ACACIA RESEARCH CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
ACTG$4.17-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations for the Years Ended and
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenues: | ||
| Intellectual property operations | $89,156 | $19,508 |
| Industrial operations | 35,098 | 39,715 |
| Energy operations | 848 | — |
| Total revenues | 125,102 | 59,223 |
| Costs and expenses: | ||
| Cost of revenues - intellectual property operations | 34,164 | 18,029 |
| Cost of revenues - industrial operations | 18,009 | 19,359 |
| Cost of production - energy operations | 656 | — |
| Engineering and development expenses - industrial operations | 735 | 626 |
| Sales and marketing expenses - industrial operations | 6,908 | 8,621 |
| General and administrative expenses | 43,694 | 52,680 |
| Total costs and expenses | 104,166 | 99,315 |
| Operating income (loss) | 20,936 | (40,092) |
| Other income (expense): | ||
| Equity securities investments: | ||
| Change in fair value of equity securities | 31,423 | (263,695) |
| (Loss) gain on sale of equity securities | (10,930) | 125,318 |
| Earnings on equity investment in joint venture | 4,167 | 42,531 |
| Net realized and unrealized gain (loss) | 24,660 | (95,846) |
| Change in fair value of the Series A and B warrants and embedded derivatives | 8,241 | 13,102 |
| Gain (loss) on foreign currency exchange | 53 | (3,324) |
| Interest expense on Senior Secured Notes | (1,930) | (6,432) |
| Interest income and other, net | 15,466 | 5,442 |
| Total other income (expense) | 46,490 | (87,058) |
| Income (loss) before income taxes | 67,426 | (127,150) |
| Income tax benefit | 1,504 | 16,211 |
| Net income (loss) including noncontrolling interests in subsidiaries | 68,930 | (110,939) |
| Net income attributable to noncontrolling interests in subsidiaries | (1,870) | (14,126) |
| Net income (loss) attributable to Acacia Research Corporation | $67,060 | $(125,065) |
| Income (loss) per share: | ||
| Net income (loss) attributable to common stockholders - Basic | $55,140 | $(133,035) |
| Weighted average number of shares outstanding - Basic | 75,296,025 | 42,460,504 |
| Basic net income (loss) per common share | $0.73 | $(3.13) |
| Net income (loss) attributable to common stockholders - Diluted | $53,208 | $(133,035) |
| Weighted average number of shares outstanding - Diluted | 92,411,818 | 42,460,504 |
| Diluted net income (loss) per common share | $0.58 | $(3.13) |
CONSOLIDATED STATEMENTS OF SERIES A REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(In thousands, except share data)
| Year Ended December 31, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Series A Redeemable Convertible Preferred Stock · Common Stock · Treasury Stock · AdditionalPaid-in Capital · Accumulated Deficit · NoncontrollingInterests inOperating Subsidiaries · TotalStockholders' Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| Balance at December 31, 2022 | 350,000 | $19,924 | 43,484,867 | $43 | $(98,258) | $663,284 | $(306,789) | $11,042 | $269,322 |
| Net income including noncontrolling interests in subsidiaries | — | — | — | — | — | — | 67,060 | 1,870 | 68,930 |
| Distributions to noncontrolling interests in subsidiaries | — | — | — | — | — | — | — | (1,390) | (1,390) |
| Accretion of Series A Redeemable Convertible Preferred Stock to redemption value | — | 3,230 | — | — | — | (3,230) | — | — | (3,230) |
| Dividend on Series A Redeemable Convertible Preferred Stock | — | — | — | — | — | (1,400) | — | — | (1,400) |
| Conversion of Series A Redeemable Convertible Preferred Stock to common stock | (350,000) | (23,154) | 9,616,746 | 10 | — | 36,023 | — | — | 36,033 |
| Exercise of Series B warrants | — | — | 31,506,849 | 32 | — | 129,462 | — | — | 129,494 |
| Stock options exercised | — | — | 67,500 | — | — | 235 | — | — | 235 |
| Issuance of common stock from the Rights Offering | — | — | 15,068,753 | 15 | — | 79,096 | — | — | 79,111 |
| Issuance of common stock for vesting of restricted stock units | — | — | 327,684 | — | — | — | — | — | — |
| Issuance of common stock for unvested restricted stock awards, net of forfeitures | — | — | (34,167) | — | — | — | — | — | — |
| Shares withheld related to net share settlement of share-based awards | — | — | (142,759) | — | — | (614) | — | — | (614) |
| Compensation expense for share-based awards | — | — | — | — | — | 3,297 | — | — | 3,297 |
| Acquisition of Benchmark | — | — | — | — | — | — | $— | $9,821 | $9,821 |
| Balance at December 31, 2023 | — | $— | 99,895,473 | $100 | $(98,258) | $906,153 | $(239,729) | $21,343 | $589,609 |
| Year Ended December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Series A Redeemable Convertible Preferred Stock · Common Stock · Treasury Stock · AdditionalPaid-in Capital · Accumulated Deficit · NoncontrollingInterests inOperating Subsidiaries · TotalStockholders' Equity | |||||||||
| Shares · Amount · Shares · Amount | |||||||||
| Balance at December 31, 2021 | 350,000 | $14,753 | 48,807,748 | $49 | $(47,281) | $648,389 | $(181,724) | $11,042 | $430,475 |
| Net (loss) income including noncontrolling interests in subsidiaries | — | — | — | — | — | — | (125,065) | 14,126 | (110,939) |
| Distributions to noncontrolling interests in subsidiaries | — | — | — | — | — | — | — | (14,126) | (14,126) |
| Accretion of Series A Redeemable Convertible Preferred Stock to redemption value | — | 5,171 | — | — | — | (5,171) | — | — | (5,171) |
| Dividend on Series A Redeemable Convertible Preferred Stock | — | — | — | — | — | (2,799) | — | — | (2,799) |
| Exercise of Series A warrants | — | — | 5,000,000 | 5 | — | 20,645 | — | — | 20,650 |
| Issuance of common stock for vesting of restricted stock units | — | — | 646,668 | — | — | — | — | — | — |
| Issuance of common stock for unvested restricted stock awards, net of forfeitures | — | — | 197,999 | — | — | — | — | — | — |
| Shares withheld related to net share settlement of share-based awards | — | — | (372,314) | — | — | (1,600) | — | — | (1,600) |
| Compensation expense for share-based awards | — | — | — | — | — | 3,820 | — | — | 3,820 |
| Repurchase of common stock | — | — | (10,795,234) | (11) | (50,977) | — | — | — | (50,988) |
| Balance at December 31, 2022 | 350,000 | $19,924 | 43,484,867 | $43 | $(98,258) | $663,284 | $(306,789) | $11,042 | $269,322 |
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