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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acacia Research Technologies | NASDAQ:ACTG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.24 | 4.40% | 5.70 | 5.34 | 5.74 | 5.59 | 5.42 | 5.46 | 145,496 | 23:45:11 |
Company Continues to Advance Capital Allocation Strategy
Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months ended March 31, 2024.
Martin (“MJ”) D. McNulty, Jr., Chief Executive Officer, stated, “With the establishment of our strategic partnership with Benchmark Energy, and through its most recent acquisition, we have significantly diversified our portfolio and created a new value-creation platform in the Oil and Gas space. The recent sale of our Arix position completes the divestment of all public life science assets, significantly expanding our capital base which we continue to reallocate into new opportunities.”
“Our opportunity set is broad and includes investing in our existing businesses to continue to drive free cash flow, which has increased significantly over the last two quarters, and evaluate other operating companies for potential M&A,” continued Mr. McNulty. “We have a strong capital base, including approximately $400 million in cash and marketable securities as of today, which is net of cash deployed in connection with Benchmark’s recent acquisition. Going forward, Acacia is well positioned to execute on our priorities with an overarching goal of increasing our book value per share.”
Key Business Highlights
First Quarter Financial Highlights
(In millions, except per share data)
Three Months Ended March 31,
2024
2023
(unaudited)
Intellectual property operations
$
13.6
$
4.2
Industrial operations
8.8
10.6
Energy operations
1.9
—
Total revenues
$
24.3
$
14.8
Operating loss
$
(2.1
)
$
(9.3
)
Unrealized (losses) gains1
$
(26.7
)
$
3.3
Realized gains (losses)
$
28.9
$
(1.4
)
Legal liability fee
$
(6.2
)
$
—
Non-cash derivative liability gains2
$
—
$
16.7
GAAP Net (loss) income
$
(0.2
)
$
9.4
GAAP Diluted net loss per share
$
—
$
(0.07
)
1 Unrealized gains and (losses) are related to the change in fair value of equity securities as of the end of the reported period and the reversal of the previously recorded unrealized gain on the Arix Bioscience Plc. for a realized gain.
2 The non-cash derivative liability gains and (losses) are related to the change in fair value of Acacia’s Series A and B warrants and embedded derivatives and gains and (losses) from the exercise of warrants.
First Quarter 2024 Financial Summary:
Life Sciences Portfolio
Acacia has generated $564.1 million in proceeds from sales and royalties of the Life Sciences Portfolio, which was purchased for an aggregate price of $301.4 million in 2020. At the end of the first quarter, the remaining positions in the Life Sciences Portfolio represented $25.7 million in book value:
Balance Sheet and Capital Structure
Book Value as of March 31, 2024
At March 31, 2024, book value was $589.6 million and there were 100.0 million shares of common stock outstanding, for a book value per share of $5.89. Excluding the impact of the additional accrual of $6.2 million related to the AIP Matter, our book value per share at March 31, 2024 would have been $5.95 per share.
Investor Conference Call
The Company will host a conference call today, May 9, 2024 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). To access the live call, please dial 888-506-0062 (U.S. and Canada) or 973-528-0011 (international) and if requested, reference conference ID 136343. The conference call will also be simultaneously webcasted 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.
About the Company
Acacia is a publicly traded (Nasdaq: ACTG) company that is focused on acquiring and operating attractive businesses across the industrial, healthcare, energy, and mature technology 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.
Safe Harbor Statement
This 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. This news release attempts to identify forward-looking statements by using words such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. The Company’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements as a result of various factors and uncertainties, including the Company’s ability to successfully implement its strategic plan, changes to the Company’s relationship and arrangements with Starboard Value LP, the Company’s ability to successfully identify and complete strategic acquisitions of businesses, divisions, and/or assets, the performance of businesses, divisions, and/or assets the Company acquires, 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, Benchmark’s ability to execute on its business strategy, risks relating to price and other fluctuations in the oil and gas market, environmental liability risk, regulatory changes related to the oil and gas industry, other risks inherent in the ownership and operation of oil and gas assets, general economic conditions, and the success of the Company’s investments. The Company’s Annual Report on Form 10-K, and other SEC filings discuss these and other important risks and uncertainties that may materially affect the Company’s business, results of operations and financial condition. 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.
The results achieved by the Company in prior periods are not necessarily indicative of the results to be achieved by us in any subsequent periods. It is currently anticipated that the Company’s financial results will vary, and may vary significantly, from quarter to quarter.
ACACIA RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, 2024
December 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
438,762
$
340,091
Equity securities
22,918
63,068
Equity securities without readily determinable fair value
5,816
5,816
Equity method investments
30,934
30,934
Accounts receivable, net
15,372
80,555
Inventories
9,880
10,921
Prepaid expenses and other current assets
29,465
23,127
Total current assets
553,147
554,512
Property, plant and equipment, net
2,090
2,356
Oil and natural gas properties, net
24,952
25,117
Goodwill
8,990
8,990
Other intangible assets, net
29,690
33,556
Operating lease, right-of-use assets
1,717
1,872
Deferred income tax assets, net
6,567
2,915
Other non-current assets
4,572
4,227
Total assets
$
631,725
$
633,545
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
4,702
$
3,261
Accrued expenses and other current liabilities
3,990
8,405
Accrued compensation
4,624
4,207
Royalties and contingent legal fees payable
3,011
10,786
Deferred revenue
1,069
977
Accrued loss contingency
8,450
—
Total current liabilities
25,846
27,636
Deferred revenue, net of current portion
356
458
Long-term lease liabilities
1,477
1,736
Revolving credit facility
13,025
10,525
Other long-term liabilities
1,417
3,581
Total liabilities
42,121
43,936
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding
—
—
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 100,021,951 and 99,895,473 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
100
100
Treasury stock, at cost, 16,183,703 shares as of March 31, 2024 and December 31, 2023
(98,258
)
(98,258
)
Additional paid-in capital
906,337
906,153
Accumulated deficit
(239,915
)
(239,729
)
Total Acacia Research Corporation stockholders' equity
568,264
568,266
Noncontrolling interests
21,340
21,343
Total stockholders' equity
589,604
589,609
Total liabilities and stockholders' equity
$
631,725
$
633,545
ACACIA RESEARCH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended March 31,
2024
2023
Revenues:
Intellectual property operations
$
13,623
$
4,176
Industrial operations
8,841
10,627
Energy operations
1,856
—
Total revenues
24,320
14,803
Costs and expenses:
Cost of revenues - intellectual property operations
7,001
4,738
Cost of revenues - industrial operations
4,049
5,220
Cost of production - energy operations
1,315
—
Engineering and development expenses - industrial operations
134
216
Sales and marketing expenses - industrial operations
1,555
1,913
General and administrative expenses
12,353
12,040
Total costs and expenses
26,407
24,127
Operating loss
(2,087
)
(9,324
)
Other income (expense):
Equity securities investments:
Change in fair value of equity securities
(26,701
)
3,343
Gain (loss) on sale of equity securities
28,861
(1,361
)
Earnings on equity investment in joint venture
—
—
Net realized and unrealized gain
2,160
1,982
Legal liability fee
(6,243
)
—
Change in fair value of the Series B warrants and embedded derivatives
—
16,651
(Loss) gain on foreign currency exchange
(18
)
80
Interest expense on Senior Secured Notes
—
(900
)
Interest income and other, net
4,890
3,441
Total other income
789
21,254
(Loss) income before income taxes
(1,298
)
11,930
Income tax benefit (expense)
1,109
(2,483
)
Net (loss) income including noncontrolling interests in subsidiaries
(189
)
9,447
Net loss attributable to noncontrolling interests in subsidiaries
3
—
Net (loss) income attributable to Acacia Research Corporation
$
(186
)
$
9,447
(Loss) income per share:
Net (loss) income attributable to common stockholders - Basic
$
(186
)
$
5,958
Weighted average number of shares outstanding - Basic
99,745,905
47,971,931
Basic net income per common share
$
0.00
$
0.12
Net loss attributable to common stockholders - Diluted
$
(186
)
$
(6,496
)
Weighted average number of shares outstanding - Diluted
99,745,905
89,067,821
Diluted net loss per common share
$
0.00
$
(0.07
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509049132/en/
Investor Contact: FNK IR Rob Fink, 646-809-4048 rob@fnkir.com
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