Acacia Research Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Acacia Research Corp filed its Q1 2024 10-Q report on May 10, 2024.</b>

AI Summary

ACACIA RESEARCH CORP (ACTG) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Acacia Research Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Acacia Research Corp is incorporated in Delaware. The company's SIC code is 6794 for Patent Owners & Lessors.

Why It Matters

For investors and stakeholders tracking ACACIA RESEARCH CORP, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — ACACIA RESEARCH CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating a routine disclosure.

Analyst Insight

Monitor future filings for detailed financial results and segment performance to understand revenue drivers and profitability trends.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-10 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 954405754 — IRS Number (Company's IRS identification number)
• 001-37721 — SEC File Number (SEC's file number for the company)
• 24932111 — Film Number (SEC film number)

Key Players & Entities

• ACACIA RESEARCH CORP (company) — Filer name
• ACTG (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 6794 (sic_code) — Standard Industrial Classification
• 767 3RD AVENUE, 6TH FLOOR (address) — Business address
• NEW YORK (location) — Business address city

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize the company's primary business activities, in this case, Patent Owners & Lessors.)

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, as of May 6, 2024, was 100,0
• $145 million — "Transaction") for a purchase price of $145 million in cash (the "Purchase Price"), subject

Filing Documents

• actg-20240331.htm (10-Q) — 1706KB
• actg-20240331xex311.htm (EX-31.1) — 8KB
• actg-20240331xex312.htm (EX-31.2) — 8KB
• actg-20240331xex321.htm (EX-32.1) — 5KB
• actg-20240331xex322.htm (EX-32.2) — 5KB
• 0000934549-24-000046.txt (&nbsp;) — 10975KB
• actg-20240331.xsd (EX-101.SCH) — 68KB
• actg-20240331_cal.xml (EX-101.CAL) — 84KB
• actg-20240331_def.xml (EX-101.DEF) — 551KB
• actg-20240331_lab.xml (EX-101.LAB) — 780KB
• actg-20240331_pre.xml (EX-101.PRE) — 682KB
• actg-20240331_htm.xml (XML) — 1773KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 (Unaudited) and December 31, 20 23 3 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 4 Unaudited Condensed Consolidated Statements of Series A Redeemable Convertible Preferred Stock and Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 58 PART II. OTHER INFORMATION 60 Item 1.

Legal Proceedings

Legal Proceedings 60 Item 1A.

Risk Factors

Risk Factors 60 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 3. Defaults Upon Senior Securities 60 Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 61 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (this "Quarterly Report") contains forward-looking statements within the meaning of the federal securities laws. To the extent that statements in this Quarterly Report are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Throughout this Quarterly Report, we have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecasts," "goal," "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. Forward-looking statements include statements regarding, among other things, our business, operating, development, investment and finance strategies, our relationship with Starboard Value LP, acquisition and development activities, financial results of our operating businesses, other related business activities, capital expenditures, earnings, litigation, regulatory matters, markets for our services, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, fina

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 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 Accumulat

View Full Filing

View this 10-Q filing on SEC EDGAR