Acacia Research Corp Files Q3 2024 10-Q

TL;DR

ACAC Q3 10-Q filed. IP, Industrial, Energy ops. Details to come.

AI Summary

Acacia Research Corp filed its 10-Q for the period ending September 30, 2024. The company operates in Intellectual Property Operations, Industrial Operations, and Energy Operations. Specific financial details for these segments are not provided in this header information, but the filing covers the third quarter of 2024.

Why It Matters

This filing provides investors with an update on Acacia Research Corp's financial performance and operational segments for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate red flags.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 20240930 — Fiscal Period End (The financial reporting period concluded on this date.)

Key Players & Entities

• ACACIA RESEARCH CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241112 (date) — Filing Date
• 767 3RD AVENUE, 6TH FLOOR (location) — Business Address
• NEW YORK (location) — Business City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, as of November 7, 2024, was

Filing Documents

• actg-20240930.htm (10-Q) — 2363KB
• actg-20240930xex311.htm (EX-31.1) — 8KB
• actg-20240930xex312.htm (EX-31.2) — 8KB
• actg-20240930xex321.htm (EX-32.1) — 5KB
• actg-20240930xex322.htm (EX-32.2) — 5KB
• 0000934549-24-000068.txt ( ) — 13300KB
• actg-20240930.xsd (EX-101.SCH) — 73KB
• actg-20240930_cal.xml (EX-101.CAL) — 92KB
• actg-20240930_def.xml (EX-101.DEF) — 582KB
• actg-20240930_lab.xml (EX-101.LAB) — 922KB
• actg-20240930_pre.xml (EX-101.PRE) — 778KB
• actg-20240930_htm.xml (XML) — 2357KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Series A Redeemable Convertible Preferred Stock and Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 45 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 64 Item 4.

Controls and Procedures

Controls and Procedures 64 PART II. OTHER INFORMATION 66 Item 1.

Legal Proceedings

Legal Proceedings 66 Item 1A.

Risk Factors

Risk Factors 66 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3. Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosures 67 Item 5. Other Information 67 Item 6. Exhibits 68 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the quarterly period ended September 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,

- 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) 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

View Full Filing

View this 10-Q filing on SEC EDGAR