Acacia Research Reports Third Quarter 2024 Financial Results

Business Wire11-12

Generated $23.3 Million in Consolidated Revenue, up 131% Year Over Year Energy Operations Generated $15.8 Million in Revenue and Industrial Operations Generated $7.0 Million in Revenue, Up 12% and 11%...

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Energy Operations Generated $15.8 Million in Revenue and Industrial Operations Generated $7.0 Million in Revenue, Up 12% and 11%, Respectively Quarter Over Quarter. Repurchased 3.0 Million Shares for $14.0 Million Via the Company’s Stock Repurchase Program Through November 7, 2024. Subsequent to the Quarter, Acquired Deflecto for $103.7 Million. Following the Deflecto acquisition, the Company’s cash reserves were approximately $280 million for potential future transactions. The Company also delivered approximately $14 million to shareholders as of November 7, 2024, via our stock repurchase program as part of our long-term strategy to deploy excess cash and increase total shareholder returns over time.\". Recorded book value per share of $5.85 at September 30, 2024 compared to $5.90 per share at December 31, 2023. Excluding the impact of $14.9 million in non-recurring expenses related to legacy legal matters, which ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4123":"调查和咨询服务","ACTG":"阿卡西亚","BK4164":"特殊金融服务"},"translate_title":"Acacia Research报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ACTG":1},"content_text":"Generated $23.3 Million in Consolidated Revenue, up 131% Year Over Year\nEnergy Operations Generated $15.8 Million in Revenue and Industrial Operations Generated $7.0 Million in Revenue, Up 12% and 11%, Respectively Quarter Over Quarter\nGenerated $70.4 Million in Operating Cash Flow During the Nine Months Ended September 30, 2024\nRepurchased 3.0 Million Shares for $14.0 Million Via the Company’s Stock Repurchase Program Through November 7, 2024\nSubsequent to the Quarter, Acquired Deflecto for $103.7 Million\nNEW YORK, November 12, 2024--(BUSINESS WIRE)--Acacia Research Corporation (Nasdaq: ACTG) (\"Acacia\" or the \"Company\"), which acquires and operates businesses across the industrial, energy and technology sectors, today reported financial results for the three and nine months ended September 30, 2024. The Company also posted its third quarter 2024 earnings presentation on its website at www.acaciaresearch.com under Events & Presentations.\nMartin (\"MJ\") D. McNulty, Jr., Chief Executive Officer, stated, \"Acacia’s third quarter results reflect the Company’s unwavering focus on value creation via its core technology, energy and industrials verticals. The Company generated $23.3 million in consolidated revenue, up 131% compared to the third quarter last year, recorded a net loss of $14.0 million and produced $1.7 million of Total Company Adjusted EBITDA, and $6.9 million of Operated Segment Adjusted EBITDA for the quarter.1 Excluding the Company’s Intellectual Property Operations, Operated Segment Adjusted EBITDA was $9.0 million for the quarter. A breakdown of the Adjusted EBITDA for each of the Company’s operating segments for the three months ended March 31, June 30 and September 30, and the nine months ended September 30 is included in this Earnings Release and in the Company’s third quarter 2024 earnings presentation.\nSubsequent to the quarter, Acacia completed its third transaction in the last twelve months, acquiring Deflecto Acquisition, Inc., a leading specialty manufacturer of essential products serving the commercial transportation, HVAC and office markets for $103.7 million. I’m excited about the value creation potential Deflecto offers through product and operational optimization, and strategic M&A, and look forward to integrating Deflecto into Acacia’s growing portfolio of strategic assets.\nFollowing the Deflecto acquisition, the Company’s cash reserves were approximately $280 million for potential future transactions. The Company also delivered approximately $14 million to shareholders as of November 7, 2024, via our stock repurchase program as part of our long-term strategy to deploy excess cash and increase total shareholder returns over time.\"\nKey Business Highlights\n\nRecorded book value per share of $5.85 at September 30, 2024 compared to $5.90 per share at December 31, 2023. Excluding the impact of $14.9 million in non-recurring expenses related to legacy legal matters, which have now been settled, book value per share at September 30, 2024 would have been $6.00 per share.\nGenerated $23.3 million in consolidated revenue for the quarter, up 131% compared to $10.1 million in revenue in the third quarter of 2023.\nRecorded a GAAP net loss of $14.0 million, or $0.14 diluted net loss per share, for the third quarter and a GAAP net loss of $22.6 million, or $0.23 diluted net loss per share, for the first nine months of 2024.\nGenerated $6.9 million and $26.1 million of Operated Segment Adjusted EBITDA in the three and nine months ended September 30, 2024, respectively.\nGenerated $1.7 million and $12.1 million of Total Company Adjusted EBITDA in the three and nine months ended September 30, 2024, respectively.\nContinued to manage Parent Costs2 within Parent Interest Income, with Parent Costs of $14.0 million and Parent Interest Income of $14.7 million, respectively, for the nine months ended September 30, 2024.\nGenerated $70.4 million in operating cash flow during the nine months ended September 30, 2024.\nRepurchased 3,007,294 shares for approximately $14.0 million as of November 7, 2024, through the Company’s stock repurchase program as part of the Company’s overall long-term strategy to deploy excess cash and increase total shareholder returns over time.\nSubsequent to the quarter, on October 18, acquired Deflecto Acquisition, Inc. (\"Deflecto\") for $103.7 million (the \"Transaction\"). Headquartered in Indianapolis, Indiana, Deflecto is a leading specialty manufacturer of essential products serving the commercial transportation, HVAC and office markets. Deflecto is a market leader across each of its segments and end markets, supplying essential, regulatory mandated products to a blue-chip customer base via long-term relationships with more than 1,500 leading retail, wholesale and OEM customers and distribution partners globally. In the trailing twelve-month period ended August 31, 2024, Deflecto generated revenue of approximately $131 million. Based on current market conditions and trends, Acacia expects Deflecto to generate approximately $128-$136 million in revenue in 2024. The Transaction was funded utilizing cash on hand and borrowings under a new senior credit facility secured by Deflecto. For more information, see the Company’s 8-K filed with the U.S. Securities and Exchange Commission (the \"SEC\") on October 21, 2024.\n\n\n\n\n_________________________\n\n\n1 Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA are non-GAAP financial measures. See below for a reconciliation of Total Company Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. For the definition of these measures and a reconciliation of the components of Operated Segment Adjusted EBITDA to their most directly comparable GAAP financial measures, see the accompanying supplemental information section.\n\n\n\nThe following table provides a reconciliation of Total Company Adjusted EBITDA to consolidated net loss, the most directly comparable GAAP measure for the three months ended March 31, June 30 and September 30, and the nine months ended September 30.\n\n\n\n\n\nThree Months EndedMarch 31,\n\nThree Months EndedJune 30,\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2024\n\n2024\n\n2024\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nGAAP Net Loss\n\n$\n(186\n)\n\n$\n(8,446\n)\n\n$\n(13,996\n)\n\n$\n(22,628\n)\n\n\nNet (Loss) Income Attributable to Noncontrolling Interests\n\n\n(3\n)\n\n\n(383\n)\n\n\n2,339\n\n\n\n1,953\n\n\n\nIncome Tax (Benefit) Expense\n\n\n(1,109\n)\n\n\n(7,061\n)\n\n\n5,497\n\n\n\n(2,673\n)\n\n\nInterest Income and Other, Net\n\n\n(4,769\n)\n\n\n(3,019\n)\n\n\n(2,022\n)\n\n\n(9,810\n)\n\n\nLoss (Gain) on Foreign Currency Exchange\n\n\n68\n\n\n\n134\n\n\n\n(130\n)\n\n\n72\n\n\n\nNet Realized and Unrealized (Gain) / Loss on Derivatives\n\n\n(171\n)\n\n\n2,659\n\n\n\n(8,034\n)\n\n\n(5,546\n)\n\n\nNet Realized and Unrealized (Gain) / Loss on Investments\n\n\n(2,160\n)\n\n\n4,744\n\n\n\n4,074\n\n\n\n6,658\n\n\n\nNon-recurring Legacy Legal Expense\n\n\n6,243\n\n\n\n6,614\n\n\n\n2,000\n\n\n\n14,857\n\n\n\nGAAP Operating Loss\n\n$\n(2,087\n)\n\n$\n(4,758\n)\n\n$\n(10,272\n)\n\n$\n(17,117\n)\n\n\nDepreciation, Depletion & Amortization\n\n\n4,568\n\n\n\n7,405\n\n\n\n9,762\n\n\n\n21,735\n\n\n\nStock-Based Compensation\n\n\n858\n\n\n\n891\n\n\n\n781\n\n\n\n2,530\n\n\n\nRealized Hedge Gain\n\n\n800\n\n\n\n113\n\n\n\n715\n\n\n\n1,628\n\n\n\nTransaction-Related Costs\n\n\n—\n\n\n\n222\n\n\n\n320\n\n\n\n542\n\n\n\nLegacy Matter Costs\n\n\n2,193\n\n\n\n216\n\n\n\n368\n\n\n\n2,777\n\n\n\nTotal Company Adjusted EBITDA\n\n$\n6,332\n\n\n$\n4,089\n\n\n$\n1,674\n\n\n$\n12,095\n\n\n\n\n\n\n\n_________________________\n\n\n2 Parent Cost is a non-GAAP financial measure. For the definition of this measure and a reconciliation of this measure to Operating (Loss) Income, the most directly comparable GAAP financial measure, see the accompanying supplemental information section.\n\n\n\nThe following table provides the Adjusted EBITDA for each of the Company’s operating segments for the three months ended March 31, June 30 and September 30, and the nine months ended September 30.\n\n\n\n\n\nThree Months EndedMarch 31,\n\nThree Months EndedJune 30,\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2024\n\n2024\n\n2024\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nEnergy Operations Adjusted EBITDA3\n\n$\n1,378\n\n\n$\n7,039\n\n\n$\n8,442\n\n\n$\n16,859\n\n\n\nIndustrial Operations Adjusted EBITDA3\n\n\n1,897\n\n\n\n449\n\n\n\n579\n\n\n\n2,925\n\n\n\nOperated Segment Adjusted EBITDA (excluding Intellectual Property Operations Adjusted EBITDA)\n\n\n3,275\n\n\n\n7,488\n\n\n\n9,021\n\n\n\n19,784\n\n\n\nIntellectual Property Operations Adjusted EBITDA3\n\n\n7,160\n\n\n\n1,309\n\n\n\n(2,139\n)\n\n\n6,330\n\n\n\nOperated Segment Adjusted EBITDA\n\n\n10,435\n\n\n\n8,797\n\n\n\n6,882\n\n\n\n26,114\n\n\n\nParent Costs\n\n\n(4,103\n)\n\n\n(4,708\n)\n\n\n(5,208\n)\n\n\n(14,019\n)\n\n\nTotal Company Adjusted EBITDA\n\n$\n6,332\n\n\n$\n4,089\n\n\n$\n1,674\n\n\n$\n12,095\n\n\n\n\nThe following table provides Parent Costs and Parent Interest Income for the three months ended March 31, June 30 and September 30, and the nine months ended September 30.\n\n\n\n\n\nThree Months EndedMarch 31,\n\nThree Months EndedJune 30,\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2024\n\n2024\n\n2024\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nParent Costs\n\n$\n(4,103\n)\n\n$\n(4,708\n)\n\n$\n(5,208\n)\n\n$\n(14,019\n)\n\n\nParent Interest Income\n\n$\n5,079\n\n\n$\n5,028\n\n\n$\n4,570\n\n\n$\n14,677\n\n\n\n\n\n\n\n_________________________\n\n\n3 Energy Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA and Intellectual Operations Adjusted EBITDA are non-GAAP financial measures. For the definitions of these measures and reconciliations of these measures to the most directly comparable GAAP financial measures, see the accompanying supplemental information section.\n\n\n\nThird Quarter 2024 Financial Summary and Highlights:\n\nTotal revenues were $23.3 million, up 131% compared to $10.1 million in the same quarter last year.\n  \nEnergy Operations generated $15.8 million in revenue in the quarter. As the Company’s initial investment in Benchmark closed on November 13, 2023, there is no comparable revenue in the same quarter last year.\nIndustrial Operations generated $7.0 million in revenue during the quarter, compared to $8.3 million in the same quarter last year. The decrease in revenue was primarily due to a decrease in printer sales.\nIntellectual Property Operations generated $0.5 million in licensing and other revenue during the quarter, compared to $1.8 million in the same quarter last year.\n\nGeneral and administrative (G&A) expenses were $11.1 million, compared to $11.6 million in the same quarter of last year. The decrease was primarily due to a decrease in Parent company G&A partially offset by the addition of the Company’s new energy segment operations.\nThe Company recorded a GAAP operating loss of $10.3 million, compared to a GAAP operating loss of $13.2 million in the same quarter of last year primarily due to higher revenues generated.\n  \nEnergy Operations contributed $3.1 million in operating income, which included $4.3 million of non-cash depreciation, depletion and amortization expenses, $0.3 million in one-time transaction costs and does not reflect $0.7 million of realized derivatives gain. Such income includes revenue from the Revolution assets that Benchmark acquired earlier in 2024. Adjusted EBITDA for Energy Operations was $8.4 million.\nIndustrial Operations contributed $0.1 million in operating loss which included $0.7 million of non-cash depreciation and amortization expenses. Adjusted EBITDA for Acacia’s Industrial Operations was $0.6 million.\nThe third quarter included $1.9 million in non-recurring Parent general and administrative charges.\n\nThe Company recorded GAAP net loss of $14.0 million, or $0.14 diluted net loss per share, compared to GAAP net income of $1.6 million, or $0.03 diluted net loss per share, in the third quarter of last year.\n  \nNet loss included $4.1 million in unrealized loss related to the fair value of equity securities at September 30, 2024.\nNet loss included $2.0 million in non-recurring expense related to legacy legal matters, which have now been settled.\n\n\nThe following table provides a breakdown of the Company’s financial highlights for the three and nine months ended September 30, 2024 and 2023.\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n(unaudited)\n\n(unaudited)\n\n\nIntellectual property operations\n\n$\n0.5\n\n\n$\n1.8\n\n\n$\n19.4\n\n\n$\n6.3\n\n\n\nIndustrial operations\n\n\n7.0\n\n\n\n8.3\n\n\n\n22.2\n\n\n\n26.5\n\n\n\nEnergy operations\n\n\n15.8\n\n\n\n—\n\n\n\n31.8\n\n\n\n—\n\n\n\nTotal revenues\n\n$\n23.3\n\n\n$\n10.1\n\n\n$\n73.5\n\n\n$\n32.8\n\n\n\nOperating loss\n\n$\n(10.3\n)\n\n$\n(13.2\n)\n\n$\n(17.1\n)\n\n$\n(35.0\n)\n\n\nUnrealized gains (losses) 1\n\n$\n(4.1\n)\n\n$\n8.8\n\n\n$\n(35.5\n)\n\n$\n18.8\n\n\n\nRealized gains (losses)\n\n$\n—\n\n\n$\n—\n\n\n$\n28.9\n\n\n$\n(9.4\n)\n\n\nNon-recurring legacy legal expense\n\n$\n(2.0\n)\n\n$\n—\n\n\n$\n(14.9\n)\n\n$\n—\n\n\n\nGAAP Net (loss) income\n\n$\n(14.0\n)\n\n$\n1.6\n\n\n$\n(22.6\n)\n\n$\n(7.7\n)\n\n\nGAAP Diluted net loss per share\n\n$\n(0.14\n)\n\n$\n(0.03\n)\n\n$\n(0.23\n)\n\n$\n(0.23\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Unrealized gains and (losses) are related to the change in fair value of equity securities as of the end of the reported period and for the nine months ended September 30, 2024, and include the reversal of the previously recorded unrealized gain related to the Company’s Arix Bioscience Plc. position for a realized gain.\n\n\n\nLife Sciences Portfolio\nAcacia has generated $564.1 million in proceeds from sales and royalties of its Life Sciences Portfolio, which was purchased for an aggregate price of $301.4 million in 2020. At September 30, 2024 Acacia’s remaining positions in its Life Sciences Portfolio represented $25.7 million in book value:\n\nAcacia holds interests in three private companies, valued at an aggregate of $25.7 million, net of non-controlling interests, including an approximately 26% interest in Viamet Pharmaceuticals, Inc., an approximately 18% interest in AMO Pharma, Ltd. and an approximately 4% interest in NovaBiotics Ltd. Values are based on cost or equity accounting.\n\nBalance Sheet and Capital Structure\n\nCash, cash equivalents and equity investments measured at fair value totaled $374.2 million at September 30, 2024 compared to $403.2 million at December 31, 2023. The decrease in cash was primarily due to $60.0 million paid to acquire the Revolution assets, $12.0 million paid on the Benchmark revolving credit facility and $7.3 million in repurchases of common stock during the quarter, offset by cash provided by operating activities.\nEquity securities without readily determinable fair value totaled $5.8 million at September 30, 2024, unchanged from December 31, 2023.\nInvestment securities representing equity method investments totaled $19.9 million at September 30, 2024 (net of noncontrolling interests), unchanged from December 31, 2023. Acacia owns 64% of MalinJ1, which results in a 26% indirect ownership stake in Viamet Pharmaceuticals, Inc. for Acacia.\nThe Parent company’s total indebtedness was zero at September 30, 2024. On a consolidated basis, Acacia’s total indebtedness was $70.0 million in non-recourse debt at Benchmark as of September 30, 2024.\n\nBook Value as of September 30, 2024\nAt September 30, 2024, Acacia’s book value was $578.6 million and there were 98.8 million shares of common stock outstanding, for a book value per share of $5.85. Excluding the impact of $14.9 million in non-recurring expenses related to legacy legal matters, which have now been settled, the Company’s book value per share at September 30, 2024 would have been $6.00 per share.\nShare Repurchase Program\nOn November 9, 2023, Acacia’s Board of Directors approved a stock repurchase program (the \"Repurchase Program\") for up to $20.0 million, subject to a cap of 5,800,000 shares of Acacia common stock. As of November 7, 2024, the Company has repurchased 3,007,294 common shares for $14.0 million as part of the Company’s overall long-term strategy to deploy excess cash and increase total shareholder returns over time. The Company intends to continue to opportunistically complete share repurchases in the open market during the fourth quarter of 2024 and into 2025, subject to operating needs, market conditions, legal requirements, stock price and other considerations. The Repurchase Program has no time limit and does not require the repurchase of a minimum number of shares. The common stock may be repurchased on the open market, in block trades, or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Exchange Act. Refer to Note 14 to the consolidated financial statements in the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024 for additional information.\nInvestor Conference Call\nThe Company will host a conference call today, November 12, 2024 at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). To access the live call, please dial 877-545-0523 (U.S. and Canada) or 973-528-0016 (international) and if requested, reference the access code \"847853.\" The conference call will also be simultaneously webcast at https://www.webcaster4.com/Webcast/Page/2371/51508 and on the investor relations section of the Company’s website at http://www.acaciaresearch.com under Events & Presentations. Following the conclusion of the live call, a replay of the webcast will be available on the Company's website for at least 30 days.\nAbout the Company\nAcacia (Nasdaq: ACTG) is a publicly traded company that is focused on acquiring and operating attractive businesses across the mature technology, energy, and industrial/manufacturing sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.\nSafe Harbor Statement\nThis news release contains forward-looking statements within the meaning of the \"safe harbor\" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company’s current expectations and speak only as of the date hereof. All statements other than statements of historical fact are forward-looking statements and include statements related to estimates and projections with respect to, among other things, the Company’s anticipated financial condition, operating performance, the value of the Company’s assets, general economic and market conditions and other future circumstances and events. This news release attempts to identify forward-looking statements by using words such as \"anticipate,\" \"believe,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"forecast,\" \"future,\" \"guidance,\" \"intend,\" \"may,\" \"outlook,\" \"plan,\" \"potential,\" \"predict,\" \"project,\" \"seek,\" \"should,\" \"target\" and \"will,\" and similar words and expressions; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially and adversely from those expressed or implied in any forward-looking statements, including, but not limited to: the Company’s ability to successfully identify, diligence, complete, and integrate strategic acquisitions of businesses, divisions, and/or assets, the performance of the Company’s businesses, divisions, and/or assets, disruptions or uncertainty caused by an ability to retain or changes to the employees or management teams of the Company’s businesses, changes to the Company’s relationship and arrangements with Starboard Value LP, any inability of the Company’s operating businesses to execute on their business and, with respect to Benchmark, hedging strategy, risks related to price and other fluctuations in the oil and gas market, inflationary pressures, supply chain disruptions or labor shortages, non-performance by third parties of contractual or legal obligations, changes in the Company’s credit ratings or the credit ratings of the Company’s businesses, security threats, including cybersecurity threats and disruptions to the Company’s business and operations from breaches of information technology systems, or breaches of information technology systems, facilities and infrastructure of third parties with which the Company transacts business, oil or natural gas production becoming uneconomic, causing write downs or adversely affecting Benchmark’s ability to borrow, Benchmark’s ability to replace reserves and efficiently develop current reserves, risks, operational hazards, unforeseen interruptions and other difficulties involved in the production of oil and natural gas, the impact of any seismic events, environmental liability risk, regulatory changes related to the oil and gas industry, the ability to successfully develop licensing programs and attract new business, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, the decrease in demand for Printronix' products, changes in safety, health, environmental, tax and other regulations, requirements or initiatives, hazards such as weather conditions, a health pandemic (similar to COVID-19), acts of war or terrorist acts and the government or military response thereto, general economic conditions, and the success of the Company’s investments. For further discussions of risks and uncertainties, you should refer to the Company’s filings with the Securities and Exchange Commission, including the \"Risk Factors\" section of the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, actual results may differ materially as a result of additional risks and uncertainties of which the Company is currently unaware or which the Company does not currently view as material. Except as otherwise required by applicable law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.\n\n\n\nACACIA RESEARCH CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)\n\n\n\n\n\n\n \n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n\n(Unaudited)\n\n\n\n\nASSETS\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n360,050\n\n\n$\n340,091\n\n\n\nEquity securities\n\n\n14,100\n\n\n\n63,068\n\n\n\nEquity securities without readily determinable fair value\n\n\n5,816\n\n\n\n5,816\n\n\n\nEquity method investments\n\n\n30,934\n\n\n\n30,934\n\n\n\nAccounts receivable, net\n\n\n10,733\n\n\n\n80,555\n\n\n\nInventories\n\n\n12,218\n\n\n\n10,921\n\n\n\nPrepaid expenses and other current assets\n\n\n23,795\n\n\n\n23,127\n\n\n\nTotal current assets\n\n\n457,646\n\n\n\n554,512\n\n\n\n\n\n\n\n\n\n\nProperty, plant and equipment, net\n\n\n2,366\n\n\n\n2,356\n\n\n\nOil and natural gas properties, net\n\n\n190,149\n\n\n\n25,117\n\n\n\nGoodwill\n\n\n8,990\n\n\n\n8,990\n\n\n\nOther intangible assets, net\n\n\n30,872\n\n\n\n33,556\n\n\n\nOperating lease, right-of-use assets\n\n\n1,366\n\n\n\n1,872\n\n\n\nDeferred income tax assets, net\n\n\n8,424\n\n\n\n2,915\n\n\n\nOther non-current assets\n\n\n7,759\n\n\n\n4,227\n\n\n\nTotal assets\n\n$\n707,572\n\n\n$\n633,545\n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\nAccounts payable\n\n$\n5,258\n\n\n$\n3,261\n\n\n\nAccrued expenses and other current liabilities\n\n\n8,668\n\n\n\n8,405\n\n\n\nAccrued compensation\n\n\n4,969\n\n\n\n4,207\n\n\n\nCurrent asset retirement obligation\n\n\n1,562\n\n\n\n—\n\n\n\nRoyalties and contingent legal fees payable\n\n\n6,194\n\n\n\n10,786\n\n\n\nDeferred revenue\n\n\n1,268\n\n\n\n977\n\n\n\nTotal current liabilities\n\n\n27,919\n\n\n\n27,636\n\n\n\n\n\n\n\n\n\n\nAsset retirement obligation\n\n\n28,065\n\n\n\n—\n\n\n\nLong-term lease liabilities\n\n\n1,251\n\n\n\n1,736\n\n\n\nRevolving credit facility\n\n\n70,000\n\n\n\n10,525\n\n\n\nOther long-term liabilities\n\n\n1,771\n\n\n\n4,039\n\n\n\nTotal liabilities\n\n\n129,006\n\n\n\n43,936\n\n\n\n\n\n\n\n\n\n\nCommitments and contingencies\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStockholders' equity:\n\n\n\n\n\n\nPreferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding\n\n\n—\n\n\n\n—\n\n\n\nCommon stock, par value $0.001 per share; 300,000,000 shares authorized; 98,838,337 and 99,895,473 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively\n\n\n99\n\n\n\n100\n\n\n\nTreasury stock, at cost, 17,720,825 and 16,183,703 shares as of September 30, 2024 and December 31, 2023, respectively\n\n\n(105,560\n)\n\n\n(98,258\n)\n\n\nAdditional paid-in capital\n\n\n907,996\n\n\n\n906,153\n\n\n\nAccumulated deficit\n\n\n(262,357\n)\n\n\n(239,729\n)\n\n\nTotal Acacia Research Corporation stockholders' equity\n\n\n540,178\n\n\n\n568,266\n\n\n\n\n\n\n\n\n\n\nNoncontrolling interests\n\n\n38,388\n\n\n\n21,343\n\n\n\n\n\n\n\n\n\n\nTotal stockholders' equity\n\n\n578,566\n\n\n\n589,609\n\n\n\n\n\n\n\n\n\n\nTotal liabilities and stockholders' equity\n\n$\n707,572\n\n\n$\n633,545\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nACACIA RESEARCH CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenues:\n\n\n\n\n\n\n\n\n\n\nIntellectual property operations\n\n$\n486\n\n\n$\n1,760\n\n\n$\n19,442\n\n\n$\n6,330\n\n\n\nIndustrial operations\n\n\n7,007\n\n\n\n8,324\n\n\n\n22,183\n\n\n\n26,461\n\n\n\nEnergy operations\n\n\n15,817\n\n\n\n—\n\n\n\n31,843\n\n\n\n—\n\n\n\nTotal revenues\n\n\n23,310\n\n\n\n10,084\n\n\n\n73,468\n\n\n\n32,791\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\nCost of revenues - intellectual property operations\n\n\n5,707\n\n\n\n5,470\n\n\n\n18,473\n\n\n\n15,218\n\n\n\nCost of revenues - industrial operations\n\n\n3,523\n\n...\n\n4,377\n\n\n\n10,849\n\n\n\n13,530\n\n\n\nCost of production - energy operations\n\n\n11,729\n\n\n\n—\n\n\n\n23,082\n\n\n\n—\n\n\n\nEngineering and development expenses - industrial operations\n\n\n108\n\n\n\n172\n\n\n\n420\n\n\n\n593\n\n\n\nSales and marketing expenses - industrial operations\n\n\n1,391\n\n\n\n1,613\n\n\n\n4,333\n\n\n\n5,385\n\n\n\nGeneral and administrative expenses\n\n\n11,124\n\n\n\n11,605\n\n\n\n33,428\n\n\n\n33,071\n\n\n\nTotal costs and expenses\n\n\n33,582\n\n\n\n23,237\n\n\n\n90,585\n\n\n\n67,797\n\n\n\nOperating loss\n\n\n(10,272\n)\n\n\n(13,153\n)\n\n\n(17,117\n)\n\n\n(35,006\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expense):\n\n\n\n\n\n\n\n\n\n\nEquity securities investments:\n\n\n\n\n\n\n\n\n\n\nChange in fair value of equity securities\n\n\n(4,074\n)\n\n\n8,823\n\n\n\n(35,519\n)\n\n\n18,783\n\n\n\nGain (loss) on sale of equity securities\n\n\n—\n\n\n\n—\n\n\n\n28,861\n\n\n\n(9,360\n)\n\n\nEarnings on equity investment in joint venture\n\n\n—\n\n\n\n3,375\n\n\n\n—\n\n\n\n3,375\n\n\n\nNet realized and unrealized (loss) gain\n\n\n(4,074\n)\n\n\n12,198\n\n\n\n(6,658\n)\n\n\n12,798\n\n\n\nNon-recurring legacy legal expense\n\n\n(2,000\n)\n\n\n—\n\n\n\n(14,857\n)\n\n\n—\n\n\n\nChange in fair value of the Series B warrants and embedded derivatives\n\n\n—\n\n\n\n1,525\n\n\n\n—\n\n\n\n8,241\n\n\n\nGain on derivatives - energy operations\n\n\n8,034\n\n\n\n—\n\n\n\n5,546\n\n\n\n—\n\n\n\nGain (loss) on foreign currency exchange\n\n\n130\n\n\n\n(70\n)\n\n\n(72\n)\n\n\n25\n\n\n\nInterest expense on Senior Secured Notes\n\n\n—\n\n\n\n(130\n)\n\n\n—\n\n\n\n(1,930\n)\n\n\nInterest income and other, net\n\n\n2,022\n\n\n\n2,195\n\n\n\n9,810\n\n\n\n9,943\n\n\n\nTotal other income (expense)\n\n\n4,112\n\n\n\n15,718\n\n\n\n(6,231\n)\n\n\n29,077\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(Loss) income before income taxes\n\n\n(6,160\n)\n\n\n2,565\n\n\n\n(23,348\n)\n\n\n(5,929\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome tax (expense) benefit\n\n\n(5,497\n)\n\n\n197\n\n\n\n2,673\n\n\n\n(641\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (loss) income including noncontrolling interests in subsidiaries\n\n\n(11,657\n)\n\n\n2,762\n\n\n\n(20,675\n)\n\n\n(6,570\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss attributable to noncontrolling interests in subsidiaries\n\n\n(2,339\n)\n\n\n(1,126\n)\n\n\n(1,953\n)\n\n\n(1,126\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet (loss) income attributable to Acacia Research Corporation\n\n$\n(13,996\n)\n\n$\n1,636\n\n\n$\n(22,628\n)\n\n$\n(7,696\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoss per share:\n\n\n\n\n\n\n\n\n\n\nNet loss attributable to common stockholders - Basic\n\n$\n(13,996\n)\n\n$\n(1,741\n)\n\n$\n(22,628\n)\n\n$\n(15,703\n)\n\n\nWeighted average number of shares outstanding - Basic\n\n\n99,854,723\n\n\n\n94,328,452\n\n\n\n99,893,336\n\n\n\n67,072,835\n\n\n\nBasic net loss per common share\n\n$\n(0.14\n)\n\n$\n(0.02\n)\n\n$\n(0.23\n)\n\n$\n(0.23\n)\n\n\nNet loss attributable to common stockholders - Diluted\n\n$\n(13,996\n)\n\n$\n(3,164\n)\n\n$\n(22,628\n)\n\n$\n(15,703\n)\n\n\nWeighted average number of shares outstanding - Diluted\n\n\n99,854,723\n\n\n\n99,122,973\n\n\n\n99,893,336\n\n\n\n67,072,835\n\n\n\nDiluted net loss per common share\n\n$\n(0.14\n)\n\n$\n(0.03\n)\n\n$\n(0.23\n)\n\n$\n(0.23\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nACACIA RESEARCH CORPORATION - SUPPLEMENTAL INFORMATIONNON-GAAP FINANCIAL MEASURE\nThis earnings release includes adjusted EBITDA on a consolidated basis and for each of the Company’s segments. Total Company Adjusted EBITDA, Operated Segment Adjusted EBITDA and adjusted EBITDA for each of the Company’s segments are supplemental non-GAAP financial measures used by management and external users of the Company’s consolidated financial statements. GAAP refers to generally accepted accounting principles in the United States. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flow that includes or excludes amounts that are excluded or included, respectively, in the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.\nTotal Company Adjusted EBITDA is defined as net income / (loss) before net income / (loss) attributable to noncontrolling interests, income tax (benefit) / expense, interest income and other, net, loss / (gain) on foreign currency exchange, net realized and unrealized (gain) / loss on derivatives, net realized and unrealized loss / (gain) on investments, non-recurring legacy legal expenses, depreciation, depletion and amortization, stock-based compensation, realized hedge gain / (loss), transaction-related costs, and costs related to certain legacy items. Operated Segment Adjusted EBITDA is the aggregate of Energy Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA and Intellectual Property Operations Adjusted EBITDA. The Company is providing Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA, non-GAAP financial measures, because management believes these metrics provide investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance. These measures are not intended to replace the presentation of financial results in accordance with GAAP and may be different from or otherwise inconsistent with similar non-GAAP financial measures used by other companies. The presentation of these non-GAAP financial measures supplements other metrics the Company uses to internally evaluate its subsidiary businesses and facilitate the comparison of past and present operating performance. These measures should not be considered in isolation or as a substitute for measures calculated and presented in accordance with GAAP.\nEnergy Operations\nEnergy Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Energy Operations before depreciation, depletion and amortization expense and transaction related costs, and including realized hedge gain / (loss). The Company is providing its Energy Operations’ Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.\nIndustrial Operations\nIndustrial Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Industrial Operations before intangibles amortization and depreciation and amortization expense. The Company is providing its Industrial Operations’ Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.\nIntellectual Property Operations\nIntellectual Property Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Intellectual Property Operations before patent amortization, depreciation and amortization expense and stock-based compensation. The Company is providing Intellectual Property Operations’ Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.\nParent Costs\nParent Costs are defined as operating income / (loss) attributable to Parent before depreciation and amortization expense, stock-based compensation, and costs related to certain legacy matters attributable to the Parent organization. The Company is providing Parent Costs, a non-GAAP financial measure, because it believes it gives the investor a clear picture of a normalized parent-level expense burden.\nThe following tables reconcile the most directly comparable GAAP financial measures to Adjusted EBITDA for each of the Company’s operating segments and for Parent Costs for the three months ended March 31, June 30 and September 30, and the nine months ended September 30.\n\n\n\n\n\nThree Months Ended March 31, 2024\n\n\nAdjusted EBITDA\n\nEnergyOperations\n\nIndustrialOperations\n\nIntellectual PropertyOperations\n\nParent Costs\n\nConsolidatedTotal\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nGAAP Operating (Loss) Income\n\n$\n156\n\n$\n1,212\n\n\n$\n3,282\n\n\n$\n(6,737\n)\n\n$\n(2,087\n)\n\n\nDepreciation, Depletion & Amortization\n\n\n422\n\n\n685\n\n\n\n3,435\n\n\n\n26\n\n\n\n4,568\n\n\n\nStock-Based Compensation\n\n\n—\n\n\n—\n\n\n\n443\n\n\n\n415\n\n\n\n858\n\n\n\nRealized Hedge Gain\n\n\n800\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n800\n\n\n\nTransaction-Related Costs\n\n\n—\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\nLegacy Matter Costs\n\n\n—\n\n\n—\n\n\n\n—\n\n\n\n2,193\n\n\n\n2,193\n\n\n\nAdjusted EBITDA\n\n$\n1,378\n\n$\n1,897\n\n\n$\n7,160\n\n\n$\n(4,103\n)\n\n$\n6,332\n\n\n\nParent Interest Income\n\n\n\n\n\n\n\n$\n5,079\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended June 30, 2024\n\n\nAdjusted EBITDA\n\nEnergyOperations\n\nIndustrialOperations\n\nIntellectual PropertyOperations\n\nParent Costs\n\nConsolidatedTotal\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nGAAP Operating (Loss) Income\n\n$\n3,249\n\n$\n(234\n)\n\n$\n(2,253\n)\n\n$\n(5,520\n)\n\n$\n(4,758\n)\n\n\nDepreciation, Depletion & Amortization\n\n\n3,455\n\n\n683\n\n\n\n3,241\n\n\n\n26\n\n\n\n7,405\n\n\n\nStock-Based Compensation\n\n\n—\n\n\n—\n\n\n\n321\n\n\n\n570\n\n\n\n891\n\n\n\nRealized Hedge Gain\n\n\n113\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n113\n\n\n\nTransaction-Related Costs\n\n\n222\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n222\n\n\n\nLegacy Matter Costs\n\n\n—\n\n\n—\n\n\n\n—\n\n\n\n216\n\n\n\n216\n\n\n\nAdjusted EBITDA\n\n$\n7,039\n\n$\n449\n\n\n$\n1,309\n\n\n$\n(4,708\n)\n\n$\n4,089\n\n\n\nParent Interest Income\n\n\n\n\n\n\n\n$\n5,028\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2024\n\n\nAdjusted EBITDA\n\nEnergyOperations\n\nIndustrialOperations\n\nIntellectual PropertyOperations\n\nParent Costs\n\nConsolidatedTotal\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nGAAP Operating (Loss) Income\n\n$\n3,064\n\n$\n(101\n)\n\n$\n(7,138\n)\n\n$\n(6,097\n)\n\n$\n(10,272\n)\n\n\nDepreciation, Depletion & Amortization\n\n\n4,343\n\n\n680\n\n\n\n4,714\n\n\n\n25\n\n\n\n9,762\n\n\n\nStock-Based Compensation\n\n\n—\n\n\n—\n\n\n\n285\n\n\n\n496\n\n\n\n781\n\n\n\nRealized Hedge Gain\n\n\n715\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n715\n\n\n\nTransaction-Related Costs\n\n\n320\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n320\n\n\n\nLegacy Matter Costs\n\n\n—\n\n\n—\n\n\n\n—\n\n\n\n368\n\n\n\n368\n\n\n\nAdjusted EBITDA\n\n$\n8,442\n\n$\n579\n\n\n$\n(2,139\n)\n\n$\n(5,208\n)\n\n$\n1,674\n\n\n\nParent Interest Income\n\n\n\n\n\n\n\n$\n4,570\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2024\n\n\nAdjusted EBITDA\n\nEnergyOperations\n\nIndustrialOperations\n\nIntellectual PropertyOperations\n\nParent Costs\n\nConsolidatedTotal\n\n\n\n\n(In thousands)\n\n\n\n\n(Unaudited)\n\n\nGAAP Operating (Loss) Income\n\n$\n6,469\n\n$\n877\n\n\n$\n(6,109\n)\n\n$\n(18,354\n)\n\n$\n(17,117\n)\n\n\nDepreciation, Depletion & Amortization\n\n\n8,220\n\n\n2,048\n\n\n\n11,390\n\n\n\n77\n\n\n\n21,735\n\n\n\nStock-Based Compensation\n\n\n—\n\n\n—\n\n\n\n1,049\n\n\n\n1,481\n\n\n\n2,530\n\n\n\nRealized Hedge Gain\n\n\n1,628\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n1,628\n\n\n\nTransaction-Related Costs\n\n\n542\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n542\n\n\n\nLegacy Matter Costs\n\n\n—\n\n\n—\n\n\n\n—\n\n\n\n2,777\n\n\n\n2,777\n\n\n\nAdjusted EBITDA\n\n$\n16,859\n\n$\n2,925\n\n\n$\n6,330\n\n\n$\n(14,019\n)\n\n$\n12,095\n\n\n\nParent Interest Income\n\n\n\n\n\n\n\n$\n14,677\n\n\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241112999797/en/\nContacts\nInvestor Contact:\nGagnier Communicationsir@acaciares.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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