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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.32 | 4.15 | 4.75 | 7 | 12:01:22 |
From Nov 2024 to Jan 2025
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%, Respectively Quarter Over Quarter
Generated $70.4 Million in Operating Cash Flow During the Nine Months Ended September 30, 2024
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
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.
Martin (“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.
Subsequent 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.
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.”
Key Business Highlights
1 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.
The 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.
Three Months Ended
March 31,
Three Months Ended
June 30,
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2024
2024
2024
(In thousands)
(Unaudited)
GAAP Net Loss
$
(186
)
$
(8,446
)
$
(13,996
)
$
(22,628
)
Net (Loss) Income Attributable to Noncontrolling Interests
(3
)
(383
)
2,339
1,953
Income Tax (Benefit) Expense
(1,109
)
(7,061
)
5,497
(2,673
)
Interest Income and Other, Net
(4,769
)
(3,019
)
(2,022
)
(9,810
)
Loss (Gain) on Foreign Currency Exchange
68
134
(130
)
72
Net Realized and Unrealized (Gain) / Loss on Derivatives
(171
)
2,659
(8,034
)
(5,546
)
Net Realized and Unrealized (Gain) / Loss on Investments
(2,160
)
4,744
4,074
6,658
Non-recurring Legacy Legal Expense
6,243
6,614
2,000
14,857
GAAP Operating Loss
$
(2,087
)
$
(4,758
)
$
(10,272
)
$
(17,117
)
Depreciation, Depletion & Amortization
4,568
7,405
9,762
21,735
Stock-Based Compensation
858
891
781
2,530
Realized Hedge Gain
800
113
715
1,628
Transaction-Related Costs
—
222
320
542
Legacy Matter Costs
2,193
216
368
2,777
Total Company Adjusted EBITDA
$
6,332
$
4,089
$
1,674
$
12,095
_________________________
2 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.
The 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.
Three Months Ended
March 31,
Three Months Ended
June 30,
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2024
2024
2024
(In thousands)
(Unaudited)
Energy Operations Adjusted EBITDA3
$
1,378
$
7,039
$
8,442
$
16,859
Industrial Operations Adjusted EBITDA3
1,897
449
579
2,925
Operated Segment Adjusted EBITDA (excluding Intellectual Property Operations Adjusted EBITDA)
3,275
7,488
9,021
19,784
Intellectual Property Operations Adjusted EBITDA3
7,160
1,309
(2,139
)
6,330
Operated Segment Adjusted EBITDA
10,435
8,797
6,882
26,114
Parent Costs
(4,103
)
(4,708
)
(5,208
)
(14,019
)
Total Company Adjusted EBITDA
$
6,332
$
4,089
$
1,674
$
12,095
The 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.
Three Months Ended
March 31,
Three Months Ended
June 30,
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2024
2024
2024
(In thousands)
(Unaudited)
Parent Costs
$
(4,103
)
$
(4,708
)
$
(5,208
)
$
(14,019
)
Parent Interest Income
$
5,079
$
5,028
$
4,570
$
14,677
_________________________
3 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.
Third Quarter 2024 Financial Summary and Highlights:
The following table provides a breakdown of the Company’s financial highlights for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Intellectual property operations
$
0.5
$
1.8
$
19.4
$
6.3
Industrial operations
7.0
8.3
22.2
26.5
Energy operations
15.8
—
31.8
—
Total revenues
$
23.3
$
10.1
$
73.5
$
32.8
Operating loss
$
(10.3
)
$
(13.2
)
$
(17.1
)
$
(35.0
)
Unrealized gains (losses) 1
$
(4.1
)
$
8.8
$
(35.5
)
$
18.8
Realized gains (losses)
$
—
$
—
$
28.9
$
(9.4
)
Non-recurring legacy legal expense
$
(2.0
)
$
—
$
(14.9
)
$
—
GAAP Net (loss) income
$
(14.0
)
$
1.6
$
(22.6
)
$
(7.7
)
GAAP Diluted net loss per share
$
(0.14
)
$
(0.03
)
$
(0.23
)
$
(0.23
)
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 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.
Life Sciences Portfolio
Acacia 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:
Balance Sheet and Capital Structure
Book Value as of September 30, 2024
At 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.
Share Repurchase Program
On 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.
Investor Conference Call
The 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.
About the Company
Acacia (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.
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. 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.
ACACIA RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2024
December 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
360,050
$
340,091
Equity securities
14,100
63,068
Equity securities without readily determinable fair value
5,816
5,816
Equity method investments
30,934
30,934
Accounts receivable, net
10,733
80,555
Inventories
12,218
10,921
Prepaid expenses and other current assets
23,795
23,127
Total current assets
457,646
554,512
Property, plant and equipment, net
2,366
2,356
Oil and natural gas properties, net
190,149
25,117
Goodwill
8,990
8,990
Other intangible assets, net
30,872
33,556
Operating lease, right-of-use assets
1,366
1,872
Deferred income tax assets, net
8,424
2,915
Other non-current assets
7,759
4,227
Total assets
$
707,572
$
633,545
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
5,258
$
3,261
Accrued expenses and other current liabilities
8,668
8,405
Accrued compensation
4,969
4,207
Current asset retirement obligation
1,562
—
Royalties and contingent legal fees payable
6,194
10,786
Deferred revenue
1,268
977
Total current liabilities
27,919
27,636
Asset retirement obligation
28,065
—
Long-term lease liabilities
1,251
1,736
Revolving credit facility
70,000
10,525
Other long-term liabilities
1,771
4,039
Total liabilities
129,006
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; 98,838,337 and 99,895,473 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
99
100
Treasury stock, at cost, 17,720,825 and 16,183,703 shares as of September 30, 2024 and December 31, 2023, respectively
(105,560
)
(98,258
)
Additional paid-in capital
907,996
906,153
Accumulated deficit
(262,357
)
(239,729
)
Total Acacia Research Corporation stockholders' equity
540,178
568,266
Noncontrolling interests
38,388
21,343
Total stockholders' equity
578,566
589,609
Total liabilities and stockholders' equity
$
707,572
$
633,545
ACACIA RESEARCH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenues:
Intellectual property operations
$
486
$
1,760
$
19,442
$
6,330
Industrial operations
7,007
8,324
22,183
26,461
Energy operations
15,817
—
31,843
—
Total revenues
23,310
10,084
73,468
32,791
Costs and expenses:
Cost of revenues - intellectual property operations
5,707
5,470
18,473
15,218
Cost of revenues - industrial operations
3,523
4,377
10,849
13,530
Cost of production - energy operations
11,729
—
23,082
—
Engineering and development expenses - industrial operations
108
172
420
593
Sales and marketing expenses - industrial operations
1,391
1,613
4,333
5,385
General and administrative expenses
11,124
11,605
33,428
33,071
Total costs and expenses
33,582
23,237
90,585
67,797
Operating loss
(10,272
)
(13,153
)
(17,117
)
(35,006
)
Other income (expense):
Equity securities investments:
Change in fair value of equity securities
(4,074
)
8,823
(35,519
)
18,783
Gain (loss) on sale of equity securities
—
—
28,861
(9,360
)
Earnings on equity investment in joint venture
—
3,375
—
3,375
Net realized and unrealized (loss) gain
(4,074
)
12,198
(6,658
)
12,798
Non-recurring legacy legal expense
(2,000
)
—
(14,857
)
—
Change in fair value of the Series B warrants and embedded derivatives
—
1,525
—
8,241
Gain on derivatives - energy operations
8,034
—
5,546
—
Gain (loss) on foreign currency exchange
130
(70
)
(72
)
25
Interest expense on Senior Secured Notes
—
(130
)
—
(1,930
)
Interest income and other, net
2,022
2,195
9,810
9,943
Total other income (expense)
4,112
15,718
(6,231
)
29,077
(Loss) income before income taxes
(6,160
)
2,565
(23,348
)
(5,929
)
Income tax (expense) benefit
(5,497
)
197
2,673
(641
)
Net (loss) income including noncontrolling interests in subsidiaries
(11,657
)
2,762
(20,675
)
(6,570
)
Net loss attributable to noncontrolling interests in subsidiaries
(2,339
)
(1,126
)
(1,953
)
(1,126
)
Net (loss) income attributable to Acacia Research Corporation
$
(13,996
)
$
1,636
$
(22,628
)
$
(7,696
)
Loss per share:
Net loss attributable to common stockholders - Basic
$
(13,996
)
$
(1,741
)
$
(22,628
)
$
(15,703
)
Weighted average number of shares outstanding - Basic
99,854,723
94,328,452
99,893,336
67,072,835
Basic net loss per common share
$
(0.14
)
$
(0.02
)
$
(0.23
)
$
(0.23
)
Net loss attributable to common stockholders - Diluted
$
(13,996
)
$
(3,164
)
$
(22,628
)
$
(15,703
)
Weighted average number of shares outstanding - Diluted
99,854,723
99,122,973
99,893,336
67,072,835
Diluted net loss per common share
$
(0.14
)
$
(0.03
)
$
(0.23
)
$
(0.23
)
ACACIA RESEARCH CORPORATION - SUPPLEMENTAL INFORMATION NON-GAAP FINANCIAL MEASURE
This 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.
Total 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.
Energy Operations
Energy 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.
Industrial Operations
Industrial 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.
Intellectual Property Operations
Intellectual 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.
Parent Costs
Parent 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.
The 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.
Three Months Ended March 31, 2024
Adjusted EBITDA
Energy
Operations
Industrial
Operations
Intellectual Property
Operations
Parent Costs
Consolidated
Total
(In thousands)
(Unaudited)
GAAP Operating (Loss) Income
$
156
$
1,212
$
3,282
$
(6,737
)
$
(2,087
)
Depreciation, Depletion & Amortization
422
685
3,435
26
4,568
Stock-Based Compensation
—
—
443
415
858
Realized Hedge Gain
800
—
—
—
800
Transaction-Related Costs
—
—
—
—
—
Legacy Matter Costs
—
—
—
2,193
2,193
Adjusted EBITDA
$
1,378
$
1,897
$
7,160
$
(4,103
)
$
6,332
Parent Interest Income
$
5,079
Three Months Ended June 30, 2024
Adjusted EBITDA
Energy
Operations
Industrial
Operations
Intellectual Property
Operations
Parent Costs
Consolidated
Total
(In thousands)
(Unaudited)
GAAP Operating (Loss) Income
$
3,249
$
(234
)
$
(2,253
)
$
(5,520
)
$
(4,758
)
Depreciation, Depletion & Amortization
3,455
683
3,241
26
7,405
Stock-Based Compensation
—
—
321
570
891
Realized Hedge Gain
113
—
—
—
113
Transaction-Related Costs
222
—
—
—
222
Legacy Matter Costs
—
—
—
216
216
Adjusted EBITDA
$
7,039
$
449
$
1,309
$
(4,708
)
$
4,089
Parent Interest Income
$
5,028
Three Months Ended September 30, 2024
Adjusted EBITDA
Energy
Operations
Industrial
Operations
Intellectual Property
Operations
Parent Costs
Consolidated
Total
(In thousands)
(Unaudited)
GAAP Operating (Loss) Income
$
3,064
$
(101
)
$
(7,138
)
$
(6,097
)
$
(10,272
)
Depreciation, Depletion & Amortization
4,343
680
4,714
25
9,762
Stock-Based Compensation
—
—
285
496
781
Realized Hedge Gain
715
—
—
—
715
Transaction-Related Costs
320
—
—
—
320
Legacy Matter Costs
—
—
—
368
368
Adjusted EBITDA
$
8,442
$
579
$
(2,139
)
$
(5,208
)
$
1,674
Parent Interest Income
$
4,570
Nine Months Ended September 30, 2024
Adjusted EBITDA
Energy
Operations
Industrial
Operations
Intellectual Property
Operations
Parent Costs
Consolidated
Total
(In thousands)
(Unaudited)
GAAP Operating (Loss) Income
$
6,469
$
877
$
(6,109
)
$
(18,354
)
$
(17,117
)
Depreciation, Depletion & Amortization
8,220
2,048
11,390
77
21,735
Stock-Based Compensation
—
—
1,049
1,481
2,530
Realized Hedge Gain
1,628
—
—
—
1,628
Transaction-Related Costs
542
—
—
—
542
Legacy Matter Costs
—
—
—
2,777
2,777
Adjusted EBITDA
$
16,859
$
2,925
$
6,330
$
(14,019
)
$
12,095
Parent Interest Income
$
14,677
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112999797/en/
Investor Contact:
Gagnier Communications ir@acaciares.com
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