Q2 2024 Acacia Research Corp Earnings Call Transcript
Key Points
- Acacia Research Corp (ACTG) reported a significant increase in consolidated revenue, reaching $25.8 million, up 227% compared to the same quarter last year.
- The company's intellectual property operations saw a year-over-year revenue increase of $4.9 million due to more license agreements.
- Benchmark, Acacia's energy subsidiary, generated $14.2 million in revenue in Q2, contributing to the company's strong financial performance.
- The company reported a decrease in operating loss by 62% compared to the same quarter last year, indicating improved operational efficiency.
- Acacia's book value per share increased to $5.95, with an adjusted book value of $6.07, reflecting strong financial health.
- The industrial operations segment experienced a revenue decline of $1.2 million due to lower printer sales.
- Acacia reported a GAAP net loss of $8.4 million or $0.08 per share, despite improved revenue figures.
- The company's corporate parent generated an adjusted EBITDA loss of $8.8 million, highlighting ongoing challenges at the corporate level.
- General and administrative expenses increased to $10 million, partly due to the addition of the energy segment.
- The company faced $4.7 million in unrealized losses related to the fair value of remaining equity securities, impacting overall financial performance.
Good afternoon, ladies and gentlemen, and thank you for joining us for Acacia Research second quarter 2024 earnings conference call. My name is Priala, and Iâll be your conference operator today. (Operator Instructions) I would like to remind you that this conference is being recorded today and is available through audio webcast on the companyâs website.
Following the speakerâs remarks, there will be time for questions. Analysts and investors are reminded that any additional inquiries can be directed to Acacia following todayâs call at [email protected]. I would now like to turn the conference over to Mr. Brent Anderson of Gagnier Communications. Mr. Anderson, you may begin your conference.
Thank you, operator. Leading todayâs call are MJ McNulty, Acacia's Chief Executive Officer; and Kirsten Hoover, Acacia's Interim Chief Financial Officer. Before MJ and Kirsten begin their prepared remarks, please be reminded that information provided during this call may contain forward-looking statements relating
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