Acacia Research Corp. Files Q2 2024 10-Q

TL;DR

ACAC Q2 10-Q is in - financials updated for IP, industrial, and energy ops.

AI Summary

Acacia Research Corp. filed its 10-Q for the period ending June 30, 2024. The company, which operates in intellectual property, industrial, and energy sectors, reported its financial performance for the second quarter and the first half of the year. Specific financial figures for revenue, expenses, and net income are detailed within the filing.

Why It Matters

This filing provides investors with an update on Acacia Research Corp.'s financial health and operational performance, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The company operates in patent ownership and licensing, which can be subject to significant legal and market risks.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 2024-06-30 — Fiscal Period End (End date for the reported financial data)
• 2023-12-31 — Previous Fiscal Year End (Comparison point for financial reporting)

Key Players & Entities

• ACACIA RESEARCH CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240808 (date) — Filing date
• 767 3RD AVENUE, 6TH FLOOR (address) — Company business and mailing address
• NEW YORK (location) — Company state
• DE (location) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, as of August 5, 2024, was 10

Filing Documents

• actg-20240630.htm (10-Q) — 2271KB
• actg-20240630xex311.htm (EX-31.1) — 8KB
• actg-20240630xex312.htm (EX-31.2) — 8KB
• actg-20240630xex321.htm (EX-32.1) — 5KB
• actg-20240630xex322.htm (EX-32.2) — 5KB
• 0000934549-24-000063.txt ( ) — 12642KB
• actg-20240630.xsd (EX-101.SCH) — 69KB
• actg-20240630_cal.xml (EX-101.CAL) — 87KB
• actg-20240630_def.xml (EX-101.DEF) — 562KB
• actg-20240630_lab.xml (EX-101.LAB) — 793KB
• actg-20240630_pre.xml (EX-101.PRE) — 708KB
• actg-20240630_htm.xml (XML) — 2274KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 (Unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Series A Redeemable Convertible Preferred Stock and Stockholders' Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 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 44 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 4.

Controls and Procedures

Controls and Procedures 62 PART II. OTHER INFORMATION 64 Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 65 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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, finan

- 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 386,988 $ 340,091 Equity securities 18,174 63,068 Equity securities without readily determinable fair value 5,816 5,816 Equity method investments 30,934 30,934 Accounts receivable, net 18,772 80,555 Inventories 12,289 10,921 Prepaid expenses and other current assets 20,961 23,127 Total current assets 493,934 554,512 Property, plant and equipment, net 2,315 2,356 Oil and natural gas properties, net 192,587 25,117 Goodwill 8,990 8,990 Other intangible assets, net 36,017 33,556 Operating lease, right-of-use assets 1,639 1,872 Deferred income tax assets, net 13,854 2,915 Other non-current assets 4,257 4,227 Total assets $ 753,593 $ 633,545 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,191 $ 3,261 Accrued expenses and other current liabilities 15,207 8,405 Accrued compensation 3,983 4,207 Asset retirement obligation 1,543 — Royalties and contingent legal fees payable 4,869 10,786 Deferred revenue 911 977 Accrued loss contingency 14,500 — Total current liabilities 44,204 27,636 Asset retirement obligation 27,718 — Long-term lease liabilities 1,447 1,736 Revolving credit facility 82,000 10,525 Other long-term liabilities 1,479 4,039 Total liabilities 156,848 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; 100,375,459 and 99,895,473 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 100 100 Treasury stock, at cost, 16,183,703 shares as of June 30, 2024 and December 31, 2023 ( 98,258 ) ( 98,258 ) Additional paid-in capital

View Full Filing

View this 10-Q filing on SEC EDGAR