Acacia Research Reports Third Quarter 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 and nine months ended September 30, 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 backed by Starboard Value LP (“Starboard”).\n\n\nGavin Molinelli, Partner and Portfolio Manager at Starboard, has joined Acacia’s Board of Directors (the “Board”) as Chairman.\n\n\nGenerated $15.9 million in consolidated revenue for the quarter, up from $1.6 million in revenue in the third quarter of 2021.\n\n\nRecorded $36.1 million in realized gains from the sale of our equity securities during the quarter, driven primarily by continued harvesting of gains in the Life Science Portfolio.\n\n\nRealized and unrealized gains from the Life Science portfolio totaled $265 million at September 30, 2022, based on the value of public holdings and the carrying value of the Private Securities.\n\n\nRepaid $55.0 million in Senior Secured Notes held by Starboard during the quarter.\n\n\nRepurchased $11.5 million shares during the third quarter, completing the Company’s $40.0 million stock repurchase program.\n\n\n\n\nThird Quarter 2022 Financial Highlights\n\n\n\n\n\n(In millions, except per share data)\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\nThree Months Ended\nSeptember 30,\n\n\n\n \n\n\n\nNine Months Ended\nSeptember 30,\n\n\n\n\n\n \n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\n \n\n\n\n\n(unaudited)\n\n\n\n \n\n\n\n(unaudited)\n\n\n\n\n\nIntellectual property operations\n\n\n\n\n$\n\n\n\n6.3\n\n\n\n \n\n\n\n\n$\n\n\n\n1.6\n\n\n\n \n\n\n\n\n$\n\n\n\n17.0\n\n\n\n \n\n\n\n\n$\n\n\n\n24.8\n\n\n\n \n\n\n\n\n\nIndustrial operations\n\n\n\n\n \n\n\n\n9.6\n\n\n\n \n\n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n\n \n\n\n\n29.1\n\n\n\n \n\n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n\n\nTotal revenues\n\n\n\n\n$\n\n\n\n15.9\n\n\n\n \n\n\n\n\n$\n\n\n\n1.6\n\n\n\n \n\n\n\n\n$\n\n\n\n46.1\n\n\n\n \n\n\n\n\n$\n\n\n\n24.8\n\n\n\n \n\n\n\n\n\nOperating loss\n\n\n\n\n$\n\n\n\n(11.4\n\n\n\n)\n\n\n\n\n$\n\n\n\n(12.7\n\n\n\n)\n\n\n\n\n$\n\n\n\n(25.5\n\n\n\n)\n\n\n\n\n$\n\n\n\n(16.8\n\n\n\n)\n\n\n\n\n\nUnrealized gains (losses) 1\n\n\n\n\n$\n\n\n\n(36.4...

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