Acacia Research Corporation(1) (Nasdaq: ACTG) today reported
results for the three months ended March 31, 2015.
- Revenues for the first quarter of 2015
were $34,210,000, as compared to $12,578,000 in the comparable
prior year quarter.
- GAAP net loss for the first quarter of
2015 was $13,130,000, or $0.27 per diluted share, as compared to
$24,421,000, or $0.51 per diluted share for the comparable prior
year quarter.
- Non-GAAP net income for the first
quarter of 2015 was $3,155,000, or $0.06 per diluted share, as
compared to a Non-GAAP net loss of $5,184,000, or $0.11 per diluted
share for the comparable prior year quarter. See below for
information regarding non-GAAP measures.
- Cash and cash equivalents, restricted
cash and investments totaled $165,555,000 as of March 31,
2015.
Approval of Quarterly Dividend. Acacia Research Corporation also
announced today that its Board of Directors has approved a
quarterly cash dividend, payable in the amount of $0.125 per share,
which will be paid on May 29, 2015, to shareholders of record at
the close of business on May 4, 2015. Future cash dividends are
expected to be paid on a quarterly basis and will be at the
discretion of the Board of Directors.
Consolidated Financial Results - Overview
Financial highlights and operating activities during the periods
presented included the following:
Three Months EndedMarch
31,
2015 2014 Revenues (in
thousands) $ 34,210 $ 12,578 Net loss (in thousands) $ (13,130 ) $
(24,421 ) Non-GAAP net income (loss) (in thousands) $ 3,155 $
(5,184 ) Diluted loss per share $ (0.27 ) $ (0.51 ) Non-GAAP net
earnings (loss) per common share - diluted $ 0.06 $ (0.11 ) New
agreements executed 23 20 Licensing and enforcement programs
generating revenues 18 21 Licensing and enforcement programs with
initial revenues 2 3 New patent portfolios — 3
As of March 31, 2015, trailing twelve-month revenues were
as follows (in thousands):
As of Date:
Trailing Twelve-Month
Revenues
% Change March 31, 2015 $ 152,508 17 % December 31,
2014 $ 130,876 14 % September 30, 2014 $ 114,911 23 % June 30, 2014
$ 93,239 41 % March 31, 2014 $
66,273
—
Summary Consolidated Financial Results
Three months ended March 31, 2015 compared with the
three months ended March 31, 2014
Revenues (in thousands):
Three Months EndedMarch
31, Change 2015 2014
$ % Revenues $ 34,210 $ 12,578 $
21,632 172 % New revenue agreements 23 20 — — Licensing and
enforcement programs generating revenues 18 21
—
— Licensing and enforcement programs with initial revenues 2 3 — —
First quarter 2015 revenues increased $21,632,000, or 172%, to
$34,210,000, as compared to $12,578,000 in the comparable prior
year quarter. In the first quarter of 2015, two licensees
individually accounted for 58% and 15% of revenues recognized, as
compared to one licensee individually accounting for 39% of
revenues recognized during the first quarter of 2014.
Cost of Revenues (in thousands):
Three Months EndedMarch
31, Change 2015 2014
$ % Inventor royalties $ 9,325 $
951 $ 8,374 881 % Contingent legal fees 4,784 1,527
3,257 213 % Total inventor royalties and contingent legal
fees $ 14,109 $ 2,478 $ 11,631 469 %
First quarter 2015 inventor royalties and contingent legal fees
expense, on a combined basis, increased 469%, as compared to the
172% increase in related revenues. First quarter 2015 total
revenues, less inventor royalties expense and contingent legal fees
expense was $20,101,000, or 59% of first quarter 2015 revenues, as
compared to $10,100,000, or 80% of revenues in the comparable prior
year quarter. The increase in inventor royalties expense and
contingent legal fees expense for the periods presented was due
primarily to the 172% increase in revenues and higher average
inventor royalty rates, primarily due to lower average levels of
cost recovery related preferred returns, for the specific
portfolios generating revenues in the first quarter of 2015.
Three Months EndedMarch
31, Change 2015 2014
$ % Litigation and licensing
expenses - patents $ 8,675 $ 8,994 $ (319 ) (4 )%
First quarter 2015 litigation and licensing expenses decreased
due primarily to a minor net decrease in patent prosecution,
litigation support and third-party technical consulting expenses
associated with ongoing and new licensing and enforcement programs
commenced since the end of the comparable prior year quarter. We
expect litigation and licensing expenses to continue to fluctuate
period to period in connection with our current and future patent
partnering, prosecution, licensing and enforcement activities.
Three Months EndedMarch
31, Change 2015 2014
$ % Amortization of patents $
13,038 $ 14,472 $ (1,434 ) (10 )%
First quarter 2015 non-cash patent amortization charges
decreased due primarily to a decrease in accelerated amortization
related to patent portfolio write-downs totaling $2,565,000. The
decrease was partially offset by a $1,074,000 increase in
amortization for patent and patent rights investments made since
the end of the prior year period.
Marketing, General and Administrative Expenses (in
thousands):
Three Months EndedMarch
31, Change 2015 2014
$ % Marketing, general and
administrative expenses $ 7,328 $ 6,928 $ 400 6 % Non-cash stock
compensation expense - MG&A 3,247 4,765
(1,518 ) (32 )% Total marketing, general and administrative
expenses $ 10,575 $ 11,693 $ (1,118 ) (10 )%
First quarter 2015 marketing, general and administrative
expenses, excluding non-cash stock compensation expense, increased
due primarily to an increase in variable performance based
compensation costs, consistent with the increase in revenues
quarter to quarter. Non-cash stock compensation expense decreased
due to a decrease in the grant date fair value for the restricted
shares expensed during the period and a decrease in the number of
restricted shares expensed for current employees during the
period.
Income Taxes:
Three Months EndedMarch
31, Change 2015 2014
$ % (Provision for) benefit from
income taxes (in thousands) $ (170 ) $ 1,372 $ (1,542 ) (112 )%
Effective tax rate 1 % (5 )%
Tax expense for the three months ended March 31, 2015 reflects
the impact of a full valuation allowance recorded for net operating
loss related tax assets generated during the period. The tax
benefit for the three months ended March 31, 2014 reflects the
impact of valuation allowances recorded for the majority of net
operating loss related and other tax assets generated during the
prior year period.
Financial Condition (in thousands)
Summary Balance Sheet Information:
March 31, 2015 December 31,
2014 Cash and cash equivalents, restricted cash and
investments $ 165,555 $ 193,024 Accounts receivable 30,007 20,168
Total assets 507,364 536,348 Accounts payable and accrued expenses
12,705 14,860 Accrued patent acquisition costs 900 16,700 Royalties
and contingent legal fees payable 19,129 14,351 Total liabilities
34,145 47,300
Summary Cash Flow Information:
Three Months EndedMarch 31, 2015
2014 Net cash provided by (used in):
Operating activities (excluding restricted cash) $ (5,112 ) $
(20,432 ) Restricted cash (10,718 ) — Investing activities (11,651
) 33,315 Financing activities (5,437 ) (6,165 )
Patent Acquisition Costs. Patent related upfront advances and
scheduled milestone payments paid in the first quarter of 2015
totaled $16,861,000. Patent related upfront advances paid in the
first quarter of 2014 totaled $987,000. As of March 31, 2015,
accrued patent acquisition costs related to patent portfolios
acquired during 2015 totaled $900,000.
Quarterly Dividends Paid. Cash outflows from financing
activities for the first quarter of 2015 included a quarterly cash
dividend of $0.125 per share, paid on March 30, 2015, to
shareholders of record at the close of business on March 2, 2015,
totaling $6,375,000. Refer to our website for IRS Form 8937
information related to the distribution announced herein and any
previous distributions.
See “Business Highlights and Recent Developments” below for a
summary of patent portfolio acquisitions during the current
quarter.
Refer to the section below entitled “Summary Financial
Information” for additional summary consolidated balance sheet,
statements of operations and cash flow information as of and for
the applicable periods presented.
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES
As used herein, “GAAP” refers to accounting principles generally
accepted in the United States of America. To supplement our
consolidated financial statements prepared and presented in
accordance with GAAP, this earnings release includes financial
measures, including (1) non-GAAP net income and (2) non-GAAP
Earnings Per Share (“EPS”), that are considered non-GAAP financial
measures as defined in Rule 101 of Regulation G promulgated by the
Securities and Exchange Commission. Generally, a non-GAAP financial
measure is a numerical measure of a company’s historical or future
performance, financial position, or cash flows that either excludes
or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with GAAP. The presentation of this non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
We use these non-GAAP, or pro forma, financial measures for
internal financial and operational decision making purposes and as
a means to evaluate period-to-period comparisons of the performance
and results of operations of our core business. Our management
believes that these non-GAAP financial measures provide meaningful
supplemental information regarding the performance of our core
business by excluding non-cash stock compensation charges, non-cash
patent amortization charges, excess benefit related non-cash tax
expense and certain non-cash tax benefits, that may not be
indicative of our recurring core business operating results. These
non-GAAP financial measures also facilitate management’s internal
planning and comparisons to our historical performance and
liquidity. We believe these non-GAAP financial measures are useful
to investors as they allow for greater transparency with respect to
key metrics used by management in its financial and operational
decision making and are used by our institutional investors and the
analyst community to help them analyze the performance and
operational results of our core business.
Non-GAAP Net income and EPS. We define non-GAAP net income
as net income calculated in accordance with GAAP, plus non-cash
stock compensation charges, non-cash patent amortization charges
and excess benefit related non-cash tax expense, less certain
non-cash tax benefits included in tax expense. Non-GAAP EPS is
defined as non-GAAP net income divided by the weighted average
outstanding shares, on a fully-diluted basis, calculated in
accordance with GAAP, for the respective reporting period.
Due to the inherent volatility in stock prices, the use of
estimates and assumptions in connection with the valuation and
expensing of share-based awards and the variety of award types that
companies can issue under FASB ASC Topic 718, management believes
that providing a non-GAAP financial measure that excludes non-cash
stock compensation allows investors to make meaningful comparisons
between our recurring core business operating results and those of
other companies period to period, as well as providing our
management with a critical tool for financial and operational
decision making and for evaluating our own period-to-period
recurring core business operating results. Similarly, due to the
variability associated with the timing and amount of patent
acquisition payments and estimates inherent in the capitalization
and amortization of patent acquisition costs, management believes
that providing a non-GAAP financial measure that excludes non-cash
patent amortization charges allows investors to make meaningful
comparisons between our recurring core business operating results
and those of other companies, and also provides our management with
a useful tool for financial and operational decision making and for
evaluating our own period-to-period recurring core business
operating results. Management also believes that providing a
non-GAAP financial measure that excludes the impact of excess
benefit related non-cash tax expense and certain non-cash tax
benefits included in tax expense allows investors to assess our net
results and the economic impact of income taxes based largely on
cash tax obligations, make more meaningful comparisons between our
recurring core business net results and those of other companies
period to period, and also provides our management with a useful
tool for financial and operational decision making and for
evaluating our own period-to-period recurring core business net
results.
There are a number of limitations related to the use of non-GAAP
net income and EPS versus net income and EPS calculated in
accordance with GAAP. For example, non-GAAP net income excludes the
impact of significant non-cash stock compensation charges, non-cash
patent amortization charges, excess benefit related non-cash tax
expense and certain non-cash tax benefits included in tax expense
that are or may be recurring, and that may or will continue to be
recurring for the foreseeable future. In addition, non-cash stock
compensation is a critical component of our employee compensation
programs and non-cash patent amortization reflects the cost of
certain patent portfolio acquisitions, amortized on a straight-line
basis over the estimated economic useful life of the respective
patent portfolio, and may reflect the acceleration of amortization
related to recoupable up-front patent portfolio acquisition costs.
Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from non-GAAP net
income and EPS and evaluating non-GAAP net income and EPS in
conjunction with net income and EPS calculated in accordance with
GAAP.
The accompanying table below provides a reconciliation of the
non-GAAP financial measures presented to the most directly
comparable financial measures prepared in accordance with GAAP.
______________________________________________
A conference call is scheduled for today. The Acacia Research
presentation and Q&A will start at 1:30 p.m. Pacific Time (4:30
p.m. Eastern).
To listen to the presentation by phone, dial (877) 723-9523 for
domestic callers and (719) 325-4760 for international callers, both
of whom will need to enter the conference ID 6091098 when prompted.
A replay of the audio presentation will be available for 30 days at
(888) 203-1112 for domestic callers and (719) 457-0820 for
international callers, both of whom will need to enter the
Conference ID 6091098 when prompted.
The call is being webcast by CCBN and can be accessed at
Acacia’s website at www.acaciaresearch.com.
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (ACTG) is the
industry leader in patent licensing. An intermediary in the patent
marketplace, Acacia partners with inventors and patent owners to
unlock the financial value in their patented inventions. Acacia
bridges the gap between invention and application, facilitating
efficiency and delivering monetary rewards to the patent owner.
Information about Acacia Research Corporation and its
subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. Our
actual results may differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors and uncertainties, including the effect of the global
economic downturn on technology companies, the ability to
successfully develop licensing programs and attract new business,
rapid technological change in relevant markets, changes in demand
for current and future intellectual property rights, legislative,
regulatory and competitive developments addressing licensing and
enforcement of patents and/or intellectual property in general and
general economic conditions. Our Annual Report on Form 10-K, recent
and forthcoming Quarterly Reports on Form 10-Q, recent Current
Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some
of the important risk factors that may affect our business, results
of operations and financial condition. We undertake no obligation
to revise or update publicly any forward-looking statements for any
reason.
The results achieved in the most recent quarter are not
necessarily indicative of the results to be achieved by us in any
subsequent quarters, as it is currently anticipated that Acacia
Research Corporation’s financial results will vary, and may vary
significantly, from quarter to quarter. This variance is expected
to result from a number of factors, including risk factors
affecting our results of operations and financial condition
referenced above, and the particular structure of our licensing
transactions, which may impact the amount of inventor royalties and
contingent legal fees expenses we incur period to period.
ACACIA RESEARCH
CORPORATIONSUMMARY FINANCIAL INFORMATION(In
thousands, except share and per share
information)(Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months EndedMarch 31, 2015
2014 Revenues $ 34,210 $ 12,578
Operating costs and expenses: Cost of revenues: Inventor royalties
9,325 951 Contingent legal fees 4,784 1,527 Litigation and
licensing expenses - patents 8,675 8,994 Amortization of patents
13,038 14,472 Marketing, general and administrative expenses
(including non-cash stock compensation expense of $3,247 for the
three months ended March 31, 2015, and $4,765 for the three months
ended March 31, 2014) 10,575 11,693 Research, consulting and other
expenses - business development 997 992 Other 426 —
Total operating costs and expenses 47,820 38,629
Operating loss (13,610 ) (26,051 ) Total other income 228
109 Loss before (provision for) benefit from income
taxes (13,382 ) (25,942 ) (Provision for) benefit from income taxes
(170 ) 1,372 Net loss including noncontrolling interests in
operating subsidiaries (13,552 ) (24,570 ) Net loss attributable to
noncontrolling interests in operating subsidiaries 422 149
Net loss attributable to Acacia Research Corporation $
(13,130 ) $ (24,421 ) Net loss attributable to common
stockholders - diluted $ (13,345 ) $ (24,628 ) Diluted loss
per common share $ (0.27 ) $ (0.51 ) Weighted average number
of shares outstanding, diluted 49,212,207 48,329,375
Reconciliation of GAAP Net Loss and EPS
to Non-GAAP Net Income (Loss) and EPS(In thousands, except
share and per share data)
Three Months EndedMarch 31, 2015
2014 GAAP net loss $ (13,130 ) $ (24,421 )
Non-cash stock compensation 3,247 4,765 Non-cash patent
amortization 13,038 14,472 Pro forma non-GAAP
net income (loss) $ 3,155 $ (5,184 ) Pro forma non-GAAP net
earnings (loss) per common share - diluted $ 0.06 $ (0.11 )
GAAP weighted-average shares — diluted 49,290,069 48,329,375
ACACIA RESEARCH
CORPORATIONSUMMARY FINANCIAL INFORMATION,
(CONTINUED)(In thousands)(Unaudited)
CONDENSED CONSOLIDATED BALANCE
SHEETS
March 31, 2015 December 31, 2014
ASSETS Current assets: Cash and cash equivalents $ 101,548 $
134,466 Restricted cash 10,718 — Short-term investments 53,289
58,558 Accounts receivable 30,007 20,168 Deferred income taxes
1,161 1,161 Prepaid expenses and other current assets 5,057
4,355 Total current assets 201,780 218,708 Property and
equipment, net of accumulated depreciation and amortization 421 500
Patents, net of accumulated amortization 274,659 286,636 Goodwill
30,149 30,149 Other assets 355 355 $ 507,364 $
536,348
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable and accrued expenses $ 12,705 $
14,860 Accrued patent investment costs 900 16,700 Royalties and
contingent legal fees payable 19,129 14,351 Total current
liabilities 32,734 45,911 Deferred income taxes 1,161 1,161
Other liabilities 250 228 Total liabilities 34,145 47,300
Total stockholders’ equity 473,219 489,048 $ 507,364
$ 536,348
ACACIA RESEARCH
CORPORATIONSUMMARY FINANCIAL INFORMATION,
(CONTINUED)(In thousands)(Unaudited)
CONSOLIDATED STATEMENTS OF CASH
FLOWS
Three Months EndedMarch 31, 2015
2014 Cash flows from operating activities: Net loss
including noncontrolling interests in operating subsidiaries $
(13,552 ) $ (24,570 ) Adjustments to reconcile net loss including
noncontrolling interests in operating subsidiaries to net cash used
in operating activities: Depreciation and amortization 13,101
14,552 Non-cash stock compensation 3,247 4,765 Other (12 ) —
Changes in assets and liabilities: Accounts receivable (9,839 )
(7,199 ) Prepaid expenses and other assets (702 ) (62 ) Accounts
payable and accrued expenses (2,133 ) 740 Royalties and contingent
legal fees payable 4,778 (6,552 ) Deferred taxes, net —
(2,106 ) Net cash used in operating activities - excluding
restricted cash (5,112 ) (20,432 ) Restricted cash (10,718 ) —
Net cash used in operating activities (15,830 ) (20,432 )
Cash flows from investing activities: Purchases of property
and equipment — (96 ) Purchase of available-for-sale investments
(13,369 ) (14,234 ) Maturities and sales of available-for-sale
investments 18,579 48,632 Investments in patents/ patent rights
(16,861 ) (987 ) Net cash provided by (used in) investing
activities (11,651 ) 33,315 Cash flows from financing
activities: Dividends paid to shareholders (6,375 ) (6,255 )
Proceeds from exercises of stock options 938 90
Net cash used in financing activities (5,437 ) (6,165 )
Increase (decrease) in cash and cash equivalents (32,918 )
6,718 Cash and cash equivalents, beginning 134,466
126,685 Cash and cash equivalents, ending $ 101,548
$ 133,403
Business Highlights and Recent
Developments(2)
Business highlights of the first quarter of 2015 and recent
developments include the following:
Revenues for the three months ended March 31, 2015 included
fees from the following technology licensing and enforcement
programs:
• 3G & 4G Cellular Air Interface and Infrastructure technology
• Location Based Services technology • Audio
Communications Fraud Detection technology • Oil and Gas Production
technology • Automotive Safety, Navigation and Diagnostics
technology • Online Auction Guarantee technology • Broadband
Communications technology • Reflective and Radiant Barrier
Insulation technology • DisplayPort and MIPI DSI technology* •
Semiconductor Testing technology* • Gas Modulation Control Systems
technology • Speech codes used in wireless and wireline systems
technology • Innovative Display technology • Super Resolutions
Microscopy technology • Intercarrier SMS technology • Suture
Anchors technology • Interstitial and Pop-Up Internet Advertising
technology • Telematics technology
________________________________________
* Initial revenues recognized during the three months ended
March 31, 2015.
- American Vehicular Sciences LLC entered
into settlement and patent license agreements with Garmin
International, Inc. & Garmin USA, Inc. and TomTom Inc. &
TomTom International BV. The agreements resolved litigation that
was pending in the United States District Court for the Eastern
District of Texas.
- Bonutti Skeletal Innovations LLC
entered into a settlement and patent license agreement with DePuy
Synthes, Inc. and DePuy Orthopaedics, Inc. The agreement resolved
litigation that was pending in the United States District Court for
the District of Massachusetts.
- Cell and Network Selection LLC entered
into a settlement and license agreement with Sprint Spectrum L.P.
This agreement resolved patent litigation, Civil Action No.
6:13-cv-563, pending in the United States District Court for the
Eastern District of Texas.
- Credit Card Fraud Control Corporation
entered into a settlement and patent license agreement with Elavon,
Inc. The agreement resolved litigation that was pending in the
United States District Court for the Northern District of
Texas.
- In-Depth Test LLC entered into a
settlement and license agreement with Intersil Corporation. This
agreement resolved patent litigation, Civil Action No.
14-cv-886-GMS, pending in the United States District Court for the
District of Delaware.
- Innovative Display Technologies LLC and
Delaware Display Group LLC entered into a settlement and license
agreement with Dell Inc., and Hewlett-Packard Company. This
agreement resolved patent litigation, Civil Action No.
2:13-cv-523-RSP and Civil Action No. 2:13-cv-524-JRG, pending in
the United States District Court for the Eastern District of
Texas.
- Intercarrier Communications LLC and
WhatsApp Inc. resolved the dispute between the parties pending in
the United States District Court for the Northern District of
California, Civil Action No. 3:13-cv-4247-JST.
- Nexus Display Technologies LLC entered
into a settlement and patent license agreement with Eizo
Corporation. The agreement resolved litigation that was pending in
the United States District Court for the Eastern District of
Texas.
- Nexus Display Technologies LLC entered
into a settlement and patent license agreement with Panasonic
Corporation and Panasonic Corporation of North America. The
agreement resolved litigation that was pending in the United States
District Court for the Eastern District of Texas.
- Online News Link LLC and Acxiom
Corporation reached a settlement that resolved the dispute between
the parties pending in the United States District Court for the
Northern District of Texas, Civil Action No. 3:13-cv-03021-K.
- Parallel Separation Innovations LLC and
Schlumberger Corporation resolved the dispute between the parties
currently pending in the United States District Court for the
Eastern District of Texas, Civil Action No. 2:14-cv-00549-JRG.
- Saint Lawrence Communications LLC and
Saint Lawrence Communications GmbH entered into patent license
agreements with Sony Mobile Communications Inc.
- Saint Lawrence Communications LLC and
Saint Lawrence Communications GmbH entered into royalty-bearing
Patent License Agreements with the following licensees:
- Doro AB.
- Huawei Devices Co., Ltd. and Huawei
Device (Dongguan) Co., Ltd.
- Arcadyan Technology Corporation.
- Super Resolution Technologies LLC
entered into a settlement and patent license agreement with Leica
Microsystems GmbH and Leica Microsystems Inc. The agreement
resolved litigation that was pending in the United States District
Court for the Southern District of Texas.
_______________________
(1) As used herein, “Acacia Research Corporation,”
“we,” “us,” and “our” refer to Acacia Research Corporation and/or
its wholly and majority-owned operating subsidiaries. All
intellectual property acquisition, development, licensing and
enforcement activities are conducted solely by certain of Acacia
Research Corporation’s wholly and majority-owned operating
subsidiaries. (2)
American Vehicular Sciences LLC, Bonutti
Skeletal Innovations LLC, Cell and Network Selection LLC, Credit
Card Fraud Control Corporation, In-Depth Test LLC, Innovative
Display Technologies LLC and Delaware Display Group LLC,
Intercarrier Communications LLC, Nexus Display Technologies LLC,
Online News Link LLC, Parallel Separation Innovations LLC, Saint
Lawrence Communications LLC, Saint Lawrence Communications GmbH and
Super Resolution Technologies LLC are wholly and majority-owned
operating subsidiaries of Acacia Research Corporation.
Acacia Research CorporationRob Stewart, 949-480-8300Investor
RelationsFax: 949-480-8301orSpecOps CommunicationsAdam Handelsman,
212-518-7721President & Founderadam@specopscomm.com
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