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Acacia(ACTG) - 2024 Q4 - Annual Results
ACTGAcacia(ACTG)2025-03-13 11:34

Financial Performance - Consolidated revenue of 48.8millionforQ42024and48.8 million for Q4 2024 and 122.3 million for the full year 2024[1] - GAAP net loss of (13.4)millionforQ42024,resultinginaGAAPdilutedEPSof(13.4) million for Q4 2024, resulting in a GAAP diluted EPS of (0.14), and a net loss of (36.1)millionfortheyear,withadilutedEPSof(36.1) million for the year, with a diluted EPS of (0.36)[10] - Adjusted net loss of (6.8)millionforQ42024,withanadjusteddilutedEPSof(6.8) million for Q4 2024, with an adjusted diluted EPS of (0.07), and an adjusted net income of 14.2millionfortheyear,leadingtoanadjusteddilutedEPSof14.2 million for the year, leading to an adjusted diluted EPS of 0.14[10] - Total revenue for the quarter was 48.8million,withEnergyOperationsrevenueat48.8 million, with Energy Operations revenue at 17.3 million, Manufacturing Operations revenue at 23.2million,andIndustrialOperationsrevenueat23.2 million, and Industrial Operations revenue at 8.2 million[18] - Total revenue for the year reached 122.3million,withEnergyOperationsrevenuecontributing122.3 million, with Energy Operations revenue contributing 49.2 million[18] - The company reported an operating loss of 32.9millionfortheyearendedDecember31,2024,comparedtoanoperatingincomeof32.9 million for the year ended December 31, 2024, compared to an operating income of 20.9 million in 2023[32] - Net loss attributable to Acacia Research Corporation for the year ended December 31, 2024, was 36.1million,comparedtoanetincomeof36.1 million, compared to a net income of 67.1 million in 2023[32] - The company reported a basic net loss per share of 0.14for2024,comparedtoearningsof0.14 for 2024, compared to earnings of 0.75 per share in 2023[32] Adjusted EBITDA - Total company adjusted EBITDA of 4.9millionforQ42024and4.9 million for Q4 2024 and 17.0 million for the full year 2024[10] - Operated segment adjusted EBITDA of 9.6millionforQ42024and9.6 million for Q4 2024 and 35.7 million for the year[10] - Total Company Adjusted EBITDA for the quarter was 4.9million,whileOperatedSegmentAdjustedEBITDAwas4.9 million, while Operated Segment Adjusted EBITDA was 9.6 million[18] - Total Adjusted EBITDA for the year ended December 31, 2024, was 16,952,withacumulativeGAAPOperatingLossof16,952, with a cumulative GAAP Operating Loss of (32,926)[45] Cash and Assets - The company ended the year with a healthy cash balance of 273.9millionforfuturetransactions[7]−Cash,cashequivalents,andequityinvestmentstotaled273.9 million for future transactions[7] - Cash, cash equivalents, and equity investments totaled 297.0 million at December 31, 2024, down from 403.2millionatDecember31,2023[24]−Cashandcashequivalentsdecreasedto403.2 million at December 31, 2023[24] - Cash and cash equivalents decreased to 273.9 million as of December 31, 2024, down from 340.1millionin2023,representingadeclineof19.4340.1 million in 2023, representing a decline of 19.4%[30] - Total assets increased to 756.4 million as of December 31, 2024, compared to 633.5millionin2023,reflectingagrowthof19.4633.5 million in 2023, reflecting a growth of 19.4%[30] Liabilities and Equity - The company’s total liabilities rose significantly to 203.8 million in 2024, compared to 43.9millionin2023,markinganincreaseof364.543.9 million in 2023, marking an increase of 364.5%[30] - Acacia's book value as of December 31, 2024, was 552.6 million, with a book value per share of 5.75[21]−Thenumberofsharesoutstandingdecreasedfrom99.9millionin2023to96.0millionin2024[30]AcquisitionsandInvestments−AcaciacompletedtheacquisitionofupstreamproductionassetsfromRevolutionfor5.75[21] - The number of shares outstanding decreased from 99.9 million in 2023 to 96.0 million in 2024[30] Acquisitions and Investments - Acacia completed the acquisition of upstream production assets from Revolution for 145.0 million on April 17, 2024[10] - The acquisition of Deflecto was completed on October 18, 2024, for 103.7million[10]−Asharerepurchaseprogramwasexecuted,repurchasing103.7 million[10] - A share repurchase program was executed, repurchasing 20.0 million in Acacia shares during the year[7] - The company completed a stock repurchase program totaling 20.0millionasofDecember31,2024[22]−Acaciagenerated20.0 million as of December 31, 2024[22] - Acacia generated 564.1 million from its Life Sciences Portfolio, purchased for 301.4millionin2020[19]OtherFinancialMetrics−AdjustedEBITDAforthethreemonthsendedMarch31,2024,was301.4 million in 2020[19] Other Financial Metrics - Adjusted EBITDA for the three months ended March 31, 2024, was 6,332, with a GAAP Operating Loss of (2,087)[44]−ForthethreemonthsendedJune30,2024,AdjustedEBITDAwas(2,087)[44] - For the three months ended June 30, 2024, Adjusted EBITDA was 4,089, while GAAP Operating Loss was (4,758)[44]−ThethreemonthsendedSeptember30,2024,reportedAdjustedEBITDAof(4,758)[44] - The three months ended September 30, 2024, reported Adjusted EBITDA of 1,674, with a significant GAAP Operating Loss of (10,272)[44]−ForthethreemonthsendedDecember31,2024,AdjustedEBITDAreached(10,272)[44] - For the three months ended December 31, 2024, Adjusted EBITDA reached 4,857, and GAAP Operating Loss was (15,809)[45]−Thecompanyincurredtransaction−relatedcostsof(15,809)[45] - The company incurred transaction-related costs of 222 for the three months ended June 30, 2024[44] - Legacy matter costs for the three months ended September 30, 2024, were 368[44]−ParentinterestincomeforthethreemonthsendedDecember31,2024,was368[44] - Parent interest income for the three months ended December 31, 2024, was 2,793[45] - Stock-based compensation for the three months ended June 30, 2024, amounted to 891[44]−Thecompanyreportedarealizedhedgegainof891[44] - The company reported a realized hedge gain of 800 for the three months ended March 31, 2024[44]