Acacia Research Reports Fourth Quarter and Full-Year 2022 Financial Results

About this update from Acacia Research Corporation

[{"type":"text","content":" 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, 2022.\n\nKey Business Highlights\n\n\nCompleted an agreement to streamline the Company’s capital structure, further strengthen its financial position, and position it as a unique corporate acquisition platform with a strategic relationship to Starboard Value LP (“Starboard”).\n\n\n\nGavin Molinelli, Partner and Portfolio Manager at Starboard, has joined Acacia’s Board of Directors (the “Board”) as Chairman.\n\n\n\nCompleted Series A warrant exercise, raising $9.3 million net cash\n\n\n\nExecuted a Rights offering (and concurrent private Rights offering), raising $79.1 million in net proceeds in the first quarter of 2023.\n\n\n\nGenerated $13.1 million in consolidated revenue for the quarter, a decrease from $63.3 million in revenue in the same quarter last year.\n\n\n\nRecorded $10.9 million in realized gains from the sale of equity securities during the quarter, driven primarily by continued harvesting of gains in the Life Science Portfolio.\n\n\n\nRealized gains from the Life Science portfolio totaled $111.7 million for the year ended December 31, 2022, and unrealized losses from the Life Sciences portfolio totaled $247.1 million. Unrealized losses primarily relate to the reversal of prior period unrealized gains for Life Sciences Portfolio securities that were sold for a realized gain in 2022.\n\n\n\n\nFourth Quarter and Full Year 2022 Financial Highlights\n\n\n\n\n\n(In millions, except per share data)\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended December 31,\n\n\n\n \n\n\n\nYears Ended December 31,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\n \n\n\n\n(unaudited)\n\n\n\n \n\n\n\n \n\n\n\n\n\nIntellectual property operations\n\n\n\n$\n\n\n\n2.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n51.3\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n76.0\n\n\n\n \n\n\n\n\n\nIndustrial operations\n\n\n\n \n\n\n\n10.6\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n12.0\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n39.7\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n12.0\n\n\n\n \n\n\n\n\n\nTotal revenues\n\n\n\n$\n\n\n\n13.1\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n63.3\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n59.2\n\n\n\n \n\n\...

More updates from Acacia Research Corporation