Acacia(ACTG)2024-05-09 20:12Revenue and Financial Performance - Total revenues for Q1 2024 were $24.3 million, a significant increase from $14.8 million in Q1 2023, driven by $13.6 million from intellectual property operations[2][4] - Total revenues for Q1 2024 were $24,320 thousand, a significant increase from $14,803 thousand in Q1 2023[17] - Intellectual property operations revenue grew to $13,623 thousand in Q1 2024, compared to $4,176 thousand in Q1 2023[17] - Industrial operations revenue decreased to $8,841 thousand in Q1 2024 from $10,627 thousand in Q1 2023[17] - Energy operations generated $1,856 thousand in revenue in Q1 2024, a new segment not present in Q1 2023[17] - Benchmark Energy generated $1.9 million in revenue in Q1 2024, with no comparable revenue in Q1 2023[2][5] Net Income and Loss - GAAP net loss for Q1 2024 was $0.2 million, or $0.00 per share, compared to a net income of $9.4 million in Q1 2023[2][4] - Net loss attributable to Acacia Research Corporation was $186 thousand in Q1 2024, compared to a net income of $9,447 thousand in Q1 2023[17] - Operating loss improved to $2,087 thousand in Q1 2024 from $9,324 thousand in Q1 2023[17] Cash and Investments - Acacia holds $461.7 million in cash, cash equivalents, and equity investments as of March 31, 2024, up from $403.2 million at the end of 2023[8] - The company has $400 million in cash and marketable securities, net of cash deployed in Benchmark's recent acquisition[1] - Cash and cash equivalents increased to $438,762 thousand as of March 31, 2024, up from $340,091 thousand at the end of 2023[16] Asset and Equity Changes - Book value per share at March 31, 2024 was $5.89, or $5.95 excluding a $6.2 million accrual related to the AIP Matter[2][9] - Accounts receivable decreased to $15,372 thousand as of March 31, 2024, down from $80,555 thousand at the end of 2023[16] - Total assets slightly decreased to $631,725 thousand as of March 31, 2024, from $633,545 thousand at the end of 2023[16] - Equity securities investments showed a change in fair value of $26,701 thousand loss in Q1 2024, compared to a $3,343 thousand gain in Q1 2023[17] Acquisitions and Divestitures - The company completed the sale of Arix Bioscience Plc shares for $57.1 million, realizing a gain of $28.6 million[2] - Benchmark's recent acquisition added 140,000 net acres and 470 operated producing wells in the Western Anadarko Basin[2] Expenses - General and administrative expenses increased to $12.4 million in Q1 2024, up from $12.0 million in Q1 2023[5] Life Sciences Portfolio - Acacia's life sciences portfolio has generated $564.1 million in proceeds from sales and royalties, with remaining positions valued at $25.7 million[7]