Acacia(ACTG) - 2024 Q4 - Annual Results

Financial Performance - Consolidated revenue of $48.8 million for Q4 2024 and $122.3 million for the full year 2024[1] - GAAP net loss of $(13.4) million for Q4 2024, resulting in a GAAP diluted EPS of $(0.14), and a net loss of $(36.1) million for the year, with a diluted EPS of $(0.36)[10] - Adjusted net loss of $(6.8) million for Q4 2024, with an adjusted diluted EPS of $(0.07), and an adjusted net income of $14.2 million for the year, leading to an adjusted diluted EPS of $0.14[10] - Total revenue for the quarter was $48.8 million, with Energy Operations revenue at $17.3 million, Manufacturing Operations revenue at $23.2 million, and Industrial Operations revenue at $8.2 million[18] - Total revenue for the year reached $122.3 million, with Energy Operations revenue contributing $49.2 million[18] - The company reported an operating loss of $32.9 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 $36.1 million, compared to a net income of $67.1 million in 2023[32] - The company reported a basic net loss per share of $0.14 for 2024, compared to earnings of $0.75 per share in 2023[32] Adjusted EBITDA - Total company adjusted EBITDA of $4.9 million for Q4 2024 and $17.0 million for the full year 2024[10] - Operated segment adjusted EBITDA of $9.6 million for Q4 2024 and $35.7 million for the year[10] - Total Company Adjusted EBITDA for the quarter was $4.9 million, while Operated Segment Adjusted EBITDA was $9.6 million[18] - Total Adjusted EBITDA for the year ended December 31, 2024, was $16,952, with a cumulative GAAP Operating Loss of $(32,926)[45] Cash and Assets - The company ended the year with a healthy cash balance of $273.9 million for future transactions[7] - Cash, cash equivalents, and equity investments totaled $297.0 million at December 31, 2024, down from $403.2 million at December 31, 2023[24] - Cash and cash equivalents decreased to $273.9 million as of December 31, 2024, down from $340.1 million in 2023, representing a decline of 19.4%[30] - Total assets increased to $756.4 million as of December 31, 2024, compared to $633.5 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 $43.9 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] - 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 $103.7 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 $20.0 million as of December 31, 2024[22] - Acacia generated $564.1 million from its Life Sciences Portfolio, purchased for $301.4 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] - For the three months ended June 30, 2024, Adjusted EBITDA was $4,089, while GAAP Operating Loss was $(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] - For the three months ended December 31, 2024, Adjusted EBITDA reached $4,857, and GAAP Operating Loss was $(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] - 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] - The company reported a realized hedge gain of $800 for the three months ended March 31, 2024[44]