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Paolo Gorgo  

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  • Immersion Post-HTC Settlement: Why No Increased Guidance? [View article]
    Throughout the last few years many investors got tired of waiting for the company to really start performing - and traders have probably performed better than long term holders.

    I can understand your feelings... but haven't lost hope that some verticals (like automotive) might finally kick in and start a positive domino effect. The business model justifies rich multiples, in my opinion, once some revenues levels/growth numbers are reached.
    Mar 30, 2015. 08:36 AM | Likes Like |Link to Comment
  • Immersion Post-HTC Settlement: Why No Increased Guidance? [View article]
    yes, I also expect (hope for) a better performance over the long term - but at least that's an effort to link CEO compensation with stock price.

    As to guidance, I don't expect any update related to HTC either.

    But my angle is slightly different: I guess you refer to the "not anticipated to have a material impact on our financial results for 2015" comment to say that the company explicitly said no guidance changes would arise from this event.

    My view, which could be wrong, is that management could not calculate the exact impact well enough to announce an "updated", or at least narrowed to the higher end, guidance - but had enough data to call it "unmaterial".

    In other words - let's speculate a $1 million impact on 2015. This could be both immaterial but still justify an updated guidance. Management is playing safely and just announcing the former, until the number has been verified better.

    More important to my thinking, no updated guidance isn't equal to disappointing settlement, at this stage.

    We may all get a better idea of the settlement in a few weeks, if the 10Q allows us to get a few clues.

    Thanks of your comment, ciao.
    Mar 30, 2015. 08:30 AM | Likes Like |Link to Comment
  • Immersion Vs. HTC: Which Company Is Winning In Court? [View article]
    You are correct, some of the first information released at the very beginning were not completely correct as to the number of patents claimed invalid by the judge (3 - '105, '181, '720) and the number of patents (2) where the judge denied HTC request for non infringement ('288) and agreed on a literal infringement ('846).

    If you love legalese, you may read the memorandum opinion at this link:

    http://bit.ly/19hjIjK

    Not our core competence, but here is a short summary of our understanding:

    '105 - invalidity granted (however, literal infringement found)
    '181 - invalidity granted
    '720 - invalidity granted

    '288 non infringement denied
    '846 literal infringement

    '999 infringment allegations dropped before trial

    Hope it helps.

    The discussion on the "timing" (12:00:01 or not?) of the parent patent issuance and the patent applications for '105, '181, '720 is fascinating for a non-lawyer: kudos to HTC for finding a great Dr. Quibbleweaver [we here refer to Manzoni's The Betrothed (orig. Italian: I promessi sposi) and "Dr. Azzeccagarbugli" - please excuse the reference which may not sound as effective to non-Italians].

    Bad news, but probably not so bad. The infringement seems to be there, although HTC lawyers were very good at finding a loophole. Our understanding is that '105 also had a literal infringement, which is now irrelevant as the patent was declared invalid.

    This investment sounds more and more like a bumpy road with just a few periods where investors enjoy the great potential of the technology finally translating into a smooth travel. Until the next bump... :-)
    Feb 14, 2015. 06:32 AM | 1 Like Like |Link to Comment
  • Jamba: The Good, The Bad And The Unknown [View article]
    Karl,

    thanks for your comment. Yes, Engaged Capital pushing for better results should act as a positive, in this situation. Unfortunately it is always relatively easy to run "what if" excel simulations, but real world results are always linked to more uncertainties than people may forecast. It will be an interesting story to watch in the next few quarters.
    Nov 13, 2014. 09:42 AM | 1 Like Like |Link to Comment
  • Immersion's Partnership With SomaTone Adds Another Piece To Its Mobile Haptic Strategy [View article]
    I think this quote from IMMR Q2 14 c.c. may help explain the matter better:

    http://seekingalpha.co...

    >David Williams - Ascendiant Capital
    Great. And one more if I can, I just kind of wanted to think about Samsung and realizing that you guys have a fixed contract with those guys. So, we're definitely starting to see a little bit of softness in their business. Is there anything that you could see or maybe look at as maybe being a contributor to your business, any concern of maybe about the softness there?

    Vic Viegas - President and CEO
    Well, I think the nature of the relationship we have with them is that we said in the past relatively fixed. And so I think we are somewhat insulated from any other market challenges that they might have. We still work hard to bring new technology, the new product areas and have the opportunity to continue to increase revenue there. But for the most part, I'd say we are fairly well protected from the market differences or the volume assumptions that happen throughout the year. <

    In mobility IMMR has a few mostly fixed ("so much for this year") agreements, where the variable part doesn't represent the major revenue contributor. This also explains why cash increases so much at the beginning of the year.

    Customers' profits are not a concern for the company, as unrelated to both fixed or per unit deals (obviously a customer going broke like Pantech is not good news, but that's another story).
    Oct 28, 2014. 12:05 PM | 1 Like Like |Link to Comment
  • Immersion's Partnership With SomaTone Adds Another Piece To Its Mobile Haptic Strategy [View article]
    In the short term, there should not be a huge impact - the Samsung agreement has mostly turned into a fixed rate one. Over the long term, a strong decline, by Samsung, in units sold might obviously have a negative impact. Hope it helps.
    Oct 28, 2014. 11:43 AM | Likes Like |Link to Comment
  • Immersion's Partnership With SomaTone Adds Another Piece To Its Mobile Haptic Strategy [View article]
    rleebue,

    thanks for sharing your diligence and comments.

    A couple of notes related to growth: when we compare 2014 and 2013 revenues, we should also remember that 2013 was positively impacted by a one time event related to the Samsung renewal (roughly $2 million).

    Over the long term, I see both advertising and automotive as potential catalysts for growth - which at this price may be considered something like a free call option incorporated in the share price, if you have an optimistic view on the company and the future of haptics...

    A buyout may be the quick solution round the corner to create shareholder value. A recent addition to the BoD may have added a manager who's already been through this experience.
    Oct 27, 2014. 12:09 PM | 1 Like Like |Link to Comment
  • Apple's Taptic Validates Immersion's Haptic Technology [View article]
    Guidance.

    The market was expecting an improved guidance for 2014 (say narrowed to the high end). Lack of improvement has been translated into doubts about the quality of the LG renewed deal.
    Sep 21, 2014. 03:04 PM | 1 Like Like |Link to Comment
  • Apple's Taptic Validates Immersion's Haptic Technology [View article]
    If you go to this link, you'll find how Apple describes haptic:

    http://bit.ly/1qO4BE3

    We found a way to give technology a more human touch. Literally.

    It’s called the Taptic Engine, a linear actuator inside Apple Watch that produces haptic feedback. In less technical terms, it taps you on the wrist. Whenever you receive an alert or notification, or perform a function like turning the Digital Crown or pressing down on the display, you feel a tactile sensation that’s recognizably different for each kind of interaction. Combined with subtle audio cues from the specially engineered speaker driver, the Taptic Engine creates a discreet, sophisticated, and nuanced experience by engaging more of your senses. It also enables some entirely new, intimate ways for you to communicate with other Apple Watch wearers. You can get someone’s attention with a gentle tap. Or even send something as personal as your heartbeat.

    Just a few weeks ago, people were skeptical that Apple would EVER endorse haptic. I believe this could really act as a trojan horse that will lead to haptics in more Apple devices (why limit sending a heart beat between watches, when you have millions of iPhones and iPad owners?)

    Let's see how things develop.

    PS: thanks for your kind comment.
    Sep 12, 2014. 12:44 PM | 1 Like Like |Link to Comment
  • Apple's Taptic Validates Immersion's Haptic Technology [View article]
    It is interesting to note that IMMR has just added three videos that are also interesting to understand what kind of added value haptics can bring to wearables, and that a smart watch may be a great companion to a smartphone, rather than a substitute:

    http://bit.ly/1qNLzhh

    fitness related

    http://bit.ly/1qNLBWq

    haptics to communicate emotion - you can email a heartbeat to your beloved

    http://bit.ly/1qNLzxz

    intensity mapping - haptics as a way to communicate proximity to a specific location
    Sep 12, 2014. 11:15 AM | 1 Like Like |Link to Comment
  • Apple's Taptic Validates Immersion's Haptic Technology [View article]
    IMMR patents don't look that weak in absolute terms, if you consider that the company has never lost a court case (Sony was forced to pay around $100 million plus for their use of haptics into the first three generations of PlayStation), and that Google/Motorola preferred to go for a license of basic haptics in an Android environment rather than continue to defend in court.

    It is true, however, that some work arounds may be possible (IMMR holds some key patents in this field, but doesn't "own" it), and that some OEMs have tried to use haptics in their products regardless of holding an IMMR license.

    I guess it is too soon to say the last word about Apple "tactics", as we do not have enough data to understand how haptics was implemented.
    Sep 12, 2014. 11:09 AM | 1 Like Like |Link to Comment
  • Jamba Juice: System Comparable Store Sales Not Any More An Area Of Concern, The Stock Benefits [View article]
    you are correct, franchising should be $7.5 million only in the last chart. I apologize for the mistake, and thanks for correcting the data.
    Aug 18, 2014. 12:20 PM | Likes Like |Link to Comment
  • Jamba - Why The 'Rocket Launch' In Share Price Following Q2 Earnings? [View article]
    Great article, as always.

    With proper execution, we might finally see Jamba develop its potential in the next few quarters.
    Aug 10, 2014. 04:29 AM | Likes Like |Link to Comment
  • Immersion: Stock Down 23% After Earnings Miss, Lowered 2014 Guidance [View article]
    it looks like management gave you a great opportunity to get back at a lower price... ;-)
    Aug 4, 2014. 11:30 AM | Likes Like |Link to Comment
  • Update: Immersion And Huawei Enter Into Multi-Year License Agreement [View article]
    The market reacted to the earnings miss as if the company hit a brick wall: it may not be the case.

    My main concern is the LG negotiation: if that is solved positively (a similar situation happened with Samsung at the ned of 2012), we may see a good reversal.
    Aug 2, 2014. 12:53 PM | 1 Like Like |Link to Comment
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