Business
Acacia Research Reports Fourth Quarter and Full-Year 2021 Financial Results and Preliminary First Quarter 2022 Results; Announces $40 Million Expansion of Stock Repurchase Program
Generated $149.2 Million of Net Income, or $1.91 Per Diluted Share for the Full-Year 2021, Reflecting Significant Realized Gains from the Life Science
About this update from Acacia Research Corporation
[{"type":"text","content":"\nGenerated $149.2 Million of Net Income, or $1.91 Per Diluted Share for the Full-Year 2021, Reflecting Significant Realized Gains from the Life Science Portfolio and Contributions from the Intellectual Property Business and Printronix Acquisition\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months and full year ended December 31, 2021. The reported results reflect the contribution of Printronix Holding Corp. (“Printronix”), which was acquired on October 7, 2021. Acacia also reported preliminary results for the first quarter ending March 31, 2022.\n\nKey Business Highlights\n\n\nCompleted the acquisition of Printronix, a leading manufacturer and distributor of industrial impact printers and related consumables and services. The Printronix business services a diverse group of customers that operate across healthcare, food and beverage, manufacturing and logistics, and other sectors. Acacia paid $33 million in cash for the business, representing approximately 3.6x Adjusted EBITDA generated by Printronix in its prior fiscal year.\n\n\nGenerated $76.0 million in Intellectual Property revenue (and $41.2 million in operating income) for the full year, up from $29.8 million in revenue and breakeven operating income in 2020.\n\n\nRecorded $116.1 million in realized gains for the full year, including $115.0 million from the Life Sciences Portfolio.\n\n\nThe Company has utilized approximately 40% of its NOLs through the generation of positive net income leaving approximately $172.0 million in net operating loss carryforwards (“NOLs”) at year end.\n\n\nApproved a new stock repurchase program for up to $40.0 million of shares of common stock.\n\n\n\n\nFourth Quarter and Full Year 2021 Financial Highlights\n\n\n\n\n\n(In millions, except per share data)\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n\n \n\n\n\n\nFull Year Ended\nDecember 31,\n\n\n\n\n\n \n\n\n\n\n2021\n(unaudited)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2020\n(unaudited)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nIndustrial ...