Immersion (IMMR) 10-Q8 May 242024 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, 2024	May 03, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2024
Document Period End Date	Mar. 31, 2024
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		31,854,837
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 91,097	$ 56,071
Investments - current	88,010	104,291
Accounts and other receivables	6,028	2,241
Prepaid expenses and other current assets	8,701	9,847
Total current assets	193,836	172,450
Property and equipment, net	170	211
Investments - noncurrent	40,958	33,350
Long-term deposits	6,394	6,231
Deferred tax assets	3,343	3,343
Other assets	1	146
Total assets	244,702	215,731
Current liabilities:
Accounts payable	21	47
Accrued compensation	3,187	3,127
Deferred revenue - current	12,314	4,239
Other current liabilities	14,586	11,900
Total current liabilities	30,108	19,313
Deferred revenue - noncurrent	8,213	8,390
Other long-term liabilities	4,925	4,926
Total liabilities	43,246	32,629
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock and additional paid-in capital	322,310	322,182
Accumulated other comprehensive income	1,530	1,702
Accumulated deficit	(17,385)	(36,040)
Treasury stock	(104,999)	(104,742)
Total stockholders’ equity	201,456	183,102
Total liabilities and stockholders’ equity	$ 244,702	$ 215,731

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 43,847	$ 7,074
Operating expenses:
Sales and marketing	1,338	96
Research and development	42	130
General and administrative	25,853	3,589
Total operating expenses	27,233	3,815
Operating income	16,614	3,259
Interest and other income (loss), net	8,106	6,526
Income before provision for income taxes	24,720	9,785
Provision for income taxes	(6,065)	(1,507)
Net income	$ 18,655	$ 8,278
Basic net income per share (in dollars per share)	$ 0.6	$ 0.25
Shares used in calculating basic net income per share (in shares)	31,028	32,603
Diluted net income per share (in dollars per share)	$ 0.59	$ 0.25
Shares used in calculating diluted net income per share (in shares)	31,406	33,085
Other comprehensive income, net of tax
Deferred gains (losses) on available-for-sale marketable debt securities	$ (37)	$ 565
Realized gains on available-for-sale marketable debt securities reclassified to net income	(135)	(190)
Total comprehensive income	18,483	8,653
Royalty and license
Revenues:
Total revenues	43,847	7,009
Development, services, and other
Revenues:
Total revenues	$ 0	$ 65

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Beginning balance at Dec. 31, 2022	$ 157,700	$ 322,714	$ 202	$ (70,016)	$ (95,200)
Beginning balance (in shares) at Dec. 31, 2022		46,974,598			14,727,582
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
Release of restricted stock units and awards, net of shares withheld (in shares)		401,955			97,936
Release of restricted stock units and awards, net of shares withheld	(757)				$ (757)
Issuance of stock for ESPP purchase (in shares)		1,298
Issuance of stock for ESPP purchase	6	$ 6
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
Dividend declared	(1,204)	(1,204)
Stock-based compensation	946	946
Ending balance at Mar. 31, 2023	165,729	$ 322,847	577	(61,738)	$ (95,957)
Ending balance (in shares) at Mar. 31, 2023		47,428,494			14,825,518
Beginning balance at Dec. 31, 2023	183,102	$ 322,182	1,702	(36,040)	$ (104,742)
Beginning balance (in shares) at Dec. 31, 2023		47,636,273			16,107,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,655			18,655
Unrealized gain on available-for-sale securities, net of taxes	(172)		(172)
Stock repurchases (in shares)					0
Stock repurchases	0				$ 0
Release of restricted stock units and awards, net of shares withheld (in shares)		209,546			36,801
Release of restricted stock units and awards, net of shares withheld	(257)				$ (257)
Stock options exercises (in shares)		0
Stock options exercises	0	$ 0
Shares issued to an employee in lieu of cash compensation (in shares)		80,677
Shares issued to an employee in lieu of cash compensation	553	$ 553
Dividend declared	(1,502)	(1,502)
Stock-based compensation	1,077	1,077
Ending balance at Mar. 31, 2024	$ 201,456	$ 322,310	$ 1,530	$ (17,385)	$ (104,999)
Ending balance (in shares) at Mar. 31, 2024		47,926,496			16,144,097

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows provided by (used in) operating activities:
Net income	$ 18,655	$ 8,278
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation of property and equipment	18	21
Reduction in carrying value of right of use assets	36	151
Stock-based compensation	1,077	946
Net gains on investment in marketable securities	(2,690)	(3,683)
Net gain on derivative instruments	(2,600)	(615)
Foreign currency remeasurement loss	49	0
Shares issued to an employee in lieu of cash compensation	553	385
Other noncash	(182)	(26)
Changes in operating assets and liabilities:
Accounts and other receivables	(186)	(501)
Prepaid expenses and other current assets	1,146	383
Long-term deposits	(210)	18
Other assets	109	113
Accounts payable	(27)	(68)
Accrued compensation	60	(1,259)
Other current liabilities	6,191	602
Deferred revenue	7,898	(1,189)
Other long-term liabilities	0	(33)
Net cash and cash equivalents provided by operating activities	29,897	3,523
Cash flows provided by (used in) investing activities:
Purchases of marketable securities and other investments	(40,913)	(54,954)
Proceeds from sale or maturities of marketable securities and other investments	48,707	30,771
Proceeds from sale of derivative instruments	3,853	5,844
Payments for settlement of derivative instruments	(4,771)	(1,369)
Net cash and cash equivalents provided by (used in) investing activities	6,876	(19,708)
Cash flows provided by (used in) financing activities:
Dividend payments to stockholders	(1,490)	(4,400)
Shares withheld to cover payroll taxes	(257)	(757)
Other financing activities	0	6
Net cash and cash equivalents used in financing activities	(1,747)	(5,151)
Net increase (decrease) in cash and cash equivalents	35,026	(21,336)
Cash and cash equivalents:
Beginning of period	56,071	48,820
End of period	91,097	27,484
Supplemental disclosure of cash flow information:
Cash paid for income taxes	32	19
Supplemental disclosure of non-cash investing, and financing activities:
Dividends declared but not yet paid	$ 1,502	$ 1,015

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	1. SIGNIFICANT ACCOUNTING POLICIES Description of Business Immersion Corporation (the “Company”, “Immersion”, “we” or “us”) was incorporated in 1993 1999 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 condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ” December 31, 2023 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, 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, 2024 Segment Information We develop, license, and support a wide range of 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 one 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 Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standard Board (“FASB”) issued ASU No. 2023 09 Income Taxes (Topic 740

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2024
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION Disaggregated Revenue The following table presents the disaggregation of our revenue for the three March 31, 2024 and 2023 Three Months Ended March 31, 2024 2023 Fixed fee license revenue $ 38,728 $ 1,214 Per-unit royalty revenue 5,119 5,795 Total royalty and license revenue 43,847 7,009 Development, services, and other revenue — 65 Total revenues $ 43,847 $ 7,074 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, 2024 royalty revenue recognized in the previous quarter. We recorded adjustments of $0.4 million to increase royalty revenue during the three months ended March 31, 2023 Contract Assets As of March 31, 2024 , we had contract assets of $6.5 million included within Prepaid expenses and other current asset s on the Condensed Consolidated Balance Sheets . As of December 31, 2023 , we had contract assets of $7.7 million included within Prepaid expenses and other current assets , and $0.1 million included within Other assets on the Condensed Consolidated Balance Sheets . Contract assets decreased by $1.4 million from January 1 2024 March 31, 2024 , primarily due to actual royalties billed during the three months ended March 31, 2024 Fixed Fee License 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 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. On February 9, 2024, we entered into a Patent License and Settlement Agreement (the “License and Settlement Agreement”) with Meta pursuant to which the parties have agreed to terms for resolving the litigation matters described above (the “Litigation”) and Meta will license, on a non-exclusive basis, our patent portfolio for use in its products. We accounted for the License and Settlement Agreement Accounting Standard Codification 606 Revenue from Contracts with Cus tomers , 606 Deferred revenue-current Condensed Consolidated Balance Sheets See Note 5 Contingencies Notes to Consolidated Financial Statements for more information on the Meta Agreement. Deferred Revenue On February 27, 2024, we entered into an agreement to renew of our license agreement with Nintendo Co., Ltd, (“Nintendo”). Under the terms of this agreement, Nintendo would obtain a license with respect to certain of our patents in return for $8.5 million of non-refundable, non-creditable fixed royalty revenue. The commencement date of this agreement is September 27, 2024. We received the $8.5 million fixed royalty payment from Nintendo in March 2024 and reported this payment as Deferred revenue-current Condensed Consolidated Balance Sheets Based on contracts signed and payments received as of March 31, 2024 one three three As of December 31, 2023 was $12.6 March 31, 2024 Capitalized Contract Costs We capitalize certain incremental costs incurred, such as commissions and legal costs in order to obtain new contracts with our customers if we expect to recover these costs. The capitalized contract costs are amortized upon recognition of the related revenue. We capitalized $0.3 million of incremental costs incurred to obtain new contracts with customers in the three months ended March 31, 2024.

INVESTMENTS AND FAIR VALUE MEAS

INVESTMENTS AND FAIR VALUE MEASUREMENTS	3 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS	Mar. 31, 2024
INVESTMENTS AND FAIR VALUE MEASUREMENTS
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. Marketable securities as of March 31, 2024 December 31, 2023 March 31, 2024 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 52,576 $ 5,189 $ (4,094 ) $ 53,671 Marketable debt securities U.S. treasury securities 45,480 732 — 46,212 Corporate bonds 28,410 973 (298 ) 29,085 Total marketable debt securities 73,890 1,705 (298 ) 75,297 $ 126,466 $ 6,894 $ (4,392 ) $ 128,968 December 31, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 59,228 $ 7,896 $ (4,146 ) $ 62,978 Marketable debt securities U.S. treasury securities 53,662 1,307 (3 ) 54,966 Corporate bonds 19,422 472 (197 ) 19,697 Total marketable debt securities 73,084 1,779 (200 ) 74,663 $ 132,312 $ 9,675 $ (4,346 ) $ 137,641 The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of March 31, 2024 (in thousands) are as follows: March 31, 2024 Amortized Cost Fair Value Less than 1 $ 33,622 $ 34,340 1 5 40,268 40,957 Total $ 73,890 $ 75,297 As of March 31, 2024, the fair value of corporate bonds with unrealized loss position was $8.8 million , with an aggregated loss of $ 0.3 million. There were no treasury securities with unrealized loss position. As of December 31, 2023, the fair value of available-for-sale debt securities in unrealized loss position for corporate bonds and U.S. treasury securities were $ 7.1 million and $ 2.7 million, respectively, with an aggregated loss of $ 0.2 million. For all available-for-sale debt securities that were in unrealized loss positions, we have determined that it is more likely than not we will hold the securities until maturity or a recovery of the cost basis. We had no 2023 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, 2024 and December 31, 2023 (in thousands): March 31, 2024 Cost Unrealized Losses Fair Value Derivative instruments $ 8,097 $ (3,685 ) $ 4,412 $ 8,097 $ (3,685 ) $ 4,412 December 31, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 8,797 $ (867 ) $ 7,930 $ 8,797 $ (867 ) $ 7,930 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, 2024 2023 Net unrealized gains (losses) recognized on marketable equity securities $ (2,655 ) $ 2,014 Net realized gains (losses) recognized on marketable equity securities 5,479 1,669 Net unrealized gains (losses) recognized on derivative instruments 2,818 (102 ) Net realized gains recognized on derivative instruments (218 ) 717 Net realized gains recognized on marketable debt securities (135 ) — Total net gains (losses) recognized in interest and other income (loss), net $ 5,289 $ 4,298 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 2 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 3 March 31, 2024 , and December 31, 2023 . Financial instruments measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 are classified based on the valuation technique in the table below (in thousands): March 31, 2024 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 $ 46,212 $ — $ — $ 46,212 Equity securities 53,671 — — 53,671 Corporate bonds — 29,086 — 29,086 Total assets at fair value $ 99,883 $ 29,086 $ — $ 128,969 Liabilities Derivative instruments $ — $ 4,412 $ — $ 4,412 Total liabilities at fair value $ — $ 4,412 $ — $ 4,412 December 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 $ 54,966 $ — $ — $ 54,966 Equity securities 62,977 — — 62,977 Corporate bonds — 19,697 — 19,697 Total assets at fair value $ 117,943 $ 19,697 $ — $ 137,640 Liabilities Derivative instruments $ — $ 7,930 $ — $ 7,930 Total liabilities at fair value $ — $ 7,930 $ — $ 7,930

BALANCE SHEET DETAILS

BALANCE SHEET DETAILS	3 Months Ended
BALANCE SHEET DETAILS	Mar. 31, 2024
BALANCE SHEET DETAILS
BALANCE SHEET DETAILS	4. BALANCE SHEETS DETAILS Cash and Cash Equivalents Cash and cash equivalents were as follows (in thousands): March 31, 2024 December 31, 2023 Cash $ 13,927 $ 14,840 Money market funds 77,170 41,231 Cash and cash equivalents $ 91,097 $ 56,071 Investments - Current Investments - current were as follows (in thousands): March 31, 2024 December 31, 2023 Marketable equity securities $ 53,670 $ 62,978 U.S. treasury securities 34,340 41,313 Short-term investments $ 88,010 $ 104,291 Accounts and Other Receivables Accounts and other receivables were as follows (in thousands): March 31, 2024 December 31, 2023 Trade accounts receivables, net $ 1,411 $ 1,743 Other receivables 4,617 498 Accounts and other receivables $ 6,028 $ 2,241 Allowance for credit losses as of March 31, 2024 December 31, 2023 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows (in thousands): March 31, 2024 December 31, 2023 Prepaid expenses $ 2,079 $ 1,916 Contract assets - current 6,467 7,740 Other current assets 155 191 Prepaid expenses and other current assets $ 8,701 $ 9,847 Investments - noncurrent Investments- noncurrent were as follows (in thousands): March 31, 2024 December 31, 2023 U.S. treasury securities $ 11,872 $ 13,653 Marketable debt securities 29,086 19,697 Investments- noncurrent $ 40,958 $ 33,350 Other Current Liabilities Other current liabilities were as follows (in thousands): March 31, 2024 December 31, 2023 Derivative instruments $ 4,412 $ 7,930 Income taxes payable 7,791 1,730 Dividends payable 1,502 1,489 Other current liabilities 881 751 Total other current liabilities $ 14,586 $ 11,900

CONTINGENCIES

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2024
CONTINGENCIES
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 . In the fourth quarter of 2021 , we recorded an impairment charge of $0.8 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 related to the 2012 2014 2019 2022 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 2022 3,024,877,044 2.3 2023 Long-term deposits Condensed Consolidated Balance Sheets On June 29, 2023, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding their findings with respect to the withholding taxes related to the 2018 2022 On August 7, 2023, the Korean tax authority submitted its answer against the tax appeal. On September 8, 2023, on behalf of LGE, the Company submitted its rebuttal brief in response thereto. On September 25, 2023, Korean tax authority submitted an additional response brief, and on November 23, 2023, the Korea Tax Tribunal rendered a decision against LGE, dismissing the claims of the Company on the grounds that its claims are without merit. In response thereto, on behalf of LGE, we filed an appeal with the Korea Administrative Court on December 29, 2023. The next hearing has not yet been set . March 31, 2024 0.3 2018 2022 Long-term deposit 2023 Based on th e 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 . In the event that we determine that it is more likely than not that we will not prevail against the claims from the Korean tax authorities, or a portion thereof, then we would estimate the anticipated additional tax expense associated with that outcome and record it as additional income tax expense in our Condensed Consolidated Statements of Income and Comprehensive Income in the period of the new determination. If the additional income tax expense was related to the periods assessed by Korean tax authorities and for which we recorded a Long-term deposits on our Condensed Consolidated Balance Sheets , then the additional income tax expense would be recorded as an impairment to the Long-term deposits . If the additional income tax expense was not related to the periods assessed by Korean tax authorities and for which we recorded in Long-term deposits on our Condensed Consolidated Balance Sheets , then the additional income tax expense would be accrued as an 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 Immersion Corporation vs. Meta Platforms, Inc., f/k/a Facebook, Inc. (“Meta”) On May 26, 2022, we filed a complaint against 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 six The complaint against Meta asserts infringement of the following patents: • U.S. Patent No. 8,469,806 • U.S. Patent No. 8,896,524 • U.S. Patent No. 9,727,217 • U.S. Patent No. 10,248,298 • U.S. Patent No. 10,269,222 • U.S. Patent No. 10,664,143 Meta responded to the Company’s complaint on August 1, 2022. On September 12, 2022, Meta filed a motion to transfer the lawsuit to the Northern District of California or, in the alternative, to the Austin Division of the Western District of Texas. The Court denied Meta’s motion on May 30, 2023, and held the claim construction hearing on the same day. The Court adopted certain claim constructions during the hearing, and issued a formal claim construction order consistent with those constructions on July 7, 2023. On August 2, 2023, Meta filed a mandamus petition asking the Federal Circuit to reverse the district court’s order on Meta’s transfer motion. Fact discovery closed on October 6, 2023. The Federal Circuit denied Meta’s mandamus petition on October 30, 2023. On November 10, 2023, we filed a separate action in the Western District of Texas against Meta directed to its newly launched Quest 3 product, asserting 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. 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” In addition, Meta filed inter partes reviews On January 16, 2024, Immersion and Meta jointly moved to stay all deadlines in district court because they had arrived at a settlement in principle. On January 17, 2024, the Court stayed all deadlines. Under the Court’s order, the parties were to either move to dismiss the proceedings if they finalized the settlement agreement, or alternatively they were to provide the Court with a status update, by January 31, 2024. On February 9, 2024, we entered into a Patent License and Settlement Agreement (the “License and Settlement Agreement”) with Meta On February 16, 2024, the parties dismissed the district court actions and requested permission from the Patent Trial and Appeal Board to dismiss the IPRs. The Patent Trial and Appear Board dismissed the IPRs on February 27, 2024. which is attached to this Quarterly Report on Form 10-Q as Exhibit 10.1 and is incorporated herein by reference. 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 The complaints against the Xiaomi-Group assert infringement of the following patents: • EP 2 463 752 1 Haptisches Feedback-System mit gespeicherten Effekten • EP 2 463 752 1 Système de rendu haptique avec stockage d’effets • IN 304 396 Haptic Feedback System With Stored Effects” On June 19, 2023, Xiaomi filed an initial response to the Company’s lawsuit in India. On July 7, 2023, the Indian litigation was listed before the Learned Joint Registrar, Mr. Siddharth Mathur. The application seeking interim injunction was set to be heard on March 21, 2024, but has been reset by the Court to be heard on July 22, 2024. On March 21, 2024, Xiaomi indicated that it would bring a counter claim to invalidate the Indian patent. On July 11, 2023, in the German proceeding Xiaomi filed its nullity action in the German Federal Patent Court, which was served on Immersion on July 27, 2023. Immersion replied on October 27, 2023, and received Xiaomi’s response on February 2, 2024, with a decision expected sometime before August of 2024, and a hearing has been set for November 13, 2024. In the German infringement proceeding, Xiaomi’s statement of defense was due on October 25, 2023. Immersion’s reply was due on February 26, 2024. Xiaomi’s rejoinder is scheduled for July 25, 2024. The oral hearing is scheduled for August 29, 2024. The next case management hearing in the French proceeding is scheduled for June 6, 2024. Immersion Corporation vs. Valve Corporation ( “Valve ”) On May 15, 2023, we filed a complaint against Valve in the United States District Court for the Western District of Washington. The complaint alleges that Valve’s AR/VR systems, including the Valve Index, and handheld Steam Deck, infringe seven The complaint against Valve asserts infringement of the following patents: • 7,336,260 • 8,749,507 • 9,430,042 • 9,116,546 • 10,627,907 • 10,665,067 • 11,175,738 Valve responded to the complaint on July 24, 2023 with a motion to dismiss. Valve re-noted its motion, which changed Immersion’s response deadline from August 14, 2023 to August 21, 2023. Immersion timely filed its response, and Valve filed its reply on August 25, 2023. The Court heard arguments on Valve’s motion on February 8, 2024. The Court entered a case schedule on November 21, 2023. The case schedule did Valve filed inter partes reviews (“IPRs”), IPR2024-00477 and IPR2024-00478 on January 19, 2024. These are directed to U.S. Patent Nos. 7,336,260 and 9,430,042 respectively. The Company’s response is due April 26, 2024, and April 29, 2024, respectively. Valve filed IPR2024-00508 on January 30, 2024, which is directed to U.S. Patent No. 9,116,546. The Company’s response is due May 9, 2024. Valve filed IPR2024-00556 and IPR2024-00557 on February 7, 2024. These are directed to U.S. Patent Nos. 8,749,507 and 10,665,067, respectively. The Company’s responses are due on May 15, 2024. Valve filed IPR2024-00582 on February 16, 2024, which is directed to U.S. Patent No. 11,175,738. The Company’s response is due June 27, 2024. Valve filed IPR2024-00714 on March 22, 2024, which is directed to U.S. Patent No. 10,627,907. The PTAB has not yet set a response due date. The parties submitted their joint claim construction statement and respective positions on March 29, 2024. On March 14, 2024, Valve filed a motion to stay the district court case pending the PTAB’s decisions on the IPRs. Immersion opposed the motion on March 25, 2024, and Valve filed its reply brief on March 29, 2024. The Court granted Valve’s motion to stay on April 4, 2024. In connection with that order, the Court struck Valve’s motion to dismiss with leave to refile at a later date.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2024
STOCK-BASED COMPENSATION
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 (as amended, the “ 2021 Plan”), 2011 On March 30, 2023, our stockholders approved an amendment to the 2021 shares plus up to an additional 855,351 shares that are subject to stock options or other awards previously granted under the 2011 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 years and expire seven years from the applicable grant date. Market condition-based stock awards are subject to a market condition whereby the closing price of our common stock must exceed a certain level for a number of trading days within a specified time frame or the awards will be canceled before expiration. RSAs generally vests over one year. RSUs generally vest over three years. Awards granted other than a stock option or a stock appreciation right shall reduce the common stock shares available for grant by 1.75 shares for every share issued. A summary of our equity incentive program as of March 31, 2024 is as follows (in thousands): Common stock shares available for grant 3,813 RSUs outstanding 1,250 RSAs outstanding — PSUs outstanding 400 As of March 31, 2024, we did not have any outstanding stock options. Restricted Stock Units The following summarizes RSU activities for the three months ended March 31, 2024 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, 2023 1,128 $ 6.57 1.05 $ 7,964 Granted 256 6.83 Released (134 ) 6.14 Forfeited — — Outstanding at March 31, 2024 1,250 $ 6.47 1.05 $ 9,348 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, 2024 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, 2023 75 $ 8.31 0.24 Granted — — Released (75 ) 8.31 Forfeited — — Outstanding at March 31, 2024 — $ — — Market Condition-Based Performance Stock Units The following summarizes PSU activities for the three months ended March 31, 2024 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, 2023 400 $ 3.63 0.00 Granted — — Released — — Forfeited — — Outstanding at March 31, 2024 400 $ 3.63 0.00 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 for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Stock options $ (2 ) $ (56 ) RSUs, RSAs and PSUs 1,079 1,002 Total $ 1,077 $ 946 Sales and marketing $ 148 $ (99 ) Research and development 1 (74 ) General and administrative 928 1,119 Total $ 1,077 $ 946 As of March 31, 2024 ,

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	7 STOCKHOLDERS’ EQUITY Stock Repurchase Program On December 29, 2022, our Board of Directors ( the “ Board” 50.0 twelve one 10 5 1 10 5 1 1934 On August 8, 2023, the Board approved an amendment to extend the expiration date of the December 2022 Stock Repurchase Program that was set to expire on Dec ember 29, 2023 December 29, 2024 During 2023 1,217,774 8.3 6.77 We did not repurchase any stock during the three months ended March 31, 2024. 41.7 Dividends Decl On February 21, 2023, the Board declared a quarterly dividend, in the amount of $ 0.03 On November 13, 2023, our Board declared a quarterly dividend in the amount of $0.045 per share, which was paid on January 25, 2024 to shareholders of record on January 14, 2024 On February 28, 2024, our Board declared a quarterly dividend in the amount of $ 0.045 , which was paid on April 19, 2024 to shareholders of record on April 12, 2024 . On May 8, 2024, our Board declared a quarterly dividend in the amount of $ per share . 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 our capital allocation strategy from time-to-time. In the three months ended March 31, 2024 2023

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	8 INCOME TAXES Provision for income taxes the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Income before provision for income taxes $ 24,720 $ 9,785 Provision for income taxes 6,065 1,507 Effective tax rate 24.5 % 15.4 % Provision for income taxes for the three March 31, 2024 We provided no We continue to maintain full valuation allowance for state and certain foreign deferred tax assets in the United States and Canada as a result 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. In the event that we determine the deferred tax assets are realizable based on an assessment of relevant factors, an adjustment to the valuation allowance may increase income in the period such determination is made. The valuation allowance does not impact our ability to utilize the underlying net operating loss carryforwards. We also maintain liabilities for uncertain tax positions. As of March 31, 2024 740 Income Taxes We account for interest and penalties related to uncertain tax positions as a component of income tax provision. We do not expect to have any significant changes to unrecognized tax benefits during the next twelve months. As of March 31, 2024 2008

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
NET INCOME (LOSS) PER SHARE	Mar. 31, 2024
NET INCOME (LOSS) PER SHARE
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 and stock awards. 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, 2024 2023 Denominator: Weighted-average shares outstanding, basic 31,028 32,603 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 378 482 Weighted average shares outstanding, diluted 31,406 33,085 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, 2024, we had no outstanding stock options and awards that could potentially dilute basic earnings per share in the future. For the three months ended March 31, 2023 , we had 140,000 outstanding stock options and 2,000 outstanding awards 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.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2024
LEASES
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 On January 31, 2022, we entered into an agreement to lease a 1,390 2022 On April 4, 2024, we entered into an amendment of the Aventura Lease. The lease amendment commenced in April 2024 and expires at the end of the first quarter of 2026. We accounted for this lease as an operating lease in accordance with the provisions of ASC 842 Leases (“ASC 842 ”). We expect to record a lease liability of $ 0.1 million, which represents the present value of the lease payments using an estimated incremental borrowing rate of 4.72 %. We also recognized a right of use (“ROU”) asset of $ 0.1 million which represents our right to use an underlying asset for the lease term. Below is a summary of our ROU assets and lease liabilities (in thousands): Balance Sheets Classification March 31, 2024 December 31, 2023 Assets Right-of-use assets Other assets $ — $ 36 Liabilities Operating lease liabilities - current Other current liabilities — 39 Operating lease liabilities - long-term Other long-term liabilities — — Total lease liabilities $ — $ 39 The table below provides supplemental information related to operating leases during the three months ended March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Cash paid within operating cash flow $ 39 $ 282 Weighted average lease terms (in years) 0.00 0.69 Weighted average discount rates N/A N/A 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 March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Operating lease cost $ 39 $ 318 Variable lease payments 1 128 Sublease income — (257 ) Total lease cost $ 40 $ 189 As of March 31, 2024, we have no future lease obligation.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2024
SUBSEQUENT EVENT
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT Following the fiscal quarter ended March 31, 2024, Toro 18 Holdings LLC (“Investor”), a Delaware limited liability company and wholly owned subsidiary of Immersion, entered into a Standby, Securities Purchase and Debt Conversion Agreement (the “Purchase Agreement”), dated April 16, 2024, with Barnes & Noble Education, Inc., a Delaware corporation (“BNED”), and certain other parties. Pursuant to the Purchase Agreement, BNED will conduct a rights offering (the “Rights Offering”), whereby (i) BNED will distribute at no charge to the holders of its common stock (“BNED Common Stock”) non-transferable subscription rights (“Rights”) to purchase up to an aggregate of 900,000,000 new shares of BNED Common Stock at a subscription price of $0.05 per share (the “Subscription Price”); (ii) BNED’s stockholders will have oversubscription rights; and (iii) if the Rights Offering is not fully subscribed, Immersion, through Investor, has agreed to purchase up to $35.0 million in unsubscribed Rights (the “Backstop Commitment”). Pursuant to the Purchase Agreement, Immersion, through Investor, will also purchase 900,000,000 new shares of BNED Common Stock at the Subscription Price in a private placement transaction. The Purchase Agreement further provides for a conversion of certain of BNED’s outstanding debt into shares of BNED Common Stock at the Subscription Price. The closing of the transactions contemplated by the Purchase Agreement is also subject to the approval of BNED stockholders at a special meeting to be held by BNED. I n connection with these transactions, BNED has agreed to reimburse Immersion, through Investor, for its reasonable legal and other expenses, up to a maximum of $2.5 million, and will pay Immersion, through Investor, $2.5 million as consideration for its Backstop Commitment.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation	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 condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ” December 31, 2023
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, 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, 2024
Segment Information	Segment Information We develop, license, and support a wide range of 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 one 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 Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standard Board (“FASB”) issued ASU No. 2023 09 Income Taxes (Topic 740

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2024
REVENUE RECOGNITION
Disaggregated revenue	The following table presents the disaggregation of our revenue for the three March 31, 2024 and 2023 Three Months Ended March 31, 2024 2023 Fixed fee license revenue $ 38,728 $ 1,214 Per-unit royalty revenue 5,119 5,795 Total royalty and license revenue 43,847 7,009 Development, services, and other revenue — 65 Total revenues $ 43,847 $ 7,074

INVESTMENTS AND FAIR VALUE ME_2

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Schedule of short-term investments	Marketable securities as of March 31, 2024 December 31, 2023 March 31, 2024 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 52,576 $ 5,189 $ (4,094 ) $ 53,671 Marketable debt securities U.S. treasury securities 45,480 732 — 46,212 Corporate bonds 28,410 973 (298 ) 29,085 Total marketable debt securities 73,890 1,705 (298 ) 75,297 $ 126,466 $ 6,894 $ (4,392 ) $ 128,968 December 31, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 59,228 $ 7,896 $ (4,146 ) $ 62,978 Marketable debt securities U.S. treasury securities 53,662 1,307 (3 ) 54,966 Corporate bonds 19,422 472 (197 ) 19,697 Total marketable debt securities 73,084 1,779 (200 ) 74,663 $ 132,312 $ 9,675 $ (4,346 ) $ 137,641
Debt Securities, Available-for-sale	The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of March 31, 2024 (in thousands) are as follows: March 31, 2024 Amortized Cost Fair Value Less than 1 $ 33,622 $ 34,340 1 5 40,268 40,957 Total $ 73,890 $ 75,297
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, 2024 and December 31, 2023 (in thousands): March 31, 2024 Cost Unrealized Losses Fair Value Derivative instruments $ 8,097 $ (3,685 ) $ 4,412 $ 8,097 $ (3,685 ) $ 4,412 December 31, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 8,797 $ (867 ) $ 7,930 $ 8,797 $ (867 ) $ 7,930
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, 2024 2023 Net unrealized gains (losses) recognized on marketable equity securities $ (2,655 ) $ 2,014 Net realized gains (losses) recognized on marketable equity securities 5,479 1,669 Net unrealized gains (losses) recognized on derivative instruments 2,818 (102 ) Net realized gains recognized on derivative instruments (218 ) 717 Net realized gains recognized on marketable debt securities (135 ) — Total net gains (losses) recognized in interest and other income (loss), net $ 5,289 $ 4,298
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, 2024 December 31, 2023 are classified based on the valuation technique in the table below (in thousands): March 31, 2024 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 $ 46,212 $ — $ — $ 46,212 Equity securities 53,671 — — 53,671 Corporate bonds — 29,086 — 29,086 Total assets at fair value $ 99,883 $ 29,086 $ — $ 128,969 Liabilities Derivative instruments $ — $ 4,412 $ — $ 4,412 Total liabilities at fair value $ — $ 4,412 $ — $ 4,412 December 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 $ 54,966 $ — $ — $ 54,966 Equity securities 62,977 — — 62,977 Corporate bonds — 19,697 — 19,697 Total assets at fair value $ 117,943 $ 19,697 $ — $ 137,640 Liabilities Derivative instruments $ — $ 7,930 $ — $ 7,930 Total liabilities at fair value $ — $ 7,930 $ — $ 7,930

BALANCE SHEET DETAILS (Tables)

BALANCE SHEET DETAILS (Tables)	3 Months Ended
BALANCE SHEET DETAILS (Tables)	Mar. 31, 2024
BALANCE SHEET DETAILS
Schedule of cash and cash equivalents	Cash and cash equivalents were as follows (in thousands): March 31, 2024 December 31, 2023 Cash $ 13,927 $ 14,840 Money market funds 77,170 41,231 Cash and cash equivalents $ 91,097 $ 56,071
Schedule of current investments	Investments - current were as follows (in thousands): March 31, 2024 December 31, 2023 Marketable equity securities $ 53,670 $ 62,978 U.S. treasury securities 34,340 41,313 Short-term investments $ 88,010 $ 104,291
Schedule of accounts and other receivables	Accounts and other receivables were as follows (in thousands): March 31, 2024 December 31, 2023 Trade accounts receivables, net $ 1,411 $ 1,743 Other receivables 4,617 498 Accounts and other receivables $ 6,028 $ 2,241
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets were as follows (in thousands): March 31, 2024 December 31, 2023 Prepaid expenses $ 2,079 $ 1,916 Contract assets - current 6,467 7,740 Other current assets 155 191 Prepaid expenses and other current assets $ 8,701 $ 9,847
Schedule of noncurrent investments	Investments- noncurrent were as follows (in thousands): March 31, 2024 December 31, 2023 U.S. treasury securities $ 11,872 $ 13,653 Marketable debt securities 29,086 19,697 Investments- noncurrent $ 40,958 $ 33,350
Schedule of other current liabilities	Other current liabilities were as follows (in thousands): March 31, 2024 December 31, 2023 Derivative instruments $ 4,412 $ 7,930 Income taxes payable 7,791 1,730 Dividends payable 1,502 1,489 Other current liabilities 881 751 Total other current liabilities $ 14,586 $ 11,900

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2024
STOCK-BASED COMPENSATION
Summary of equity incentive program	A summary of our equity incentive program as of March 31, 2024 is as follows (in thousands): Common stock shares available for grant 3,813 RSUs outstanding 1,250 RSAs outstanding — PSUs outstanding 400
Summary of restricted stock units activities	The following summarizes RSU activities for the three months ended March 31, 2024 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, 2023 1,128 $ 6.57 1.05 $ 7,964 Granted 256 6.83 Released (134 ) 6.14 Forfeited — — Outstanding at March 31, 2024 1,250 $ 6.47 1.05 $ 9,348
Summary of restricted stock awards activities	The following summarizes RSA activities for the three months ended March 31, 2024 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, 2023 75 $ 8.31 0.24 Granted — — Released (75 ) 8.31 Forfeited — — Outstanding at March 31, 2024 — $ — —
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The following summarizes PSU activities for the three months ended March 31, 2024 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, 2023 400 $ 3.63 0.00 Granted — — Released — — Forfeited — — Outstanding at March 31, 2024 400 $ 3.63 0.00
Summary of stock-based compensation expenses	Three Months Ended March 31, 2024 2023 Stock options $ (2 ) $ (56 ) RSUs, RSAs and PSUs 1,079 1,002 Total $ 1,077 $ 946 Sales and marketing $ 148 $ (99 ) Research and development 1 (74 ) General and administrative 928 1,119 Total $ 1,077 $ 946

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2024
INCOME TAXES
Schedule of income tax provisions	Provision for income taxes the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Income before provision for income taxes $ 24,720 $ 9,785 Provision for income taxes 6,065 1,507 Effective tax rate 24.5 % 15.4 %

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Mar. 31, 2024
NET INCOME (LOSS) PER SHARE
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, 2024 2023 Denominator: Weighted-average shares outstanding, basic 31,028 32,603 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 378 482 Weighted average shares outstanding, diluted 31,406 33,085

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2024
LEASES
Summary of ROU assets and lease liabilities	Below is a summary of our ROU assets and lease liabilities (in thousands): Balance Sheets Classification March 31, 2024 December 31, 2023 Assets Right-of-use assets Other assets $ — $ 36 Liabilities Operating lease liabilities - current Other current liabilities — 39 Operating lease liabilities - long-term Other long-term liabilities — — Total lease liabilities $ — $ 39
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, 2024 2023 Three Months Ended March 31, 2024 2023 Cash paid within operating cash flow $ 39 $ 282 Weighted average lease terms (in years) 0.00 0.69 Weighted average discount rates N/A N/A
Schedule of supplemental information related to operating leases and expenses	Three Months Ended March 31, 2024 2023 Operating lease cost $ 39 $ 318 Variable lease payments 1 128 Sublease income — (257 ) Total lease cost $ 40 $ 189

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Mar. 31, 2024 SEGMENT
SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments	1
Number of reportable segments	1

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 43,847	$ 7,074
Total royalty and license revenue
Disaggregation of Revenue [Line Items]
Total revenues	43,847	7,009
Fixed fee license revenue
Disaggregation of Revenue [Line Items]
Total revenues	38,728	1,214
Per-unit royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,119	5,795
Development, services, and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 65

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 27, 2024	Feb. 09, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue - current	$ 12,314				$ 4,239
Capitalized contract costs, Net	300
Royalty revenue, adjustment	0	$ 400
Contract assets - current	6,467				7,740
Contract assets - long-term					$ 100
Increase (decrease) in contract with customer, asset	1,400
Nintendo Co., Ltd, (“Nintendo”) \| Patent License Agreement
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue - current	$ 8,500		$ 8,500
Fixed fee license revenue \| Meta Platforms, Inc. (formerly known as Facebook, Inc.) (“Meta”) \| Patent License and Settlement Agreement
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount				$ 600

REVENUE RECOGNITION - Performan

REVENUE RECOGNITION - Performance Obligation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Number	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 1.2
Deferred revenue		$ 12.6
Number of performance obligations \| Number	2
Performance Obligation B
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 20.5
Performance Obligation B \| One to three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	17.2
Performance Obligation B \| More than three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 3.3

INVESTMENTS AND FAIR VALUE ME_3

INVESTMENTS AND FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, total aggregated loss	$ 0.3	$ 0.2
Debt securities, available-for-sale, credit-related impairment loss	0	0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of available-for-sale debt securities in unrealized loss position, Total	8.8	7.1
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair value of available-for-sale debt securities in unrealized loss position, Total	$ 0	$ 2.7

INVESTMENTS AND FAIR VALUE ME_4

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	$ 126,466	$ 132,312
Unrealized Gains	6,894	9,675
Unrealized Losses	(4,392)	(4,346)
Fair Value	128,968	137,641
Marketable Equity Securities \| Equity securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	52,576	59,228
Unrealized Gains	5,189	7,896
Unrealized Losses	(4,094)	(4,146)
Fair Value	53,671	62,978
Marketable Debt Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	73,890	73,084
Unrealized Gains	1,705	1,779
Unrealized Losses	(298)	(200)
Fair Value	75,297	74,663
Marketable Debt Securities \| U.S. treasury securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	45,480	53,662
Unrealized Gains	732	1,307
Unrealized Losses	0	(3)
Fair Value	46,212	54,966
Marketable Debt Securities \| Corporate bonds
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	28,410	19,422
Unrealized Gains	973	472
Unrealized Losses	(298)	(197)
Fair Value	$ 29,085	$ 19,697

INVESTMENTS AND FAIR VALUE ME_5

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST AND FAIR VALUE BY MATURITY (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Amortized Cost
Less than 1 year	$ 33,622
1 to 5 years	40,268
Total	73,890
Fair Value
Less than 1 year	34,340
1 to 5 years	40,957
Debt securities, fair value	$ 75,297

INVESTMENTS AND FAIR VALUE ME_6

INVESTMENTS AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Total financial liability, cost	$ 8,097	$ 8,797
Unrealized Losses	(3,685)	(867)
Total liabilities at fair value	$ 4,412	$ 7,930
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Exchange Traded Options [Member]
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Cost	$ 8,097	$ 8,797
Unrealized Losses	(3,685)	(867)
Derivative instruments	$ 4,412	$ 7,930

INVESTMENTS AND FAIR VALUE ME_7

INVESTMENTS AND FAIR VALUE MEASUREMENTS - REALIZED AND UNREALIZED GAINS AND LOSSES EQUITY AND DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Net unrealized gains (losses) recognized on marketable equity securities	$ (2,655)	$ 2,014
Net realized gains (losses) recognized on marketable equity securities	5,479	1,669
Net unrealized gains (losses) recognized on derivative instruments	2,818	(102)
Net realized gains recognized on derivative instruments	(218)	717
Net realized gains recognized on marketable debt securities	(135)	0
Total net gains (losses) recognized in interest and other income (loss), net	$ 5,289	$ 4,298

INVESTMENTS AND FAIR VALUE ME_8

INVESTMENTS AND FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liabilities, Fair Value Disclosure [Abstract]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative instruments	$ 4,412	$ 7,930
Fair value, measurements, recurring
Assets, Fair Value Disclosure [Abstract]
U.S. treasury securities	46,212	54,966
Equity securities	53,671	62,977
Corporate bonds	29,086	19,697
Total assets at fair value	128,969	137,640
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	4,412	7,930
Total liabilities at fair value	4,412	7,930
Fair value, measurements, recurring \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
U.S. treasury securities	46,212	54,966
Equity securities	53,671	62,977
Corporate bonds	0	0
Total assets at fair value	99,883	117,943
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]
U.S. treasury securities	0	0
Equity securities	0	0
Corporate bonds	29,086	19,697
Total assets at fair value	29,086	19,697
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	4,412	7,930
Total liabilities at fair value	4,412	7,930
Fair value, measurements, recurring \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
U.S. treasury securities	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

BALANCE SHEET DETAILS - Cash an

BALANCE SHEET DETAILS - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash	$ 13,927	$ 14,840
Money market funds	77,170	41,231
Cash and cash equivalents	$ 91,097	$ 56,071

BALANCE SHEET DETAILS - Current

BALANCE SHEET DETAILS - Current Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BALANCE SHEET DETAILS
Marketable securities	$ 53,670	$ 62,978
U.S. treasury securities	34,340	41,313
Short-term investments	$ 88,010	$ 104,291

BALANCE SHEET DETAILS - Account

BALANCE SHEET DETAILS - Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade accounts receivables, net	$ 1,411	$ 1,743
Other receivables	4,617	498
Accounts and other receivables	$ 6,028	$ 2,241

BALANCE SHEET DETAILS - Prepaid

BALANCE SHEET DETAILS - Prepaid Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BALANCE SHEET DETAILS
Prepaid expenses	$ 2,079	$ 1,916
Contract assets - current	6,467	7,740
Other current assets	155	191
Prepaid expenses and other current assets	$ 8,701	$ 9,847

BALANCE SHEET DETAILS - Noncurr

BALANCE SHEET DETAILS - Noncurrent Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
BALANCE SHEET DETAILS
U.S. treasury securities	$ 11,872	$ 13,653
Marketable debt securities	29,086	19,697
Investments- noncurrent	$ 40,958	$ 33,350

BALANCE SHEET DETAILS - Other A

BALANCE SHEET DETAILS - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Net [Abstract]
Contract assets - long-term		$ 100
Lease right-of-use assets	$ 0	36
Total other assets	$ 1	$ 146

BALANCE SHEET DETAILS - Other C

BALANCE SHEET DETAILS - Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Derivative instruments	$ 4,412	$ 7,930
Income taxes payable	7,791	1,730
Dividends payable	1,502	1,489
Other current liabilities	881	751
Total other current liabilities	$ 14,586	$ 11,900

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Millions						3 Months Ended
CONTINGENCIES (Details) $ in Millions	Feb. 09, 2024 USD ($)	Jun. 02, 2023 KRW (₩)	Jun. 02, 2023 USD ($)	Apr. 08, 2020 KRW (₩)	Apr. 08, 2020 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($)
LGE
Loss Contingencies [Line Items]
Loss contingency, accrued withholding taxes, interest and penalties							$ 0.3
Withholding taxes on royalty payments \| LGE \| Pending Litigation \| Korean tax authority [Member]
Loss Contingencies [Line Items]
Impairment of long-term deposits						$ 0.8
Long-term deposits		₩ 3,024,877,044	$ 2.3	₩ 5,916,845,454	$ 5
Meta Platforms, Inc. (formerly known as Facebook, Inc.) (“Meta”) \| Patent infringement \| Pending Litigation
Loss Contingencies [Line Items]
Loss Contingency, Settlement Agreement, Date	Feb. 09, 2024
Litigation Settlement, Amount Awarded from Other Party	$ 17.3

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions			3 Months Ended
	Mar. 30, 2023 shares	Jan. 18, 2022 shares	Mar. 31, 2024 USD ($)
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 \| $			$ 4.6
Unrecognized compensation cost, recognized over an estimated weighted-average period			1 year 9 months 14 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period		4 years
Employee Stock Option \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	8,146,607	3,525,119
Increase in number of common shares reserved for issuance (in shares)	855,351	855,351
Employee Stock Option \| 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

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Equity Incentive Program (Details)1 - shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for grant (in shares)	3,813
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	1,250	1,128
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	0	75
PSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	400

STOCK-BASED COMPENSATION - Su_2

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, 2024	Dec. 31, 2023
RSUs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	1,128
Granted (in shares)	256
Released (in shares)	(134)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	1,250	1,128
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 6.57
Granted (in dollars per share)	6.83
Released (in dollars per share)	6.14
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 6.47	$ 6.57
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year 18 days	1 year 18 days
Aggregate intrinsic value, outstanding	$ 9,348	$ 7,964
RSAs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	75
Granted (in shares)	0
Released (in shares)	(75)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	0	75
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 8.31
Granted (in dollars per share)	0
Released (in dollars per share)	8.31
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 0	$ 8.31
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	0 years	2 months 26 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, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning outstanding balance (in shares)	400
Granted (in shares)	0
Released (in shares)	0
Forfeited (in shares)	0
Ending outstanding balance (in shares)	400	400
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 3.63
Granted (in dollars per share)	0
Released (in dollars per share)	0
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 3.63	$ 3.63
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	0 years	0 years

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 1,077	$ 946
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	148	(99)
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	1	(74)
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	928	1,119
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(2)	(56)
RSUs, RSAs and PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 1,079	$ 1,002

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		12 Months Ended
	May 08, 2024	Feb. 28, 2024	Nov. 13, 2023	Feb. 21, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 29, 2022
Class of Stock [Line Items]
Dividends paid (in dollars per share)				$ 0.03
Dividends paid					$ 1.4	$ 4.4
Dividends payable (in dollars per share)	$ 0.045	$ 0.045	$ 0.045
Dividends payable, Date to be Paid	Jul. 26, 2024	Apr. 19, 2024	Jan. 25, 2024	Apr. 28, 2023
Dividends payable, Date of record	Jul. 08, 2024	Apr. 12, 2024	Jan. 14, 2024	Apr. 13, 2023
Common Stock \| Stock Repurchase Program \| Maximum
Class of Stock [Line Items]
Stock repurchase program, authorized amount								$ 50
Common Stock \| December 2022 Stock Repurchase Program
Class of Stock [Line Items]
Repurchased shares, average purchase price (in dollars per share)							$ 6.77
Repurchase of stock (in shares)							1,217,774
Repurchased shares, value							$ 8.3
Stock repurchase program, remaining authorized repurchase amount							$ 41.7

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Provisions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Income before provision for income taxes	$ 24,720	$ 9,785
Provision for income taxes	$ 6,065	$ 1,507
Effective tax rate	24.50%	15.40%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail)	Mar. 31, 2024 USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 4,900,000
Unrecognized tax benefits, interest on income taxes accrued	200,000
Amount of unrecognized tax benefits that would affect effective tax rate, if recognized	4,900,000
Deferred Tax Assets, Net	3,300,000
Deferred Tax Liabilities, Gross	$ 6,000

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 shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET INCOME (LOSS) PER SHARE
Weighted-average shares outstanding, basic	31,028	32,603
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs	378	482
Weighted average shares outstanding, diluted	31,406	33,085

NET INCOME (LOSS) PER SHARE - O

NET INCOME (LOSS) PER SHARE - Outstanding Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	0	140,000
Restricted Stock And Restricted Stock Units And Performance Stock Units Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)		2,000

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	Apr. 04, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2022 ft²
Lessee, Lease, Description [Line Items]
Initial term of lease		12 months
Operating lease liabilities		$ 0	$ 39
Right-of-use assets		0	$ 36
Future lease obligation		$ 0
Aventura Florida Facility
Lessee, Lease, Description [Line Items]
Area (in square feet) \| ft²				1,390
Aventura Florida Facility \| Subsequent Event
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 100
Estimated incremental borrowing rate	4.72%
Right-of-use assets	$ 100

LEASES - Summary of Right of Us

LEASES - Summary of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Right-of-use assets	$ 0	$ 36
Liabilities
Operating lease liabilities - current	0	39
Operating lease liabilities - long-term	0	0
Total lease liabilities	$ 0	$ 39
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, 2024	Mar. 31, 2023
LEASES
Cash paid within operating cash flow	$ 39	$ 282
Weighted average lease terms (in years)	0 years	8 months 8 days

LEASES - Schedule of Net Operat

LEASES - Schedule of Net Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LEASES
Operating lease cost	$ 39	$ 318
Variable lease payments	1	128
Sublease income	0	(257)
Total lease cost	$ 40	$ 189

LEASES - Schedule of Minimum Fu

LEASES - Schedule of Minimum Future Lease Payment Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Total lease payments	$ 0

SUBSEQUENT EVENT - Narrative (D

SUBSEQUENT EVENT - Narrative (Details) - Subsequent Event - Securities Purchase and Debt Conversion Agreement - Toro 18 Holdings LLC - Barnes & Noble Education, Inc. $ / shares in Units, $ in Millions	Apr. 16, 2024 USD ($) $ / shares shares
Backstop Commitment
SUBSEQUENT EVENTS
Unsubscribed Rights, authorized amount to be purchased	$ 35
Consideration payable, autorized amount	$ 2.5
Rights Offering
SUBSEQUENT EVENTS
Number of common shares authorized to be purchased to existing stock holders upon non-transferable subscription rights \| shares	900,000,000
Subscription Price, per share \| $ / shares	$ 0.05
Private Placement [Member]
SUBSEQUENT EVENTS
Number of common shares authorized to be purchased \| shares	900,000,000
Reimbursement expenses receivable, autorized amount	$ 2.5