Business
Acacia Research Reports Second Quarter 2024 Financial Results
Increased Consolidated Revenue 227% Compared to Q2 2023, Up 121% Compared to the First Six Months of 2023 Significant YoY Revenue and Operating Cash Flow
About this update from Acacia Research Corporation
[{"type":"text","content":"\nIncreased Consolidated Revenue 227% Compared to Q2 2023, Up 121% Compared to the First Six Months of 2023\n\n\nSignificant YoY Revenue and Operating Cash Flow Improvement During Q2 2024\n\n\nAcacia Remains Focused on Free Cash Flow Generation and Book Value Per Share Accretion\n\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three and six months ended June 30, 2024. The Company is also releasing a new Corporate Overview Presentation and a Q2 2024 Earnings Presentation, both of which are being posted today on its website at www.acaciares.com under Events & Presentations.\n\n\nMartin (“MJ”) D. McNulty, Jr., Chief Executive Officer, stated, “Acacia delivered strong financial and operating results in the second quarter. The Company’s efforts to build excellent businesses are paying off as our second quarter results highlight the evolution, strength and trajectory of the Company’s core technology, energy and industrials verticals. Acacia generated $25.8 million in consolidated revenue, up by 227% compared to the second quarter last year, driven by the completion of our transformative acquisition of operated producing wells in the Western Anadarko Basin through our Benchmark subsidiary.\n\n\nThe Company also delivered significant improvements in year over year revenue and operating cash flow in the second quarter. With disciplined capital allocation and a commitment to operating and financial excellence, the Company increased its total revenues 121% to $50.2 million for the first six months of 2024 compared to the first six months of 2023 and grew the Company’s book value per share by approximately 3% and approximately 2% compared to the book value at December 31, 2023 and March 31, 2024, respectively, excluding an accrual related to the AIP matter.\n\n\nLooking ahead, we will remain focused on free cash flow generation and book value per share accretion which we believe will deliver stock price growth and generate shareholder value.”\n\n\nKey Business Highlights\n\n\n\nRecorded book value per share at June 30, 2024 of $5.95 compared to $5.90 per share at December 31, 2023. Excluding the impact of the additional accrual of $12.9 million related to the AIP Matter (as defined below and which has now been settled), book value per share at ...