Immersion Corporation (NASDAQ:IMMR) Q2 2019 Earnings Conference Call Transcript

Aug 01, 2019 • 05:00 pm ET

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Immersion Corporation (NASDAQ:IMMR) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Immersion Corporation Q2 2019 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Jennifer Jarman of The Blueshirt Group. Please go ahead, ma'am.

Executive
Jennifer Jarman

Thanks very much, Dan. Good afternoon, and thank you for joining us today on Immersion's Second Quarter 2019 Conference Call. This call is also being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at www.immersion.com. With me on today's call are Ramzi Haidamus, President and CEO; Len Wood, Interim CFO; and Ellen Finnerty, Interim VP of Finance.

During this call, we may make forward-looking statements, which may include projected financial results or operating metrics, business strategies, anticipated future litigation or absence of litigation, anticipated future products, future expense reductions, anticipated tax expenses, anticipated market demand or opportunities, our operating model and other forward-looking topics. These statements are subject to risks, uncertainties and assumptions. Many of these risks and uncertainties are beyond the control of Immersion.

For a more detailed discussion of these factors and other factors that could cause actual results to vary materially, interested parties should review the Risk Factors listed in the press release we issued today after market close. Immersion's annual report on Form 10-K for 2018, and its most recent quarterly report on Form 10-Q, which are on file with the U.S. Securities and Exchange Commission.

The forward-looking statements mentioned on this call reflect emergence, beliefs and predictions as of today, except as required by law, Immersion's disclaims any obligation to update these forward-looking statements as a result of financial, business or any other developments occurring after the date of this release or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Additionally, please note that during this call, we may discuss non-GAAP financial measures. For each non-GAAP financial measure discussed, our presentation of the most directly comparable GAAP financial measure and a reconciliation of the differences between the non-GAAP financial measure discussed and the most directly comparable GAAP financial measure is available in today's press release.

With that said, I'll now turn the call over to Chief Executive Officer, Ramzi Haidamus. Ramzi?

Executive
Ramzi Haidamus

Thank you, Jennifer, and thanks, everyone, for joining us on today's call or listening via webcast. Today marks a major milestone for Immersion as we enter a new period with no ongoing IP litigation for the first time in almost two decades. For '17 years, Immersion has been mired in constant litigation, covering mostly patent infringement cases, which have been costly, distracting to management and provided unpredictable value to our shareholders. While Immersion will enforce its right to protect its IP, we anticipate a period of reduced litigation as the value of our IP has been tested and proven through litigation, and by the fact that so many industry leaders are now licensed.

With our model at a