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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "presentationDate": "2013-04-30 00:00:00",
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  "notes": "Uses a 'Commitment vs. Reality' structure to highlight management credibility issues.",
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      "text": "Tessera has failed to achieve every commitment it has made in its DOC business over the past few years.",
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      "text": "\"Consumer optics represent a long-term growth opportunity for Tessera and we believe we are on track for $100 million in revenue from this exciting business area in 2010.\" — Former CEO Bruce McWilliams, 4Q06 earnings call, 1/31/07; \"We are one of the leading technology licensing and innovation providers in the imaging and optics field. And we remain confident in our goal for $100 million in revenue in total Imaging & Optics by 2011.\" — Former CEO Hank Nothhaft, 1Q09 earnings call, 4/30/09; \"Well, I stated in June at the Cowen Conference that I felt that the [strategic alternatives and potential spin off of the Imaging & Optics business] process was in the 12 months plus or minus, probably plus timeframe.\" — Former CEO Bob Young, 2Q11 earnings call, 7/28/11; \"... we remain on track for design wins with our MEMS auto focus actuator in the first half of 2012.\" — Former CEO Bob Young, 1Q12 earnings call, 4/26/12; \"... we expect to get MEMS associated revenue in the fourth quarter of this year.\" — Former CEO Bob Young, 1Q12 earnings call, 4/26/12; \"Our goal for DOC to become profitable in 2013.\" — Former CEO Bob Young, Vista Point acquisition press release, 3/2/12; \"This transaction is a critical step in our strategy of transforming DOC from an optical and image enhancement software and components business into a vertically integrated supplier of next-generation camera modules...we believe we gain significant additional advantages when we control our own supply chain and manufacturing.\" — CEO Bob Young, Vista Point Acquisition Conference Call, 3/2/12",
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      "text": "Source: Transcripts from Tessera conference calls and investor presentations.",
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      "text": "Comparison table of Tessera Commitments vs. Failed Reality",
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