Immersion(IMMR) - 2025 Q4 - Annual Report

Revenue Performance - Total revenues for the fiscal year ended April 30, 2025, were $1,555,876,000, a significant increase from $45,782,000 in the previous year[271]. - Immersion's fixed fee license revenue increased by $57.1 million, or 1053%, for the fiscal year ended April 30, 2025, compared to the calendar year ended December 31, 2023[274]. - Per-unit royalty revenue decreased by $16.9 million, or 59%, for the fiscal year ended April 30, 2025, primarily due to declines across all markets served[275]. - Barnes & Noble Education's total revenue for the period from June 10, 2024, to April 30, 2025, was $1,481,803,000[280]. - The total revenues for the quarter ended January 31, 2025, were $471.3 million, with a breakdown of $8.4 million from royalties and licenses, and $419.7 million from product and other sales[354]. Income and Expenses - Operating income for Immersion was $118,020,000 for the fiscal year ended April 30, 2025, a 558% increase compared to the previous year[285]. - Net income for Immersion was $93,582,000 for the fiscal year ended April 30, 2025, reflecting a 175% increase from $33,976,000 in the previous year[285]. - Selling and administrative expenses for Immersion increased by $9.8 million, or 61%, for the fiscal year ended April 30, 2025, compared to the calendar year ended December 31, 2023[278]. - Operating income for the quarter ended January 31, 2025, was $35.2 million, while net income attributable to Immersion stockholders was $24.1 million, resulting in earnings per share of $0.74[354]. - The cost of sales for the quarter ended January 31, 2025, was $354.5 million, which includes $329.0 million for product and other cost of sales[354]. Cash Flow and Liquidity - Cash and cash equivalents for Immersion totaled $63.6 million, with current and non-current investments amounting to $92.9 million as of April 30, 2025[297]. - Barnes & Noble Education's net cash provided by operating activities was $(57.6) million for the fiscal year ended April 30, 2025, a decrease of $(78.2) million compared to the previous year[307]. - Net cash provided by investing activities for the fiscal year ended April 30, 2025, was $3.4 million, primarily from proceeds of $138.9 million from selling marketable securities[310]. - As of April 30, 2025, total cash, cash equivalents, and short-term investments were $161.4 million, with approximately 22.2% or $35.9 million held by foreign subsidiaries[314]. - Barnes & Noble Education's liquidity is highly dependent on the seasonal nature of its business, particularly with respect to course material sales, which peak in the second and third fiscal quarters[298]. Debt and Financing - Interest expense for the fiscal year ended April 30, 2025, was $14,261,000, attributed to the consolidation of Barnes & Noble Education[289]. - As of April 30, 2025, Barnes & Noble Education had outstanding borrowings of $103.1 million under its Restated ABL Facility, with a total committed principal amount of up to $325 million[319]. - The Company borrowed $836.2 million and repaid $834.3 million under the Restated ABL Facility from June 10, 2024, to April 30, 2025[320]. - The company raised $39.2 million in proceeds from the sale of BNED Common Stock under the September ATM Sales Agreement at a weighted-average price of $10.06 per share[300]. Taxation - The company maintains no valuation allowance against U.S. federal deferred tax assets, reflecting confidence in realizable deferred tax assets[290]. - As of April 30, 2025, Barnes & Noble Education had unrecognized tax benefits of approximately $12.7 million, which could affect the effective tax rate if recognized, totaling $13.3 million[292][294]. - For the fiscal year ended April 30, 2025, Barnes & Noble Education recorded a pre-tax loss of $55.4 million, resulting in an effective income tax rate of (11.5)%[292]. - Barnes & Noble Education recognized a current income tax receivable of $2.7 million during the fiscal year ended April 30, 2025, including $0.3 million in interest[322]. - The company recognized a tax expense and liability of approximately $9.7 million related to Korean withholding tax exposure, reflecting a change in assessment of the likely outcome[350]. Asset Management - Goodwill recognized from the acquisition of Barnes & Noble Education was $69.2 million, with identified intangible assets valued at $95.0 million[327][328]. - As of April 30, 2025, the company's long-lived assets include Property and equipment of $95.8 million, Operating lease right-of-use assets of $155.3 million, and Intangible assets of $91.6 million[343]. - During the fiscal year ended April 30, 2025, the company recognized a non-cash impairment loss of $1.2 million, consisting of $0.6 million for Operating lease right-of-use assets and $0.6 million for Property and equipment[345]. - A 10% change in actual non-returnable inventory would have affected pre-tax earnings by approximately $5.6 million in fiscal year 2025[341]. Stock and Shareholder Activities - During the fiscal year ended April 30, 2025, the Company repurchased 310,643 shares for $2.4 million at an average price of $7.64 per share, with $39.4 million remaining for future repurchases[317]. - Barnes & Noble Education did not purchase shares under its stock repurchase program during Fiscal 2025, leaving approximately $26.7 million available[318]. - For the fiscal year ended April 30, 2025, total dividends paid amounted to $12.9 million, with future dividends subject to Board review and approval[315]. Other Considerations - The company does not anticipate a material change in estimates or assumptions used to calculate long-lived asset impairment losses, although a 10% decrease in estimated discounted cash flows would not materially affect operations for the fiscal year ended April 30, 2025[348]. - The company has restated its previously issued unaudited interim financial statements for the fiscal quarters ended January 31, 2025, and October 31, 2024[352]. - Significant assumptions in the impairment analysis included annual revenue growth rates and gross margin rates, which are subjective and influenced by future market conditions[347]. - Revenue from product sales is recognized at the point of sale, with retail product revenue recognized when the customer takes possession[329][330]. - Service and other revenue primarily comes from brand marketing services, shipping and handling, and non-return rental penalty fees[338].