Immersion (IMMR) 10-QT8 Nov 242024 Q1 Quarterly report for transitional periodFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	4 Months Ended
Document and Entity Information - shares	Apr. 30, 2024	Nov. 01, 2024
Entity Information [Line Items]
Document Type	10-QT
Document Quarterly Report	false
Document Fiscal Year Focus	2024
Document Period Start Date	Jan. 01, 2024
Document Period End Date	Apr. 30, 2024
Current Fiscal Year End Date	--04-30
Document Transition Report	true
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		32,275,705
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	Apr. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 85,521	$ 56,071
Investments - current	92,848	104,291
Accounts and other receivables, net	3,138	2,241
Prepaid expenses and other current assets	9,101	9,847
Total current assets	190,608	172,450
Property and equipment, net	164	211
Investments - noncurrent	46,545	33,350
Long-term deposits	6,324	6,231
Deferred tax assets	2,793	3,343
Other assets	87	146
Total assets	246,521	215,731
Current liabilities:
Accounts payable	55	47
Accrued compensation	4,003	3,127
Deferred revenue - current	12,494	4,239
Other current liabilities	13,654	11,900
Total current liabilities	30,206	19,313
Deferred revenue - noncurrent	7,978	8,390
Other long-term liabilities	7,107	4,926
Total liabilities	45,291	32,629
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock – $0.001 par value; 100,000,000 shares authorized; 48,047,329 and 47,636,273 shares issued, respectively; 31,854,837 and 31,528,977 shares outstanding, respectively	48	48
Additional paid-in capital	322,786	322,134
Accumulated other comprehensive income	2,019	1,702
Accumulated deficit	(18,263)	(36,040)
Treasury stock at cost: 16,192,492 and 16,107,296 shares, respectively)	(105,360)	(104,742)
Total stockholders’ equity	201,230	183,102
Total liabilities and stockholders’ equity	$ 246,521	$ 215,731

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Apr. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	48,047,329	47,636,273
Common stock, shares outstanding (in shares)	31,854,837	31,528,977
Treasury stock, common (in shares)	16,192,492	16,107,296

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
Revenues:
Total revenues	$ 7,074	$ 45,782
Operating expenses:
Sales and marketing	96	1,713
Research and development	130	46
General and administrative	3,589	27,990
Total operating expenses	3,815	29,749
Operating income	3,259	16,033
Interest and other income, net	6,526	8,543
Income before provision for income taxes	9,785	24,576
Provision for income taxes	(1,507)	(6,799)
Net income	$ 8,278	$ 17,777
Basic net income per share (in dollars per share)	$ 0.25	$ 0.56
Shares used in calculating basic net income per share (in shares)	32,603	31,729
Diluted net income per share (in dollars per share)	$ 0.25	$ 0.55
Shares used in calculating diluted net income per share (in shares)	33,085	32,108
Other comprehensive income, net of tax
Change in unrealized gains on available-for-sale securities	$ 375	$ 317
Total comprehensive income	8,653	18,094
Royalty and license
Revenues:
Total revenues	7,009	45,782
Development, services, and other
Revenues:
Total revenues	$ 65	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Earnings (Deficit)	Treasury Stock
Beginning balance at Dec. 31, 2022	$ 157,700	$ 47	$ 322,667	$ 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
Dividends declared	(1,204)		(1,204)
Stock-based compensation	946		946
Ending balance at Mar. 31, 2023	165,729	$ 47	322,800	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	$ 48	322,134	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	17,777				17,777
Unrealized gain on available-for-sale securities, net of taxes	317			317
Release of restricted stock units and awards, net of shares withheld (in shares)		330,379				85,196
Release of restricted stock units and awards, net of shares withheld	(618)					$ (618)
Shares issued to an employee in lieu of cash compensation (in shares)		80,677
Shares issued to an employee in lieu of cash compensation	554		554
Dividends declared	(1,502)		(1,502)
Stock-based compensation	1,600		1,600
Ending balance at Apr. 30, 2024	$ 201,230	$ 48	$ 322,786	$ 2,019	$ (18,263)	$ (105,360)
Ending balance (in shares) at Apr. 30, 2024		48,047,329				16,192,492

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
Operating activities:
Net income	$ 8,278	$ 17,777
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	172	62
Stock-based compensation	946	1,600
Deferred income taxes	0	2,690
Net gains on investment in marketable securities	(3,683)	(3,217)
Net gain on derivative instruments	(615)	(2,096)
Shares issued to an employee in lieu of cash compensation	385	554
Other noncash	(26)	(65)
Changes in operating assets and liabilities:
Accounts and other receivables	(501)	(761)
Prepaid expenses and other current assets	383	748
Long-term deposits	18	(206)
Other assets	113	110
Accounts payable	(68)	3
Accrued compensation	(1,259)	877
Other current liabilities	602	5,684
Deferred revenue	(1,189)	7,843
Other long-term liabilities	(33)	0
Net cash provided by operating activities	3,523	31,603
Investing activities:
Purchases of marketable securities and other investments	(54,954)	(58,848)
Proceeds from sale or maturities of marketable securities and other investments	30,771	60,698
Proceeds from sale of derivative instruments	5,844	4,377
Payments for settlement of derivative instruments	(1,369)	(4,771)
Net cash provided by (used in) investing activities	(19,708)	1,456
Financing activities:
Dividend payments to stockholders	(4,400)	(2,992)
Shares withheld to cover payroll taxes	(757)	(617)
Other financing activities	6	0
Net cash used in financing activities	(5,151)	(3,609)
Net increase (decrease) in cash and cash equivalents	(21,336)	29,450
Cash and cash equivalents:
Beginning of period	48,820	56,071
End of period	27,484	85,521
Supplemental disclosure of cash flow information:
Cash paid for income taxes	19	232
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	$ 89

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	4 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Apr. 30, 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 On June 10, 2024, we acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (“Barnes & Noble Education”), refer to Note 11 52 53 Barnes & Noble Education is a contract operator of physical and virtual bookstores for college and university campuses and K- 12 Change in Reporting Period In order to more closely align with Barnes and Noble Education’s fiscal year end, on September 27, 2024, the Board of Directors of Immersion (the “Board January 1, 2024 April 30, 2024 April 30, 2023 March 31, 2023 Subsequent to this report, our fiscal year will begin on May 1 and end on April 30. Our new fiscal quarters end on July 31, October 31, January 31 and April 30. Therefore, the financial results of certain fiscal quarters may not be comparable to prior fiscal quarters. 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 ( “ U.S. GAAP ” ) for interim financial information and with the instructions for Form 10-Q and the applicable articles of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all information and footnotes necessary for a complete presentation of the financial position, results of operations, and cash flows, in conformity with U.S. GAAP and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 . In the opinion of management, all adjustments consisting of only normal and recurring items necessary for the fair presentation of the financial position and results of operations for the interim periods presented have been included. Certain prior year amounts have been reclassified to conform with the current year presentation. 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 four months ended April 30, 2024 year. Segment Information We 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 entertainment 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 on a consolidated basis using information about our revenue and operating loss. We had one Recent Accounting Pronouncements Not Yet Adopted In December 2023 2023 09 Income Taxes (Topic 740 In November 2023, the FASB issued ASU 2023 07 (Topic 280 to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for us for the annual report for the fiscal year ending April 30, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	4 Months Ended
REVENUE RECOGNITION	Apr. 30, 2024
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION Disaggregated Revenue The following table presents the disaggregation of our revenue for the four April 30, 2024 and three months ended March 31, 2023 Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Fixed fee license revenue $ 39,131 $ 1,214 Per-unit royalty revenue 6,651 5,795 Total royalty and license revenue 45,782 7,009 Development, services, and other revenue — 65 Total revenues $ 45,782 $ 7,074 As a result of accruing per-unit royalty revenue for the reporting period based on estimates, adjustments may be required in the following quarter to true up revenue to the actual amounts reported by our licensees. In the four months ended April 30, 2024 we recorded . In the three months ended March 31, 2023 In February 2024, we entered into a new license agreement to settle a material litigation to protect our IP. We accounted for this agreement in accordance with provisions of Accounting Standard Codification 606 tomers , 606 Deferred revenue-current Condensed Consolidated Balance Sheet April 30, 2024 Contract Assets As of April 30, 2024 , we had contract assets of $6.6 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 Prepaid expenses and other current assets , and $0.1 Other assets Condensed Consolidated Balance Sheets . Contract assets decreased by $1.2 January 1, 2024 to April 30, 2024 , primarily due to actual royalties billed during the four months ended April 30, 2024 Based on contracts signed and payments received as of April 30, 2024 , we expect to recognize $ one three three Deferred Revenue The following table presents changes in deferred revenue associated with contract liabilities (in thousands): April 30, 2024 Deferred revenue at December 31, 2023 $ 12,629 Additions to deferred revenue during the period 9,437 Reductions to deferred revenue for revenue recognized during the period (1,594 ) Deferred revenue balance at April 30, 2024 $ 20,472 As of December 31, 2023 was $12.6 April 30, 2024 We recognized $ 1.2 three months ended March 31, 2023

INVESTMENTS AND FAIR VALUE MEAS

INVESTMENTS AND FAIR VALUE MEASUREMENTS	4 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS	Apr. 30, 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. Investments - current were as follows (in thousands): April 30, 2024 December 31, 2023 Marketable equity securities $ 50,496 $ 62,978 U.S. treasury securities 42,352 41,313 Investments - current $ 92,848 $ 104,291 Investments - noncurrent were as follows (in thousands): April 30, 2024 December 31, 2023 U.S. treasury securities $ 19,747 $ 13,653 Corporate bonds 26,798 19,697 Investments - noncurrent $ 46,545 $ 33,350 Marketable securities as of April 30, 2024 December 31, 2023 April 30, 2024 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 50,645 $ 5,656 $ (5,805 ) $ 50,496 Marketable debt securities U.S. treasury securities 61,306 825 (32 ) 62,099 Corporate bonds 25,695 1,151 (48 ) 26,798 Total marketable debt securities 87,001 1,976 (80 ) 88,897 $ 137,646 $ 7,632 $ (5,885 ) $ 139,393 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 a April 30, 2024 (in thousands) are as follows: April 30, 2024 Amortized Cost Fair Value Less than 1 $ 41,522 $ 42,352 1 5 45,479 46,545 Total $ 87,001 $ 88,897 As of April 30, 2024 million , with an aggregated loss of less than $0.1 million . As of April 30, 2024 million , with an aggregated loss of less than $0.1 million . As of December 31, 2023 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 credit-related impairment loss as of April 30, 2024 December 31, 2023 Derivative Financial Instruments Our derivative instruments consisted of call and put options valued 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 April 30, 2024 and December 31, 2023 (in thousands): April 30, 2024 Cost Unrealized Losses Fair Value Derivative instruments $ 7,935 $ (2,495 ) $ 5,440 $ 7,935 $ (2,495 ) $ 5,440 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 and realized losses from our marketable debt securities are as follows (in thousands): Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Net unrealized gains (losses) recognized on marketable equity securities $ (3,899 ) $ 2,014 Net realized gains recognized on marketable equity securities 6,778 1,669 Net unrealized gains (losses) recognized on derivative instruments 468 (102 ) Net realized gains recognized on derivative instruments 1,627 717 Net realized gains recognized on marketable debt securities 338 — Total net gains recognized in interest and other income, net $ 5,312 $ 4,298 Fair Value Measurements Our financial instruments include cash and cash equivalents, receivables, accounts payable and accrued liabilities. The fair value of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1 Our financial instruments measured at fair value on a recurring basis consisted of equity securities, corporate b onds, U.S. treasury securities and derivatives. U.S. treasury securities and equity securities are classified within Level 1 that are observable or can be corroborated by observable market data are generally classified within Level 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 April 30, 2024 , and December 31, 2023 . Financial instruments measured at fair value on a recurring basis as of April 30, 2024 December 31, 2023 are classified based on the valuation technique in the table below (in thousands): April 30, 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 $ — $ 62,099 $ — $ 62,099 Equity securities 50,496 — — 50,496 Corporate bonds 8,220 18,578 — 26,798 Total assets at fair value $ 58,716 $ 80,677 $ — $ 139,393 Liabilities Derivative instruments $ — $ 5,440 $ — $ 5,440 Total liabilities at fair value $ — $ 5,440 $ — $ 5,440 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	4 Months Ended
BALANCE SHEET DETAILS	Apr. 30, 2024
BALANCE SHEET DETAILS
BALANCE SHEET DETAILS	4. BALANCE SHEETS DETAILS Cash and Cash Equivalents Cash and cash equivalents were as follows (in thousands): April 30, 2024 December 31, 2023 Cash $ 12,497 $ 14,840 Money market funds 73,024 41,231 Cash and cash equivalents $ 85,521 $ 56,071 Accounts and Other Receivables, net Accounts and other receivables were as follows (in thousands): April 30, 2024 December 31, 2023 Trade accounts receivables, net $ 2,210 $ 1,743 Other receivables 928 498 Accounts and other receivables, net $ 3,138 $ 2,241 Allowance for credit losses as of April 30, 2024 December 31, 2023 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows (in thousands): April 30, 2024 December 31, 2023 Prepaid expenses $ 2,308 $ 1,916 Contract assets - current 6,631 7,740 Other current assets 162 191 Prepaid expenses and other current assets $ 9,101 $ 9,847 Other Current Liabilities Other current liabilities were as follows (in thousands): April 30, 2024 December 31, 2023 Derivative instruments $ 5,440 $ 7,930 Income taxes payable 5,835 1,730 Dividends payable — 1,489 Other current liabilities 2,379 751 Other current liabilities $ 13,654 $ 11,900

CONTINGENCIES

CONTINGENCIES	4 Months Ended
CONTINGENCIES	Apr. 30, 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 2017 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. O n July 23, 2024, the Korea Tax Tribunal rendered a decision against LGE, and deadline for the court appeal of the local income claim is October 21, 2024. In addition, the Korea Administrative Court scheduled a hearing date of August 29, 2024, which was cancelled and will be rescheduled at a later date. On October 18, 2024, the Company filed a complaint and a brief with the Korea Administrative Court for the local income tax appeal. April 30, 2024 , we have accrued $ 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 On February 9, 2024 Meta 17.3 inter partes reviews (“IPRs”) 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 incorporated herein by reference as Exhibit 10.1 to this Transition Report on Form 10-QT. Immersion Corporation vs. Xiaomi Group On or about March 3, 2023, the Company initiated patent infringement lawsuits against several companies of the Xiaomi-Group in Germany, France and India (the “Xiaomi Litigation”). Immersion filed complaints against Xiaomi-Group companies and their agents in the Düsseldorf Regional Court in Germany, the Tribunal judiciaire de Paris (Paris First Instance Civil Court) in France, and the High Court of Delhi, at New Delhi, in India. The complaints alleged that the Xiaomi-Group’s devices, including the Xiaomi 12 On June 12, 2024, the Company entered into a Patent License Agreement (the “Xiaomi License Agreement”) with the Xiaomi Group, pursuant to which the parties have agreed to terms for resolving the Xiaomi Litigation and the Xiaomi Group will license, on a non-exclusive basis, the Company’s patent portfolio for use in its products. The Xiamoi Litigation was dismissed in October 2024 Immersion Corporation vs. Valve Corporation ( “Valve ”) On May 15, 2023, the Company 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: • U.S. Patent No. 7,336,260 • U.S. Patent No. 8,749,507 • U.S. Patent No. 9,430,042 • U.S. Patent No. 9,116,546 • U.S. Patent No. 10,627,907 • U.S. Patent No. 10,665,067 • U.S. Patent No. 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 not include a trial date but set the pretrial conference for May 30, 2025. Valve filed IPRs, IPR2024-00477 and IPR2024-00478 on January 19, 2024. These petitions are directed to U.S. Patent Nos. 7,336,260 and 9,430,042 respectively. The Company filed its patent owner preliminary responses to these petitions on April 26, 2024, and April 29, 2024, respectively. The Patent Trial and Appeal Board issued a decision, granting institution of these petitions on July 24, 2024, and July 25, 2024, respectively. The Company’s patent owner responses to these petitions were filed on October 15, 2024, and October 17, 2024, respectively. Valve filed IPR2024-00508 on January 30, 2024, which is directed to U.S. Patent No. 9,116,546. The Company elected not to file a patent owner preliminary response to this petition. The Patent Trial and Appeal Board issued a decision, granting institution of this petition on August 6, 2024. The Company elected not to file patent owner response to the petition. Valve filed IPR2024-00556 on February 7, 2024, which is directed to U.S. Patent No. 8,749,507. The Company filed its patent owner preliminary response to this petition on May 15, 2024. The Patent Trial and Appeal Board issued a decision, granting institution on August 6, 2024. The Company elected not to file a patent owner response to the petition . Valve filed IPR2024-00557 on February 7, 2024, which is directed to U.S. Patent No. 10,665,067. The Company filed its patent owner preliminary response to this petition on May 15, 2024. The Patent Trial and Appeal Board issued a decision, granting institution on August 13, 2024. The Company’s patent owner response to the petition was filed November 5, 2024. Valve filed IPR2024-00582 on February 16, 2024, which is directed to U.S. Patent No. 11,175,738. The Company filed its patent owner preliminary response to this petition on June 27, 2024. The Patent Trial and Appeal Board issued a decision on granting institution on September 25, 2024. The Company’s patent owner response to the petition is due December 16, 2024. Valve filed IPR2024-00714 on March 22, 2024, which is directed to U.S. Patent No. 10,627,907. The Company filed its preliminary patent owner preliminary response to this petition on July 30, 2024. The Patent Trial and Appeal Board issued a decision, granting institution on August 28, 2024. The Company’s patent owner response to the petition is due January 21, 2025. 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	4 Months Ended
STOCK-BASED COMPENSATION	Apr. 30, 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 April 30, 2024 is as follows (in thousands): Common stock shares available for grant 3,662 RSUs outstanding 1,129 RSAs outstanding 86 PSUs outstanding 400 As of April 30, 2024 Restricted Stock Units The following summarizes RSU activities for the four months ended April 30, 2024 Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 1,128 $ 6.57 1.05 $ 7,964 Granted 256 6.83 Released (255 ) 6.04 Forfeited — — Outstanding at April 30, 2024 1,129 $ 6.53 1.09 $ 8,207 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 four months ended April 30, 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 86 7.25 Released (75 ) 8.31 Forfeited — — Outstanding at April 30, 2024 86 $ 7.25 1.00 Market Condition-Based Performance Stock Units The following summarizes PSU activities for the four months ended April 30, 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 0.63 Granted — — Released — — Forfeited — — Outstanding at April 30, 2024 400 $ 3.63 0.42 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 four months ended April 30, 2024 three months ended March 31, 2023 Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Stock options $ (2 ) $ (56 ) RSUs, RSAs and PSUs 1,602 1,002 Total $ 1,600 $ 946 Sales and marketing $ 244 $ (99 ) Research and development 3 (74 ) General and administrative 1,353 1,119 Total $ 1,600 $ 946 As of April 30, 2024 ,

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	4 Months Ended
STOCKHOLDERS' EQUITY	Apr. 30, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	7 STOCKHOLDERS’ EQUITY Stock Repurchase Program On December 29, 2022, 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 , we repurchased 1,217,774 shares of our common stock for $ 8.3 million at average purchase price of $ 6.77 per share. four months ended April 30, 2024 April 30, 2024 41.7 Dividends Decl On February 21, 2023, the Board declared a 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 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 . 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 four months ended April 30, 2024 three months ended March 31, 2023

INCOME TAXES

INCOME TAXES	4 Months Ended
INCOME TAXES	Apr. 30, 2024
INCOME TAXES
INCOME TAXES	8 INCOME TAXES Provision for income taxes the four months ended April 30, 2024 three months ended March 31, 2023 Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Income before provision for income taxes $ 24,576 $ 9,785 Provision for income taxes 6,799 1,507 Effective tax rate 27.7 % 15.4 % Provision for income taxes for the four months ended April 30, 2024 three months ended March 31, 2023 primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate We provided no 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 April 30, 2024 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 April 30, 2024 2008

NET INCOME PER SHARE

NET INCOME PER SHARE	4 Months Ended
NET INCOME PER SHARE	Apr. 30, 2024
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	9. NET INCOME PER SHARE Basic net income 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 per share (in thousands): Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Denominator: Weighted-average shares outstanding, basic 31,729 32,603 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 379 482 Weighted average shares outstanding, diluted 32,108 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 four months ended April 30, 2024 outstanding 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. 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	4 Months Ended
LEASES	Apr. 30, 2024
LEASES
LEASES	10 LEASES We lease office space, which is accounted for as an operating lease in accordance with the provisions of ASC Topic 842 twelve April 30, 2024 March 31, 2023 Weighted average remaining lease terms (in years) 1.92 0.69 Weighted average discount rate 4.7 % N/A

SUBSEQUENT EVENT

SUBSEQUENT EVENT	4 Months Ended
SUBSEQUENT EVENT	Apr. 30, 2024
SUBSEQUENT EVENT
SUBSEQUENT EVENT	11 . SUBSEQUENT EVENTS Business Combination On June 10, 2024 (“Closing Date”), the Transactions (defined below) were consummated pursuant to the terms of the Purchase Agreement among Barnes & Noble Education Pursuant to the terms of the Purchase Agreement, Barnes & Noble Education conducted a rights offering (the “Rights Offering”), whereby Barnes & Noble Education distributed 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 9,000,000 new shares of BNED Common Stock (the “Offered Shares”) at a subscription price of $5.00 per share (the “Subscription Price”). On the Closing Date, Barnes & Noble Education issued the Offered Shares, which generated $45,000,000 in gross proceeds, including $10,033,507 of Offered Shares purchased by Toro 18 In addition to the Rights Offering, Immersion, through Investor, purchased from Barnes & Noble Education an aggregate of 9,000,000 new shares of BNED Common Stock at the Subscription Price for a purchase price of $45,000,000 (the “PIPE Transaction”, and together with the Rights Offering, the “Transactions”). As a result of the Transactions, Barnes & Noble Education received a total of $95 million in gross proceeds, of which $80.7 million was used to reduce its outstanding debt. In connection with the closing, Barnes & Noble Education appointed Eric Singer, William C. Martin, Emily S. Hoffman, and Elias Nader to serve as members of the board of directors of BNED (the “BNED Board”) following the Closing. Messrs. Singer, Martin and Nader and Ms. Hoffman are current members of the Company’s board of directors. As part of the Transactions, the Company The acquisition was accounted for as a business combination and the total purchase price was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date with the excess recorded as goodwill. The Company expects to continue to obtain information to assist in determining the fair value of the net assets acquired as of the Closing Date while the measurement period remains open, which will not exceed one The fair value of the noncontrolling interest of $203.7 million on the Closing Date was calculated using the acquisition-date fair value of $13.40 per share multiplied by the number of noncontrolling interest shares. The following table presents the preliminary purchase price allocation for the acquisition (in thousands): Pre liminary Amount Recognized as of the Assets acquired Cash and cash equivalents $ 14,736 Accounts receivable 113,743 Merchandise inventories 336,741 Textbook rental inventories 9,835 Prepaid expenses and other current assets (including $4.8 million in restricted cash) 26,969 Property and equipment 118,818 Operating lease right-of-use assets 155,664 Intangible assets 95,000 Other assets noncurrent (including $1.0 million in restricted cash) 11,634 Total assets acquired $ 883,140 Liabilities assumed Accounts payable $ 279,456 Accrued liabilities 51,123 Deferred revenue - current 7,651 Operating lease liabilities - current 80,263 Deferred tax liabilities - noncurrent 636 Operating lease liabilities - noncurrent 107,400 Deferred revenue - noncurrent 3,393 Other long-term liabilities 12,413 Long-term borrowings 101,235 Total liabilities assumed $ 643,570 Net assets acquired 239,570 Total consideration transferred $ 50,133 Less: Net assets acquired (239,570 ) Plus: Noncontrolling interest 203,657 Goodwill 14,220 Identifiable intangible assets acquired were comprised of the following (in thousands except for estimated useful life): Amount Estimated Life Trade name $ 45,000 Indefinite Customer relationships 50,000 13 years Total intangible assets $ 95,000 Trade name represent Barnes & Noble Education’s right to its trade name on a perpetual, royalty-free basis as it existed on the acquisition closing date. Customer relationships consist of distinct value associated with Barnes & Noble Education's large operating footprint with direct access to students and faculty across a diverse customer base. The Company used the assistance of a third-party firm to estimate the fair value of the intangible assets acquired. The Company used an income approach to estimate the fair values of the trade names and customer relationships. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The major assumptions used to estimate the values of identifiable intangible assets include management’s estimates of future revenue, adjusted for growth and attrition based on historical data and management's forward-looking expectations. These cash flows were discounted at a rate of 21%, which reflects the Company’s cost of equity. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. Goodwill generated from this acquisition is primarily attributed to the value of Barnes & Noble Education's The Company acquired a deferred tax asset of $0.7 million, recorded and a deferred tax liability of $1.3 million, recorded under Deferred tax liabilities, net – noncurrent, as part of this business combination, as shown in the accompanying consolidated balance sheet. The Company also engaged a third-party valuation firm to estimate the fair value of the property and equipment and inventory acquired. The fair value as of the Closing Date reflects a step-up in basis due to the highly depreciable nature of the property and equipment. No material fair value adjustments for inventory were identified, as there are minimal costs associated with procurement. Most of the net tangible assets were valued at their respective carrying amounts as of the acquisition date, as the Company believes that these amounts approximate their current fair values. The leases acquired were recorded at their respective fair values as of the acquisition date. The acquired entity’s results of operations were included in the Company's condensed consolidated financial statements from the date of acquisition, June 10, 2024, as adjusted for specific fair value adjustments discussed above. Dividends Declared On May 8, 2024, our Board declared a quarterly dividend in the amount of $0.045 per share, which was paid on July 26, 2024 . On August 12, 2024, our Board declared a quarterly dividend in the amount of $0.045

Insider Trading Arrangements

Insider Trading Arrangements	4 Months Ended
Insider Trading Arrangements	Apr. 30, 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)	4 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Apr. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
Description of Business	Description of Business Immersion Corporation (the “Company”, “Immersion”, “we” or “us”) was incorporated in 1993 1999 On June 10, 2024, we acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (“Barnes & Noble Education”), refer to Note 11 52 53 Barnes & Noble Education is a contract operator of physical and virtual bookstores for college and university campuses and K- 12
Change in Reporting Period	Change in Reporting Period In order to more closely align with Barnes and Noble Education’s fiscal year end, on September 27, 2024, the Board of Directors of Immersion (the “Board January 1, 2024 April 30, 2024 April 30, 2023 March 31, 2023 Subsequent to this report, our fiscal year will begin on May 1 and end on April 30. Our new fiscal quarters end on July 31, October 31, January 31 and April 30. Therefore, the financial results of certain fiscal quarters may not be comparable to prior fiscal quarters.
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 ( “ U.S. GAAP ” ) for interim financial information and with the instructions for Form 10-Q and the applicable articles of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all information and footnotes necessary for a complete presentation of the financial position, results of operations, and cash flows, in conformity with U.S. GAAP and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 . In the opinion of management, all adjustments consisting of only normal and recurring items necessary for the fair presentation of the financial position and results of operations for the interim periods presented have been included. Certain prior year amounts have been reclassified to conform with the current year presentation.
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 four months ended April 30, 2024 year.
Segment Information	Segment Information We 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 entertainment 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 on a consolidated basis using information about our revenue and operating loss. We had one
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023 2023 09 Income Taxes (Topic 740 In November 2023, the FASB issued ASU 2023 07 (Topic 280 to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for us for the annual report for the fiscal year ending April 30, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	4 Months Ended
REVENUE RECOGNITION (Tables)	Apr. 30, 2024
REVENUE RECOGNITION
Schedule of disaggregated revenue	The following table presents the disaggregation of our revenue for the four April 30, 2024 and three months ended March 31, 2023 Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Fixed fee license revenue $ 39,131 $ 1,214 Per-unit royalty revenue 6,651 5,795 Total royalty and license revenue 45,782 7,009 Development, services, and other revenue — 65 Total revenues $ 45,782 $ 7,074
Schedule of deferred revenue	The following table presents changes in deferred revenue associated with contract liabilities (in thousands): April 30, 2024 Deferred revenue at December 31, 2023 $ 12,629 Additions to deferred revenue during the period 9,437 Reductions to deferred revenue for revenue recognized during the period (1,594 ) Deferred revenue balance at April 30, 2024 $ 20,472

INVESTMENTS AND FAIR VALUE ME_2

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	4 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Apr. 30, 2024
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Schedule of current investments	Investments - current were as follows (in thousands): April 30, 2024 December 31, 2023 Marketable equity securities $ 50,496 $ 62,978 U.S. treasury securities 42,352 41,313 Investments - current $ 92,848 $ 104,291
Schedule of noncurrent investments	Investments - noncurrent were as follows (in thousands): April 30, 2024 December 31, 2023 U.S. treasury securities $ 19,747 $ 13,653 Corporate bonds 26,798 19,697 Investments - noncurrent $ 46,545 $ 33,350
Schedule of short-term investments	Marketable securities as of April 30, 2024 December 31, 2023 April 30, 2024 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Equity securities $ 50,645 $ 5,656 $ (5,805 ) $ 50,496 Marketable debt securities U.S. treasury securities 61,306 825 (32 ) 62,099 Corporate bonds 25,695 1,151 (48 ) 26,798 Total marketable debt securities 87,001 1,976 (80 ) 88,897 $ 137,646 $ 7,632 $ (5,885 ) $ 139,393 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 a April 30, 2024 (in thousands) are as follows: April 30, 2024 Amortized Cost Fair Value Less than 1 $ 41,522 $ 42,352 1 5 45,479 46,545 Total $ 87,001 $ 88,897
Derivatives Not Designated as Hedging Instruments	Our derivative instruments consisted of call and put options valued 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 April 30, 2024 and December 31, 2023 (in thousands): April 30, 2024 Cost Unrealized Losses Fair Value Derivative instruments $ 7,935 $ (2,495 ) $ 5,440 $ 7,935 $ (2,495 ) $ 5,440 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 and realized losses from our marketable debt securities are as follows (in thousands): Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Net unrealized gains (losses) recognized on marketable equity securities $ (3,899 ) $ 2,014 Net realized gains recognized on marketable equity securities 6,778 1,669 Net unrealized gains (losses) recognized on derivative instruments 468 (102 ) Net realized gains recognized on derivative instruments 1,627 717 Net realized gains recognized on marketable debt securities 338 — Total net gains recognized in interest and other income, net $ 5,312 $ 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 April 30, 2024 December 31, 2023 are classified based on the valuation technique in the table below (in thousands): April 30, 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 $ — $ 62,099 $ — $ 62,099 Equity securities 50,496 — — 50,496 Corporate bonds 8,220 18,578 — 26,798 Total assets at fair value $ 58,716 $ 80,677 $ — $ 139,393 Liabilities Derivative instruments $ — $ 5,440 $ — $ 5,440 Total liabilities at fair value $ — $ 5,440 $ — $ 5,440 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)	4 Months Ended
BALANCE SHEET DETAILS (Tables)	Apr. 30, 2024
BALANCE SHEET DETAILS
Schedule of cash and cash equivalents	Cash and cash equivalents were as follows (in thousands): April 30, 2024 December 31, 2023 Cash $ 12,497 $ 14,840 Money market funds 73,024 41,231 Cash and cash equivalents $ 85,521 $ 56,071
Schedule of accounts and other receivables	Accounts and other receivables were as follows (in thousands): April 30, 2024 December 31, 2023 Trade accounts receivables, net $ 2,210 $ 1,743 Other receivables 928 498 Accounts and other receivables, net $ 3,138 $ 2,241
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets were as follows (in thousands): April 30, 2024 December 31, 2023 Prepaid expenses $ 2,308 $ 1,916 Contract assets - current 6,631 7,740 Other current assets 162 191 Prepaid expenses and other current assets $ 9,101 $ 9,847
Schedule of other current liabilities	Other current liabilities were as follows (in thousands): April 30, 2024 December 31, 2023 Derivative instruments $ 5,440 $ 7,930 Income taxes payable 5,835 1,730 Dividends payable — 1,489 Other current liabilities 2,379 751 Other current liabilities $ 13,654 $ 11,900

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	4 Months Ended
STOCK-BASED COMPENSATION (Tables)	Apr. 30, 2024
STOCK-BASED COMPENSATION
Summary of equity incentive program	A summary of our equity incentive program as of April 30, 2024 is as follows (in thousands): Common stock shares available for grant 3,662 RSUs outstanding 1,129 RSAs outstanding 86 PSUs outstanding 400
Summary of restricted stock units activities	The following summarizes RSU activities for the four months ended April 30, 2024 Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 1,128 $ 6.57 1.05 $ 7,964 Granted 256 6.83 Released (255 ) 6.04 Forfeited — — Outstanding at April 30, 2024 1,129 $ 6.53 1.09 $ 8,207
Summary of restricted stock awards activities	The following summarizes RSA activities for the four months ended April 30, 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 86 7.25 Released (75 ) 8.31 Forfeited — — Outstanding at April 30, 2024 86 $ 7.25 1.00
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The following summarizes PSU activities for the four months ended April 30, 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 0.63 Granted — — Released — — Forfeited — — Outstanding at April 30, 2024 400 $ 3.63 0.42
Summary of stock-based compensation expenses	Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Stock options $ (2 ) $ (56 ) RSUs, RSAs and PSUs 1,602 1,002 Total $ 1,600 $ 946 Sales and marketing $ 244 $ (99 ) Research and development 3 (74 ) General and administrative 1,353 1,119 Total $ 1,600 $ 946

INCOME TAXES (Tables)

INCOME TAXES (Tables)	4 Months Ended
INCOME TAXES (Tables)	Apr. 30, 2024
INCOME TAXES
Schedule of income tax provisions	Provision for income taxes the four months ended April 30, 2024 three months ended March 31, 2023 Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Income before provision for income taxes $ 24,576 $ 9,785 Provision for income taxes 6,799 1,507 Effective tax rate 27.7 % 15.4 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	4 Months Ended
NET INCOME PER SHARE (Tables)	Apr. 30, 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 per share (in thousands): Four Months Ended April 30, 2024 Three Months Ended March 31, 2023 Denominator: Weighted-average shares outstanding, basic 31,729 32,603 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 379 482 Weighted average shares outstanding, diluted 32,108 33,085

LEASES (Tables)

LEASES (Tables)	4 Months Ended
LEASES (Tables)	Apr. 30, 2024
LEASES
Schedule of additional information related to operating leases	April 30, 2024 March 31, 2023 Weighted average remaining lease terms (in years) 1.92 0.69 Weighted average discount rate 4.7 % N/A

SUBSEQUENT EVENT (Tables)

SUBSEQUENT EVENT (Tables)	4 Months Ended
SUBSEQUENT EVENT (Tables)	Apr. 30, 2024
SUBSEQUENT EVENT
Schedule of purchase price allocation	The following table presents the preliminary purchase price allocation for the acquisition (in thousands): Pre liminary Amount Recognized as of the Assets acquired Cash and cash equivalents $ 14,736 Accounts receivable 113,743 Merchandise inventories 336,741 Textbook rental inventories 9,835 Prepaid expenses and other current assets (including $4.8 million in restricted cash) 26,969 Property and equipment 118,818 Operating lease right-of-use assets 155,664 Intangible assets 95,000 Other assets noncurrent (including $1.0 million in restricted cash) 11,634 Total assets acquired $ 883,140 Liabilities assumed Accounts payable $ 279,456 Accrued liabilities 51,123 Deferred revenue - current 7,651 Operating lease liabilities - current 80,263 Deferred tax liabilities - noncurrent 636 Operating lease liabilities - noncurrent 107,400 Deferred revenue - noncurrent 3,393 Other long-term liabilities 12,413 Long-term borrowings 101,235 Total liabilities assumed $ 643,570 Net assets acquired 239,570 Total consideration transferred $ 50,133 Less: Net assets acquired (239,570 ) Plus: Noncontrolling interest 203,657 Goodwill 14,220
Schedule of identifiable intangible assets acquired	Identifiable intangible assets acquired were comprised of the following (in thousands except for estimated useful life): Amount Estimated Life Trade name $ 45,000 Indefinite Customer relationships 50,000 13 years Total intangible assets $ 95,000

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	4 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Apr. 30, 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	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,074	$ 45,782
Total royalty and license revenue
Disaggregation of Revenue [Line Items]
Total revenues	7,009	45,782
Fixed fee license revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,214	39,131
Per-unit royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,795	6,651
Development, services, and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 65	$ 0

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Royalty revenue, adjustment	$ 400	$ 0
Contract assets - current		6,631	$ 7,740
Contract assets - long-term			$ 100
Increase (decrease) in contract with customer, asset		(1,200)
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) - USD ($) $ in Millions	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 1.2	$ 1.6
Deferred revenue			$ 12.6
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		17.1
Performance Obligation B \| More than three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue		$ 3.4

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of deferred revenue (Details) $ in Thousands	4 Months Ended
	Apr. 30, 2024 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue at December 31, 2023	$ 12,629
Additions to deferred revenue during the period	9,437
Reductions to deferred revenue for revenue recognized during the period	(1,594)
Deferred revenue balance at April 30, 2024	$ 20,472

INVESTMENTS AND FAIR VALUE ME_3

INVESTMENTS AND FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($) $ in Millions	Apr. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, total aggregated loss		$ 0.2
Debt securities, available-for-sale, credit-related impairment loss	$ 0	0
Maximum
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, total aggregated loss	0.1
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value of available-for-sale debt securities in unrealized loss position, Total	5.6	7.1
Corporate bonds \| Maximum
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, total aggregated loss	0.1
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair value of available-for-sale debt securities in unrealized loss position, Total	$ 25.2	$ 2.7

INVESTMENTS AND FAIR VALUE ME_4

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Current Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Marketable equity securities	$ 50,496	$ 62,978
U.S. treasury securities	42,352	41,313
Investments - current	$ 92,848	$ 104,291

INVESTMENTS AND FAIR VALUE ME_5

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Noncurrent Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
INVESTMENTS AND FAIR VALUE MEASUREMENTS
U.S. treasury securities	$ 19,747	$ 13,653
Corporate bonds	26,798	19,697
Investments- noncurrent	$ 46,545	$ 33,350

INVESTMENTS AND FAIR VALUE ME_6

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	$ 137,646	$ 132,312
Unrealized Gains	7,632	9,675
Unrealized Losses	(5,885)	(4,346)
Fair Value	139,393	137,641
Marketable equity securities \| Equity securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	50,645	59,228
Unrealized Gains	5,656	7,896
Unrealized Losses	(5,805)	(4,146)
Fair Value	50,496	62,978
Marketable debt securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	87,001	73,084
Unrealized Gains	1,976	1,779
Unrealized Losses	(80)	(200)
Fair Value	88,897	74,663
Marketable debt securities \| U.S. treasury securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	61,306	53,662
Unrealized Gains	825	1,307
Unrealized Losses	(32)	(3)
Fair Value	62,099	54,966
Marketable debt securities \| Corporate bonds
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	25,695	19,422
Unrealized Gains	1,151	472
Unrealized Losses	(48)	(197)
Fair Value	$ 26,798	$ 19,697

INVESTMENTS AND FAIR VALUE ME_7

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST AND FAIR VALUE BY MATURITY (Details) $ in Thousands	Apr. 30, 2024 USD ($)
Amortized Cost
Less than 1 year	$ 41,522
1 to 5 years	45,479
Total	87,001
Fair Value
Less than 1 year	42,352
1 to 5 years	46,545
Total	$ 88,897

INVESTMENTS AND FAIR VALUE ME_8

INVESTMENTS AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENT (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Total financial liability, cost	$ 7,935	$ 8,797
Unrealized Losses	(2,495)	(867)
Total liabilities at fair value	$ 5,440	$ 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	$ 7,935	$ 8,797
Unrealized Losses	(2,495)	(867)
Derivative instruments	$ 5,440	$ 7,930

INVESTMENTS AND FAIR VALUE ME_9

INVESTMENTS AND FAIR VALUE MEASUREMENTS - REALIZED AND UNREALIZED GAINS AND LOSSES EQUITY AND DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
INVESTMENTS AND FAIR VALUE MEASUREMENTS
Net unrealized gains (losses) recognized on marketable equity securities	$ 2,014	$ (3,899)
Net realized gains recognized on marketable equity securities	1,669	6,778
Net unrealized gains (losses) recognized on derivative instruments	(102)	468
Net realized gains recognized on derivative instruments	717	1,627
Net realized gains recognized on marketable debt securities	0	338
Total net gains recognized in interest and other income, net	$ 4,298	$ 5,312

INVESTMENTS AND FAIR VALUE M_10

INVESTMENTS AND FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
Liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative instruments	$ 5,440	$ 7,930
Fair value, measurements, recurring
Assets:
U.S. treasury securities	62,099	54,966
Equity securities	50,496	62,977
Corporate bonds	26,798	19,697
Total assets at fair value	139,393	137,640
Liabilities
Derivative instruments	5,440	7,930
Total liabilities at fair value	5,440	7,930
Fair value, measurements, recurring \| Fair Value, Inputs, Level 1
Assets:
U.S. treasury securities	0	54,966
Equity securities	50,496	62,977
Corporate bonds	8,220	0
Total assets at fair value	58,716	117,943
Liabilities
Derivative instruments	0	0
Total liabilities at fair value	0	0
Fair value, measurements, recurring \| Fair Value, Inputs, Level 2
Assets:
U.S. treasury securities	62,099	0
Equity securities	0	0
Corporate bonds	18,578	19,697
Total assets at fair value	80,677	19,697
Liabilities
Derivative instruments	5,440	7,930
Total liabilities at fair value	5,440	7,930
Fair value, measurements, recurring \| Fair Value, Inputs, Level 3
Assets:
U.S. treasury securities	0	0
Equity securities	0	0
Corporate bonds	0	0
Total assets at fair value	0	0
Liabilities
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	Apr. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash	$ 12,497	$ 14,840
Money market funds	73,024	41,231
Cash and cash equivalents	$ 85,521	$ 56,071

BALANCE SHEET DETAILS - Account

BALANCE SHEET DETAILS - Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade accounts receivables, net	$ 2,210	$ 1,743
Other receivables	928	498
Accounts and other receivables, net	$ 3,138	$ 2,241

BALANCE SHEET DETAILS - Prepaid

BALANCE SHEET DETAILS - Prepaid Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
BALANCE SHEET DETAILS
Prepaid expenses	$ 2,308	$ 1,916
Contract assets - current	6,631	7,740
Other current assets	162	191
Prepaid expenses and other current assets	$ 9,101	$ 9,847

BALANCE SHEET DETAILS - Other C

BALANCE SHEET DETAILS - Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Derivative instruments	$ 5,440	$ 7,930
Income taxes payable	5,835	1,730
Dividends payable	0	1,489
Other current liabilities	2,379	751
Other current liabilities	$ 13,654	$ 11,900

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Millions						3 Months Ended
CONTINGENCIES (Details) $ in Millions	Feb. 09, 2024 USD ($)	Jun. 02, 2023 USD ($)	Jun. 02, 2023 KRW (₩)	Apr. 08, 2020 USD ($)	Apr. 08, 2020 KRW (₩)	Dec. 31, 2021 USD ($)	Apr. 30, 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		$ 2.3	₩ 3,024,877,044	$ 5	₩ 5,916,845,454
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			4 Months Ended
	Mar. 30, 2023 shares	Jan. 18, 2022 shares	Apr. 30, 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 \| $			$ 4.9
Unrecognized compensation cost, recognized over an estimated weighted-average period			1 year 7 months 28 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	Apr. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for grant (in shares)	3,662
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	1,129	1,128
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	86	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	4 Months Ended	12 Months Ended
	Apr. 30, 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)	(255)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	1,129	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)	6.04
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 6.53	$ 6.57
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year 1 month 2 days	1 year 18 days
Aggregate intrinsic value, outstanding	$ 8,207	$ 7,964
RSAs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	75
Granted (in shares)	86
Released (in shares)	(75)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	86	75
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 8.31
Granted (in dollars per share)	7.25
Released (in dollars per share)	8.31
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 7.25	$ 8.31
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year	2 months 26 days

STOCK-BASED COMPENSATION - PSU

STOCK-BASED COMPENSATION - PSU Activity (Details) - Performance Shares - $ / shares shares in Thousands	4 Months Ended	12 Months Ended
	Apr. 30, 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	5 months 1 day	7 months 17 days

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 946	$ 1,600
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(99)	244
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(74)	3
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	1,119	1,353
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	(56)	(2)
RSUs, RSAs and PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 1,002	$ 1,602

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2023	Apr. 30, 2024	Dec. 31, 2023	Dec. 29, 2022
Class of Stock [Line Items]
Dividends paid	$ 4.4	$ 3
O2022 Q4 Dividends [Member]
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.03
Dividends payable, Date declared		Feb. 21, 2023
Dividends payable, Date to be Paid		Apr. 28, 2023
Dividends payable, Date of record		Apr. 13, 2023
O2023 Q3 Dividends [Member]
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.045
Dividends payable, Date declared		Nov. 13, 2023
Dividends payable, Date to be Paid		Jan. 25, 2024
Dividends payable, Date of record		Jan. 14, 2024
O2023 Q4 Dividends [Member]
Class of Stock [Line Items]
Dividends paid (in dollars per share)		$ 0.045
Dividends payable, Date declared		Feb. 28, 2024
Dividends payable, Date to be Paid		Apr. 19, 2024
Dividends payable, Date of record		Apr. 12, 2024
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]
Repurchase of stock (in shares)			1,217,774
Repurchased shares, value			$ 8.3
Repurchased shares, average purchase price (in dollars per share)			$ 6.77
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	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
INCOME TAXES
Income before provision for income taxes	$ 9,785	$ 24,576
Provision for income taxes	$ 1,507	$ 6,799
Effective tax rate	15.40%	27.70%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail) $ in Millions	Apr. 30, 2024 USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 7.6
Amount of unrecognized tax benefits that would affect effective tax rate, if recognized	7.1
Unrecognized tax benefits, interest on income taxes accrued	0.2
Deferred Tax Assets, Net	$ 2.8

NET INCOME PER SHARE - Reconcil

NET INCOME PER SHARE - Reconciliation used in Computing Basic and Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
NET INCOME (LOSS) PER SHARE
Weighted-average shares outstanding, basic	32,603	31,729
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs	482	379
Weighted average shares outstanding, diluted	33,085	32,108

NET INCOME PER SHARE - Outstand

NET INCOME PER SHARE - Outstanding Securities (Details) - shares	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2024
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from the computation of diluted net income per share (in shares)	140,000
RSUs, PSUs and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities that were excluded from the computation of diluted net income per share (in shares)	2,000	1,440

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Information Related To Operating Leases and Expenses (Details)	Apr. 30, 2024	Mar. 31, 2023
LEASES
Weighted average remaining lease terms (in years)	1 year 11 months 1 day	8 months 8 days
Weighted average discount rate	4.70%

SUBSEQUENT EVENT - Schedule of

SUBSEQUENT EVENT - Schedule of purchase price allocation (Details) - Subsequent Event - Barnes & Noble Education, Inc. $ in Thousands	Jun. 10, 2024 USD ($)
Assets acquired
Cash and cash equivalents	$ 14,736
Accounts receivable	113,743
Merchandise inventories	336,741
Textbook rental inventories	9,835
Prepaid expenses and other current assets (including $4.8 million in restricted cash)	26,969
Property and equipment	118,818
Operating lease right-of-use assets	155,664
Intangible assets	95,000
Other assets noncurrent (including $1.0 million in restricted cash)	11,634
Total assets acquired	883,140
Liabilities assumed
Accounts payable	279,456
Accrued liabilities	51,123
Deferred revenue - current	7,651
Operating lease liabilities - current	80,263
Deferred tax liabilities - noncurrent	636
Operating lease liabilities - noncurrent	107,400
Deferred revenue - noncurrent	3,393
Other long-term liabilities	12,413
Long-term borrowings	101,235
Total liabilities assumed	643,570
Net assets acquired	239,570
Total consideration transferred	50,133
Less: Net assets acquired	(239,570)
Plus: Noncontrolling interest	203,657
Goodwill	14,220
Restricted cash included in prepaid expenses and other current assets	4,800
Restricted cash included in other noncurrent assets	$ 1,000

SUBSEQUENT EVENT - Schedule o_2

SUBSEQUENT EVENT - Schedule of identifiable intangible assets acquired (Details) - Subsequent Event $ in Thousands	Jun. 10, 2024 USD ($)
Customer relationships
Business Acquisition [Line Items]
Estimated Life, Finite-lived intangible assets acquired	13 years
Barnes & Noble Education, Inc.
Business Acquisition [Line Items]
Total intangible assets acquired	$ 95,000
Barnes & Noble Education, Inc. \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	50,000
Barnes & Noble Education, Inc. \| Trade name
Business Acquisition [Line Items]
Indefinite intangible assets acquired	$ 45,000

SUBSEQUENT EVENT - Narrative (D

SUBSEQUENT EVENT - Narrative (Details) - Barnes & Noble Education, Inc.		3 Months Ended		6 Months Ended
	Jun. 10, 2024 USD ($) Number $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Securities Purchase and Debt Conversion Agreement
SUBSEQUENT EVENTS
Business Acquisition, Direct And Incremental Acquisition-Related Expenses Included In Pro Forma Net Income (Loss)					$ 1,200,000
Business Acquisition, One-Time Severance Payment Included In Pro Forma Net Income (Loss)			$ 1,500,000
Subsequent Event
SUBSEQUENT EVENTS
Description of reverse stock split	The following is presented on a post-reverse stock split basis, which is defined as a reverse stock split of Barnes & Noble Education’s outstanding shares of Common Stock at a ratio of 1-for-100, effective as of June 11, 2024.
Business Combination, Consideration Transferred	$ 50,133,000
Fair value of the noncontrolling interest	203,657,000
Deferred tax liability	$ 636,000
Subsequent Event \| Securities Purchase and Debt Conversion Agreement
SUBSEQUENT EVENTS
Business Acquisition, Percentage of Voting Interests Acquired	42%
Business Combination, Consideration Transferred	$ 50,100,000
Business Acquisition, Transaction costs incurred	$ 2,100,000
Acquisition-date fair value (in dollars per share) \| $ / shares	$ 13.4
Number Of Existing Directors \| Number	2
Number Of Directors Appointed In Board \| Number	5
Business Combination Consideration Transferred Including Transaction Costs	$ 52,200,000
Percentage of discounted cash flows used to estimate the fair value of the intangible assets acquired	21%
Deferred tax assets	$ 700,000
Deferred tax liability	$ 1,300,000
Net operating revenue				$ 47,000,000
Net loss				14,100,000
Business Acquisition, Direct And Incremental Acquisition-Related Expenses Excluded From Pro Forma Net Income (Loss)				$ 1,200,000
Business Acquisition, One-Time Severance Payment Excluded From Pro Forma Net Income (Loss)		$ 1,500,000
Subsequent Event \| Securities Purchase and Debt Conversion Agreement \| Rights Offering
SUBSEQUENT EVENTS
Number of common shares authorized to be purchased to existing stock holders upon non-transferable subscription rights \| shares	9,000,000
Subscription Price, per share \| $ / shares	$ 5
Payments to Acquire Businesses, Gross	$ 45,000,000
Business Acquisition, Transaction Costs	2,450,000
Gross proceeds from issuance of common stock by acquiree	95,000,000
Repayment Of Debt By Acquiree	80,700,000
Subsequent Event \| Securities Purchase and Debt Conversion Agreement \| Toro 18 Holdings LLC \| Rights Offering
SUBSEQUENT EVENTS
Payments to Acquire Businesses, Gross	$ 45,000,000
Number of shares issued by acquiree \| shares	9,000,000
Business Acquisition, Transaction Costs	$ 2,450,000
Subsequent Event \| Securities Purchase and Debt Conversion Agreement \| Toro 18 Holdings LLC \| Rights Offering \| Backstop Commitment
SUBSEQUENT EVENTS
Payments to Acquire Businesses, Gross	$ 10,033,507
Number of shares issued by acquiree \| shares	2,006,701

SUBSEQUENT EVENT - Dividends De

SUBSEQUENT EVENT - Dividends Declared Narrative (Details) - Subsequent Event - $ / shares	Aug. 12, 2024	May 08, 2024
O2024 Q1 Dividends [Member]
SUBSEQUENT EVENTS
Dividends payable, Date declared		May 08, 2024
Dividends payable (in dollars per share)		$ 0.045
Dividends payable, Date to be Paid		Jul. 26, 2024
Dividends payable, Date of record		Jul. 08, 2024
O2024 Q2 Dividends [Member]
SUBSEQUENT EVENTS
Dividends payable, Date declared	Aug. 12, 2024
Dividends payable (in dollars per share)	$ 0.045
Dividends payable, Date to be Paid	Oct. 18, 2024
Dividends payable, Date of record	Oct. 04, 2024