Immersion (IMMR) 10-Q11 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 05, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2023
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-38334
Entity Registrant Name	Immersion Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3180138
Entity Address, Address Line One	2999 N.E. 191st Street
Entity Address, Address Line Two	Suite 610
Entity Address, City or Town	Aventura
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33180
City Area Code	408
Local Phone Number	467-1900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,633,851
Entity Central Index Key	0001058811
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	IMMR
Security Exchange Name	NASDAQ
Series B
Entity Information [Line Items]
Title of 12(b) Security	Series B Junior Participating Preferred Stock Purchase Rights
Trading Symbol	IMMR
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 27,484	$ 48,820
Investments - current	120,920	100,918
Accounts and other receivables	1,736	1,235
Prepaid expenses and other current assets	8,925	9,347
Total current assets	159,065	160,320
Property and equipment, net	272	293
Investments - noncurrent	25,604	17,040
Long-term deposits	4,306	4,324
Deferred tax assets	7,217	7,217
Other assets	654	916
Total assets	197,118	190,110
Current liabilities:
Accounts payable	22	86
Accrued compensation	770	2,029
Deferred revenue - current	4,766	4,766
Other current liabilities	14,046	12,465
Total current liabilities	19,604	19,346
Deferred revenue - noncurrent	11,440	12,629
Other long-term liabilities	345	435
Total liabilities	31,389	32,410
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock and additional paid-in capital	322,847	322,714
Accumulated other comprehensive income	577	202
Accumulated deficit	(61,738)	(70,016)
Treasury stock	(95,957)	(95,200)
Total stockholders’ equity	165,729	157,700
Total liabilities and stockholders’ equity	$ 197,118	$ 190,110

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 7,074	$ 7,308
Operating expenses:
Sales and marketing	96	486
Research and development	130	513
General and administrative	3,589	2,706
Total operating expenses	3,815	3,705
Operating income	3,259	3,603
Interest and other income (loss), net	6,526	2,034
Income before provision for income taxes	9,785	5,637
Provision for income taxes	(1,507)	(561)
Net income	$ 8,278	$ 5,076
Basic net income per share	$ 0.25	$ 0.15
Shares used in calculating basic net income per share	32,603	33,996
Diluted net income per share	$ 0.25	$ 0.15
Shares used in calculating diluted net income per share	33,085	34,268
Other comprehensive income, net of tax
Deferred gains on available-for-sale marketable debt securities	$ 565	$ 530
Realized gains on available-for-sale marketable debt securities reclassified to net income	(190)	(289)
Total comprehensive income	8,653	5,317
Accumulated Deficit
Operating expenses:
Net income	8,278	5,076
Royalty and license
Revenues:
Total revenues	7,009	7,230
Development, services, and other revenue
Revenues:
Total revenues	$ 65	$ 78

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		46,534,198			12,143,433
Beginning balance at Dec. 31, 2021	$ 141,295	$ 323,296	$ 412	$ (100,680)	$ (81,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,076			5,076
Unrealized gain on available-for-sale securities, net of taxes	241		241
Release of restricted stock units and awards (in shares)		116,811
Issuance of stock for ESPP purchase (in shares)		7,725
Issuance of stock for ESPP purchase	34	$ 34
Stock repurchase (in shares)					938,781
Stock repurchases	(4,442)				$ (4,442)
Shares issued in connection with public offering, net of offering costs	5	5
Stock-based compensation	1,141	$ 1,141
Ending balance (in shares) at Mar. 31, 2022		46,658,734			13,082,214
Ending balance at Mar. 31, 2022	143,350	$ 324,476	653	(95,604)	$ (86,175)
Beginning balance (in shares) at Dec. 31, 2021		46,534,198			12,143,433
Beginning balance at Dec. 31, 2021	141,295	$ 323,296	412	(100,680)	$ (81,733)
Ending balance (in shares) at Dec. 31, 2022		46,974,598			14,727,582
Ending balance at Dec. 31, 2022	157,700	$ 322,714	202	(70,016)	$ (95,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,278			8,278
Unrealized gain on available-for-sale securities, net of taxes	375		375
Issuance of stock for ESPP purchase (in shares)		1,298
Issuance of stock for ESPP purchase	6	$ 6
Release of restricted stock units and awards net of shares withheld for tax liabilities (in shares)		401,955			97,936
Release of restricted stock units and awards net of shares withheld for tax liabilities	(757)				$ (757)
Shares issued to an employee in lieu of cash compensation (in shares)		50,643
Shares issued to an employee in lieu of cash compensation	385	$ 385
Stock-based compensation	946	946
Dividend declared	(1,204)	$ (1,204)
Ending balance (in shares) at Mar. 31, 2023		47,428,494			14,825,518
Ending balance at Mar. 31, 2023	$ 165,729	$ 322,847	$ 577	$ (61,738)	$ (95,957)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows provided by (used in) operating activities:
Net income	$ 8,278	$ 5,076
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation of property and equipment	21	35
Reduction in carrying value of right of use assets	151	171
Stock-based compensation	946	1,141
Net gains on investment in marketable securities	(3,683)	(3,534)
Net (gain) loss on derivative instruments	(615)	2,795
Foreign currency remeasurement losses	0	131
Shares issued to an employee in lieu of cash compensation	385	0
Other	(26)	(17)
Changes in operating assets and liabilities:
Accounts and other receivables	(501)	(109)
Prepaid expenses and other current assets	383	1,644
Long-term deposits	18	4,611
Other assets	113	757
Accounts payable	(68)	52
Accrued compensation	(1,259)	12
Other current liabilities	602	(77)
Deferred revenue	(1,189)	(1,295)
Other long-term liabilities	(33)	(355)
Net cash and cash equivalents provided by operating activities	3,523	11,038
Cash flows provided by (used in) investing activities:
Purchases of marketable securities and other investments	(54,954)	(36,778)
Proceeds from sale or maturities of marketable securities and other investments	30,771	39,899
Proceeds from sale of derivative instruments	5,844	6,817
Payments for settlement of derivative instruments	(1,369)	(5,105)
Net cash and cash equivalents provided by (used in) investing activities	(19,708)	4,833
Cash flows provided by (used in) financing activities:
Dividends payments to stockholders	(4,400)	0
Payment for purchases of treasury stock	0	(4,442)
Shares withheld to cover payroll taxes	(757)	0
Other financing activities	6	39
Net cash and cash equivalents used in financing activities	(5,151)	(4,403)
Net increase (decrease) in cash and cash equivalents	(21,336)	11,468
Cash and cash equivalents:
Beginning of period	48,820	51,490
End of period	27,484	62,958
Supplemental disclosure of cash flow information:
Cash paid for income taxes	19	17
Supplemental disclosure of non-cash investing, and financing activities:
Dividends declared but not yet paid	1,015	0
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 120

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	1. SIGNIFICANT ACCOUNTING POLICIES Description of Business Immersion Corporation (the “Company”, “Immersion”, “we” or “us”) was incorporated in 1993 in California and reincorporated in Delaware in 1999. We focus on the creation, design, development, and licensing of innovative haptic technologies that allow people to use their sense of touch more fully as they engage with products and experience the digital world around them. We have adopted a business model under which we provide advanced tactile software, related tools and technical assistance designed to help integrate our patented technology into our customers’ products or enhance the functionality of our patented technology to certain customers, and offer licenses for our patented technology to other customers. Impact of COVID-19 The outbreak of a novel strain of coronavirus (“COVID-19”) caused governments and public health officials around the world to implement stringent measures to help control the spread of the virus. In response to the COVID-19 pandemic, we implemented work-from-home and restricted travel policies in the first quarter of 2020, but have since lifted our travel restriction and our employees now work either from the office or from home. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Immersion and our wholly-owned subsidiaries. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ” Use of Estimates The preparation of condensed consolidated financial statements and related disclosures requires management to make estimates and assumptions that affect the reported amounts of the condensed consolidated financial statements. Significant estimates include revenue recognition, fair value of financial instruments, useful lives of property and equipment, valuation of income taxes including uncertain tax provisions, stock-based compensation and long-term deposits for withholding taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. Segment Information We develop, license, and support a wide range of software and intellectual property (“IP”) that more fully engage users’ sense of touch when operating digital devices. We focus on the following target application areas: mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical; and commercial. We manage these application areas in one operating and reporting segment with only one set of management, development, and administrative personnel. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM approves budgets and allocates resources to and assesses the performance of our business using information about our revenue and operating loss. There is only one segment that is reported to management. Recent Account Pronouncements We do not expect recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2023, to have significant impact on our financial positions and results of operations.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	2. REVENUE RECOGNITION Disaggregated Revenue The following table presents the disaggregation of our revenue for the three months ended , and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Fixed fee license revenue $ 1,214 $ 1,745 Per-unit royalty revenue 5,795 5,485 Total royalty and license revenue 7,009 7,230 Development, services, and other revenue 65 78 Total revenues $ 7,074 $ 7,308 Per-unit Royalty Revenue We record per-unit royalty revenue in the same period in which the licensee’s underlying sales occur. When we do not receive the per-unit licensee royalty reports for sales during a given quarter within the time frame that allows us to adequately review the reports and include the actual amounts in our quarterly results for such quarter, we accrue the related revenue based on estimates of our licensees’ underlying sales, subject to certain constraints on our ability to estimate such amounts. We develop such estimates based on a combination of available data including, but not limited to, approved customer forecasts, a look back at historical royalty reporting for each of our customers, and industry information available for the licensed products. As a result of accruing per-unit royalty revenue for the quarter based on such estimates, adjustments will be required in the following quarter to true up revenue to the actual amounts reported by our licensees. In the three months ended March 31, 2023, we recorded adjustments of $0.4 million to increase royalty revenue. We recorded adjustments of $0.3 million to increase royalty revenue during the three months ended March 31, 2022. Contract Assets As of , we had contract assets of $6.8 million included within Prepaid expenses and other current asset s, and $0.4 million included within Other assets on the Condensed Consolidated Balance Sheets . As of December 31, 2022, we had contract assets of $7.7 million included within Prepaid expenses and other current assets , and $0.5 million included within Other assets on the Condensed Consolidated Balance Sheets . Contract assets decreased by $1.1 million from January 1, 2023, to March 31, 2023, primarily due to actual royalties billed during the quarter. Deferred Revenue We recognize revenue from a fixed fee license agreement when we have satisfied our performance obligations, which typically occurs upon the transfer of rights to our technology upon the execution of the license agreement. However, in certain contracts, we grant a license to our existing patent portfolio at the inception of the license agreement as well as rights to the portfolio as it evolves throughout the contract term. For such arrangements, we have concluded that there are two separate performance obligations: • Performance Obligation A: Transfer of rights to our patent portfolio as it exists when the contract is executed; and • Performance Obligation B: Transfer of rights to our patent portfolio as it evolves over the term of the contract, including access to new patent applications that the licensee can benefit from over the term of the contract. If a fixed fee license agreement contains only Performance Obligation A, we recognize the revenue from the agreement at the inception of the contract. For fixed fee license agreements that contain both Performance Obligation A and B, we allocate the transaction price based on the standalone price for each of the two performance obligations. We use a number of factors primarily related to the attributes of our patent portfolio to estimate standalone prices related to Performance Obligation A and B. Once the transaction price is allocated, the portion of the transaction price allocable to Performance Obligation A is recognized in the period the license agreement is signed and the customer can benefit from rights provided in the contract. The portion allocable to Performance Obligation B is recognized on a straight-line basis over the contract term which best represents the ongoing and continuous nature of the patent prosecution process. For such contracts, a contract liability account is established and included within Deferred revenue on the Condensed Consolidated Balance Sheet s. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis. Based on contracts signed and payments received as of March 31, 2023, we expect to recognize $16.2 million in revenue related to Performance Obligation B under our fixed fee license agreements, which are satisfied over time, including $10.5 million over one to three years and $5.7 million over more than three years. As of December 31, 2022, total deferred revenue was $17.4 million. We recognized $1.2 million of deferred revenue during the three months ended March 31, 2023.

INVESTMENTS AND FAIR VALUE MEAS

INVESTMENTS AND FAIR VALUE MEASUREMENTS	3 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS AND FAIR VALUE MEASUREMENTS	3. INVESTMENTS AND FAIR VALUE MEASUREMENTS Marketable Securities We invest surplus funds in excess of operational requirements in a diversified portfolio of marketable securities, with the objectives of delivering competitive returns, maintaining a high degree of liquidity, and seeking to avoid the permanent impairment of principal. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Investments are considered impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, we will record an impairment charge and establish a new cost basis for the investment. Marketable securities as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,683 $ — $ (2,988 ) $ 23,695 Equity securities 56,485 4,877 (6,077 ) 55,285 Total marketable equity securities 83,168 4,877 (9,065 ) 78,980 Marketable debt securities U.S. treasury securities 48,534 413 (13 ) 48,934 Corporate bonds 18,555 211 (156 ) 18,610 Total marketable debt securities 67,089 624 (169 ) 67,544 $ 150,257 $ 5,501 $ (9,234 ) $ 146,524 December 31, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,352 $ — $ (3,143 ) $ 23,209 Equity securities 53,273 2,776 (5,836 ) 50,213 Total marketable equity securities 79,625 2,776 (8,979 ) 73,422 Marketable debt securities U.S. treasury securities 25,640 182 (24 ) 25,798 Corporate bonds 13,496 48 (106 ) 13,438 Total marketable debt securities 39,136 230 (130 ) 39,236 $ 118,761 $ 3,006 $ (9,109 ) $ 112,658 The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of (in thousands) are as follows: March 31, 2023 Amortized Cost Fair Value Less than 1 year $ 41,559 $ 41,939 1 to 5 years 20,247 20,204 More than 5 years 5,283 5,400 Total $ 67,089 $ 67,543 Derivative Financial Instruments Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2023 and (in thousands): March 31, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 6,848 $ 662 $ 7,510 $ 6,848 $ 662 $ 7,510 December 31, 2022 Cost Unrealized Losses Fair Value Derivative instruments $ 2,987 $ 662 $ 3,649 $ 2,987 $ 662 $ 3,649 A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands): Three Months Ended March 31, 2023 2022 Net unrealized gains recognized on marketable equity securities $ 2,014 $ 2,140 Net realized gains recognized on marketable equity securities 1,669 1,026 Net unrealized losses recognized on derivative instruments (102 ) (2,661 ) Net realized gains (losses) recognized on derivative instruments 717 (134 ) Net realized gains recognized on marketable debt securities — 368 Total net gains recognized in interest and other income (loss), net $ 4,298 $ 739 Fair Value Measurements Our financial instruments measured at fair value on a recurring basis consisted of money-market funds, mutual funds, equity securities, corporate debt securities and derivatives. Equity securities are classified within Level 1 of the fair value hierarchy as they are valued based on quoted market price in an active market. Corporate debt securities and derivative instruments are valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy. Financial instruments valued based on unobservable inputs which reflect the reporting entity’s own assumptions or data that market participants would use in valuing an instrument are generally classified within Level 3 of the fair value hierarchy. We did not hold Level 3 financial instruments as of March 31, 2023 , and . Financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands): March 31, 2023 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. treasury securities $ — $ 48,934 $ — $ 48,934 Mutual funds 23,695 — — 23,695 Equity securities 55,285 — — 55,285 Corporate bonds — 18,610 — 18,610 Total assets at fair value $ 78,980 $ 67,544 $ — $ 146,524 Liabilities Derivative instruments $ — $ 7,510 $ — $ 7,510 Total liabilities at fair value $ — $ 7,510 $ — $ 7,510 December 31, 2022 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Certificate of deposit $ — $ 5,300 $ — $ 5,300 U.S.treasury securities — 25,798 — 25,798 Mutual funds 23,209 — — 23,209 Equity securities 50,213 — — 50,213 Corporate bonds — 13,438 — 13,438 Total assets at fair value $ 73,422 $ 44,536 $ — $ 117,958 Liabilities Derivative instruments $ — $ 3,649 $ — $ 3,649 Total liabilities at fair value $ — $ 3,649 $ — $ 3,649

BALANCE SHEET DETAILS

BALANCE SHEET DETAILS	3 Months Ended
BALANCE SHEET DETAILS	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET DETAILS	4. BALANCE SHEETS DETAILS Cash and Cash Equivalents Cash and cash equivalents were as follows (in thousands): March 31, 2023 December 31, 2022 Cash $ 7,972 $ 9,630 Money market funds 19,512 13,586 Certificates of deposit (1) — 25,604 Cash and cash equivalents $ 27,484 $ 48,820 (1) Represents certificates of deposit with initial maturity days of 90 Investments - Current Investments - current were as follows (in thousands): March 31, 2023 December 31, 2022 Certificates of deposit (2) $ — $ 5,300 Marketable securities 78,981 73,422 U.S. treasury securities 41,939 22,196 Short-term investments $ 120,920 $ 100,918 (2) 91 one Accounts and Other Receivables Accounts and other receivables were as follows (in thousands): March 31, 2023 December 31, 2022 Trade accounts receivables $ 491 $ 1,003 Other receivables 1,245 232 Accounts and other receivables $ 1,736 $ 1,235 Allowance for credit losses as of March 31, 2023 and December 31, 2022 were not material. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows (in thousands): March 31, 2023 December 31, 2022 Prepaid expenses $ 2,033 $ 1,576 Contract assets - current 6,837 7,671 Other current assets 55 100 Prepaid expenses and other current assets $ 8,925 $ 9,347 Investments - noncurrent Investments- noncurrent were as follows (in thousands): March 31, 2023 December 31, 2022 U.S. treasury securities $ 6,994 $ 3,602 Marketable debt securities 18,610 13,438 Investments- noncurrent $ 25,604 $ 17,040 Other Assets Other assets were as follows (in thousands): March 31, 2023 December 31, 2022 Contract assets - long-term 436 545 Lease right-of-use assets 210 360 Other assets 8 11 Total other assets $ 654 $ 916 Other Current Liabilities Other current liabilities were as follows (in thousands): March 31, 2023 December 31, 2022 Derivative instruments $ 7,510 $ 3,649 Lease liabilities - current 263 486 Income taxes payable 4,156 2,700 Dividends payable 1,015 4,212 Other current liabilities 1,102 1,418 Total other current liabilities $ 14,046 $ 12,465

CONTINGENCIES

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	5. CONTINGENCIES From time to time, we receive claims from third parties asserting that our technologies, or those of our licensees, infringe on the other parties’ IP rights. Management believes that these claims are without merit. Additionally, periodically, we are involved in routine legal matters and contractual disputes incidental to our normal operations. In management’s opinion, unless we disclosed otherwise, the resolution of such matters will not have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. In the normal course of business, we provide indemnification of varying scope to customers, most commonly to licensees in connection with licensing arrangements that include our IP, although these provisions can cover additional matters. Historically, costs related to these guarantees have not been significant, and we are unable to estimate the maximum potential impact of these guarantees on our future results of operations. LGE Korean Withholding Tax Matter On October 16, 2017, we received a letter from LG Electronics Inc. (“LGE”) requesting that we reimburse LGE with respect to withholding tax imposed on LGE by the Korean tax authorities following an investigation where the tax authority determined that LGE failed to withhold on LGE’s royalty payments to Immersion Software Ireland, a subsidiary of the Company, from 2012 to 2014 . Pursuant to an agreement reached with LGE, on April 8, 2020, we provided a provisional deposit to LGE in the amount of KRW 5,916,845,454 (approximately $ 5.0 million) representing the amount of such withholding tax that was imposed on LGE, which provisional deposit would be returned to us to the extent we ultimately prevail in the appeal in the Korean courts. In the second quarter of 2020 , we recorded this deposit in Long-term deposits on our Condensed Consolidated Balance Sheets . On November 3, 2017, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding their findings with respect to the withholding taxes. The Korea Tax Tribunal hearing took place on March 5, 2019. On March 19, 2019, the Korea Tax Tribunal issued its ruling in which it decided not to accept our arguments with respect to the Korean tax authorities’ assessment of withholding tax and penalties imposed on LGE. On behalf of LGE, we filed an appeal with the Korea Administrative Court on June 10, 2019. The Company has had numerous hearings before the Korea Administrative Court in the years 2019 through 2022. The Korea Administrative Court had indicated that it expected to render a decision on this matter by December 31, 2022, but had subsequently updated the parties to indicate that a decision on this matter was expected by February 16, 2023. On February 15, 2023, we were informed that the Korea Administrative Court had scheduled another hearing for April 27, 2023 due to a change in the main judge for this matter. We had a hearing on April 27, 2023, and the Korea Administrative Court indicated that it expects to render a decision on this matter by June 8, 2023. On April 25, 2023, we received notice from LGE requesting us to reimburse LGE with respect to withholding tax imposed on LGE by the Korean tax authorities following a recent tax audit of LGE for the years 2018 through 2022 in the amount of KRW 3,025,251,775 (approximately $2.3 million). We are currently evaluating our next steps with respect to the reimbursement of such withholding taxes in accordance with our obligations pursuant to the license agreement with LGE. As of March 31, 2023, we have accrued $0.3 million of withholding taxes, interest and penalties related to the 2018 to 2022 period for which the Korean tax authorities have recently assessed LGE. The additional income tax is accrued in Other Current Liabilities in our Condensed Consolidated Balance Sheets. Based on the developments in these cases, we regularly reassess the likelihood that we will prevail in the claims from the Korean tax authorities with respect to the LGE case. To the extent that we determine that it is more likely than not that we will prevail against the claims from the Korean tax authorities, then no additional tax expense is provided for in our Condensed Consolidated Statements of Income and Comprehensive Income Condensed Consolidated Statements of Income and Comprehensive Income Long-term deposits Condensed Consolidated Balance Sheets Long-term deposits Long-term deposits Condensed Consolidated Balance Sheets Other current liabilities In the event that we do not ultimately prevail in our appeal in the Korean courts with respect to this case, the applicable deposits included in Long-term deposits Condensed Consolidated Statements of Income and Comprehensive Income In the fourth quarter of 2021, we recorded an impairment charge of $0.8 million related to the long-term deposits paid to LGE. Immersion Corporation vs. Meta Platforms, Inc., f/k/a Facebook, Inc. On May 26, 2022, we filed a complaint against Meta Platforms, Inc. (formerly known as Facebook, Inc.) (“Meta”) in the United States District Court for the Western District of Texas. The complaint alleges that Meta’s augmented and virtual reality (“AR/VR”) systems, including the Meta Quest 2, infringe six of our patents that cover various uses of haptic effects in connection with such AR/VR systems. We are seeking to enjoin Meta from further infringement and to recover a reasonable royalty for such infringement. The complaint against Meta asserts infringement of the following patents: • U.S. Patent No. 8,469,806: “System and method for providing complex haptic stimulation during input of control gestures, and relating to control of virtual equipment” • U.S. Patent No. 8,896,524: “Context-dependent haptic confirmation system” • U.S. Patent No. 9,727,217: “Haptically enhanced interactivity with interactive content” • U.S. Patent No. 10,248,298: “Haptically enhanced interactivity with interactive content” • U.S. Patent No. 10,269,222: “System with wearable device and haptic output device” • U.S. Patent No. 10,664,143: “Haptically enhanced interactivity with interactive content” Meta responded to our complaint on August 1, 2022. Immersion Corporation vs. Xiaomi Group On or about March 3, 2023, we initiated patent infringement lawsuits against several companies of the Xiaomi-Group (the “Xiaomi-Group”) Tribunal judiciaire de Paris The complaints allege that the Xiaomi-Group’s devices, including the Xiaomi 12, infringe our patents that cover various uses of haptic effects in connection with such devices. We are seeking injunctions that would allow us to prohibit Xiaomi-Group from selling the infringing devices in Germany, France and India, as well as costs and damages as compensation for such infringement. The complaints against the Xiaomi-Group assert infringement of the following patents: • EP 2 463 752 B1 (German part) titled “ Haptisches Feedback-System mit gespeicherten Effekten • EP 2 463 752 B1 (French part) titled “ Système de rendu haptique avec stockage d’effets • IN 304 396 (India) titled “ Haptic Feedback System With Stored Effects”

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION Stock Options and Awards Our equity incentive program is a long-term retention program that is intended to attract, retain, and provide incentives for employees, consultants, officers, and directors and to align stockholder and employee interests. We may grant time-based options, market condition-based options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance shares, market condition-based performance restricted stock units (“PSUs”), and other stock-based equity awards to employees, officers, directors, and consultants. On January 18, 2022, our stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for a total number of shares reserved and available for grant and issuance equal to 3,525,119 shares plus up to an additional 855,351 shares that are subject to stock options or other awards granted under the 2011 Equity Incentive Plan. On March 30, 2023, our stockholders approved an amendment to the 2021 Plan to increase the number of shares reserved for issuance under the 2021 Plan by 4,621,488 shares. Under our equity incentive plans, stock options may be granted at prices not less than the fair market value on the date of grant for such stock options. Stock options generally vest over four seven one three A summary of our equity incentive program as of is as follows (in thousands): Common stock shares available for grant 5,158 Stock options outstanding 140 RSUs outstanding 754 RSAs outstanding 75 PSUs outstanding 413 Time-Based Stock Options The following summarizes time-based stock options activities for the three months ended March 31, 2023: Number of Shares Underlying Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 140 $ 7.57 4.03 $ — Granted — — Exercised — — Canceled or expired — — Outstanding as of March 31, 2023 140 $ 7.57 3.78 $ 193 Vested and expected to vest at March 31, 2023 138 $ 7.57 3.78 $ 190 Exercisable at March 31, 2023 111 $ 7.57 3.78 $ 153 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the exercise price of our common stock for the options that were in-the-money. We did not grant stock options in the three months ended March 31, 2023. Restricted Stock Units The following summarizes RSU activities for the three months ended March 31, 2023: Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 887 $ 5.85 2.38 $ 6,226 Granted — — Released (82 ) 5.67 Forfeited (51 ) 6.91 Outstanding at March 31, 2023 754 $ 5.79 2.22 $ 6,738 The aggregate intrinsic value is calculated as the market value as of the end of the reporting period. Restricted Stock Awards The following summarizes RSA activities for the three months ended March 31, 2023: Number of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 119 $ 5.47 1.31 Granted 75 8.31 Released (119 ) 5.47 Forfeited — — Outstanding at March 31, 2023 75 $ 8.31 1.00 Market Condition-Based Performance Stock Units The following summarizes PSU activities for the three months ended March 31, 2023: Number of Market Condition-Based Performance Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 615 $ 3.69 1.12 Granted — — Released (202 ) 3.65 Forfeited — — Outstanding at March 31, 2023 413 $ 3.71 1.00 Employee Stock Purchase Plan Under our 1999 Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase common stock through payroll deductions at a purchase price of 85% of the lower of the fair market value of our common stock at the beginning of the offering period or the purchase date. Participants may not purchase more than 2,000 shares in a six shares of common stock have been reserved for issuance under the ESPP. During the three months ended March 31, 2023 , 1,298 shares were purchased under the ESPP. Effective February 1, 2023, our ESPP was discontinued and 193,134 shares expired following the ESPP termination. Stock-based Compensation Expense Valuation and amortization methods Stock-based compensation is based on the estimated fair value of awards, net of estimated forfeitures, and recognized over the requisite service period. Estimated forfeitures are based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The stock-based compensation related to all of our stock-based awards and ESPP for the three months ended March 31, 2023, and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Stock options $ (56 ) $ (43 ) RSUs, RSAs and PSUs 1,002 1,187 ESPP — (3 ) Total $ 946 $ 1,141 Sales and marketing $ (99 ) $ 90 Research and development (74 ) 107 General and administrative 1,119 944 Total $ 946 $ 1,141 As of March 31, 2023 ,

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY Stock Repurchase Program On February 23, 2022, our Board of Directors (the " Board" Additionally, the Board authorized the use of derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases depended on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program did not obligate us to repurchase any dollar amount or number of shares, and the program could be suspended or discontinued at any time. The February 2022 Stock Repurchase Program was terminated on December 29, 2022. In the year ended December 31, 2022, we repurchased 1,637,566 shares of our common stock for $8.9 million at an average purchase price of $5.46 per share. The February 2022 Stock Repurchase Program was terminated on December 29, 2022. On December 29, 2022, the Board approved a stock repurchase program of up to $50.0 million of our common stock for a period of up to twelve months (the “December 2022 Stock Repurchase Program”), which terminated and superseded the stock repurchase program that had been approved by the Board on February 23, 2022. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Additionally, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. We did not repurchase shares during the three months ended March 31, 2023. As of March 31, 2023, we had $50.0 million available for repurchase under the December 2022 Stock Repurchase Program. Dividends Payment On November 14, 2022, our Board declared a quarterly dividend in the amount of $0.03 per share, which was paid on January 30, 2023, to stockholders of record on January 15, 2023. In addition, on December 29, 2022, the Board declared a special dividend in the amount of $0.10 per share, which was paid on January 30, 2023 to stockholders of record on January 15, 2023. On February 21, 2023, the Board declared a second quarterly dividend, in the amount of $0.03 per share, which was paid on April 28, 2023 to stockholders of record on April 13, 2023. On May 10, 2023, we announced that the Board declared a quarterly dividend. The quarterly dividend, in the amount of $0.03 per share, will be payable, subject to any prior revocation, on July 28, 2023, to shareholders of record on July 13, 2023. Future dividends will be subject to further review and approval by 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.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES Provision for income taxes the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Income before provision for income taxes $ 9,785 $ 5,637 Provision for income taxes (1,507 ) (561 ) Effective tax rate (15.4 ) (10.0 ) Provision for income taxes for the three months ended March 31, 2023 and 2022 resulted primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate. We maintain a partial valuation allowance against our U.S. federal deferred tax assets and maintain a full valuation allowance against our U.S. state and Canadian federal deferred tax assets. As of March 31, 2023, we had unrecognized tax benefits under Accounting Standards Certification (“ASC”) 740 Income Taxes As of March 31, 2023, we had net deferred income tax assets of $7.0 million and deferred income tax liabilities of $0.1 million. Because we have net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state, and foreign taxing authorities may examine our tax returns for all years from 2005 through the current period. We maintain a valuation allowance against certain of our deferred tax assets, including certain federal, all state, and certain foreign deferred tax assets because of uncertainties regarding the realization of the asset balance due to historical losses, the variability of operating results, and uncertainty regarding near term projected results. If we determine the deferred tax assets are realizable based on our assessment of relevant factors, an adjustment to the valuation allowance may increase income in the period such determination is made.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
NET INCOME (LOSS) PER SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	9. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of shares of common stock, adjusted for any dilutive effect of potential common stock. Potential common stock, computed using the treasury stock method, includes stock options, stock awards and ESPP. The following is a reconciliation of the denominators used in computing basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Denominator: Weighted-average shares outstanding, basic 32,603 33,996 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 482 272 Weighted average shares outstanding, diluted 33,085 34,268 We include PSUs in the calculation of diluted earnings per share if the applicable performance condition has been satisfied as of the end of the reporting period and exclude stock equity awards if the performance condition has not been met. For the three months ended March 31, 2023 and 2022, we had stock options, RSUs, PSUs and RSAs outstanding that could potentially dilute basic earnings per share in the future, but these were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive. These outstanding securities consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Stock options 140 239 RSUs, RSAs and PSUs 2 55 Total 142 294

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2023
Leases [Abstract]
LEASES	10. LEASES We lease our office space under lease arrangements with expiration dates on or before March 31, 2024. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets Below is a summary of our right-of-use assets and lease liabilities (in thousands): Balance Sheets Classification March 31, 2023 December 31, 2022 Assets Right-of-use assets Other assets $ 210 $ 360 Liabilities Operating lease liabilities - current Other current liabilities 263 486 Operating lease liabilities - long-term Other long-term liabilities — 56 Total lease liabilities $ 263 $ 542 The table below provides supplemental information related to operating leases during the three months ended March 31, 2023 and 2022 (in thousands except for lease term): Three Months Ended March 31, 2023 2022 Cash paid within operating cash flow $ 282 $ 355 Weighted average lease terms (in years) 0.69 1.11 Weighted average discount rates N/A 3.93 % On June 6, 2022, we entered into a sublease agreement with Innovobot Fund LLP for our facility located in Montreal Canada (the “ ” On March 12, 2020, we entered into a sublease agreement with Neato Robotics, Inc. for our facility located in San Jose, California ( “ ” In accordance with provisions of ASC 842, we treated each sublease as a separate lease as we were not relieved of the primary obligation under each original lease. We continue to account for each original lease as a lessee, in the same manner as prior to the commencement date of the sublease. We accounted for each sublease as a lessor of such lease. We classified each sublease as an operating lease as it did not meet the criteria of a Sale-Type or Direct Financing lease. We recognize operating lease expense and lease payments from the sublease, on a straight-line basis, in our Condensed Consolidated Statements of Income and Comprehensive Income Three Months Ended March 31, 2023 2022 Operating lease cost $ 318 $ 210 Variable lease payments 128 137 Sublease income (257 ) (257 ) Total lease cost $ 189 $ 90 Minimum future lease payments obligations as of March 31, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 $ 279 2024 39 Total lease payments 318 Less: Interest (55 ) Total lease liability $ 263 Future cash receipts from our sublease agreements as of March 31, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 228 2024 33 Total $ 261

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Immersion Corporation (the “Company”, “Immersion”, “we” or “us”) was incorporated in 1993 in California and reincorporated in Delaware in 1999. We focus on the creation, design, development, and licensing of innovative haptic technologies that allow people to use their sense of touch more fully as they engage with products and experience the digital world around them. We have adopted a business model under which we provide advanced tactile software, related tools and technical assistance designed to help integrate our patented technology into our customers’ products or enhance the functionality of our patented technology to certain customers, and offer licenses for our patented technology to other customers.
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Immersion and our wholly-owned subsidiaries. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ”
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements and related disclosures requires management to make estimates and assumptions that affect the reported amounts of the condensed consolidated financial statements. Significant estimates include revenue recognition, fair value of financial instruments, useful lives of property and equipment, valuation of income taxes including uncertain tax provisions, stock-based compensation and long-term deposits for withholding taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year.
Segment Information	Segment Information We develop, license, and support a wide range of software and intellectual property (“IP”) that more fully engage users’ sense of touch when operating digital devices. We focus on the following target application areas: mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical; and commercial. We manage these application areas in one operating and reporting segment with only one set of management, development, and administrative personnel. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM approves budgets and allocates resources to and assesses the performance of our business using information about our revenue and operating loss. There is only one segment that is reported to management.
Recently Adopted Pronouncements	Recent Account Pronouncements We do not expect recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2023, to have significant impact on our financial positions and results of operations.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated revenue	The following table presents the disaggregation of our revenue for the three months ended , and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Fixed fee license revenue $ 1,214 $ 1,745 Per-unit royalty revenue 5,795 5,485 Total royalty and license revenue 7,009 7,230 Development, services, and other revenue 65 78 Total revenues $ 7,074 $ 7,308

INVESTMENTS AND FAIR VALUE ME_2

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of short-term investments	Marketable securities as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands): March 31, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,683 $ — $ (2,988 ) $ 23,695 Equity securities 56,485 4,877 (6,077 ) 55,285 Total marketable equity securities 83,168 4,877 (9,065 ) 78,980 Marketable debt securities U.S. treasury securities 48,534 413 (13 ) 48,934 Corporate bonds 18,555 211 (156 ) 18,610 Total marketable debt securities 67,089 624 (169 ) 67,544 $ 150,257 $ 5,501 $ (9,234 ) $ 146,524 December 31, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,352 $ — $ (3,143 ) $ 23,209 Equity securities 53,273 2,776 (5,836 ) 50,213 Total marketable equity securities 79,625 2,776 (8,979 ) 73,422 Marketable debt securities U.S. treasury securities 25,640 182 (24 ) 25,798 Corporate bonds 13,496 48 (106 ) 13,438 Total marketable debt securities 39,136 230 (130 ) 39,236 $ 118,761 $ 3,006 $ (9,109 ) $ 112,658
Debt Securities, Available-for-sale	The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of (in thousands) are as follows: March 31, 2023 Amortized Cost Fair Value Less than 1 year $ 41,559 $ 41,939 1 to 5 years 20,247 20,204 More than 5 years 5,283 5,400 Total $ 67,089 $ 67,543
Derivatives Not Designated as Hedging Instruments	Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2023 and (in thousands): March 31, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 6,848 $ 662 $ 7,510 $ 6,848 $ 662 $ 7,510 December 31, 2022 Cost Unrealized Losses Fair Value Derivative instruments $ 2,987 $ 662 $ 3,649 $ 2,987 $ 662 $ 3,649
Realized and Unrealized Gains and Losses From Our Equity Securities and Derivative Instruments	A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands): Three Months Ended March 31, 2023 2022 Net unrealized gains recognized on marketable equity securities $ 2,014 $ 2,140 Net realized gains recognized on marketable equity securities 1,669 1,026 Net unrealized losses recognized on derivative instruments (102 ) (2,661 ) Net realized gains (losses) recognized on derivative instruments 717 (134 ) Net realized gains recognized on marketable debt securities — 368 Total net gains recognized in interest and other income (loss), net $ 4,298 $ 739
Schedule of financial instruments measured at fair value on recurring basis	Financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands): March 31, 2023 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. treasury securities $ — $ 48,934 $ — $ 48,934 Mutual funds 23,695 — — 23,695 Equity securities 55,285 — — 55,285 Corporate bonds — 18,610 — 18,610 Total assets at fair value $ 78,980 $ 67,544 $ — $ 146,524 Liabilities Derivative instruments $ — $ 7,510 $ — $ 7,510 Total liabilities at fair value $ — $ 7,510 $ — $ 7,510 December 31, 2022 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Certificate of deposit $ — $ 5,300 $ — $ 5,300 U.S.treasury securities — 25,798 — 25,798 Mutual funds 23,209 — — 23,209 Equity securities 50,213 — — 50,213 Corporate bonds — 13,438 — 13,438 Total assets at fair value $ 73,422 $ 44,536 $ — $ 117,958 Liabilities Derivative instruments $ — $ 3,649 $ — $ 3,649 Total liabilities at fair value $ — $ 3,649 $ — $ 3,649

BALANCE SHEET DETAILS (Tables)

BALANCE SHEET DETAILS (Tables)	3 Months Ended
BALANCE SHEET DETAILS (Tables)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents were as follows (in thousands): March 31, 2023 December 31, 2022 Cash $ 7,972 $ 9,630 Money market funds 19,512 13,586 Certificates of deposit (1) — 25,604 Cash and cash equivalents $ 27,484 $ 48,820 (1) Represents certificates of deposit with initial maturity days of 90
Schedule of current investments	Investments - current were as follows (in thousands): March 31, 2023 December 31, 2022 Certificates of deposit (2) $ — $ 5,300 Marketable securities 78,981 73,422 U.S. treasury securities 41,939 22,196 Short-term investments $ 120,920 $ 100,918 (2) 91 one
Schedule of accounts and other receivables	Accounts and other receivables were as follows (in thousands): March 31, 2023 December 31, 2022 Trade accounts receivables $ 491 $ 1,003 Other receivables 1,245 232 Accounts and other receivables $ 1,736 $ 1,235
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets were as follows (in thousands): March 31, 2023 December 31, 2022 Prepaid expenses $ 2,033 $ 1,576 Contract assets - current 6,837 7,671 Other current assets 55 100 Prepaid expenses and other current assets $ 8,925 $ 9,347
Schedule of noncurrent investments	Investments- noncurrent were as follows (in thousands): March 31, 2023 December 31, 2022 U.S. treasury securities $ 6,994 $ 3,602 Marketable debt securities 18,610 13,438 Investments- noncurrent $ 25,604 $ 17,040
Schedule of other assets, net	Other assets were as follows (in thousands): March 31, 2023 December 31, 2022 Contract assets - long-term 436 545 Lease right-of-use assets 210 360 Other assets 8 11 Total other assets $ 654 $ 916
Schedule of other current liabilities	Other current liabilities were as follows (in thousands): March 31, 2023 December 31, 2022 Derivative instruments $ 7,510 $ 3,649 Lease liabilities - current 263 486 Income taxes payable 4,156 2,700 Dividends payable 1,015 4,212 Other current liabilities 1,102 1,418 Total other current liabilities $ 14,046 $ 12,465

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of equity incentive program	A summary of our equity incentive program as of is as follows (in thousands): Common stock shares available for grant 5,158 Stock options outstanding 140 RSUs outstanding 754 RSAs outstanding 75 PSUs outstanding 413
Summary of time-based stock options	The following summarizes time-based stock options activities for the three months ended March 31, 2023: Number of Shares Underlying Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 140 $ 7.57 4.03 $ — Granted — — Exercised — — Canceled or expired — — Outstanding as of March 31, 2023 140 $ 7.57 3.78 $ 193 Vested and expected to vest at March 31, 2023 138 $ 7.57 3.78 $ 190 Exercisable at March 31, 2023 111 $ 7.57 3.78 $ 153
Summary of restricted stock units activities	The following summarizes RSU activities for the three months ended March 31, 2023: Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 887 $ 5.85 2.38 $ 6,226 Granted — — Released (82 ) 5.67 Forfeited (51 ) 6.91 Outstanding at March 31, 2023 754 $ 5.79 2.22 $ 6,738
Summary of restricted stock awards activities	The following summarizes RSA activities for the three months ended March 31, 2023: Number of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 119 $ 5.47 1.31 Granted 75 8.31 Released (119 ) 5.47 Forfeited — — Outstanding at March 31, 2023 75 $ 8.31 1.00
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The following summarizes PSU activities for the three months ended March 31, 2023: Number of Market Condition-Based Performance Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 615 $ 3.69 1.12 Granted — — Released (202 ) 3.65 Forfeited — — Outstanding at March 31, 2023 413 $ 3.71 1.00
Summary of stock-based compensation expenses	Three Months Ended March 31, 2023 2022 Stock options $ (56 ) $ (43 ) RSUs, RSAs and PSUs 1,002 1,187 ESPP — (3 ) Total $ 946 $ 1,141 Sales and marketing $ (99 ) $ 90 Research and development (74 ) 107 General and administrative 1,119 944 Total $ 946 $ 1,141

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of income tax provisions	Provision for income taxes the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Income before provision for income taxes $ 9,785 $ 5,637 Provision for income taxes (1,507 ) (561 ) Effective tax rate (15.4 ) (10.0 )

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of reconciliation used in computing basic and diluted net income per share	The following is a reconciliation of the denominators used in computing basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Denominator: Weighted-average shares outstanding, basic 32,603 33,996 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 482 272 Weighted average shares outstanding, diluted 33,085 34,268
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended March 31, 2023 2022 Stock options 140 239 RSUs, RSAs and PSUs 2 55 Total 142 294

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2023
Leases [Abstract]
Summary of ROU assets and lease liabilities	Below is a summary of our right-of-use assets and lease liabilities (in thousands): Balance Sheets Classification March 31, 2023 December 31, 2022 Assets Right-of-use assets Other assets $ 210 $ 360 Liabilities Operating lease liabilities - current Other current liabilities 263 486 Operating lease liabilities - long-term Other long-term liabilities — 56 Total lease liabilities $ 263 $ 542
Schedule of Supplemental Information to Operating Lease Expense	The table below provides supplemental information related to operating leases during the three months ended March 31, 2023 and 2022 (in thousands except for lease term): Three Months Ended March 31, 2023 2022 Cash paid within operating cash flow $ 282 $ 355 Weighted average lease terms (in years) 0.69 1.11 Weighted average discount rates N/A 3.93 %
Schedule of supplemental information related to operating leases and expenses	Three Months Ended March 31, 2023 2022 Operating lease cost $ 318 $ 210 Variable lease payments 128 137 Sublease income (257 ) (257 ) Total lease cost $ 189 $ 90
Schedule of minimum future lease payment obligations	Minimum future lease payments obligations as of March 31, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 $ 279 2024 39 Total lease payments 318 Less: Interest (55 ) Total lease liability $ 263
Schedule of future cash receipts from our sublease agreements	Future cash receipts from our sublease agreements as of March 31, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 228 2024 33 Total $ 261

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,074	$ 7,308
Royalty and license
Disaggregation of Revenue [Line Items]
Total revenues	7,009	7,230
Fixed fee license revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,214	1,745
Per-unit royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,795	5,485
Development, services, and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 65	$ 78

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Royalty revenue, adjustment	$ 400	$ 300
Contract assets - current	6,837		$ 7,671
Contract assets - long-term	436		545
Increase (decrease) in contract with customer, asset	$ (1,100)
Deferred revenue			$ 17,400

REVENUE RECOGNITION - Performan

REVENUE RECOGNITION - Performance Obligation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Number	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 1.2
Deferred revenue		$ 17.4
Number of performance obligations \| Number	2
Fixed fee license revenue \| Performance Obligation B
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 16.2
Fixed fee license revenue \| Performance Obligation B \| One to three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	10.5
Fixed fee license revenue \| Performance Obligation B \| More than three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.7

INVESTMENTS AND FAIR VALUE ME_3

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	$ 150,257	$ 118,761
Unrealized Gains	5,501	3,006
Unrealized Losses	(9,234)	(9,109)
Fair Value	146,524	112,658
Marketable Equity Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	83,168	79,625
Unrealized Gains	4,877	2,776
Unrealized Losses	(9,065)	(8,979)
Fair Value	78,980	73,422
Marketable Equity Securities \| Mutual Fund
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	26,683	26,352
Unrealized Gains	0	0
Unrealized Losses	(2,988)	(3,143)
Fair Value	23,695	23,209
Marketable Equity Securities \| Equity Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	56,485	53,273
Unrealized Gains	4,877	2,776
Unrealized Losses	(6,077)	(5,836)
Fair Value	55,285	50,213
Marketable Debt Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	67,089	39,136
Unrealized Gains	624	230
Unrealized Losses	(169)	(130)
Fair Value	67,544	39,236
Marketable Debt Securities \| Corporate Bond Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	18,555	13,496
Unrealized Gains	211	48
Unrealized Losses	(156)	(106)
Fair Value	18,610	13,438
Marketable Debt Securities \| U.S. treasury securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	48,534	25,640
Unrealized Gains	413	182
Unrealized Losses	(13)	(24)
Fair Value	$ 48,934	$ 25,798

INVESTMENTS AND FAIR VALUE ME_4

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST AND FAIR VALUE BY MATURITY (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Amortized Cost
Less than 1 year	$ 41,559
1 to 5 years	20,247
More than 5 years	5,283
Total	67,089
Fair Value
Less than 1 year	41,939
1 to 5 years	20,204
More than 5 years	5,400
Debt securities, fair value	$ 67,543

INVESTMENTS AND FAIR VALUE ME_5

INVESTMENTS AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cost	$ 6,848	$ 2,987
Unrealized Gains	662	662
Derivative instruments	7,510	3,649
Total financial liability, cost	6,848	2,987
Unrealized Gains	662	662
Total liabilities at fair value	$ 7,510	$ 3,649

INVESTMENTS AND FAIR VALUE ME_6

INVESTMENTS AND FAIR VALUE MEASUREMENTS - REALIZED AND UNREALIZED GAINS AND LOSSES EQUITY AND DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains recognized on marketable equity securities	$ 2,014	$ 2,140
Net realized gains recognized on marketable equity securities	1,669	1,026
Net unrealized losses recognized on derivative instruments	(102)	(2,661)
Net realized gains (losses) recognized on derivative instruments	717	(134)
Net realized gains recognized on marketable debt securities	0	368
Total net gains recognized in interest and other income (loss), net	$ 4,298	$ 739

INVESTMENTS AND FAIR VALUE ME_7

INVESTMENTS AND FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit	[1]	$ 0	$ 25,604
Corporate bonds		67,543
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		7,510	3,649
Total liabilities at fair value		7,510	3,649
Fair value, measurements, recurring
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			5,300
U.S. treasury securities		48,934	25,798
Mutual funds		23,695	23,209
Equity securities		55,285	50,213
Corporate bonds		18,610	13,438
Total assets at fair value		146,524	117,958
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		7,510	3,649
Total liabilities at fair value		7,510	3,649
Fair value, measurements, recurring \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			0
U.S. treasury securities		0	0
Mutual funds		23,695	23,209
Equity securities		55,285	50,213
Corporate bonds		0	0
Total assets at fair value		78,980	73,422
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		0	0
Total liabilities at fair value		0	0
Fair value, measurements, recurring \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			5,300
U.S. treasury securities		48,934	25,798
Mutual funds		0	0
Equity securities		0	0
Corporate bonds		18,610	13,438
Total assets at fair value		67,544	44,536
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		7,510	3,649
Total liabilities at fair value		7,510	3,649
Fair value, measurements, recurring \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			0
U.S. treasury securities		0	0
Mutual funds		0	0
Equity securities		0	0
Corporate bonds		0	0
Total assets at fair value		0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		0	0
Total liabilities at fair value		$ 0	$ 0

[1] Represents certificates of deposit with initial maturity days of 90

BALANCE SHEET DETAILS - Cash an

BALANCE SHEET DETAILS - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash		$ 7,972	$ 9,630
Money market funds		19,512	13,586
Certificates of deposit	[1]	0	25,604
Cash and cash equivalents		$ 27,484	$ 48,820

[1] Represents certificates of deposit with initial maturity days of 90

BALANCE SHEET DETAILS - Current

BALANCE SHEET DETAILS - Current Investments (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certificates of deposit, current	[1]	$ 0	$ 5,300
Marketable securities		78,981	73,422
U.S. treasury securities		41,939	22,196
Short-term investments		$ 120,920	$ 100,918

[1]Represents investments with initial maturity days between 91 one

BALANCE SHEET DETAILS - Account

BALANCE SHEET DETAILS - Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivables	$ 491	$ 1,003
Other receivables	1,245	232
Accounts and other receivables	$ 1,736	$ 1,235

BALANCE SHEET DETAILS - Prepaid

BALANCE SHEET DETAILS - Prepaid Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 2,033	$ 1,576
Contract assets - current	6,837	7,671
Other current assets	55	100
Prepaid expenses and other current assets	$ 8,925	$ 9,347

BALANCE SHEET DETAILS - Noncurr

BALANCE SHEET DETAILS - Noncurrent Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
U.S. treasury securities	$ 6,994	$ 3,602
Marketable debt securities	18,610	13,438
Investments- noncurrent	$ 25,604	$ 17,040

BALANCE SHEET DETAILS - Other A

BALANCE SHEET DETAILS - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets, Net [Abstract]
Contract assets - long-term	$ 436	$ 545
Lease right-of-use assets	210	360
Other assets	8	11
Total other assets	$ 654	$ 916

BALANCE SHEET DETAILS - Other C

BALANCE SHEET DETAILS - Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Derivative instruments	$ 7,510	$ 3,649
Lease liabilities - current	263	486
Income taxes payable	4,156	2,700
Dividends payable	1,015	4,212
Other current liabilities	1,102	1,418
Total other current liabilities	$ 14,046	$ 12,465

CONTINGENCIES (Details)

CONTINGENCIES (Details) - LGE $ in Millions					3 Months Ended
CONTINGENCIES (Details) - LGE $ in Millions	Apr. 25, 2023 KRW (₩)	Apr. 25, 2023 USD ($)	Apr. 08, 2020 KRW (₩)	Apr. 08, 2020 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Impairment of long-term deposits					$ 0.8
Loss Contingencies	₩ 3,025,251,775	$ 2.3
Long-term deposits			₩ 5,916,845,454	$ 5
Loss contingency, accrued withholding taxes, interest and penalties						$ 0.3

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands		3 Months Ended
	Jan. 18, 2022 shares	Mar. 31, 2023 USD ($) shares	Mar. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available shares consumed for each restricted stock and restricted stock units issued	1.75
Unrecognized compensation cost \| $		$ 5,600
Unrecognized compensation cost, recognized over an estimated weighted-average period		1 year 9 months 18 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	3,525,119
Increase in number of common shares reserved for issuance (in shares)	855,351
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	4 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award expiration period	7 years
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	1 year
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	3 years
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		1,000,000
Stock-based payment award expiration period		6 months
Percentage of fair market value on the purchase date		85%
Maximum number of shares per employee (in shares)		2,000
Maximum value of shares per employee \| $		$ 25,000
Shares purchased under the ESPP (in shares)		1,298
Shares available for purchase (in shares)		193,134
Employee stock purchase plan \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,621,488

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Equity Incentive Program (Details)1 - shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for grant (in shares)	5,158
Time-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Standard and market condition-based stock options outstanding (in shares)	140	140
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	754	887
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	75	119
Market Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	413

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Time-based Stock Options (Details) - Time-based stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares Underlying Stock Options
Beginning outstanding balance (in shares)	140
Granted (in shares)	0
Exercised (in shares)	0
Canceled or expired (in shares)	0
Ending outstanding balance (in shares)	140	140
Number of shares underlying stock options, vested and expected to vest (in shares)	138
Number of shares underlying stock options, exercisable (in shares)	111
Weighted Average Exercise Price Per Share
Beginning outstanding balance (in dollars per share)	$ 7.57
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Canceled or expired (in dollars per share)	0
Ending outstanding balance (in dollars per share)	7.57	$ 7.57
Weighted average exercise price, vested and expected to vest (in dollars per share)	7.57
Weighted average exercise price, exercisable (in dollars per share)	$ 7.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life, outstanding	3 years 9 months 10 days	4 years 10 days
Weighted average remaining contractual life, vested and expected to vest	3 years 9 months 10 days
Weighted average remaining contractual life, exercisable	3 years 9 months 10 days
Aggregate intrinsic value, outstanding	$ 193	$ 0
Aggregate intrinsic value, vested and expected to vest	190
Aggregate intrinsic value, exercisable	$ 153

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units and Restricted Stock Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
RSUs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	887
Granted (in shares)	0
Released (in shares)	(82)
Forfeited (in shares)	(51)
Ending outstanding balance (in shares)	754	887
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 5.85
Granted (in dollars per share)	0
Released (in dollars per share)	5.67
Forfeited (in dollars per share)	6.91
Ending outstanding balance (in dollars per share)	$ 5.79	$ 5.85
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	2 years 2 months 19 days	2 years 4 months 17 days
Aggregate intrinsic value, outstanding	$ 6,738	$ 6,226
RSAs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	119
Granted (in shares)	75
Released (in shares)	(119)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	75	119
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 5.47
Granted (in dollars per share)	8.31
Released (in dollars per share)	5.47
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 8.31	$ 5.47
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year	1 year 3 months 21 days

STOCK-BASED COMPENSATION - PSU

STOCK-BASED COMPENSATION - PSU Activity (Details) - Performance Shares - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning outstanding balance (in shares)	615
Granted (in shares)	0
Released (in shares)	(202)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	413	615
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 3.69
Granted (in dollars per share)	0
Released (in dollars per share)	3.65
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 3.71	$ 3.69
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year	1 year 1 month 13 days

STOCK-BASED COMPENSATION - Su_4

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 946	$ 1,141
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(99)	90
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(74)	107
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	1,119	944
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(56)	(43)
RSUs, RSAs and PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	1,002	1,187
Employee stock purchase plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 0	$ (3)

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended	12 Months Ended
	May 10, 2023	Feb. 21, 2023	Dec. 29, 2022	Nov. 14, 2022	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023	Feb. 23, 2022
Class of Stock [Line Items]
Repurchased shares, value					$ 4,442
Dividends paid (in dollars per share)	$ 0.03	$ 0.03		$ 0.03
Special dividends paid (in dollards per share)			$ 0.1
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, average cost (in dollars per share)						$ 5.46
Stock repurchase program, authorized amount								$ 30,000
Repurchased shares, value						$ 8,900
Common Stock \| Stock Repurchase Program
Class of Stock [Line Items]
Repurchase of stock (in shares)						1,637,566
Common Stock \| December 2022 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50,000
Stock repurchase program, remaining authorized repurchase amount							$ 50,000

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Provisions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 9,785	$ 5,637
Provision for income taxes	$ (1,507)	$ (561)
Effective tax rate	(15.40%)	(10.00%)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 7.2
Unrecognized tax benefits, interest on income taxes accrued	0.1
Total amount of unrecognized tax benefits	3.2
Deferred Tax Assets, Net	7
Deferred Tax Liabilities, Gross	$ 0.1

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation used in Computing Basic and Diluted Net Income (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-average common stock outstanding, basic (in shares)	32,603	33,996
Stock options, RSU's, RSAs and ESPP (in shares)	482	272
Shares used in computation of diluted net income (loss) per share (in shares)	33,085	34,268

NET INCOME (LOSS) PER SHARE - O

NET INCOME (LOSS) PER SHARE - Outstanding Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	142	294
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	140	239
RSUs, RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	2	55

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Initial term of lease	12 months

LEASES - Summary of Right of Us

LEASES - Summary of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Operating lease, right-of-use asset	$ 210	$ 360
Liabilities
Operating lease liabilities - current	263	486
Operating lease liabilities - long-term	0	56
Total lease liabilities	$ 263	$ 542
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Information Related To Operating Leases and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid within operating cash flow	$ 282	$ 355
Weighted average lease terms (in years)	8 months 8 days	1 year 1 month 9 days
Weighted average discount rates		3.93%

LEASES - Schedule of Net Operat

LEASES - Schedule of Net Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease costs	$ 318	$ 210
Variable lease payments	128	137
Sublease income	(257)	(257)
Total lease cost	$ 189	$ 90

LEASES - Schedule of Minimum Fu

LEASES - Schedule of Minimum Future Lease Payment Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 279
2024	39
Total lease payments	318
Less: Interest	(55)
Total lease liability	$ 263	$ 542

LEASES - Future Minimum Subleas

LEASES - Future Minimum Sublease Payments 840 (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 228
2024	33
Total	$ 261