Acacia Research Corp (ACTG) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to the Acacia Research fourth-quarter and year-end 2023 financial results call. (Operator Instructions) Please note this conference is being recorded.

大家下午好，歡迎參加 Acacia Research 第四季和 2023 年底財務業績電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Rob Fink, Investor Relations. Rob, you may begin.

現在我將會議交給主持人投資者關係部門的 Rob Fink。羅布，你可以開始了。

Thank you, operator. Thank you, everyone, for joining us. Hosting the call today are MJ McNulty, Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer.

謝謝你，接線生。謝謝大家加入我們。今天主持電話會議的是執行長 MJ McNulty；臨時財務長克斯汀胡佛 (Kirsten Hoover)。

Before beginning, I would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations and are based on the current estimates and projections, future results, or trends.

在開始之前，我想提醒您，本次電話會議期間提供的資訊可能包含與《私人證券訴訟改革法案》中定義的前瞻性未來事件的當前預期、估計、預測和預測相關的前瞻性陳述1995 年。這些前瞻性陳述通常與公司的計劃、目標和未來營運預期相關，並基於當前的估計和預測、未來結果或趨勢。

Actual results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see the risk factors described in Acacia's annual report on Form 10-K and quarterly reports on Form 10-Q that are filed with the SEC.

由於某些風險和不確定性，實際結果可能與預測結果有重大差異。有關此類風險和不確定性的討論，請參閱 Acacia 向 SEC 提交的 10-K 表年度報告和 10-Q 表季度報告中所述的風險因素。

I would also like to remind everyone that a press release disclosing the financial results was issued this afternoon just after the close of market. This release may be accessed on the company's website under the Press Release section of the Investor Relations tab at acaciaresearch.com.

我還想提醒大家，披露財務表現的新聞稿是在今天下午收盤後發布的。本新聞稿可在公司網站 acaciaresearch.com 投資者關係標籤的新聞稿部分存取。

With that said, I would now like to turn the call over to MJ. MJ, the call is yours.

話雖如此，我現在想把電話轉給 MJ。MJ，電話是你的。

Thanks, Rob, and thanks to everyone for joining our call this afternoon. We're excited to share the details of 2023 with you all. We had very active year, and 2024 is starting out in the same fashion.

謝謝羅布，也謝謝大家今天下午加入我們的電話會議。我們很高興與大家分享 2023 年的詳細資訊。我們度過了非常活躍的一年，2024 年也將以同樣的方式開始。

While the team focused in the first half of last year on rationalizing our cost structure and maximizing value in our legacy asset base, our focus for the second half was and continues to be on growing our business through acquisitions and identifying opportunistic situations where our research, execution, and operating partners can drive earnings and book value for share growth and discipline in unique ways, both in our existing operating business and non-controlled positions we have on our balance sheet.

雖然團隊去年上半年的重點是合理化我們的成本結構和最大化我們的遺留資產基礎的價值，但我們下半年的重點是並繼續透過收購來發展我們的業務，並確定我們的研究、無論是在我們現有的營運業務還是在資產負債表上的非控制部位中，執行力和營運夥伴都可以以獨特的方式推動收益和帳面價值的成長和紀律。

Let me speak to these achievements. Our new management team acquired our first business and approximately 50% and growing stake in Benchmark Energy. Our intellectual property team had meaningful success in its Wi-Fi 6 licensing initiatives. We believe there are still additional opportunities to monetize these portfolios.

我來談談這些成就。我們的新管理團隊收購了我們的第一項業務以及 Benchmark Energy 約 50% 且不斷增加的股份。我們的智慧財產權團隊在 Wi-Fi 6 授權計畫中取得了重大成功。我們相信仍有更多機會將這些投資組合貨幣化。

In the fourth quarter of '23, we agreed to the sale of our position in Arix Biosciences. We believe we achieved an attractive price for the sale of these shares. And last month, we have set oil and gas business Benchmark sign an agreement to acquire a very attractive group of assets, further validating the strategy of partnering with the Benchmark team to build a larger oil and gas platform, which we think is a nice complement to our acquisition initiatives in industrials, technology, and healthcare sectors.

2023 年第四季度，我們同意出售我們在 Arix Biosciences 的職位。我們相信我們以有吸引力的價格出售這些股票。上個月，我們與Benchmark簽訂了收購一組非常有吸引力的資產的協議，進一步驗證了與Benchmark團隊合作建立更大的油氣平台的策略，我們認為這是一個很好的補充我們在工業、科技和醫療保健領域的收購舉措。

As a result of Acacia's recent business activity, we generated $82 million in gross proceeds from our intellectual property team's Wi-Fi 6 licensing initiatives, $57.1 million in cash from the sale of our Arix shares, and additional income from our public markets activities and interest income from our substantial cash and equivalents balance.

由於Acacia 最近的業務活動，我們從智慧財產權團隊的Wi-Fi 6 許可計劃中獲得了8,200 萬美元的總收益，從出售Arix 股票中獲得了5,710 萬美元的現金，以及從我們的公開市場活動和利息中獲得的額外收入來自我們大量現金和等價物餘額的收入。

As you know, Acacia's business model is to allocate capital to increase book value per share for our investors. We acquire undervalued businesses and assets. We apply disciplined operating and governance practices, and grow earnings and cash flow to redeploy into the highest-return opportunities, whether that's back into our existing businesses or for new acquisitions.

如您所知，Acacia 的商業模式是分配資本，為我們的投資者增加每股帳面價值。我們收購被低估的企業和資產。我們採用嚴格的營運和治理實踐，並增加收入和現金流，以重新部署到最高回報的機會，無論是回到我們現有的業務還是新的收購。

In line with this business model, we were able to deploy a portion of these proceeds into our existing businesses and expect to deploy additional cash to fund Benchmark's growth in connection with its recently signed purchase and sale agreement we mentioned earlier. Simultaneously, with this increased cash, our very experienced transaction team continues to evaluate acquisitions of additional operating businesses.

根據這種商業模式，我們能夠將部分收益部署到我們現有的業務中，並預計部署額外的現金，為 Benchmark 的成長提供資金，以支持我們前面提到的最近簽署的購買和銷售協議。同時，隨著現金的增加，我們經驗豐富的交易團隊將繼續評估對其他營運業務的收購。

Our pipeline of both public and private opportunities in our target industries continues to advance and mature under our new sourcing and acquisition evaluation process. Finally, we continue to prudently manage our fixed costs to align with the interest we're generating on our cash and cash equivalents.

在我們新的採購和收購評估流程下，我們在目標產業的公共和私人機會管道中不斷發展和成熟。最後，我們繼續審慎管理固定成本，以與我們的現金和現金等價物產生的利息保持一致。

The net amount of this activity was to increase book value per share for FY23, which is a metric we watch closely, from $5.18 at the end of 2022, adjusted for the transaction to clean up our balance sheet, to $5.90 per share at the end of 2023. Recall that Acacia's corporate team's incentive compensation is tied to growth in book value per share, which we believe very closely aligns with our shareholders.

這項活動的淨額是增加2023 財年的每股帳面價值（這是我們密切關注的指標），從2022 年底的5.18 美元（根據清理資產負債表的交易進行調整）增加到年底的每股5.90 美元2023 年。回想一下，Acacia 的企業團隊的激勵薪酬與每股帳面價值的成長掛鉤，我們相信這與我們的股東密切相關。

As we think about sources and uses of funds, we can walk through each in more detail. For 2023 and running into the first quarter of this year, we had two significant sources of cash. First, in our last call, we announced that we'd signed an agreement to sell our stake in Arix Biosciences, our last publicly traded life sciences asset from the portfolio that we acquired in 2020.

當我們思考資金的來源和用途時，我們可以更詳細地了解每一個。2023 年以及今年第一季度，我們有兩個重要的現金來源。首先，在上次電話會議中，我們宣布簽署了一項協議，出售我們在 Arix Biosciences 的股份，這是我們 2020 年收購的投資組合中最後一個公開交易的生命科學資產。

This transaction closed early in the first quarter of this year, delivering cash of approximately $57 million. I'd like to note that the gain on the sale is approximately equal to the expected second investment into Benchmark. We have now generated more than $560 million in total proceeds from those life sciences -- from that life sciences portfolio and the assets in that portfolio, after investing $301 million in 2021.

該交易於今年第一季初完成，交付現金約 5,700 萬美元。我想指出的是，此次出售的收益大約等於對 Benchmark 的預期第二次投資。在 2021 年投資 3.01 億美元後，我們現在從這些生命科學領域——從生命科學投資組合和該投資組合中的資產——獲得了超過 5.6 億美元的總收益。

We continue to hold positions in three private life sciences companies. And we remain excited about their prospects, including AMO Pharma, a clinical-stage specialty biopharma company focused on rare childhood-onset neurogenetic disorders with limited or no treatment options. We believe there's still more value to unlock in these remaining holdings.

我們繼續在三家私人生命科學公司中擔任職務。我們對他們的前景仍然感到興奮，其中包括 AMO Pharma，這是一家臨床階段的專業生物製藥公司，專注於治療選擇有限或沒有治療選擇的罕見兒童期神經遺傳性疾病。我們相信，這些剩餘資產仍有更多價值可以釋放。

Second, turning to our IP monetization business, we previously communicated we had favorable licensing and settlement events related to our Wi-Fi 6 patents. At the end of 2023, we entered into licensing and settlement agreements relating to this patent portfolio, with aggregate revenue of approximately $82 million.

其次，談到我們的 IP 貨幣化業務，我們之前曾表示，我們擁有與 Wi-Fi 6 專利相關的有利許可和和解事件。截至 2023 年底，我們簽訂了與該專利組合相關的授權和和解協議，總收入約為 8,200 萬美元。

The amount ultimately received was net of customary legal fees and other expenses. Importantly, these agreements establish a stronger foundation, from which we can pursue further licensing agreements and settlements.

最終收到的金額扣除了慣常的法律費用和其他費用。重要的是，這些協議奠定了更堅實的基礎，我們可以從中尋求進一步的授權協議和和解。

Our Printronix business is operating more efficiently. We've been working diligently to reduce ongoing operating costs in the business to enable Printronix to deliver sustainable cash flow. This effort will facilitate Printronix's ability to further sell its high-margin reoccurring (technical difficulty) consumables, so effectively ink, with a streamlined operating structure.

我們的普印力業務營運效率更高。我們一直在努力降低業務的持續營運成本，以使普印力能夠提供可持續的現金流。這項努力將有助於普印力透過精簡的營運結構進一步銷售其高利潤重複性（技術難度）耗材（即有效的墨水）。

We believe that over time, this business will represent a nice source of cash flow for Acacia. We also generated cash from our public markets activities in 2023. We view public market investments as a catalyst for moving acquisition targets forward, with the ability to monetize our public position, often at a profit, if we are unsuccessful in acquiring a business. We were successful in this way during the fourth quarter.

我們相信，隨著時間的推移，這項業務將為 Acacia 帶來良好的現金流來源。2023 年，我們也從公開市場活動中獲得了現金。我們將公開市場投資視為推動收購目標前進的催化劑，如果我們收購業務失敗，我們有能力將我們的公共地位貨幣化，通常可以獲利。我們在第四季以這種方式取得了成功。

As we have mentioned before, we are unable to publicly discuss the companies we have invested in and pursued as acquisition targets. But investors should note that we have generated returns from this activity. Against this backdrop of significant sources of cash, let me now turn to our uses of cash.

正如我們之前提到的，我們無法公開討論我們投資和追求作為收購目標的公司。但投資者應該注意到，我們已經從這項活動中獲得了回報。在擁有大量現金來源的背景下，現在讓我談談我們的現金使用。

In November, we acquired a majority stake in Benchmark Energy II LLC, an independent oil and gas company engaged in the acquisition, production, and development of low-decline oil and gas assets in mature resource plays in Texas and Oklahoma. As discussed in our prior call, Benchmark has a unique advantage in acquiring and producing oil and gas reserves, and then operating them to increase production over and above how we valued the underlying acquisition, and at the same time, exercising prudent hedging strategies.

11 月，我們收購了Benchmark Energy II LLC 的多數股權，這是一家獨立的石油和天然氣公司，從事德克薩斯州和俄克拉荷馬州成熟資源區低衰退石油和天然氣資產的收購、生產和開發。正如我們在先前的電話會議中所討論的，Benchmark 在收購和生產石油和天然氣儲備方面擁有獨特的優勢，然後通過運營它們來增加產量，超出我們對基礎收購的估值，同時採取審慎的對沖策略。

The net result is high-return, predictable cash flows with a conservative risk management philosophy. We are attracted to the oil and gas sector, and we believe there is significant opportunity to be had here at attractive valuations.

最終結果是高回報、可預測的現金流量以及保守的風險管理理念。我們被石油和天然氣產業所吸引，我們相信這裡存在著巨大的機會，且估值具有吸引力。

Before acquiring the stake, we evaluated several different opportunities. Our decision to partner with Benchmark was born out of the desire to work with successful teams and to own a majority stake in an actual operating business rather than viewing these as financial assets. Owning and controlling oil and gas assets enables our team to generate the most value from operating them better.

在收購股份之前，我們評估了幾個不同的機會。我們決定與 Benchmark 合作，是出於與成功團隊合作並擁有實際營運業務的多數股權的願望，而不是將其視為金融資產。擁有和控製石油和天然氣資產使我們的團隊能夠透過更好地運作它們來創造最大價值。

In February, we announced a significant acquisition as part of the Benchmark platform. We entered into an agreement to acquire a group of upstream assets, also in Texas and Oklahoma, from a private seller. This acquisition, once closed, will significantly expand the Benchmark portfolio, adding approximately 140,000 net acres of land and approximately 470 operated producing wells in what's called the Western Anadarko Basin throughout the Texas Panhandle and Western Oklahoma.

二月份，我們宣布了一項重大收購，作為 Benchmark 平台的一部分。我們簽訂了一項協議，從私人賣家手中收購一組位於德克薩斯州和俄克拉荷馬州的上游資產。此次收購一旦完成，將顯著擴大 Benchmark 投資組合，在整個德克薩斯州狹長地帶和俄克拉荷馬州西部的西阿納達科盆地增加約 140,000 淨英畝土地和約 470 口運營生產井。

These assets are liquids-rich, which means they're predominantly oil-based with low-decline profile and include a production base of approximately 6,000 barrels of oil a day equivalent. Further, the assets are a perfect fit for Benchmark's strategy of acquiring mature cash-flowing properties, improving operations, maximizing production, and most importantly, returning capital.

這些資產富含液體，這意味著它們主要以石油為基礎，且衰退程度較低，並包括日產量約 6,000 桶石油的生產基地。此外，這些資產非常適合 Benchmark 收購成熟的現金流資產、改善營運、最大化生產以及最重要的是返還資本的策略。

The team at Benchmark is deeply familiar with these assets. And there is ample opportunity to deploy various field enhancements, including artificial lift optimization, a more active well maintenance program, and opening up previously closed wells. Enhancing production is a key part of the Benchmark strategy, and this is one of the reasons we decided to work with Kirk and his capable team at Benchmark.

Benchmark 團隊對這些資產非常熟悉。並且有充足的機會部署各種現場增強措施，包括人工舉升優化、更積極的油井維護計劃以及打開以前關閉的油井。提高產量是 Benchmark 策略的關鍵部分，這也是我們決定與 Kirk 及其能力優異的 Benchmark 團隊合作的原因之一。

While the primary focus of Benchmark and this acquisition is to maximize cash flow, the asset base we acquired also provides Benchmark with meaningful exposure to the emerging Cherokee development play, through both operated acreage and non-operated arrangements with best-in-class operators. Benchmark will likely seek to monetize this value through partnerships rather than standing up its own drilling operation.

雖然 Benchmark 和此次收購的主要重點是最大化現金流，但我們收購的資產基礎也透過與一流營運商的經營面積和非經營安排，為 Benchmark 提供了對新興切諾基開發業務的有意義的接觸。Benchmark 可能會尋求透過合作夥伴關係將這一價值貨幣化，而不是建立自己的鑽探業務。

This is an example of finding value where others didn't in the strategy that we're pursuing of producing existing producing wells. Upon closing, Benchmark will hedge a significant amount of production, mitigating a large part of the commodity risk. This is another key consideration that attracted us to Benchmark.

這是我們在現有生產井生產策略中發現其他人沒有發現的價值的一個例子。交割後，Benchmark 將對沖大量生產，從而減輕大部分商品風險。這是吸引我們選擇 Benchmark 的另一個關鍵考慮因素。

They focus on improving the operation of wells and use hedges to mitigate as much of the commodity price fluctuation as practical. Taking near-term price volatility out of the picture allows the operating team to focus on operating the business better. The assets we acquired are prime targets for this approach.

他們專注於改善油井運營，並利用對沖措施盡可能減輕大宗商品價格波動。消除近期價格波動可以讓營運團隊專注於更好地經營業務。我們收購的資產是這種方法的主要目標。

In November, Acacia invested $10 million in Benchmark, resulting in a 50.4% ownership. The acquisition announced last month will include an incremental investment of approximately $57.5 million, which is expected to bring our total ownership to approximately 73%.

11月，Acacia向Benchmark投資1,000萬美元，獲得50.4%的股權。上個月宣布的收購將包括約 5,750 萬美元的增量投資，預計將使我們的總所有權達到約 73%。

The timeline of the second opportunity illustrates our ability to scale a platform quickly. Transaction is expected to close in the second quarter of this year. Pro forma for the closing of this acquisition, we anticipate having deployable cash and marketable securities at the parent level, the Acacia level, of more than $400 million. We look forward to a bright future for a new, larger Benchmark.

第二個機會的時間表說明了我們快速擴展平台的能力。交易預計將於今年第二季完成。在預計本次收購完成時，我們預計母公司 Acacia 層級的可部署現金和有價證券將超過 4 億美元。我們期待新的、更大的基準的光明未來。

As you can see, our strategy is coming into focus. We look to acquire valuable businesses that attract evaluations and deploy disciplined operating and capital allocation methods to create value. Our book value per share has grown, and in the last quarter, this growth was significant.

正如您所看到的，我們的策略正在成為焦點。我們希望收購能夠吸引評估的有價值的企業，並採用嚴格的營運和資本配置方法來創造價值。我們的每股帳面價值有所成長，並且在上個季度，這種成長非常顯著。

We have meaningful optionality across our portfolio, giving us access to innovative strategies, financing structures, and collaborations that can leverage our expertise, our network of highly talented and successful operating executives, and our capital base to grow our portfolio.

我們的投資組合具有有意義的選擇權，使我們能夠獲得創新策略、融資結構和合作，從而利用我們的專業知識、才華橫溢、成功的營運高管網絡以及我們的資本基礎來擴大我們的投資組合。

Scale drives incremental scale. Our pipeline of opportunities is growing. And our existing cash flows are growing as well, bolstering our capital position. We're just getting started here.

規模驅動增量規模。我們的機會管道正在不斷成長。我們現有的現金流也在成長，增強了我們的資本狀況。我們在這裡才剛開始。

I'd now like to turn the call over to Kirsten to discuss the fourth-quarter financial results. Kirsten, the call is yours.

我現在想把電話轉給克爾斯滕，討論第四季的財務表現。克爾斯滕，電話是你的。

Thank you, MJ. We ended 2023 with $340 million of cash and cash equivalents and reported GAAP net income of $67.1 million or $0.58 per diluted share for the year. Our GAAP book value at December 31, 2023, was $589.6 million or $5.90 per share.

謝謝你，喬丹。截至 2023 年末，我們擁有 3.4 億美元的現金和現金等價物，並公佈當年 GAAP 淨利潤為 6,710 萬美元，即稀釋後每股收益 0.58 美元。截至 2023 年 12 月 31 日，我們的 GAAP 帳面價值為 5.896 億美元，即每股 5.90 美元。

Our book value reflects the exercise of the series B warrants through a combination of note cancellation and limited cash exercise, and the conversion of the preferred stock, which occurred on July 13, 2023, as part of the recapitalization transaction. Let me now turn to the fourth-quarter results.

我們的帳面價值反映了透過票據取消和有限現金行使相結合的 B 系列認股權證的行使，以及作為資本重組交易的一部分於 2023 年 7 月 13 日發生的優先股轉換。現在讓我談談第四季的業績。

Total revenues were $92.3 million compared to $13.1 million in the same quarter last year. Let me break this down. The intellectual property business generated $82.8 million in licensing and other revenues during the quarter, compared to $2.5 million in the same quarter last year, reflecting the licenses and subsequent payments MJ has mentioned.

總收入為 9,230 萬美元，而去年同期為 1,310 萬美元。讓我來分解一下。智慧財產權業務本季產生了 8,280 萬美元的授權和其他收入，而去年同期為 250 萬美元，反映了 MJ 提到的授權和後續付款。

Printronix generated $8.6 million in revenue during the quarter compared to $10.6 million in the same quarter of last year. Benchmark generated $0.8 million in revenue in the quarter, subsequent to the completion of the acquisition, which closed on November 13, 2023.

普印力本季的營收為 860 萬美元，去年同期為 1,060 萬美元。收購於 2023 年 11 月 13 日完成後，Benchmark 在本季創造了 80 萬美元的收入。

General and administrative expenses were $10.6 million compared to $15.9 million in the same quarter of last year, with a 33% decrease due to the decrease in costs related to the Starboard recap transaction and a decrease in severance expense.

一般及行政費用為 1,060 萬美元，去年同期為 1,590 萬美元，下降 33%，原因是 Starboard 重述交易相關成本減少以及遣散費減少。

Operating income of $55.9 million compared to an operating loss of $14.5 million in the same quarter of last year, with the increase due to higher revenues generated. Printronix contributed $0.5 million in operating income, which included $0.7 million of non-cash depreciation and amortization expense.

營業收入為 5,590 萬美元，而去年同期營業虧損為 1,450 萬美元，營業虧損增加是由於收入增加所致。普印力貢獻了 50 萬美元的營業收入，其中包括 70 萬美元的非現金折舊和攤提費用。

Benchmark contributed $0.1 million operating loss, which included $0.2 million of non-cash depreciation and depletion expense, as well as $0.1 million of other non-cash charges. GAAP net income of $74.8 million or $0.75 per diluted share compared to GAAP net loss of $18.4 million or $0.50 per diluted share in the fourth quarter of last year. Net income included $12.6 million in unrealized gains related to the increase in the share price of certain holdings and the Arix forward sale contract.

Benchmark 貢獻了 10 萬美元的營運虧損，其中包括 20 萬美元的非現金折舊和消耗費用，以及 10 萬美元的其他非現金費用。GAAP 淨利潤為 7,480 萬美元，或稀釋後每股 0.75 美元，而去年第四季 GAAP 淨虧損為 1,840 萬美元，或稀釋後每股 0.50 美元。淨利潤包括與某些持股股價上漲和 Arix 遠期銷售合約相關的 1,260 萬美元未實現收益。

Turning to the full-year results, total 2023 revenues were $125.1 million compared to $59.2 million in the prior-year period. Printronix generated $35.1 million in revenue, compared to $39.7 million last year. The intellectual property business generated $89.2 million in licensing and other revenue, compared to $19.5 million last year.

至於全年業績，2023 年總營收為 1.251 億美元，而去年同期為 5,920 萬美元。普印力的收入為 3,510 萬美元，而去年為 3,970 萬美元。智慧財產權業務的授權和其他收入為 8,920 萬美元，而去年為 1,950 萬美元。

General and administrative expenses decreased to $43.7 million compared to $52.7 million last year due to the decrease in compensation costs related to reduced headcount and a decrease in legal and other fees related to the Starboard recap agreement. Operating income was $20.9 million compared to operating loss of $40.1 million in the prior-year period.

總務及行政費用從去年的 5,270 萬美元減少至 4,370 萬美元，原因是與員工人數減少相關的補償費用減少，以及與 Starboard 重述協議相關的法律費用和其他費用減少。營業收入為 2,090 萬美元，而去年同期營業虧損為 4,010 萬美元。

GAAP net income was $67.1 million or $0.58 per diluted share compared to GAAP net loss of $125.1 million or $3.13 per diluted share last year. Net income included $10.9 million in realized losses, offset by $31.4 million in unrealized gains related to the increase in the share price of certain holdings and the Arix forward sale contract.

GAAP 淨利潤為 6,710 萬美元，即稀釋後每股 0.58 美元，去年 GAAP 淨虧損為 1.251 億美元，即稀釋後每股 3.13 美元。淨利潤包括 1,090 萬美元的已實現虧損，被與某些持股股價上漲和 Arix 遠期銷售合約相關的 3,140 萬美元未實現收益所抵銷。

The company recognized non-cash income of $8.2 million related to the changes in the fair value of the warrants and embedded derivatives and gain on exercise of the series B warrants. For the year, including the Arix forward sale contract, Acacia generated $19 million in gains from the life sciences portfolio. As of December 31, 2023, our NOL totaled approximately $18 million. We will continue to evaluate the most efficient ways to maximize this asset.

該公司確認了與認股權證和嵌入衍生性商品公允價值變動以及 B 系列認股權證行使收益相關的 820 萬美元非現金收入。今年，包括 Arix 遠期銷售合約在內，Acacia 從生命科學投資組合中獲得了 1,900 萬美元的收益。截至 2023 年 12 月 31 日，我們的 NOL 總額約為 1,800 萬美元。我們將繼續評估最大化該資產的最有效方法。

Turning to the balance sheet, cash, cash equivalents, and equity securities at fair value totaled $403.2 million at December 31, 2023, compared to $349.4 million at December 31, 2022. Of note, during the quarter, we paid $10 million for the acquisition of Benchmark. All of our receivables related to the license agreements executed in the fourth quarter of 2023 were received in 2024.

就資產負債表而言，截至 2023 年 12 月 31 日，現金、現金等價物及以公允價值計算的股本證券總額為 4.032 億美元，而 2022 年 12 月 31 日為 3.494 億美元。值得注意的是，本季我們支付了 1,000 萬美元收購 Benchmark。我們與 2023 年第四季執行的授權協議相關的所有應收帳款均於 2024 年收到。

Equity securities without readily determinable fair value totaled $5.8 million at December 31, 2023, which amount was unchanged from December 31, 2022. Investment securities representing equity method investments totaled $19.9 million at December 31, 2023, net of non-controlling interest, which amount was unchanged from December 31, 2022. Acacia owns 64% of MalinJ1, which results in a 26% ownership stake in Viamet Pharmaceuticals for Acacia.

截至2023年12月31日，無法輕易確定公允價值的股本證券總額為580萬美元，該金額與2022年12月31日相比沒有變動。截至 2023 年 12 月 31 日，代表權益法投資的投資證券總額為 1,990 萬美元，扣除非控制權益，金額與 2022 年 12 月 31 日相比沒有變動。Acacia 擁有 MalinJ1 64% 的股權，這意味著 Acacia 擁有 Viamet Pharmaceuticals 26% 的股權。

The company currently carries no debt at parent, following the conversion of the senior secured notes in July 2023. On a consolidated basis, Acacia's total indebtedness was $10.5 million at December 31, 2023, which includes $10.5 million in non-recourse debt at the Benchmark subsidiary.

在 2023 年 7 月轉換優先擔保票據後，該公司目前沒有母公司債務。截至 2023 年 12 月 31 日，Acacia 的綜合債務總額為 1,050 萬美元，其中包括 Benchmark 子公司的 1,050 萬美元無追索權債務。

We continue to believe that cash per share is an important metric for measuring our progress. As of December 31, 2023, our cash per share stood at $3.40. More details on these results have been made available in the press release issued this afternoon and in our annual report on Form 10-K, which we will file with the SEC later today.

我們仍然相信每股現金是衡量我們進步的重要指標。截至 2023 年 12 月 31 日，我們的每股現金為 3.40 美元。有關這些結果的更多詳細資訊已在今天下午發布的新聞稿和我們的 10-K 表格年度報告中提供，我們將於今天晚些時候向 SEC 提交該報告。

With that, we'd be pleased to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Anthony Stoss, Craig-Hallum.

（操作說明）Anthony Stoss，Craig-Hallum。

Thanks. Good afternoon, MJ. The question I get asked from investors the most is whether or not you guys are still open and actively looking for kind of non-oil and gas-related potential acquisitions, industrial technology, or if you're going to go headlong into oil and gas. And then I have a couple of follow-ups.

謝謝。下午好，MJ。投資者問我最多的問題是你們是否仍然持開放態度並積極尋找非石油和天然氣相關的潛在收購、工業技術，或者你們是否打算一頭扎進石油和天然氣領域。然後我有一些後續行動。

Yeah. Hey, Tony. Nice to hear your voice. So we are not becoming an oil and gas company. As we've always said, we're opportunistic, and we're seeing a lot of opportunities in oil and gas right now. We really like this revolution acquisition.

是的。嘿，東尼。很高興聽到你的聲音。所以我們不會成為一家石油和天然氣公司。正如我們一直說的，我們是機會主義者，我們現在在石油和天然氣領域看到了許多機會。我們真的很喜歡這次革命性的收購。

We think there are a lot of interesting elements. One, it enables the team to do what they do really well, is take existing producing reserves and manage them better in order to increase the earnings from those reserves. And it's very similar to the way we look at companies outside of oil and gas. So the team philosophically is aligned.

我們認為有很多有趣的元素。第一，它使團隊能夠做他們真正擅長的事情，即利用現有的生產儲備並更好地管理它們，以增加這些儲備的收入​​。這與我們看待石油和天然氣以外的公司的方式非常相似。因此，團隊在理念上是​​一致的。

This also has this, I'll call it an option, that was included with the deal on this Cherokee play, which we think is really interesting. And so we were very enthusiastic to do this. We will take some portion of our capital and continue to invest it in this strategy where we see really good deals, but not with the intent of necessarily becoming an oil and gas business, but the intent of being opportunistic.

這也有這個，我稱之為一個選項，它包含在切諾基遊戲的交易中，我們認為這非常有趣。所以我們非常熱衷於這樣做。我們將拿出一部分資本，繼續將其投資於我們看到真正好的交易的策略，但並非一定要成為石油和天然氣企業，而是為了機會主義。

We mentioned we have a really strong pipeline of other opportunities outside of oil and gas. Those include -- we don't have as much healthcare (technical difficulty) but we do have a reasonable number of things that we're spending time on in the industrial space and the technology space. So we will continue to pursue those and, hopefully, acquire some of those businesses.

我們提到，除了石油和天然氣之外，我們還有很多其他機會。其中包括——我們沒有那麼多的醫療保健（技術難度），但我們確實在工業領域和技術領域花費了相當多的時間。因此，我們將繼續追求這些目標，並希望收購其中一些業務。

And then just one question on oil and gas, and I've got another one after that. The new Benchmark investment closes in Q2. What's an expected either quarterly or kind of annual revenue that you think you can derive off that investment?

然後是一個關於石油和天然氣的問題，之後我還有另一個問題。新的基準投資將於第二季結束。您認為可以從該投資中獲得的預期季度或年度收入是多少？

I mean, we kind of look at it as cash flow. And I think we said 45 at the asset level, which is kind of before G&A. Now, we're rolling that into the Benchmark platform, which has some G&A against it. I think we need to add a little bit to it, but then there's not much reinvestment into that business.

我的意思是，我們將其視為現金流。我認為我們在資產層面說的是 45，這在一般管理費用之前。現在，我們正在將其納入 Benchmark 平台，該平台有一些 G&A 反對。我認為我們需要增加一點，但是對該業務的再投資並不多。

And so from a cash flow standpoint, we consolidate all of it because of our ownership position. We own 73% of it. So I think you could take that number, and you can -- it's pretty consistent So you can kind of divide it by four and look at the quarterly number.

因此，從現金流的角度來看，由於我們的所有權地位，我們整合了所有這些。我們擁有其中 73%。所以我認為你可以採用這個數字，而且你可以——它非常一致所以你可以將它除以四並查看季度數字。

And then on the Wi-Fi 6, congrats on the new license. I think that makes two substantial licensees today. How many more do you have on the list that you could target?

然後是 Wi-Fi 6，恭喜您獲得新許可證。我認為這使得今天有兩個重要的被許可人。清單上還有多少個是您可以瞄準的？

I mean, look, we think there's a lot of opportunity left in that portfolio. The strength that we have coming off of the TP-Link jury award was public. And then we've had a couple few substantial agreements that -- two came subsequent to that. One came early in the life of the portfolio.

我的意思是，我們認為該投資組合中還存在著許多機會。我們從 TP-Link 評審團獎項中獲得的優勢是公開的。然後我們達成了幾項實質協議——隨後又達成了兩項協議。其中之一出現在投資組合生命週期的早期。

But we still think there's a material amount of incremental capital that we can generate from that Wi-Fi portfolio. And recall, we own four other portfolios that don't have the same magnitudes associated with them but have a very consistent set of settlements and licenses that generate a nice level of base cash flow.

但我們仍然認為我們可以從 Wi-Fi 產品組合中產生大量增量資本。回想一下，我們擁有其他四個投資組合，它們的規模不一樣，但擁有一套非常一致的和解和許可證，可以產生良好的基礎現金流水準。

Got it. That's all for my questions. Best of luck, guys. Thank you.

知道了。這就是我的全部問題。祝你好運，夥計們。謝謝。

Yeah, thanks, Tony.

是的，謝謝，托尼。

Brett Reiss, Janney Montgomery Scott.

布雷特·賴斯，珍妮·蒙哥馬利·斯科特。

Yeah. Hi, MJ. Hi, Kirsten.

是的。嗨，喬丹。嗨，克爾斯滕。

Hey, Brett.

嘿，布雷特。

Good work. Keep it up. Piggybacking on Tony's questions to try to get a sense of how much juice is left to be squeezed from the ripe orange of that Wi-Fi 6 portfolio. In the third quarter, you mentioned there were seven trial dates. Are they still on the calendar, or were some of those part of the $82 million settlement?

幹得好。繼續努力吧。借助托尼的問題，試著了解 Wi-Fi 6 產品組合的成熟橙子中還剩下多少汁液有待榨取。在第三季度，您提到有七個審判日期。它們是否仍然在日曆上，或者其中一些是 8200 萬美元和解金的一部分？

So currently --

所以目前--

Go ahead, Kirsten.

來吧，克爾斯滕。

Yeah. Sure. Currently, we have one trial date within the next year. So bridging from the seven that we reported for the Q3 earnings, some of those were settled in Q4, and some were settled in Q1. But the current number is one.

是的。當然。目前，我們在明年內有一個試用日期。因此，從我們報告的第三季收益中的七項來看，其中一些是在第四季度結算的，一些是在第一季結算的。但目前的數量是一。

Okay.

好的。

So Brett, but it's important to remember there that not all settlements happen in a trial process. There are kind of settlements that happen outside of the legal process as well.

布雷特，但重要的是要記住，並非所有和解都發生在審判過程中。也有一些和解是在法律程序之外進行的。

Okay. And the gorilla in the room, Apple, are they still a defendant, or would -- they're part of the settlement?

好的。房間裡的大猩猩，蘋果公司，他們仍然是被告嗎？或者他們會成為和解的一部分？

Yeah. I mean, look, we can't comment on that, Brett. I appreciate --

是的。我的意思是，聽著，我們不能對此發表評論，布雷特。我很欣賞--

Okay.

好的。

The nature of the question, we just can't comment on that.

這個問題的性質，我們無法對此發表評論。

Okay. Now the NOL was $85 million last quarter. Have we -- how much is left out?

好的。現在上個季度的 NOL 為 8500 萬美元。我們是否遺漏了多少？

It's around $18 million.

大約是1800萬美元。

Okay. And I noticed an AK was filed. You've gone to the protocol of being able to buy back stock on a 10b-5, which should increase your flexibility and not having these narrow windows constrict you being able to buy back stock. Is that true?

好的。我注意到 AK 已歸檔。您已經達成了能夠在 10b-5 上回購股票的協議，這應該會增加您的靈活性，而這些狹窄的窗口不會限制您回購股票的能力。真的嗎？

Yeah. Brett, you're right. The Board did authorize a buyback, which was press-released. And we're looking at executing on that.

是的。布雷特，你是對的。董事會確實授權回購，並已發布新聞稿。我們正在考慮執行這一點。

Right, right. Did you buy back any stock in this last quarter?

是的是的。您在上個季度回購了任何股票嗎？

No, we didn't buy any stock in the last quarter.

不，上個季度我們沒有買任何股票。

Okay. The remaining private equity positions from the UK biotech portfolio, can you give us just a little bit more color on what remains? And could there be any hidden positive surprises that we could enjoy in the near-to-intermediate-term future on the remaining portfolio?

好的。英國生技投資組合中剩餘的私募股權頭寸，您能給我們更多關於剩餘頭寸的資訊嗎？在中短期內，剩餘的投資組合是否會帶來任何隱藏的正面驚喜？

Yeah. So when you look at the remaining positions, it's really -- and I think we've disclosed this in the past. It's AMO, which we're enthusiastic about, which is a drug for pediatric myotonic dystrophy. There's some news out there on the drug and some of the developments on that drug, which I'm sure you found. So we're enthusiastic about that.

是的。因此，當你查看剩餘的職位時，我認為我們過去已經披露過這一點。這就是我們熱衷的 AMO，它是一種治療小兒強直性肌肉營養不良症的藥物。有一些關於該藥物的新聞以及該藥物的一些進展，我相信您已經找到了。所以我們對此充滿熱情。

And then there's this ownership share we have in Viamet. And the best way our shareholders usually figure -- kind of get more color on Viamet is Malin Pharmaceuticals, which is an Irish company, actually publishes on this. They're an owner in the cap table with us as well.

然後是我們在 Viamet 的所有權份額。我們的股東通常認為最好的方式是——在 Viamet 上獲得更多色彩的是 Malin Pharmaceuticals，這是一家愛爾蘭公司，實際上對此發表了看法。他們也是我們的股東。

We're enthusiastic about that one as well. So I can't make any promises on surprises, but we certainly think that they're both very attractive businesses and drugs.

我們也對此充滿熱情。所以我不能對驚喜做出任何承諾，但我們當然認為它們都是非常有吸引力的業務和藥品。

Great. Thank you for taking my questions. I'm going to drop back in queue, but good show on the quarter.

偉大的。感謝您回答我的問題。我將重新排隊，但本季表現不錯。

Yeah, no, thanks. We appreciate it, Brett.

是的，不，謝謝。我們很感激，布雷特。

(Operator Instructions) [Todd Seltzer, 88 Management LLC.]

（操作員說明）[Todd Seltzer，88 Management LLC.]

Thank you. Congratulations on a very robust Q4.

謝謝。恭喜第四季表現非常強勁。

Thanks, Todd.

謝謝，托德。

You made reference to some settlements on the Wi-Fi patent in Q1. Am I to assume those numbers are not reflected in the $82 million that you referenced for Q4?

您提到了第一季有關 Wi-Fi 專利的一些和解。我是否可以假設這些數字沒有反映在您提到的第四季度 8200 萬美元中？

Yeah, sorry, Todd. The delineation we were trying to make was the settlements that we made in Q4, we received the cash for those in February and early March. So we just wanted to be clear. The settlement was a '23 event. The receipt of proceeds from that sentiment was a '24 event.

是的，對不起，托德。我們試圖描繪的是我們在第四季所做的和解，我們在二月和三月初收到了現金。所以我們只是想澄清一下。和解是 23 年的事件。從這種情緒中獲得收益是 24 年的事件。

Got you, got you. Just trying to -- someone who's very involved, [with his name], texts me this question. What makes this company uniquely positioned to create shareholder value in energy?

得到你了，得到你了。只是想——一個非常積極參與的人，[用他的名字]，給我發短信問這個問題。是什麼讓這家公司在能源領域創造股東價值上有獨特的優勢？

And as a follow-up, what is the market not seeing or believing with this strategy? And I guess, it's because of the somewhat ephemeral bump and the total giveback that we noticed over the last couple of weeks subsequent the announcement.

接下來，市場沒有看到或不相信這個策略的是什麼？我想，這是因為我們在宣布後的過去幾週內注意到了短暫的衝擊和全面的回饋。

Yeah, I think that's a two-part question. I'll take the second part first, which is I don't want to speculate on that. I think you may have a view and others that are around the table and shareholders in here may have a view that they can share with your friend.

是的，我認為這是一個由兩部分組成的問題。我將首先討論第二部分，我不想對此進行推測。我認為您可能有自己的觀點，桌旁的其他人以及這裡的股東也可能有自己的觀點，可以與您的朋友分享。

On the first question, our model is to partner with really excellent operating executives and accomplished operating executives to pursue these opportunities. And that's exactly what we've done in Benchmark.

關於第一個問題，我們的模式是與真正優秀的營運主管和有成就的營運主管合作尋求這些機會。這正是我們在基準測試中所做的。

We partnered with somebody that we've known for a long time that has been long-term successful in the oil and gas space. And they are kind of our eyes and ears on the ground in the oil and gas space while we allocate capital. So that's kind of piece one.

我們與我們認識已久的人合作，他們在石油和天然氣領域取得了長期的成功。當我們分配資本時，它們就像我們在石油和天然氣領域的眼睛和耳朵。這就是第一部分。

Piece two, unlike general oil and gas, we are not pursuing a -- acquiring land, drilling wells business model, which means we're looking at harvesting cash flow from these assets. And so it's really operating the wells better than the prior owners had operated them.

第二，與一般石油和天然氣不同，我們並不追求收購土地、鑽井的商業模式，這意味著我們正在考慮從這些資產中獲取現金流。因此，它的油井運作確實比之前的業主更好。

And the wells and the packages of wells that we're acquiring with Benchmark are legacy kind of underloved, undermanaged, underworked fields, where the team that we have has very successfully over a long period of time been able to run those wells better on a less-expensive basis in order to generate more cash from them. And the valuations that we're buying them at are very attractive.

我們透過 Benchmark 收購的油井和油井包都是遺留下來的、不受重視、管理不善、工作不足的油田，我們的團隊在很長一段時間內非常成功地在這些油田上更好地運行這些油井。較便宜的基礎，以便從中產生更多現金。我們購買它們的估值非常有吸引力。

Great. Last question, sell-side coverage. We appreciate Tony covering this thought. At what point do you think we could start shining a light and trying to attract other analysts or potentially be more aggressive in pursuing the buy side to look at this undervalued, very attractive investment?

偉大的。最後一個問題，賣方報道。我們感謝托尼講述這個想法。您認為我們什麼時候可以開始關注並試圖吸引其他分析師，或者可能更積極地促使買方關注這項被低估的、非常有吸引力的投資？

Yeah, I think that's a great question, and it's one that we ask ourselves a lot. For those that have been with us for the last year and been on the earnings calls, we told you what we were going to do. And you said, okay, go do it. And now we've started to do it.

是的，我認為這是一個很好的問題，我們經常問自己這個問題。對於去年一直在我們身邊並參加財報電話會議的人，我們告訴了你們我們要做什麼。你說，好吧，去做吧。現在我們已經開始這樣做了。

And so we're getting to the point where we can start having those conversations about how people view us now that we're a business that's executing against a strategy instead of telling you what strategy we're going to execute against. And so we are reluctant to pound the table and wave our arms in the air for people to cover us until we have earned the right to be covered and for the market to pay attention to us.

因此，我們現在可以開始討論人們如何看待我們，因為我們是一家正在執行策略的企業，而不是告訴您我們將執行什麼策略。因此，在我們贏得被報導的權利並讓市場關注我們之前，我們不願意拍桌子、揮舞手臂讓人們報道我們。

Understood. Thank you. Continue the good work.

明白了。謝謝。繼續做好工作。

Thanks, Todd. Appreciate the questions.

謝謝，托德。感謝您提出的問題。

Thank you very much. Well, that appears to be the end of our question-and-answer session. I will now hand back over to MJ for any closing comments.

非常感謝。好吧，我們的問答環節似乎就結束了。我現在將把任何結束語交回 MJ。

Hi, Jenny. Thanks very much. Everyone, thank you for joining us this afternoon, following us, believing in us. We look forward to talking to you next quarter.

嗨，珍妮。非常感謝。大家，感謝你們今天下午加入我們，關注我們，相信我們。我們期待下個季度與您交談。

Thank you very much. And that does conclude today's conference. You may now disconnect your phone lines, and have a wonderful rest of the day. Thank you for your participation.

非常感謝。今天的會議到此結束。現在您可以斷開電話線，享受美好的一天。感謝您的參與。