Acacia Research Corp (ACTG) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for joining us for Acacia Research second quarter 2024 earnings conference call.

女士們、先生們，下午好，感謝您參加 Acacia Research 2024 年第二季財報電話會議。

My name is Priala, and I’ll be your conference operator today.

我叫 Priala，今天我將擔任你們的會議操作員。

(Operator Instructions) I would like to remind you that this conference is being recorded today and is available through audio webcast on the company’s website.

（操作員說明）我想提醒您，本次會議今天正在錄製，並可透過公司網站上的音訊網路廣播收聽。

Following the speaker’s remarks, there will be time for questions.

演講者發言後，將有時間提問。

Analysts and investors are reminded that any additional inquiries can be directed to Acacia following today’s call at ir@acaciares.com. I would now like to turn the conference over to Mr. Brent Anderson of Gagnier Communications.

分析師和投資者請注意，任何其他詢問都可以在今天的電話會議後透過 ir@acaciares.com 直接與 Acacia 聯繫。現在我想將會議轉交給 Gagnier Communications 的 Brent Anderson 先生。

Mr. Anderson, you may begin your conference.

安德森先生，您可以開始會議了。

Thank you, operator.

謝謝你，接線生。

Leading today’s call are MJ McNulty, Acacia's Chief Executive Officer; and Kirsten Hoover, Acacia's Interim Chief Financial Officer.

今天的電話會議由 Acacia 執行長 MJ McNulty 主持。以及 Acacia 臨時財務長 Kirsten Hoover。

Before MJ and Kirsten begin their prepared remarks, please be reminded that information provided during this call may contain forward-looking statements relating to the current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995.

在MJ 和Kirsten 開始準備好的發言之前，請注意，本次電話會議中提供的資訊可能包含與當前對未來事件的預期、估計、預測和預測有關的前瞻性陳述，這些前瞻性陳述在私人證券訴訟中定義為前瞻性的1995 年改革法案。

These forward-looking statements generally relate to the company's plans, objectives and expectations for future operation and are based on current estimates and projections, future results or trends.

這些前瞻性陳述通常與公司未來營運的計劃、目標和預期有關，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.

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。

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 filed with the SEC.

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。

A press release disclosing the financial results was issued this afternoon.

今天下午發布了披露財務業績的新聞稿。

This release may be accessed on the company’s website under the Press Release’s section of the Investor Relations tab at acaciaresearch.com. The company also posted a new corporate overview presentation and Q2 2024 earnings presentation to its website, which can be found under the Events & Presentations tab.

您可以在公司網站 acaciaresearch.com 投資者關係標籤的新聞稿部分存取本新聞稿。該公司還在其網站上發布了新的公司概述簡報和 2024 年第二季收益演示文稿，您可以在「活動和簡報」標籤下找到該簡報。

I would now like to turn the call over to Acacia’s Chief Executive Officer, Mr. MJ McNulty, over to you.

現在我想將電話轉給 Acacia 執行長 MJ McNulty 先生，然後轉給您。

Brent, thanks very much, and thank you all for joining us today to our second quarter earnings call.

布倫特，非常感謝，也感謝大家今天參加我們第二季的財報電話會議。

As many of you have heard me say, Acacia is a value oriented acquirer of businesses across both the public and private markets.

正如你們許多人聽我說過的那樣，Acacia 是一家以價值為導向的公共和私人市場企業收購者。

We acquire businesses where we can tap into our deep industry relationships, our significant capital base and transaction expertise to materially improve performance.

我們收購的企業可以利用我們深厚的行業關係、重要的資本基礎和交易專業知識來大幅提高業績。

We’re focused on sourcing execution and improvement and we find unique situations bring a flexible and creative approach to transacting and relationships and expertise to drive continual improvement in operating performance.

我們專注於採購執行和改進，我們發現獨特的情況帶來了靈活和創造性的交易方法、關係和專業知識，以推動營運績效的持續改進。

We approach this as business owners and operators rather than purely as financial investors.

我們以企業主和經營者的身份來對待這個問題，而不僅僅是作為金融投資者。

This is important and we believe it’s our differentiator for creating long-term value for shareholders and partners.

這很重要，我們相信這是我們為股東和合作夥伴創造長期價值的差異化因素。

We define value through free cash flow generation, book value appreciation and stock price growth.

我們透過自由現金流的產生、帳面價值增值和股價成長來定義價值。

These are the pillars of the Acacia story.

這些都是金合歡故事的支柱。

Acacia creates value by building relationships and providing transaction expertise to create acquisition opportunities where we can meaningfully improve performance.

Acacia 透過建立關係和提供交易專業知識來創造價值，從而創造收購機會，使我們能夠有意義地提高績效。

We do so by being focused on opportunities with asymmetric risk reward characteristics within the Technology, Energy and Industrial segments.

為此，我們專注於技術、能源和工業領域內具有不對稱風險回報特徵的機會。

I raise these points on today’s call because I believe Acacia'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 industry verticals industrials vertical.

我在今天的電話會議上提出這些觀點是因為我相信 Acacia 打造卓越企業的努力正在獲得回報，因為我們第二季度的業績凸顯了該公司核心技術、能源和垂直行業的發展、實力和發展軌跡。

Acacia delivered strong financial and operating results in the second quarter.

Acacia 在第二季度取得了強勁的財務和營運表現。

The company generated $25.8 million in consolidated revenue, up by 227% compared to the second quarter of last year and up 121% compared to the first six months of 2023, driven in large part by the completion of our transformative acquisition of operated producing wells in the Western Anadarko Basin through our Benchmark subsidiary.

該公司的綜合收入為2,580 萬美元，與去年第二季相比成長了227%，與2023 年前六個月相比成長了121%，這在很大程度上是由於我們完成了對營運生產井的變革性收購。

In terms of consolidated revenue, our intellectual property operations increased by $4.9 million year-over-year due to an increase in the number of license agreements executed during the quarter.

就合併收入而言，由於本季執行的授權協議數量增加，我們的智慧財產權業務年增了 490 萬美元。

Our energy operations delivered revenues of $14.2 million in Q2, including the impact from the acquisition completed mid-April of this year.

我們的能源業務在第二季度實現了 1,420 萬美元的收入，其中包括今年 4 月中旬完成的收購的影響。

And while our industrial operations revenue decreased a little by about $1.2 million due to lower printers sold, we were pleased that it was accompanied by a lower year-over-year operating loss as a result of our continual cost improvement program as we continue to generate cash from this business.

雖然由於印表機銷售下降，我們的工業營運收入略有下降約 120 萬美元，但我們很高興的是，由於我們不斷實施成本改進計劃，隨著我們繼續創造收入，營業虧損也隨之減少。業務的現金。

In terms of adjusted EBITDA, the intellectual property business generated $8.5 million in adjusted EBITDA during the first six months of 2024 Printronix generated $2.3 million in adjusted EBITDA during the first six months of the year and Benchmark generated $8.4 million in adjusted EBITDA during the first six months of the year.

就調整後EBITDA 而言，智慧財產權業務在2024 年前六個月產生了850 萬美元調整後EBITDA，普印力在今年前六個月產生了230 萬美元調整後EBITDA，而Benchmark 在今年前六個月產生了840 萬美元調整後EBITDA。

Our corporate parent generated an adjusted EBITDA loss of $8.8 million.

我們的母公司調整後 EBITDA 損失為 880 萬美元。

However, as we’ve mentioned in the past, the expenses at corporate were offset by $10 million in interest income.

然而，正如我們過去提到的，公司的開支被 1000 萬美元的利息收入所抵消。

More detail on our adjustments is provided in our press release and accompanying corporate presentation, which we posted to the website today.

有關調整的更多詳細信息，請參閱我們今天發佈到網站上的新聞稿和隨附的公司簡報。

Our book value per share on June 30, 2024 was $5.95 a share, compared to $5.90 a share at the end of 2023, excluding the impact of an additional accrual of $12.9 million related to the AIP Matter, which has now been settled and closed, and which is discussed in greater detail on our 10-Q, our adjusted book value per share on June 30, would have been $6.07 per share.

截至2024 年6 月30 日，我們的每股帳面價值為5.95 美元，而2023 年底為每股5.90 美元，不包括與AIP 事項相關的1,290 萬美元額外應計費用的影響，該事項現已解決並結束，我們在 10 季中更詳細地討論了這一點，6 月 30 日調整後的每股帳面價值將為每股 6.07 美元。

The AIP Matter relates to a closed legal matter involving a profits interest plan adopted by prior members of management and the Board in 2017.

AIP 事項涉及一項已結束的法律事項，涉及前管理層成員和董事會成員於 2017 年通過的利潤利息計劃。

Book value per share is a key metric and is the primary metric by which our team’s compensation is based.

每股帳面價值是關鍵指標，也是我們團隊薪酬的主要指標。

We believe this aligns management and shareholder interests at this stage in our company's life.

我們相信，這可以在我們公司發展的現階段中使管理層和股東的利益保持一致。

Kirsten will cover the additional details of our quarterly results in a few minutes, but first let me speak briefly about our core verticals, including Technology, Energy and Industrials.

克斯汀將在幾分鐘內介紹我們季度業績的更多細節，但首先讓我簡要介紹我們的核心垂直領域，包括技術、能源和工業。

First on Energy, as you know, in November of last year, Acacia acquired a majority stake in Benchmark, an independent oil and gas company based in Austin, engaged in the acquisition, production and development of oil and gas assets in mature resource plays in Texas and Oklahoma.

首先是能源方面，如你所知，去年11月，Acacia收購了Benchmark的多數股權，Benchmark是一家總部位於奧斯汀的獨立油氣公司，從事美國成熟資源區油氣資產的收購、生產和開發。斯州和俄克拉荷馬州。

In April of this year, Benchmark completed the acquisition of certain liquids-rich, predominantly oil based and low decline upstream assets and related facilities in the Western Anadarko Basin.

今年4月，Benchmark完成了對西阿納達科盆地某些富含液體、主要是石油基、低遞減上游資產及相關設施的收購。

Acacia now owns 73.5% of the Benchmark Energy subsidiary following the recent acquisition of these assets.

在最近收購 Benchmark Energy 子公司資產後，Acacia 現在擁有這些資產的 73.5%。

Following the latest acquisition, our Energy business consists of over 150,000 net acres and over 500 operated wells, producing approximately 6,500 barrels of oil equivalent per day in the Western Anadarko Basin throughout the Texas Panhandle and Western Oklahoma.

在最新收購之後，我們的能源業務包括超過150,000 英畝的淨土地和500 多口運營井，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每天生產約6,500桶石油當量。

Benchmark’s recent acquisition brings the company increased geographic density and financial scale.

Benchmark 最近的收購增加了公司的地理密度和財務規模。

The acquisition included significant undeveloped acreage in the valuable Cherokee and Cleveland formations, which could be monetized through a variety of capital light solutions.

此次收購包括寶貴的切羅基和克利夫蘭地層中大量未開發的土地，這些土地可以透過各種資本輕型解決方案貨幣化。

As we mentioned before, Benchmark deploys a PDP strategy focused on acquiring predictable and shallow decline, cash-flowing oil and gas properties with minimal capital intensity that can be enhanced through a field optimization strategy and risk managed through robust commodity hedges and low leverage.

正如我們之前提到的，Benchmark 部署了PDP 策略，專注於以最小的資本密集度收購可預測且跌幅較小、現金流通的石油和天然氣資產，該策略可以透過油田優化策略以及透過穩健的商品對沖和低槓桿進行風險管理來增強。

Our strategy is to acquire mature long lived assets and deploy various field enhancements including artificial lift optimization, a more active well maintenance program and reopening previously closed wells to enhance the status quo production profile, in pursuit of our goal of maximizing cash flow for Benchmark’s assets.

我們的策略是收購成熟的長壽命資產並部署各種油田增強措施，包括人工舉升優化、更積極的油井維護計劃以及重新開放之前關閉的油井以提高現狀生產狀況，以實現Benchmark 現金流最大化的目標。

During the second quarter, the experienced team began implementing its operational improvement plan, a meaningful part of the strategy.

在第二季度，經驗豐富的團隊開始實施其營運改進計劃，這是該策略的一個有意義的部分。

In the second quarter, our energy operations delivered consolidated revenues of $14.2 million, including the impact from the acquisition completed on April 17 of this year.

第二季度，我們的能源業務實現了 1,420 萬美元的綜合收入，其中包括今年 4 月 17 日完成的收購的影響。

Further, in terms of adjusted EBITDA, Benchmark reported $7 million during the quarter.

此外，就調整後 EBITDA 而言，Benchmark 報告本季調整後 EBITDA 為 700 萬美元。

Again, this represents a partial month of results.

同樣，這代表了部分月份的結果。

I would also note that you will now notice the realized and unrealized derivative gains and losses coming through the other income and expense line on our income statement.

我還要指出的是，您現在會注意到透過我們損益表上的其他收入和費用項目實現的和未實現的衍生性商品損益。

This line represents both the mark-to-market of the hedges on future production we are seeking to protect through our previously discussed hedging program, as well as the realized gains or losses associated with maturing hedges.

這條線代表了我們透過先前討論的對沖計劃尋求保護的未來生產對沖的按市價計價，以及與到期對沖相關的已實現收益或損失。

I would note that our hedge book is significant, representing roughly 70% of our net oil and gas production over the next three years and as a result of the size of the hedge book sometimes these movements will be significant.

我要指出的是，我們的對沖帳簿非常重要，約占我們未來三年石油和天然氣淨產量的 70%，並且由於對沖帳簿的規模，有時這些變動將會很大。

We continue to disclose the realized versus unrealized component of these accounting figures to help you better understand the cash impact of our hedge book of the enterprise.

我們繼續揭露這些會計資料中已實現與未實現的部分，以幫助您更了解我們對沖帳簿對企業的現金影響。

Turning to our Technology vertical, where our intellectual property business generated $5.3 million in licensing and other revenue during the quarter compared to $400,000 in the same quarter last year.

談到我們的技術垂直領域，我們的智慧財產權業務在本季創造了 530 萬美元的授權和其他收入，而去年同期為 40 萬美元。

These agreements further bolster our position to pursue additional licensing agreements and settlements, and our team is advancing discussions with other potential licensees.

這些協議進一步鞏固了我們尋求額外授權協議和和解的地位，我們的團隊正在推進與其他潛在被授權者的討論。

The Wi-Fi 6 patent portfolio continues to represent a lucrative opportunity for periodic cash events, and we believe there’s significant incremental value in these patents.

Wi-Fi 6 專利組合仍然代表著定期現金事件的利潤豐厚的機會，我們相信這些專利具有顯著的增量價值。

Additionally, we continue to evaluate potential additional capital investments into this business to acquire new patent portfolios when we believe they’re attractive risk reward opportunities.

此外，當我們認為新的專利組合是有吸引力的風險回報機會時，我們將繼續評估對該業務的潛在額外資本投資，以獲取新的專利組合。

Now turning to our Industrial business, when we acquired the Printronix operating business in October of 2021, we believed, represented an attractive price relative to the potential cash flow generation.

現在轉向我們的工業業務，當我們在 2021 年 10 月收購普印力營運業務時，我們相信，相對於潛在的現金流生成而言，這是一個有吸引力的價格。

We also recognized there would be operational and strategic restructuring required.

我們也認識到需要進行營運和策略重組。

In early 2023, the team began replacing the Printronix management team and brought in an operating advisor to significantly reduce costs and improve efficiency.

2023 年初，團隊開始更換普印力管理團隊，並引入營運顧問，以顯著降低成本並提高效率。

We are pleased with the progress of Printronix as it transitions its business mix from lower margin printer sales to higher margin consumables products, including ink cartridges and specialty ribbons, and believe this dual hardware and consumables business model, combined with its streamlined operating structure, represents a nice source of cash flow for Acacia.

我們對普印力的進展感到高興，因為它將其業務組合從利潤率較低的印表機銷售轉向利潤率較高的耗材產品（包括墨盒和特種色帶），並相信這種硬體和耗材的雙重業務模式與其精簡的營運結構相結合，代表了對 Acacia 來說，這是一個很好的現金流來源。

Printronix generated $6.3 million in revenue during the quarter, compared to $7.5 million in the same quarter last year.

普印力本季營收為 630 萬美元，去年同期為 750 萬美元。

Despite the lower revenue, we’re pleased with the turnaround work that the Printronix team continues to undertake, including a key focus on top line initiatives, and we anticipate Printronix to continue to generate free cash flow on an annual basis.

儘管收入較低，但我們對普印力團隊繼續進行的扭虧為盈工作感到滿意，包括重點關注頂線計劃，並且我們預計普印力將繼續每年產生自由現金流。

Turning now to M&A.

現在轉向併購。

Acacia remains focused on acquiring and building businesses that have stable cash flow generation with an ability to scale, while retaining the flexibility to make opportunistic acquisitions with higher risk adjusted return characteristics.

Acacia 仍專注於收購和建立具有穩定現金流產生能力和規模化能力的企業，同時保留進行具有更高風險調整回報特徵的機會性收購的靈活性。

We’ve been keeping a close eye on the recent volatility in the markets and remain cautious about the current market environment.

我們一直密切關注近期市場的波動，並對當前的市場環境保持謹慎態度。

However, given our long-term approach and disciplined focus, we expect the overall impact of the current market volatility to be negligible to our underlying businesses.

然而，鑑於我們的長期策略和嚴格的重點，我們預計當前市場波動對我們的基礎業務的整體影響可以忽略不計。

Prior to the recent market volatility, the M&A environment remained constructive with a strong pipeline of potential public and private opportunities.

在最近的市場波動之前，併購環境仍然具有建設性，擁有大量潛在的公共和私人機會。

We believe additional opportunities may be created as the volatility works its way through the system.

我們相信，隨著波動性貫穿整個系統，可能會創造更多機會。

Our team continues to evaluate opportunities to acquire new businesses where our research, execution and operating partners can drive attractive earnings and book value per share growth.

我們的團隊繼續評估收購新業務的機會，在這些業務中，我們的研究、執行和營運合作夥伴可以推動有吸引力的收益和每股帳面價值的成長。

We continue to believe the oil and gas business represents an attractive complement to our acquisition initiatives in industrials and technology where we continue to evaluate operating businesses to acquire.

我們仍然相信，石油和天然氣業務是對我們在工業和技術領域的收購計劃的有吸引力的補充，我們將繼續評估要收購的營運業務。

I’d now like to turn the call over to Kirsten to discuss our second quarter financial results.

我現在想把電話轉給克爾斯滕，討論我們第二季的財務表現。

Thank you, MJ.

謝謝你，喬丹。

Our GAAP book value at June 30, 2024 was $596.7 million, or $5.95 per share, excluding the impact of the additional accrual of $12.9 million in the first six months of 2024 related to the AIP Matter that MJ discussed earlier, which has now been settled and closed, our book value per share at June 30, 2024 would have been $6.07 per share.

截至2024 年6 月30 日，我們的GAAP 帳面價值為5.967 億美元，即每股5.95 美元，不包括2024 年前六個月與MJ 之前討論的AIP 問題相關的1,290 萬美元額外應計費用的影響，該問題現已解決截止到 2024 年 6 月 30 日，我們的每股帳面價值將為每股 6.07 美元。

Total revenues were $25.8 million compared to $7.9 million in the same quarter of last year.

總收入為 2,580 萬美元，而去年同期為 790 萬美元。

Our intellectual property business generated $5.3 million in licensing and other revenue during the quarter, up over 200% compared to $0.4 million in the same quarter of last year due to the increased number of license agreements executed quarter-over-quarter and higher average license fees.

我們的智慧財產權業務本季產生了 530 萬美元的許可和其他收入，與去年同期的 40 萬美元相比增長了 200% 以上，原因是季度執行的許可協議數量增加以及平均許可費用增加。

Our industrial operations business generated $6.3 million in revenues during the quarter, down compared to $7.5 million in the same quarter of last year due to a decrease in printer sales.

由於印表機銷售下降，我們的工業營運業務在本季創造了 630 萬美元的收入，低於去年同期的 750 萬美元。

Benchmark generated $14.2 million in revenues in the quarter.

Benchmark 在本季創造了 1,420 萬美元的收入。

As Acacia's initial investment in Benchmark closed on November 13, 2023, there is no comparable revenue in the same quarter of last year.

由於 Acacia 對 Benchmark 的初始投資於 2023 年 11 月 13 日結束，因此去年同季沒有可比較收入。

As a reminder, in April, we closed Benchmark’s first acquisition following Acacia’s initial investment.

謹此提醒，我們在 4 月完成了 Acacia 初始投資後 Benchmark 的首次收購。

Results from this acquisition have been reported as part of our second quarter financial results.

此次收購的結果已作為我們第二季財務業績的一部分報告。

General and administrative expenses were approximately $10 million compared to $9.4 million in the same quarter of last year, with the increase due to the increase in G&A for the addition of our energy segment, partially offset by a decrease in parent legal fees and a decrease in Printronix G&A.

一般及行政費用約為 1,000 萬美元，而去年同期為 940 萬美元，增加是由於我們能源部門增加的一般及行政費用增加，但部分被母公司法律費用的減少和普印力 G&A。

The company recorded an operating loss of $4.8 million, down 62% compared to an operating loss of $12.5 million in the same quarter of last year due to higher revenues generated.

由於營收增加，該公司錄得 480 萬美元的營運虧損，較去年同期 1,250 萬美元的營運虧損下降 62%。

Printronix contributed $0.2 million in operating loss, which included $0.7 million of non-cash depreciation and amortization expenses.

普印力貢獻了 20 萬美元的營運虧損，其中包括 70 萬美元的非現金折舊和攤提費用。

Benchmark contributed $3.2 million in operating income, which included $3.5 million of non-cash depreciation, depletion and amortization expenses and does not reflect $0.1 million of realized derivatives gains.

Benchmark 貢獻了 320 萬美元的營業收入，其中包括 350 萬美元的非現金折舊、消耗和攤銷費用，並不反映已實現的衍生性商品收益 10 萬美元。

GAAP net loss attributable to Acacia Research Corporation in the second quarter was $8.4 million or $0.08 per share compared to GAAP net loss attributable to Acacia of $18.8 million or a loss of $0.36 per share in the second quarter of last year.

第二季 Acacia Research Corporation 的 GAAP 淨虧損為 840 萬美元，即每股虧損 0.08 美元，而去年第二季 Acacia Research Corporation 的 GAAP 淨虧損為 1,880 萬美元，即每股虧損 0.36 美元。

The net loss for the second quarter of 2024 included $4.7 million in unrealized losses related to the fair value of our remaining equity securities.

2024 年第二季的淨虧損包括與我們剩餘股本證券公允價值相關的 470 萬美元未實現虧損。

The second quarter included $0.8 million in non-recurring general and administrative charges.

第二季包括 80 萬美元的非經常性一般費用和管理費用。

Excluding the impact of the additional accrual related to the AIP Matter, which represented $0.06 of earnings per share, our loss per share for the second quarter of 2024 would have been $0.02 per share.

排除與 AIP 事項相關的額外應計費用（相當於每股收益 0.06 美元）的影響，我們 2024 年第二季的每股虧損將為每股 0.02 美元。

As of December 31, 2023, our NOL totaled approximately $18 million.

截至 2023 年 12 月 31 日，我們的 NOL 總額約為 1,800 萬美元。

We will continue to evaluate the most efficient ways to maximize this asset.

我們將繼續評估最大化該資產的最有效方法。

Turning to the balance sheet.

轉向資產負債表。

Cash, cash equivalents and equity securities at fair value totaled $405.2 million at June 30, 2024, compared to $403.2 million at December 31, 2023.

截至 2024 年 6 月 30 日，以公允價值計算的現金、現金等價物及股本證券總額為 4.052 億美元，而截至 2023 年 12 月 31 日為 4.032 億美元。

The increase in cash was primarily due to timing of payments received from licensees, offset by $59.9 million paid to acquire the revolution assets.

現金增加主要是由於從被許可人收到的付款時間，但被為收購革命資產支付的 5,990 萬美元所抵消。

Equity securities without readily determinable fair value totaled $5.8 million at June 30, 2024, unchanged from December 31, 2023.

截至 2024 年 6 月 30 日，無法輕易確定公允價值的股本證券總額為 580 萬美元，與 2023 年 12 月 31 日持平。

Investment securities representing equity method investments, net of non-controlling interest, totaled $19.9 million at June 30, 2024, unchanged from December 31, 2023.

截至 2024 年 6 月 30 日，代表權益法投資（扣除非控制權益）的投資證券總額為 1,990 萬美元，與 2023 年 12 月 31 日持平。

Acacia owns 64% of MalinJ1, which results in a 26% ownership stake in Viamet Pharmaceuticals for Acacia.

Acacia 擁有 MalinJ1 64% 的股權，這意味著 Acacia 擁有 Viamet Pharmaceuticals 26% 的股權。

The parent company’s total indebtedness was zero at June 30, 2024.

截至2024年6月30日，母公司總債務為零。

On a consolidated basis, Acacia’s total indebtedness was $82 million in non-recourse debt at Benchmark as of June 30, 2024.

截至 2024 年 6 月 30 日，Acacia 的合併債務總額為 8,200 萬美元，為 Benchmark 的無追索權債務。

We continue to believe that cash per share is an important metric for measuring our progress.

我們仍然相信每股現金是衡量我們進步的重要指標。

As of June 30, 2024, our cash per share stood at $3.86. For more information on Acacia’s second quarter results, please see our press release issued this afternoon and our quarterly report on Form 10-Q, which we will file with the SEC later today.

截至 2024 年 6 月 30 日，我們的每股現金為 3.86 美元。有關 Acacia 第二季度業績的更多信息，請參閱我們今天下午發布的新聞稿以及我們將於今天晚些時候向 SEC 提交的 10-Q 表格季度報告。

With that, I’d like to turn the call back over to MJ.

說完，我想把電話轉回 MJ。

Our strategic relationship with Starboard expands our sourcing and operating network and resources providing the Company with expanded access to industry expertise and an expanded network of operating partners with whom we evaluate potential acquisition opportunities, which enhances the oversight and value creation of our business.

我們與Starboard 的策略關係擴大了我們的採購和營運網絡及資源，為公司提供了更多的行業專業知識和擴大的營運合作夥伴網絡，我們可以與這些合作夥伴評估潛在的收購機會，從而增強對我們業務的監督和價值創造。

Fourth, we have significant resources and the flexibility to take advantage of uncertain environments and dislocated situations fit.

第四，我們擁有豐富的資源和彈性，可以利用不確定的環境和錯置的情況來適應。

We have cultivated a deep and experienced operating executive network, which supports sourcing and evaluation of our of our acquisition opportunities.

我們建立了深厚且經驗豐富的營運執行網絡，為我們的收購機會的尋找和評估提供支援。

And finally, as I know many of you have reminded me, we're trading below book value, which represents a compelling opportunity for investors.

最後，正如我知道你們中的許多人提醒我的那樣，我們的交易價格低於帳面價值，這對投資者來說是一個誘人的機會。

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

因此，我們很樂意回答您的任何問題。

(Operator Instructions) Adam Eagleston, Formidable.

（操作員說明）亞當·伊格爾斯頓，強大。

Hey, MJ, how are you today?

嘿，MJ，你今天怎麼樣？

Hey, Adam, how are you?

嘿，亞當，你好嗎？

Good, doing well, thank you.

很好，做得很好，謝謝。

So my question was going to be around the share count, didn’t look like that changed.

所以我的問題是圍繞股票數量，看起來沒有改變。

So how are you all thinking about the buyback now?

那麼大家現在對於回購的想法如何呢？

Well, as you know, it’s authorized.

嗯，如您所知，它是經過授權的。

And we are just evaluating the timing of executing on that buyback.

我們只是在評估執行回購的時機。

So we still very much are enthusiastic about it, as is our board, and it’s just a matter of timing that buyback.

因此，我們和我們的董事會仍然對此充滿熱情，這只是回購時機的問題。

All right.

好的。

Fair enough.

很公平。

Thank you.

謝謝。

Yes.

是的。

Anthony Stoss, Craig-Hallum Capital.

安東尼·斯托斯，克雷格-哈勒姆資本。

Hey, MJ and Kirsten, since the second Benchmark purchase was kind of entering quarter, I’m wondering if you can give us a kind of an expected range of revenues that you might think about for your Benchmark assets for the September quarter.

嘿，MJ 和 Kirsten，由於第二次 Benchmark 購買即將進入季度，我想知道您是否可以給我們一個您可能會考慮的 9 月份季度 Benchmark 資產的預期收入範圍。

Yes, Tony, I think it's a great question.

是的，托尼，我認為這是一個很好的問題。

I mean, we I would encourage you to take a look at the investor deck that we put out and because we broken out the revenue, we have the date of the 17.

我的意思是，我鼓勵您看一下我們發布的投資者資料，因為我們細分了收入，所以我們有 17 日的日期。

And so I think you can probably interpolate the revenue estimates for the third quarter based on some of the data that's out there.

因此，我認為您可以根據現有的一些數據來插值第三季度的收入估計。

All right.

好的。

I'll give it a look.

我會看一下。

Thank you.

謝謝。

Great.

偉大的。

Thanks, Tony.

謝謝，托尼。

Brett Reiss, Janney.

布雷特賴斯，珍妮。

Hi, MJ.

嗨，喬丹。

Hi, Kirsten, how are you?

嗨，克爾斯滕，你好嗎？

Hey, Brad, how are you doing?

嘿，布拉德，你好嗎？

Good, good, good.

好，好，好。

The operating income on benchmark was like 22.5% of revenues.

基準營業收入約為收入的 22.5%。

Is that kind of what the ratio is going to look like going forward?

未來的比率會是這樣嗎？

Yes, I so so that's a great question.

是的，我所以這是一個很好的問題。

I think we've given some of the reconciliations from operating income to EBITDA.

我認為我們已經對營業收入和 EBITDA 進行了一些調節。

And the way we think about it is the EBITDA related to revenue.

我們思考的方式是與所得相關的 EBITDA。

And so I think that may be a better metric to look at in terms of how you think about the profitability of that business.

因此，我認為這可能是一個更好的衡量標準，可以用來衡量您如何看待該業務的獲利能力。

But we had previously disclosed some of the metrics around cash flow and price and so on and so forth, and so far, the business is performing how we had underwritten it to perform.

但我們之前已經披露了一些有關現金流和價格等的指標，到目前為止，該業務的表現與我們承保的表現一致。

Now, it’s early, it’s a little over half a quarter, but the business is performing as expected.

現在還早，才過半個季度，但業務表現符合預期。

Right, right.

對，對。

MJ with Benchmark, is the increase in revenues going to be driven by drilling more wells on the acreage you have or extracting more oil from existing wells or just bolt-on acquisitions?

MJ 和 Benchmark，收入的成長是透過在您擁有的土地上鑽更多油井還是從現有油井中開採更多石油或只是透過補充性收購來推動的？

What’s going to drive increased revenues in that part of the business?

什麼將推動這部分業務的收入增加？

Yes, so we follow a PDP strategy.

是的，所以我們遵循 PDP 策略。

So we acquired and only paid for producing production at these assets in the Western Anadarko Basin, and for that matter, the initial set of Benchmark wells.

因此，我們購買並只支付了西阿納達科盆地這些資產的生產費用，就這一點而言，我們購買了最初的一組基準井。

They will have a natural curve associated with them, a production curve associated with them.

它們將有一條與之相關的自然曲線，一條與之相關的生產曲線。

And so that’s kind of the base.

這就是基礎。

The reason we picked, the team that we picked to do this with is because they historically have been very good at reducing the natural curve of reduction for the wells that they own.

我們選擇這個團隊的原因是因為他們歷來非常擅長減少他們擁有的油井的自然減少曲線。

And so that’s kind of piece one above the base is, what can we do operationally, to your point, to get more oil and gas out of the wells we own.

因此，根據您的觀點，基礎之上的第一部分是我們可以在操作上做什麼，以從我們擁有的油井中獲取更多石油和天然氣。

So, as I mentioned, the team has kind of fully implemented its strategy there from a revenue standpoint.

因此，正如我所提到的，從收入的角度來看，該團隊已經完全實施了其策略。

Now, remember, there are other things that we can do with the business to optimize the cost structure and take advantage of the scale that we now have with two sets of assets as opposed to one.

現在，請記住，我們還可以對業務做其他事情來優化成本結構，並利用我們現在擁有兩組資產（而不是一組）的規模。

And so they’re also working on that.

所以他們也在努力解決這個問題。

That’s not top line.

這不是最重要的。

That ends up becoming a reduction in costs.

這最終會降低成本。

And then the third, and it’s early for this, but I think we have mentioned it is that we did get acreage with the deal in the Cherokee.

然後是第三個，現在還為時過早，但我想我們已經提到過，我們確實透過切諾基的交易獲得了土地。

And that Cherokee acreage could be interesting.

切羅基的面積可能很有趣。

I think it’s early, but it could be interesting.

我認為現在還為時過早，但可能會很有趣。

And we are not drillers of wells.

我們不是打井人。

Our strategy is PDP focus, so we’re not out to drill wells.

我們的策略是以 PDP 為重點，因此我們不會去鑽井。

However, we can partner with folks that can take the drilling risk in that acreage.

然而，我們可以與那些能夠在該地區承擔鑽探風險的人合作。

And we have a very capital light way to potentially create additional revenue in that sort of a structure.

我們有一種非常輕資本的方式，可以在這種結構中創造額外的收入。

Okay.

好的。

Now, in the body -- the release, there was addition to G&A from the addition of new Energy segment operations.

現在，在發布的正文中，新增了新能源部門業務，從而增加了一般管理費用。

So is a portion of Benchmark’s overhead picked up by us.

我們承擔了 Benchmark 的部分管理費用。

Could you give us some more color on that?

您能為我們提供更多資訊嗎？

Yes.

是的。

So we own 73.5% of Benchmark, and so we own 73.5% of the costs to run the business.

因此，我們擁有 Benchmark 73.5% 的股份，因此我們擁有 73.5% 的業務營運成本。

There was a little bit of G&A that came along with the new deal, again in the context of what we underwrote and in line with how we were viewing the business and the economics of it.

新交易帶來了一些一般管理費用，同樣是在我們承保的背景下，也符合我們對業務和經濟的看法。

And so because we’re consolidating the Benchmark acquisition and then showing -- interest in that deal, it will fully consolidate onto our P&L.

因此，由於我們正在合併 Benchmark 收購，然後表現出對交易的興趣，因此它將完全合併到我們的損益表中。

And then Kirsten can correct me where I’m wrong.

然後克爾斯滕可以糾正我的錯誤。

It will be adjusted for the minority interest section of the P&L.

它將根據損益表的少數股東權益部分進行調整。

That’s right.

沒錯。

Okay.

好的。

Different part of the business, what is the trial calendar on the patent portfolio look like over the next couple of quarters?

業務的不同部分，未來幾季專利組合的審判日曆是什麼樣的？

We don’t talk about that, Brett.

我們不談論這個，布雷特。

Okay.

好的。

We do schedule in the upcoming 12 months, so that is disclosed in our 10-Q.

我們確實在未來 12 個月內進行了安排，因此會在我們的 10-Q 中揭露。

Those upcoming Q.

那些即將到來的Q。

Okay.

好的。

I’ll look there.

我去那裡看看。

Now, the turnaround that you’re trying to implement in Printronix, if it doesn’t gain traction, how long will you ride the turnaround before you throw in the towel and exit that business?

現在，您正試圖在普印力實現扭虧為盈，如果它沒有獲得牽引力，那麼在您認輸並退出該業務之前，您還要等待多久才能實現扭虧為盈？

So first, the turnaround is actually doing quite well.

首先，扭轉局面其實進展得相當不錯。

We have a step plan of moving that business towards higher margin consumables that we sell, and continuing to reduce the costs to operate the business on a regular basis.

我們制定了一項逐步計劃，將業務轉向我們銷售的利潤率更高的消費品，並繼續降低定期運營業務的成本。

So it’s not as if we said, let’s decide what we want to do, cut some costs and then go back to status quo.

因此，我們並不是說，讓我們決定要做什麼，削減一些成本，然後回到現狀。

We’re continually reducing costs to match what we want the profitability to be on the consumables piece of the business.

我們不斷降低成本，以滿足我們對消耗品業務的獲利能力的期望。

So we are not thinking about throwing in the towel.

所以我們不會考慮認輸。

We actually are quite pleased with the progress that the team has made on that turnaround over the last little over a year, maybe five quarters here.

實際上，我們對團隊在過去一年多（也許是五個季度）中在扭轉局面方面取得的進展感到非常滿意。

And so more to come on that, but it’s looking promising.

還有更多的事情要做，但看起來很有希望。

Right.

正確的。

Great.

偉大的。

Thank you for taking my questions, and both of you enjoy the rest of the summer

感謝您回答我的問題，你們倆都度過了愉快的夏天

Yes, likewise, Brett Operator, are there any more questions.

是的，同樣，布雷特接線員，還有什麼問題嗎？

(Operator Instructions) Todd Stelter, -- Management LLC

（操作員說明）Todd Stelter，-- Management LLC

Hi, MJ, Kirsten.

嗨，MJ，克爾斯滕。

Quick question, under key business highlights, I see generated $71 million in operating cash flow for the first half of 2024.

問一個簡單的問題，在關鍵業務亮點下，我認為 2024 年上半年產生了 7,100 萬美元的營運現金流。

That seems like such a robust number considering the run rate for Q1 and Q2.

考慮到第一季和第二季的運行率，這似乎是一個非常強勁的數字。

How do we get to $71 million?

我們怎樣才能達到 7,100 萬美元？

Yes.

是的。

So you got to remember, Todd, that we had the patent settlements that we recorded as revenue in Q4 of last year because the deals were struck and agreed to in Q4 four of last year, came through in the first half of this year.

所以你必須記住，托德，我們在去年第四季將專利和解記錄為收入，因為這些交易是在去年第四季達成並同意的，並在今年上半年完成。

And so a lot of that cash came through in the first six months of the year, which is driving a big portion of that.

因此，今年前六個月就收到了大量現金，這推動了其中很大一部分。

Got you.

明白你了。

Great.

偉大的。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Yes, of course.

是的當然。

And there are no further questions at this time.

目前沒有其他問題。

I would like to turn it back to MJ McNulty for closing remarks.

我想請 MJ McNulty 作結束語。

I appreciate everyone joining.

我感謝大家的加入。

I hope everyone's having a great summer and enjoys the rest of the summer.

我希望每個人都度過了一個愉快的夏天，並享受剩下的夏天。

Please take a look at our website and see the corporate deck that we put out.

請造訪我們的網站並查看我們發布的公司資料。

I think it answers a lot of questions that we’ve talked about in the past.

我認為它回答了我們過去討論過的許多問題。

I think it gives a really good view of who we are and where we’re going.

我認為它可以很好地了解我們是誰以及我們要去哪裡。

I know a lot of the folks on the call here have followed us, and we appreciate that, but it puts a little bit more meat around the story.

我知道許多參加電話會議的人都關注了我們，我們對此表示讚賞，但這讓故事變得更加充實。

So we appreciate you joining.

所以我們感謝您的加入。

We look forward to talking to you soon.

我們期待盡快與您交談。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。