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Acacia(ACTG) - 2024 Q1 - Quarterly Results
ACTGAcacia(ACTG)2024-05-09 20:12

Revenue and Financial Performance - Total revenues for Q1 2024 were 24.3million,asignificantincreasefrom24.3 million, a significant increase from 14.8 million in Q1 2023, driven by 13.6millionfromintellectualpropertyoperations[2][4]−TotalrevenuesforQ12024were13.6 million from intellectual property operations[2][4] - Total revenues for Q1 2024 were 24,320 thousand, a significant increase from 14,803thousandinQ12023[17]−Intellectualpropertyoperationsrevenuegrewto14,803 thousand in Q1 2023[17] - Intellectual property operations revenue grew to 13,623 thousand in Q1 2024, compared to 4,176thousandinQ12023[17]−Industrialoperationsrevenuedecreasedto4,176 thousand in Q1 2023[17] - Industrial operations revenue decreased to 8,841 thousand in Q1 2024 from 10,627thousandinQ12023[17]−Energyoperationsgenerated10,627 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 1.9millioninrevenueinQ12024,withnocomparablerevenueinQ12023[2][5]NetIncomeandLoss−GAAPnetlossforQ12024was1.9 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 0.00pershare,comparedtoanetincomeof0.00 per share, compared to a net income of 9.4 million in Q1 2023[2][4] - Net loss attributable to Acacia Research Corporation was 186thousandinQ12024,comparedtoanetincomeof186 thousand in Q1 2024, compared to a net income of 9,447 thousand in Q1 2023[17] - Operating loss improved to 2,087thousandinQ12024from2,087 thousand in Q1 2024 from 9,324 thousand in Q1 2023[17] Cash and Investments - Acacia holds 461.7millionincash,cashequivalents,andequityinvestmentsasofMarch31,2024,upfrom461.7 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 400millionincashandmarketablesecurities,netofcashdeployedinBenchmark′srecentacquisition[1]−Cashandcashequivalentsincreasedto400 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 340,091thousandattheendof2023[16]AssetandEquityChanges−BookvaluepershareatMarch31,2024was340,091 thousand at the end of 2023[16] Asset and Equity Changes - Book value per share at March 31, 2024 was 5.89, or 5.95excludinga5.95 excluding a 6.2 million accrual related to the AIP Matter[2][9] - Accounts receivable decreased to 15,372thousandasofMarch31,2024,downfrom15,372 thousand as of March 31, 2024, down from 80,555 thousand at the end of 2023[16] - Total assets slightly decreased to 631,725thousandasofMarch31,2024,from631,725 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 26,701thousandlossinQ12024,comparedtoa26,701 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 57.1million,realizingagainof57.1 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 12.4millioninQ12024,upfrom12.4 million in Q1 2024, up from 12.0 million in Q1 2023[5] Life Sciences Portfolio - Acacia's life sciences portfolio has generated 564.1millioninproceedsfromsalesandroyalties,withremainingpositionsvaluedat564.1 million in proceeds from sales and royalties, with remaining positions valued at 25.7 million[7]