergleich zu 7,0 Millionen US-Dollar im zweiten Quartal 2023. Der GAAP-Nettoertrag für die Aktionäre von Immersion betrug 28,9 Millionen US-Dollar (0,89 US-Dollar pro verwässerter Aktie), während der nicht-GAAP-Nettoertrag 37,0 Millionen US-Dollar (1,14 US-Dollar pro verwässerter Aktie) erreichte. Der Umsatz aus eigenständigen Lizenzgebühren und Lizenzen des Unternehmens stieg auf 52,4 Millionen US-Dollar. Immersion erwarb auch einen 42% Anteil an Barnes & Noble Education und erlangte durch Vorstandsnominierungen die Kontrolle. Das nicht-GAAP-Aktionärskapital des Unternehmens wuchs um 53,0 Millionen US-Dollar auf 236,1 Millionen US-Dollar. Eine vierteljährliche Dividende von 0,045 US-Dollar pro Aktie wurde erklärt und ist am 18. Oktober 2024 zahlbar.
Positive
- Total revenues increased significantly from $7.0 million in Q2 2023 to $99.4 million in Q2 2024
- GAAP net income rose to $28.9 million ($0.89 per diluted share) from $7.0 million ($0.21 per diluted share) year-over-year
- Non-GAAP net income grew to $37.0 million ($1.14 per diluted share) from $8.4 million ($0.26 per diluted share) year-over-year
- Immersion standalone royalty and license revenue increased to $52.4 million from $7.0 million in Q2 2023
- Non-GAAP stockholders’ equity increased by $53.0 million to $236.1 million
Negative
- GAAP operating expenses increased to $33.2 million from $3.9 million in Q2 2023
- Non-GAAP operating expenses rose to $25.2 million from $2.5 million in Q2 2023
Immersion ‘s Q2 2024 results show remarkable growth. Total revenues surged to $99.4 million, a 1320% increase from Q2 2023. This extraordinary jump is largely due to the strategic acquisition of Barnes & Noble Education. The company’s core business also performed well, with standalone royalty and license revenue reaching $52.4 million, up 649% year-over-year.
The acquisition has significantly altered Immersion’s financial structure, boosting both assets and potential future revenue streams. The non-GAAP stockholders’ equity increase of $53 million in just six months is particularly noteworthy, indicating substantial value creation. The company’s strong liquidity position enabled this strategic move, potentially opening new growth avenues beyond its traditional haptics focus.
Investors should note the impressive EPS growth to $0.89 (GAAP) and $1.14 (non-GAAP). The continued quarterly dividend of $0.045 per share also signals management’s confidence in sustained cash flow generation.
Immersion’s Q2 results reveal a significant strategic shift. While maintaining its position in haptic technology, the company has leveraged its strong balance sheet to diversify into education technology through the Barnes & Noble Education acquisition. This move could potentially create synergies between Immersion’s haptic expertise and digital learning platforms.
The 42% stake and board control in Barnes & Noble Education positions Immersion to influence the direction of educational technology, possibly integrating haptic feedback into e-learning experiences. This could open up new markets and revenue streams, moving beyond traditional licensing models.
However, investors should be cautious. The dramatic revenue increase is largely due to the acquisition and integrating such a large and different business presents challenges. The true test will be how well Immersion can leverage this acquisition to drive long-term growth and innovation in both haptics and edtech sectors.
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
AVENTURA, Fla.–(BUSINESS WIRE)– 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:
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• |
Total revenues of $99.4 million in the second quarter of 2024, compared to $7.0 million in the second quarter of 2023. |
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• |
GAAP net income attributable to Immersion Corporation stockholders was $28.9 million, or $0.89 per diluted share in the second quarter of 2024, compared to $7.0 million, or $0.21 per diluted share, in the second quarter of 2023. |
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• |
GAAP operating expenses of $33.2 million in the second quarter of 2024, compared to $3.9 million in the second quarter of 2023. Non-GAAP operating expenses of $25.2 million in the second quarter of 2024, compared to $2.5 million in the second quarter of 2023. |
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• |
Non-GAAP net income attributable to Immersion Corporation stockholders was $37.0 million, or $1.14 per diluted share, in the second quarter of 2024 compared to $8.4 million, or $0.26 per diluted share, in the second quarter of 2023. |
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Total stockholders’ equity attributable to Immersion Corporation stockholders was $230.3 million compared to $183.1 million as of December 31, 2023. |
Second Quarter Immersion Corporation Segment Standalone Financial Summary:
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• |
Immersion Corporation royalty and license revenue was $52.4 million in the second quarter of 2024, compared to $7.0 million in the second quarter of 2023. |
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• |
Immersion Corporation standalone Non-GAAP stockholders’ equity increased $53.0 million to $236.1 million as of June 30, 2024 compared to $183.1 million as of December 31, 2023. |
1 On June 10, 2024, the Company closed certain transactions with Barnes & Noble Education, Inc. (“Barnes & Noble Education”). As part of the transactions, the Company acquired 42% of all outstanding common shares of Barnes & Noble Education, as well as control over Barnes & Noble Education through the five Immersion-appointed board seats. The financial information presented in the press release includes the consolidated financial information of Barnes & Noble Education from the period of June 10, 2024 through June 30, 2024. The Company owns approximately 11 million shares of Barnes & Noble Education’s common stock upon the close of this transaction.
“The second quarter was very strong for the Company,” said Eric Singer, Chairman and CEO. “We continue to work to protect and monetize our intellectual property. We were also able to take advantage of our strong and liquid balance sheet to make an important investment in Barnes & Noble Education (NYSE: BNED). Notably, Immersion standalone Non-GAAP stockholders equity has increased by more than $50 million so far in 2024 to $236.1 million as of June 30, 20242. We will continue to seek to drive long-term shareholder value from a position of strength and through thoughtful capital allocation,” added Singer.
The ninth quarterly dividend, in the amount of $0.045 per share, will be paid on October 18, 2024 to stockholders of record on October 4, 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 Corporation
Immersion Corporation (Nasdaq: IMMR) was incorporated in 1993 in California and reincorporated in Delaware in 1999.
The Company is a leading provider of touch feedback technology, also known as haptics. The Company accelerates and scales haptic experiences by providing haptic technology 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.
2 See Reconciliation of GAAP total stockholders’ equity attributable to Immersion Corporation Stockholders to Immersion standalone Non GAAP stockholders’ equity for more detail.
Use of Non-GAAP Financial Measures
The Company 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. The Company discloses certain non-GAAP information, such as Non-GAAP net income attributable to Immersion stockholders, Non-GAAP net income per diluted common share attributable to Immersion stockholders, Non-GAAP operating expenses, Immersion standalone Non-GAAP stockholders’ equity because it is useful in understanding the Company’s performance as it excludes certain non-cash expenses like stock-based compensation expense, depreciation and amortization of property and equipment, restructuring expense, business acquisition related costs and other nonrecurring charges 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 stockholder 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 (the “SEC”), Barnes & Noble Education’s Inc.’s Annual Report on Form 10-K for its fiscal year ended April 27, 2024, as filed with the SEC, and Immersion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as filed with the SEC. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and the Company 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)
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Immersion Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
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June 30, 2024 |
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December 31, 2023 |
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ASSETS |
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
Immersion |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
28,932 |
|
|
$ |
56,071 |
|
|
Investments – current |
|
97,614 |
|
|
|
104,291 |
|
|
Accounts receivable, net |
|
18,235 |
|
|
|
2,241 |
|
|
Prepaid expenses and other current assets |
|
8,647 |
|
|
|
9,847 |
|
|
|
|
153,428 |
|
|
|
172,450 |
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
6,855 |
|
|
|
— |
|
|
Accounts receivable, net |
|
122,797 |
|
|
|
— |
|
|
Merchandise inventories, net |
|
353,454 |
|
|
|
— |
|
|
Textbook rental Inventories, net |
|
9,288 |
|
|
|
— |
|
|
Prepaid expenses and other current assets |
|
32,819 |
|
|
|
— |
|
|
|
|
525,213 |
|
|
|
— |
|
|
Total current assets |
|
678,641 |
|
|
|
172,450 |
|
|
Immersion |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
166 |
|
|
|
211 |
|
|
Investments – noncurrent |
|
45,163 |
|
|
|
33,350 |
|
|
Long-term deposits |
|
6,310 |
|
|
|
6,231 |
|
|
Deferred tax assets |
|
3,343 |
|
|
|
3,343 |
|
|
Other assets – noncurrent |
|
33,775 |
|
|
|
146 |
|
|
|
|
88,757 |
|
|
|
43,281 |
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
117,808 |
|
|
|
— |
|
|
Intangible assets, net |
|
94,786 |
|
|
|
— |
|
|
Goodwill |
|
14,220 |
|
|
|
— |
|
|
Operating lease right-of-use assets |
|
182,292 |
|
|
|
— |
|
|
Other assets – noncurrent |
|
11,162 |
|
|
|
— |
|
|
|
|
420,268 |
|
|
|
— |
|
|
Total assets |
$ |
1,187,666 |
|
|
$ |
215,731 |
|
|
Immersion Corporation Condensed Consolidated Balance Sheets (Continued) (In thousands) (Unaudited) |
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|
June 30, 2024 |
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December 31, 2023 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Immersion |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
81 |
|
|
$ |
47 |
|
|
Accrued compensation |
|
2,850 |
|
|
|
3,127 |
|
|
Deferred revenue – current |
|
12,082 |
|
|
|
4,239 |
|
|
Other current liabilities |
|
27,605 |
|
|
|
11,900 |
|
|
|
|
42,618 |
|
|
|
19,313 |
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
Accounts payable |
|
217,173 |
|
|
|
— |
|
|
Accrued liabilities |
|
69,638 |
|
|
|
— |
|
|
Deferred revenue – current |
|
8,159 |
|
|
|
— |
|
|
Operating lease liabilities – current |
|
100,221 |
|
|
|
— |
|
|
|
|
395,191 |
|
|
|
— |
|
|
Total current liabilities |
|
437,809 |
|
|
|
19,313 |
|
|
Immersion |
|
|
|
|
|
|
|
|
Deferred revenue – noncurrent |
|
8,665 |
|
|
|
8,390 |
|
|
Other long-term liabilities |
|
4,959 |
|
|
|
4,926 |
|
|
|
|
13,624 |
|
|
|
13,316 |
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
Deferred tax liabilities – noncurrent |
|
636 |
|
|
|
— |
|
|
Operating lease – noncurrent |
|
107,400 |
|
|
|
— |
|
|
Other long-term liabilities |
|
12,240 |
|
|
|
— |
|
|
Deferred revenue – noncurrent |
|
3,393 |
|
|
|
— |
|
|
Long-term borrowings |
|
186,644 |
|
|
|
— |
|
|
|
|
310,313 |
|
|
|
— |
|
|
Total liabilities |
|
761,746 |
|
|
|
32,629 |
|
|
Total stockholders’ equity attributable to Immersion Corporation stockholders |
|
230,272 |
|
|
|
183,102 |
|
|
Noncontrolling interest in consolidated subsidiaries |
|
195,648 |
|
|
|
— |
|
|
Total stockholders’ equity |
|
425,920 |
|
|
|
183,102 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,187,666 |
|
|
$ |
215,731 |
|
|
Immersion Corporation Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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|
|
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|
|
|
|
|
|
|
|
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|
|
|
Immersion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Royalty and license |
$ |
52,403 |
|
|
$ |
6,983 |
|
|
$ |
96,250 |
|
|
$ |
14,057 |
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and other |
|
45,073 |
|
|
|
— |
|
|
|
45,073 |
|
|
|
— |
|
|
Rental income |
|
1,948 |
|
|
|
— |
|
|
|
1,948 |
|
|
|
— |
|
|
Total revenues |
|
99,424 |
|
|
|
6,983 |
|
|
|
143,271 |
|
|
|
14,057 |
|
|
Cost of sale (excludes depreciation and amortization expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and other |
|
39,675 |
|
|
|
— |
|
|
|
39,675 |
|
|
|
— |
|
|
Rental income |
|
1,131 |
|
|
|
— |
|
|
|
1,131 |
|
|
|
— |
|
|
|
|
40,806 |
|
|
|
— |
|
|
|
40,806 |
|
|
|
— |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immersion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative expenses |
|
14,175 |
|
|
|
3,870 |
|
|
|
41,408 |
|
|
|
7,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barnes & Noble Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative expenses |
|
14,519 |
|
|
|
— |
|
|
|
14,519 |
|
|
|
— |
|
|
Depreciation and amortization expense |
|
2,140 |
|
|
|
— |
|
|
|
2,140 |
|
|
|
|
|
|
Restructuring and other charges |
|
2,378 |
|
|
|
— |
|
|
|
2,378 |
|
|
|
— |
|
|
|
|
19,037 |
|
|
|
— |
|
|
|
19,037 |
|
|
|
— |
|
|
Total operating expenses |
|
33,212 |
|
|
|
3,870 |
|
|
|
60,445 |
|
|
|
7,685 |
|
|
Operating income |
|
25,406 |
|
|
3,113 |
|
|
|
42,020 |
|
|
6,372 |
|
||
|
Interest and other income (loss), net |
|
4,609 |
|
|
6,759 |
|
|
12,715 |
|
|
|
13,285 |
|
||
|
Interest expense |
|
(901 |
) |
|
|
— |
|
|
|
(901 |
) |
|
|
— |
|
|
Income before provision for income taxes |
|
29,114 |
|
|
9,872 |
|
|
53,834 |
|
|
19,657 |
|
|||
|
Provision for income taxes |
|
(8,178 |
) |
|
|
(2,844 |
) |
|
|
(14,243 |
) |
|
|
(4,351 |
) |
|
Net income |
$ |
20,936 |
|
$ |
7,028 |
|
$ |
39,591 |
|
$ |
15,306 |
|
|||
|
Net loss attributable to noncontrolling interest |
|
(8,009 |
) |
|
|
— |
|
|
|
(8,009 |
) |
|
|
— |
|
|
Net income attributable to Immersion stockholders |
$ |
28,945 |
|
$ |
7,028 |
|
$ |
47,600 |
|
|
$ |
15,306 |
|
||
|
Diluted income per common share attributable to Immersion stockholders |
$ |
0.89 |
|
$ |
0.21 |
|
|
$ |
1.47 |
|
|
$ |
0.47 |
|
|
|
Shares used in calculating diluted net income per share |
|
32,525 |
|
|
|
32,810 |
|
|
|
32,407 |
|
|
|
32,839 |
|
|
Immersion Corporation Reconciliation of GAAP net income attributable to Immersion stockholders to Non-GAAP net income attributable to Immersion stockholders (In thousands, except per share amounts) (Unaudited) |
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
20231 |
|
|
|
2024 |
|
|
|
20231 |
|
|
GAAP net income attributable to Immersion stockholders |
$ |
28,945 |
|
$ |
7,028 |
|
$ |
47,600 |
|
|
$ |
15,306 |
|
||
|
Add: Stock-based compensation |
|
1,192 |
|
|
|
760 |
|
|
2,268 |
|
|
|
1,707 |
|
|
|
Depreciation and amortization of property and equipment |
|
2,155 |
|
|
|
21 |
|
|
|
2,173 |
|
|
|
42 |
|
|
Restructuring expense and other charges |
|
2,407 |
|
|
|
125 |
|
|
|
2,438 |
|
|
|
312 |
|
|
Business acquisition related costs |
|
2,283 |
|
|
|
— |
|
|
|
2,283 |
|
|
|
— |
|
|
Other nonrecurring charges |
|
10 |
|
|
|
481 |
|
|
|
53 |
|
|
|
560 |
|
|
Non-GAAP net income attributable to Immersion stockholders |
$ |
36,992 |
|
|
$ |
8,415 |
|
$ |
56,815 |
|
|
$ |
17,927 |
|
|
|
Non-GAAP net income per diluted common share attributable to Immersion stockholder |
$ |
1.14 |
|
|
$ |
0.26 |
|
$ |
1.75 |
|
|
$ |
0.55 |
|
|
|
Shares used in calculating Non-GAAP net income per diluted share attributable to Immersion stockholder |
|
32,525 |
|
|
|
32,810 |
|
|
|
32,407 |
|
|
|
32,839 |
|
1 In order to provide for better comparability between periods and a better understanding of underlying trends. The Non-GAAP information above includes an updated presentation of the prior year 2023.
|
Immersion Corporation Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (In thousands) (Unaudited) |
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
GAAP operating expenses |
$ |
33,212 |
|
|
$ |
3,870 |
|
|
$ |
60,445 |
|
|
$ |
7,685 |
|
|
Adjustments to GAAP operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(1,192 |
) |
|
|
(760 |
) |
|
|
(2,268 |
) |
|
|
(1,707 |
) |
|
Depreciation and amortization expense of property and equipment |
|
(2,155 |
) |
|
|
(21 |
) |
|
|
(2,173 |
) |
|
|
(42 |
) |
|
Restructuring expense charges |
|
(2,407 |
) |
|
|
(125 |
) |
|
|
(2,438 |
) |
|
|
(312 |
) |
|
Business acquisition related costs |
|
(2,283 |
) |
|
|
— |
|
|
(2,283 |
) |
|
|
— |
||
|
Other nonrecurring charges |
|
(10 |
) |
|
|
(481 |
) |
|
|
(53 |
) |
|
|
(560 |
) |
|
Non-GAAP operating expenses |
$ |
25,165 |
|
$ |
2,483 |
|
|
$ |
51,230 |
|
|
$ |
5,064 |
|
|
|
Immersion Corporation Reconciliation of GAAP Total stockholders’ equity attributable to Immersion Corporation Stockholders to Non-GAAP Immersion standalone Non-GAAP stockholders’ equity (In thousands) (Unaudited) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
|||||
|
Total stockholders’ equity attributable to Immersion Corporation stockholders |
$ |
230,272 |
|
|
$ |
183,102 |
|
|
Adjusted for Barnes & Noble Education’s net loss attributable to Immersion stockholders |
|
5,800 |
|
|
|
— |
|
|
Immersion standalone Non-GAAP stockholders’ equity |
$ |
236,072 |
|
|
$ |
183,102 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240820975596/en/
Investor Contact:
J. Michael Dodson
Immersion Corporation
Source: Immersion Corporation
FAQ
What were Immersion ‘s (IMMR) Q2 2024 total revenues?
Immersion ‘s total revenues for Q2 2024 were $99.4 million, compared to $7.0 million in Q2 2023.
How much was Immersion ‘s (IMMR) GAAP net income for Q2 2024?
Immersion ‘s GAAP net income attributable to stockholders for Q2 2024 was $28.9 million, or $0.89 per diluted share.
What was Immersion ‘s (IMMR) non-GAAP net income for Q2 2024?
Immersion ‘s non-GAAP net income attributable to stockholders for Q2 2024 was $37.0 million, or $1.14 per diluted share.
How much did Immersion ‘s (IMMR) royalty and license revenue increase in Q2 2024?
Immersion ‘s standalone royalty and license revenue increased to $52.4 million in Q2 2024, compared to $7.0 million in Q2 2023.
What stake did Immersion (IMMR) acquire in Barnes & Noble Education in Q2 2024?
Immersion acquired a 42% stake in Barnes & Noble Education and gained control through five Immersion-appointed board seats.
