Acacia Research Corp (ACTG) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for joining us for Acacia Research, Third quarter 2024 Earnings Conference Call.

早安，女士們、先生們，感謝您參加 Acacia Research 2024 年第三季財報電話會議。

My name is Jenny and I'll be your conference facilitator today.

我叫珍妮，今天我將擔任你們的會議主持人。

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

（操作員說明）我想提醒您，本次會議今天正在錄製，也可以透過 Acacia 網站上的音訊網路廣播觀看。

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

演講者發言後，將有時間提問。

Questions can also be directed to Acacia at ir@Acaciares.com. I would now like to turn the conference over to Mr. Brent Anderson of Gagnier communications.

如有問題也可以透過 ir@Acaciares.com 直接聯繫 Acacia。現在我想將會議轉交給加尼爾通訊公司的布倫特安德森先生。

Mr Anderson, you may begin the conference.

安德森先生，您可以開始會議了。

Thank you operator leading today's call are MJ McNulty Acacia's Chief Executive Officer and Kirsten Hoover Acacia's Interim Chief Financial Officer.

感謝主持今天電話會議的接線生 MJ McNulty Acacia 的執行長和 Kirsten Hoover Acacia 的臨時財務長。

Before MJ and Kirsten begin their prepared remarks, please be reminded that 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.

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、預測和預測相關的前瞻性陳述，這些前瞻性陳述在《私人證券訴訟改革》中定義為前瞻性的1995 年法案。

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

對於此類風險和不確定性的討論。

Please see the risk factors described in Acacia's annual report on form 10-K, quarterly reports on form 10-Q filed with the SEC.

請參閱 Acacia 向 SEC 提交的 10-K 表年度報告和 10-Q 表格季度報告中所述的風險因素。

Acacia issued a press release disclosing its third quarter financial results earlier this morning, the press release may be accessed on the company's website under the press releases section of the investor relations tab at acaciaresearch.com. The company also posted its Q3 2024 earnings presentation to its website.

Acacia 今天早上早些時候發布了一份新聞稿，披露了其第三季度財務業績，該新聞稿可在該公司網站 acaciaresearch.com 投資者關係選項卡的新聞稿部分下訪問。該公司還在其網站上發布了 2024 年第三季財報。

Each of which can be found under the events and presentations tab.

每個都可以在“事件和演示”選項卡下找到。

I would now like to turn the call over to Acacia's Chief Executive Officer MJ McNulty.

我現在想將電話轉給 Acacia 執行長 MJ McNulty。

Thanks Brad and thanks to everyone for joining us today for our third quarter earnings call.

感謝布拉德並感謝大家今天加入我們的第三季財報電話會議。

As many of you have heard me say Acacia is a value oriented acquirer and operator of businesses across the industrial energy and technology sectors.

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收購者和工業能源和技術領域企業營運商。

Specifically, we're focused on acquiring and building companies 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.

具體來說，我們專注於收購和建立能夠產生穩定現金流、具有規模擴張能力的公司，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。

With that in mind, I'd like to begin our call today by talking about our investment strategy and how Deflecto the newest addition to our stable of companies fits our strategy to achieve.

考慮到這一點，我想在今天的電話會議開始時討論我們的投資策略，以及我們公司的最新成員 Deflecto 如何符合我們要實現的策略。

After significant due diligence, negotiation and strategic planning, we signed and simultaneously closed on our purchase of Deflecto late last month.

經過大量的盡職調查、談判和策略規劃，我們在上個月末簽署並同時完成了對 Deflecto 的收購。

This transaction like our acquisition of benchmark almost a year ago came about through adhering closely to our philosophy of building strong and like-minded relationships with business leaders and importantly, finding opportunities to make our return, owning a business rather than through selling a business.

這項交易就像我們大約一年前收購基準一樣，是透過嚴格遵守我們的理念來實現的，即與商業領袖建立牢固且志同道合的關係，重要的是，尋找回報的機會，擁有一家企業，而不是透過出售一家企業。

I like to drill down a bit on that last point because I think it's one of the key elements that differentiates us from others.

我喜歡深入探討最後一點，因為我認為這是我們有別於其他公司的關鍵要素之一。

We run several valuation models and metrics when we evaluate a business.

當我們評估一家企業時，我們會運行多種評估模型和指標。

One metric we rely heavily on is the durability and scalability of a target's annual earnings stream rather than its exit earnings.

我們嚴重依賴的一個指標是目標公司年度收益流的持久性和可擴展性，而不是其退出收益。

And the impact of these earnings on our income statement specifically, we underwrite to an acceptable range of unlevered and levered earnings yields relative to the purchase price of the business and the related equity required to fund the acquisition.

具體而言，這些收益對我們損益表的影響是，我們承保相對於業務購買價格和為收購提供資金所需的相關股權的可接受範圍的無槓桿和槓桿收益收益率。

So why is this different?

那為什麼會有所不同呢？

It's distinct from the quote leverage buyout level where the purchase price is heavily financed through a credit package, enabling small enhancements to earnings and potential valuation multiple expansion to generate returns.

它與報價槓桿收購水平不同，後者透過信貸計劃為購買價格提供大量資金，從而可以小幅提高收益和潛在的估值倍數擴張以產生回報。

Both models work as private equity is shown.

正如私募股權投資所顯示的，這兩種模式都有效。

However, the private equity model in the private equity model, the gains are heavily back weighted and thus carry a higher discount rate in incremental leverage risk.

然而，在私募股權模型中，收益被嚴重加權，因此在增量槓桿風險中帶有較高的折現率。

Our model instead targets similar returns without requiring an exit event for the business to generate those returns.

相反，我們的模型以類似的回報為目標，而不需要企業退出事件來產生這些回報。

So when we acquire a business at a quote good multiple, it means we believe we're acquiring an attractive earning stream relative to the price we paid to acquire that business.

因此，當我們以高倍數的報價收購一家企業時，這意味著我們相信，相對於我們為收購該企業所支付的價格，我們正在獲得有吸引力的收入流。

And we believe there's an inherent valuation benefit relative to where similarly situated assets might trade in the market.

我們相信，相對於類似情況的資產在市場上的交易情況而言，存在固有的估值優勢。

As I've mentioned in the past, we approach our acquisitions as long-term owners.

正如我過去提到的，我們以長期所有者的身份進行收購。

Though in our evaluation of capital allocation opportunities, we may from time to time sell a business, we are, I'd be remiss if I didn't also mention as part of our operating philosophy that we endeavour through our strong network of operating partners to enhance the values of the businesses we acquire, driving both the ability to generate incremental earnings, potentially enhancing the company's valuation.

儘管在我們對資本配置機會的評估中，我們可能會不時出售業務，但如果我沒有提到我們透過強大的營運合作夥伴網路努力作為我們經營理念的一部分，那我就是失職了提高我們收購的企業的價值，提高產生增量收益的能力，從而有可能提高公司的估值。

The Deflecto acquisition was our third acquisition in the last 12 months with two on our energy vertical and one on our industrial vertical.

Deflecto 收購是我們過去 12 個月內的第三次收購，其中兩次是針對我們的能源垂直領域，另一次是針對我們的工業垂直領域。

These acquisitions have brought enhanced scale to our business, and we continue to evaluate new platforms specifically for our technology.

這些收購擴大了我們的業務規模，我們將繼續專門針對我們的技術評估新平台。

Within each of our platforms.

在我們的每個平台內。

We believe there are several attractive organic and margin, organic growth and margin opportunities as well as the opportunity to be a strategic acquirer and consolidate within their respective industries.

我們相信，存在一些有吸引力的有機成長和利潤機會，以及成為策略性收購者並在各自行業內進行整合的機會。

Simply put we buy businesses and create platforms.

簡而言之，我們購買企業並創建平台。

We grow them organically and through M&A with a clear focus on free cash flow generation and defined expectations on return on invested capital.

我們透過併購有機地發展它們，明確地關注自由現金流的產生和明確的投資資本回報預期。

We then have the optionality to grow and reinvest free cash flow or look to monetize and build new platforms.

然後，我們可以選擇成長和再投資自由現金流，或尋求貨幣化和建立新平台。

You can see this in our recent acquisitions of Deflecto and benchmark.

您可以從我們最近收購的 Deflecto 和 benchmark 中看到這一點。

Moving to Deflecto.

轉向偏轉。

Deflecto is a leading specialty manufacturer of essential products serving the commercial transportation, HVAC and office markets.

Deflecto 是一家領先的專業製造商，生產服務於商業運輸、暖通空調和辦公市場的基本產品。

This acquisition is a fantastic addition to our growing portfolio strategic assets.

此次收購是我們不斷成長的策略資產組合的絕佳補充。

Deflecto is a market leader across each of its segments and markets and the acquisition is aligned with our long-term strategy.

Deflecto 是各個細分市場和市場的市場領導者，此次收購符合我們的長期策略。

The business fits within our target size range sells diversified and, in many cases, regulatorily mandated products and has a strong capital allocation focus.

該業務符合我們的目標規模範圍，銷售多元化且在許多情況下銷售監管強制要求的產品，並且具有強大的資本配置重點。

We're thrilled to be partnering with the Deflecto team and I'm excited by deflects strong growth potential.

我們很高興能與 Deflecto 團隊合作，我對 Deflecto 強大的成長潛力感到興奮。

I believe it has attractive near- and long-term value creation opportunities through product and operational optimization as well as strategic M&A.

我相信它透過產品和營運優化以及策略併購擁有有吸引力的近期和長期價值創造機會。

As you'll see in our earnings supplement, we purchased 100% of Deflecto for $103.7 million.

正如您將在我們的收益補充中看到的，我們以 1.037 億美元購買了 Deflecto 100% 的股份。

This included $48 million in debt financing and $55.7 million in equity for Acacia's balance sheet.

其中包括 Acacia 資產負債表的 4,800 萬美元債務融資和 5,570 萬美元股本。

We anticipate Deflecto to generate revenues in the range of $128 million to $136 million and $17.5 million to $19.5 million in EBITDA for 2024.

我們預計 Deflecto 到 2024 年的營收將在 1.28 億美元至 1.36 億美元之間，EBITDA 將在 1,750 萬美元至 1,950 萬美元之間。

The company has moderate capital needs a diversified customer and supplier base and has substantial market share in each one of its operating businesses.

該公司擁有適度的資本需求、多元化的客戶和供應商基礎，並在其每項經營業務中都擁有巨大的市場份額。

I'd very much like to acknowledge the tremendous amount of work our team has done this past year to successfully complete the two benchmark transactions and the acquisition of Deflecto.

我非常感謝我們的團隊在過去一年中為成功完成兩項基準交易和收購 Deflecto 所做的大量工作。

I'm extremely grateful and humbled to work with such a dedicated team.

能夠與這樣一支敬業的團隊一起工作，我感到非常感激和謙卑。

Turning out of earnings in our ongoing effort to provide shareholders in the market with greater visibility into the financial strength of our core verticals.

我們不斷努力讓市場股東更了解我們核心垂直產業的財務實力，從而獲得收益。

This quarter, we disclosed operated segment adjusted EBITDA as part of our filings, we believe these adjustive results are more representative of the underlying earnings power of the businesses and should help our investors normalize for certain factors including non-cash amortization expenses, mark to mark accounting of benchmarks, hedge book and public securities and certain non-recurring corporate level expenses.

本季度，我們在備案文件中揭露了營運部門調整後的EBITDA，我們相信這些調整結果更能代表企業的潛在獲利能力，並應幫助我們的投資者對某些因素進行正常化，包括非現金攤銷費用、逐價計算基準、對沖帳簿和公共證券以及某些非經常性公司層級費用的會計處理。

The key takeaways for this quarter are that our operated segment adjusted even do which has yet to include our acquisition of Deflecto continues to grow IP which we've mentioned in the past is periodic and that we are managing our parent costs well, while we largely offset those costs with interest income generated on our cash balances, I'm pleased with the team's efforts to diligently manage our parent level costs which have generally been consistent although up a bit this quarter because of increased accounting costs due to the growth in the company, it's a nice challenge to have.

本季的關鍵要點是，我們的營運部門進行了調整，其中尚未包括我們對Deflecto 的收購，知識產權繼續增長，我們過去提到過這是周期性的，而且我們很好地管理了母公司成本，而我們在很大程度上用我們的現金餘額產生的利息收入來抵消這些成本，我對團隊努力管理我們母公司層面的成本感到高興，這些成本總體上保持一致，儘管本季度由於公司增長導致會計成本增加而略有上升，這是一個很好的挑戰。

Kirsten will go into this more in more detail.

克斯汀將更詳細地討論這一點。

But briefly, our third quarter results reflect our unwavering focus on value creation through our technology, energy and industrial verticals.

但簡而言之，我們第三季的業績反映了我們堅定不移地致力於透過技術、能源和工業垂直領域創造價值。

The company generated $23.3 million in consolidated revenue from the quarter up 131% compared to the third quarter of last year, driven by the full quarter impact the recent benchmark acquisition but off slightly compared to the $25.8 million generated in Q2 due to lower intellectual property revenue, which we mentioned earlier it comes in periodically.

該公司本季綜合營收為2,330 萬美元，與去年第三季相比成長131%，這得益於近期基準收購對整個季度的影響，但由於智慧財產權收入下降，與第二季的2,580 萬美元相比略有下降，我們之前提到它會定期出現。

The company also generated $1.7 million of adjusted EBITDA in the third quarter and $12.1 million in the nine months ended, September driven by $6.9 million and $26.1 million in operated segment adjusted EBITDA and $9 million and $19.8 million in operated segment adjusted EBITDA excluding IP operations to normalize the volatility.

該公司第三季調整後EBITDA 為170 萬美元，截至9 月的九個月為1,210 萬美元，其中營運部門調整後EBITDA 為690 萬美元和2,610 萬美元，營運部門調整後EBITDA 為900 萬美元和1,980 萬美元（不包括智慧財產權業務）。

Parent Costs for these three and nine months ended, September 30th were $5.2 million and $14 million respectively, which are largely offset $4.6 million and $14.7 million of corporate interest income respectively.

截至 9 月 30 日的三個月和九個月的母公司成本分別為 520 萬美元和 1,400 萬美元，很大程度上抵消了分別為 460 萬美元和 1,470 萬美元的企業利息收入。

Diving into the business verticals.

深入業務垂直領域。

Our energy operations generated $15.8 million in revenues during the quarter up 12% from $14.2 million in the second quarter reflecting the benefit of the full quarter impact of benchmark April acquisition.

我們的能源業務本季產生了 1,580 萬美元的收入，比第二季的 1,420 萬美元成長了 12%，反映出 4 月份基準收購對整個季度影響的好處。

As a reminder, our energy operations revenue number excludes the impact of realized hedge gates which is included in other income.

提醒一下，我們的能源營運收入數據不包括已實現對沖門的影響，該影響包含在其他收入中。

Our industrial operation generated $7 million in revenues up 11% from $6.3 million in the second quarter due to an increase in printer and consumable sales.

由於印表機和耗材銷售的成長，我們的工業業務產生了 700 萬美元的收入，比第二季的 630 萬美元成長了 11%。

Our intellectual property operations delivered half a million dollars in revenue during the third quarter down $5.3 million from the prior quarter due to no paid-up licensing agreements executed this quarter.

由於本季沒有執行付費授權協議，我們的智慧財產權業務在第三季實現了 50 萬美元的收入，比上一季減少了 530 萬美元。

For the three and nine months ended September 30th Acacia's energy operations generated adjusted EBITDA of $8.4 million and $16.9 million.

截至 9 月 30 日的三個月和九個月，Acacia 能源業務的調整後 EBITDA 分別為 840 萬美元和 1,690 萬美元。

Our industrial operations generated $0.5 million and $2.9 million and our intellectual property generated an EBITDA loss of $2.1 million and an EBITDA gain of $6.3 million.

我們的工業業務產生了 50 萬美元和 290 萬美元，我們的智慧財產權產生了 210 萬美元的 EBITDA 損失和 630 萬美元的 EBITDA 收益。

Book value per share remains a primary metric on which our team's compensation is based and aligns management's and shareholders’ interests at this stage in our company life, our book value per share on September 30th was $5.85 per share compared to $5.95 per share at June 30th, excluding the impact of accruals and expenses of $14.9 million related to non-recurring legacy legal matters.

每股帳面價值仍然是我們團隊薪酬的主要衡量標準，並在公司生命的這個階段協調管理層和股東的利益，我們9 月30 日的每股帳面價值為5.85 美元，而6 ​​月份為每股5.95美元2 月 30 日，不包括與非經常性遺留法律事務相關的 1,490 萬美元應計費用和費用的影響。

The company's book value per share on September 30th would have been $6 per share.

9 月 30 日該公司的每股帳面價值為每股 6 美元。

I'll dive deeper into each of our verticals in just a moment.

稍後我將深入探討我們的每個垂直領域。

But before I do, I want to highlight one metric that illustrates Acacia's financial help and reinforces the strength of our business plan.

但在此之前，我想強調一項指標，說明了 Acacia 的財務幫助並增強了我們商業計劃的實力。

Although we've completed three acquisitions in the last 12 months, we've successfully grown the company's current cash position to approximately $280 million compared to $242 million as of 2022 September 30 demonstrating the company's robust financial capacity and we look forward to further cash growth as we incorporate Deflecto earnings into our business starting in the fourth quarter.

儘管我們在過去12 個月內完成了三筆收購，但我們已成功地將公司當前的現金頭寸增加至約2.8 億美元，而截至2022 年9 月30 日的現金頭寸為2.42 億美元，這證明了公司強大的財務能力，我們期待進一步的現金成長我們將從第四季度開始將 Deflecto 收益納入我們的業務。

Turning now to our energy protocol.

現在轉向我們的能源協議。

As you know in November of 2023 Acacia acquired a majority stake in Benchmark Energy, an independent oil and gas company that acquires produces and develops oil and gas assets in Texas and Oklahoma.

如您所知，Acacia 於2023 年11 月收購了Benchmark Energy 的多數股權，Benchmark Energy 是一家獨立的石油和天然氣公司，在德克薩斯州和俄克拉荷馬州收購生產和開發石油和天然氣資產。

This past April Benchmark acquired certain liquids rich, predominantly oil based low decline upstream assets and related facilities in the Western Anadarko bases.

今年四月，Benchmark 收購了西阿納達科基地的某些富含液體、主要是石油基的低遞減上游資產和相關設施。

Acacia now owns 73.5% of Benchmark Energy.

Acacia 目前擁有 Benchmark Energy 73.5% 的股份。

Following its most recent acquisition.

繼最近一次收購之後。

Our energy operations consist of over 150,000 net acres and over 500 operated wells producing approximately 6,000 barrels of oil equivalent per day throughout the Texas Panhandle and western Oklahoma.

我們的能源業務在德州狹長地帶和俄克拉荷馬州西部擁有超過 150,000 英畝淨土地和 500 多口營運井，每天生產約 6,000 桶石油當量。

Benchmark is focused on acquiring predictable cash flow through shallow decline, oil and gas properties with minimal capital intensity that can be enhanced through field optimizations and risk managed through robust commodity hedges and low leverage during the third quarter, Benchmark's Management team continued implementing operational improvements including artificial lift optimization, active well maintenance, and the reopening of previously closed wells to take advantage of the undermanaged assets we acquired as a result, our energy vertical delivered consolidated revenues of $15.8 million and adjusted EBITDA of $8.4 million in the third quarter.

Benchmark 的重點是透過小幅下降獲得可預測的現金流，以最小的資本密集度獲得石油和天然氣資產，可以透過現場優化來增強，並透過穩健的商品對沖和第三季的低槓桿來管理風險， Benchmark 的管理團隊繼續實施營運改進，包括人工舉升優化、主動油井維護以及重新開放之前關閉的油井，以利用我們收購的管理不善的資產，因此，我們的能源垂直領域在第三季度實現了1580萬美元的綜合收入和840 萬美元的調整後EBITDA。

Driven in part by our hedge book which protects approximately 70% of our operated net oil and gas production over the next three years.

部分原因是我們的對沖帳簿保護了我們未來三年營運的石油和天然氣淨產量的約 70%。

I note that we have adjusted EBITDA for the impact of realized hedging gains, but they are not included in the quarter's top line revenue figure.

我注意到，我們已經根據已實現的對沖收益的影響調整了 EBITDA，但它們並未包含在本季度的營收數據中。

For those of you wondering, we disclose the realized versus unrealized component of our hedges to help investors better understand the cash impact our hedge book has on the enterprise.

對於那些想知道的人，我們揭露了對沖的已實現與未實現部分，以幫助投資者更好地了解我們的對沖帳簿對企業的現金影響。

This information can be found in our regulatory filings.

這些資訊可以在我們的監管文件中找到。

Turning now to our technology vertical.

現在轉向我們的技術垂直領域。

We wanted to take the opportunity to provide a little more colour on our IP business.

我們希望藉此機會為我們的知識產權業務增添更多色彩。

Well, it's becoming a less meaningful part of the business as we go through growth through acquisition.

嗯，隨著我們透過收購實現成長，它正在成為業務中意義越來越小的部分。

We continue to view it as an attractive set of assets.

我們繼續將其視為一組有吸引力的資產。

We operate our IP business through our wholly owned subsidiary, Acacia Research Group LLC and its wholly owned subsidiaries.

我們透過我們的全資子公司 Acacia Research Group LLC 及其全資子公司經營智慧財產權業務。

We are a principal in the licensing and enforcement of patent portfolios with our operating subsidiaries, obtaining the rights in the patent portfolios or purchasing them right on a consolidated basis.

我們是與我們的營運子公司一起授權和執行專利組合、獲得專利組合中的權利或在合併的基礎上購買它們的主體。

We currently own or control the rights to multiple patent portfolios including US patents and certain foreign counterparts which cover technologies used in a wide variety of industries.

我們目前擁有或控制多項專利組合的權利，包括美國專利和某些外國同行專利，涵蓋多個行業使用的技術。

We generate revenues in a related cash flow from the granting of IP rights for the use of patented technologies that are operating subsidiaries.

我們透過授予使用營運子公司的專利技術的智慧財產權來產生相關現金流收入。

While we partner from time to time with inventors and patent owners ranging in size and including large corporations, we control and assume all responsibility in pursuing patent licensing and enforcement programs and for the related operating expenses.

雖然我們不時與規模不等的發明家和專利所有者（包括大公司）合作，但我們控制並承擔尋求專利許可和執行計劃以及相關營運費用的所有責任。

When applicable, we share licensing revenue that of the costs with our patent partners.

在適用的情況下，我們與我們的專利合作夥伴分享授權收入和成本。

After we have achieved our agreed upon minimum return threshold, we may also provide upfront capital to patent donors as an advance against future licensing revenue.

在我們達到商定的最低迴報門檻後，我們還可以向專利捐贈者提供前期資本，作為未來授權收入的預付款。

Our current active patent portfolios include Atlas Technologies which covers Wi Fi six standards, essential patents.

我們目前有效的專利組合包括 Atlas Technologies，涵蓋 Wi-Fi 6 標準、必要專利。

Unification technologies which covers flash memory technology, modern networking technologies which covers IP networking, Stingray IP solutions which covers wireless networking and R2 solutions which covers internet search, advertising and cloud computing technology.

涵蓋快閃記憶體技術的統一技術、涵蓋IP網路的現代網路技術、涵蓋無線網路的Stingray IP解決方案以及涵蓋網路搜尋、廣告和雲端運算技術的R2解決方案。

We're often asked to provide updates on these monetization efforts including our litigation activities.

我們經常被要求提供這些貨幣化工作的最新信息，包括我們的訴訟活動。

However, as you can appreciate, we can only disclose publicly available information.

然而，正如您所知，我們只能披露公開資訊。

For example, regarding TP Link, I can confirm that following the September 2023 judgment of for $37.4 million against TP Link. Their post-trial motions were denied and they filed an appeal with the Federal Circuit in October of this year, we anticipate briefings will be filed between now and February of next year with the decision anticipated in the second half of 2025 interest on the $37 million judgment continues to accrue at the monthly UST [building] with respect to our private negotiations and licensing campaigns.

例如，關於 TP Link，我可以確認，繼 2023 年 9 月對 TP Link 賠償 3740 萬美元的判決之後。他們的審後動議被駁回，並於今年 10 月向聯邦巡迴法院提出上訴，我們預計從現在到明年 2 月之間將提交簡報，預計 2025 年下半年就 3700 萬美元的利息做出決定關於我們的私人談判和許可活動的判斷繼續在每月的UST [建築] 中累積。

As you can appreciate, we're not able to disclose any information as attractive opportunities become available we remain open to opportunistically deploying additional capital into the IP business in the future consistent with our mission to maximize value for shareholders.

正如您所理解的，隨著有吸引力的機會出現，我們無法透露任何信息，我們仍然願意在未來機會主義地將額外資本部署到知識產權業務中，這符合我們為股東實現價值最大化的使命。

Our team are well respected leaders in the IP space and intellectual property owners actively seek us out as a partner.

我們的團隊是知識產權領域備受尊敬的領導者，知識產權所有者積極尋求我們作為合作夥伴。

Turning now to our industrial business.

現在轉向我們的工業業務。

We're pleased with the progress of Printronix as it transitions its business mix from lower margin, printer sales to higher margin consumable products including ink cartridges and specialty rivets.

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消耗品產品，包括墨盒和特殊鉚釘。

We believe this dual hardware and consumables model combined with the streamlined operating structure represents a nice source of cash flow for Acacia.

我們相信，這種硬體和消耗品的雙重模式與精簡的營運結構相結合，為 Acacia 帶來了良好的現金流來源。

I'm also pleased with the turnaround work the print Printronix team continues to undertake including a key focus on top line initiatives and reducing GNA and we expect Printronix to continue to generate free cash flow on an annual basis.

我也對 Printronix 印刷團隊繼續進行的周轉工作感到滿意，包括重點關注頂線計劃和減少 GNA，我們預計 Printronix 將繼續每年產生自由現金流。

Printronix generated $7 million in revenue during the quarter compared to $6.3 million in the prior quarter and $8.3 million in the third quarter of last year and briefly while not a core vertical for us, I'd like to highlight that Acacia's remaining Life Sciences portfolio net of non-controlling interest represented $25.7 million in book value at September 30th.

Printronix 在本季創造了700 萬美元的收入，而上一季為630 萬美元，去年第三季為830 萬美元，雖然不是我們的核心垂直領域，但我想強調的是Acacia 剩餘的生命科學投資組合淨值截至 9 月 30 日，非控制權益的帳面價值為 2,570 萬美元。

Acacia holds interest in three private companies including an approximate 26% interest in Biomet Pharmaceuticals and approximately 18% interest in AMO Pharma and approximately 4% interest in Nova Biotics.

Acacia 持有三家私人公司的權益，包括 Biomet Pharmaceuticals 約 26% 的權益、AMO Pharma 約 18% 的權益以及 Nova Biotics 約 4% 的權益。

We continue to actively and diligently seek opportunities to maximize the value for our life sciences assets for our shareholders.

我們持續積極、勤奮地尋找機會，為股東實現生命科學資產價值的最大化。

And now I'd like to turn the call over to Kirsten to discuss our third quarter financial results.

現在我想將電話轉給克爾斯滕，討論我們第三季的財務表現。

Thank you MJ.

謝謝你，喬丹。

Our GAAP book value at 2024 September 30, was $578.6 million or $5.85 per share excluding the impact of $14.9 million related to non-recurring legacy legal matters.

截至 2024 年 9 月 30 日，我們的 GAAP 帳面價值為 5.786 億美元，即每股 5.85 美元，不包括與非經常性遺留法律事務相關的 1,490 萬美元的影響。

The company's book value per share at 2024 September 30.4 would have been $6 per share.

截至 2024 年 9 月 30.4 日，該公司的每股帳面價值將為每股 6 美元。

Total revenues were $23.3 million compared to $10.1 million in the same quarter Last year.

總收入為 2,330 萬美元，而去年同期為 1,010 萬美元。

Our intellectual property business generated $0.5 million in licensing and other revenues during the quarter compared to $1.8 million in the same quarter last year due to no paid up licensing agreements executed during the third quarter of 2024.

由於 2024 年第三季沒有執行付費授權協議，我們的智慧財產權業務本季產生了 50 萬美元的授權和其他收入，而去年同期為 180 萬美元。

Our industrial operations business generated $7 million in revenue during the quarter compared to $8.3 million in the same quarter 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 700 萬美元的收入，而去年同期為 830 萬美元。

Benchmark generated $15.8 million in revenue in the quarter.

Benchmark 在本季創造了 1580 萬美元的收入。

As Acacia's initial investment in Benchmark closed on 2023 November 13 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，因此沒有去年同期的可比較收入。

General and administrative expenses were $11.1 million compared to $11.6 million in the same quarter of last year.

一般及行政費用為 1,110 萬美元，去年同期為 1,160 萬美元。

With the decrease due to the decrease in parent legal fees offset by an increase in G&A for the addition of our energy segment, the company recorded an operating loss of $10.3 million down 22% compared to an operating loss of $13.2 million in the same quarter of last year due to higher revenues generated.

由於母公司法律費用的減少被能源部門增加的一般管理費用的增加所抵消，該公司錄得營運虧損 1,030 萬美元，比 2017 年同一季度的營運虧損 1,320 萬美元下降了 22%。 。

Printronix contributed $0.1 million in operating loss which included $0.7 million of non-cash depreciation and amortization expenses.

普印力貢獻了 10 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 $3.1 million in operating income which included $4.3 million of non-cash depreciation, depletion and amortization expenses. $0.3 million in one-time transaction costs and does not reflect $0.7 million of realized derivative game.

Benchmark 貢獻了 310 萬美元的營業收入，其中包括 430 萬美元的非現金折舊、消耗和攤提費用。 30 萬美元的一次性交易成本並不反映已實現的衍生遊戲 70 萬美元。

GAAP net loss attributable to Acacia Research Corporation in the third quarter was $14 million or $0.14 per share compared to GAAP net income attributable to Acacia of $1.6 million or $0.2 loss per share in the third quarter of last year.

第三季歸屬於 Acacia Research Corporation 的 GAAP 淨虧損為 1,400 萬美元，即每股虧損 0.14 美元，而去年第三季歸屬於 Acacia Research Corporation 的 GAAP 淨利潤為 160 萬美元，即每股虧損 0.2 美元。

Diluted earnings per share adjust the numerator used in basic earnings per share computation for the fair value adjustments on warrant and embedded derivative liabilities resulting in a diluted net loss attributable to common stockholders for the 2023 period.

稀釋每股盈餘調整了基本每股盈餘計算中使用的分子，以對認股權證和嵌入衍生負債進行公允價值調整，從而導致 2023 年期間歸屬於普通股股東的稀釋淨虧損。

The net loss for the third quarter of 2024 includes $4.1 million in unrealized losses related to the fair value of our remaining equity securities.

2024 年第三季的淨虧損包括與我們剩餘股本證券公允價值相關的 410 萬美元未實現虧損。

The third quarter included $1.9 million in non-general and administrative charges.

第三季包括 190 萬美元的非一般費用和行政費用。

As of 2024 September 30, our NOL totalled approximately $14 million.

截至 2024 年 9 月 30 日，我們的 NOL 總額約為 1,400 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, cash, cash equivalents and equity securities at fair value totalled $374.2 million at 2024 September 30, compared to $403.2 million at 2023 December 31.

就資產負債表而言，截至 2024 年 9 月 30 日，現金、現金等價物及以公允價值計算的股本證券總額為 3.742 億美元，而 2023 年 12 月 31 日為 4.032 億美元。

The decrease in cash was primarily due to $60 million paid to acquire the revolution assets. $12 million paid on the Benchmark revolving credit facility and $7.3 million in repurchases of common stock offset by cash provided by operating activities.

現金減少主要是因為為收購革命資產支付了 6,000 萬美元。基準循環信貸額度支付 1,200 萬美元，普通股回購 730 萬美元，被經營活動提供的現金抵銷。

Equity securities without readily determinable fair value totalled $5.8 million at 2024 September 30.

截至 2024 年 9 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。

Unchanged from 2023 December 31.

自 2023 年 12 月 31 日起未發生變動。

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

截至 2024 年 9 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 [Malan J one] which results in a 26% ownership stake in Biomet Pharmaceuticals for Acacia.

Acacia 擁有 [Malan J one] 64% 的股權，這意味著 Acacia 擁有 Biomet Pharmaceuticals 26% 的股權。

The parent company's total indebtedness was zero at 2024 September 30.

截至2024年9月30日，母公司總債務為零。

On a consolidated basis Acacia's total indebtedness was $70 million in non-recourse debt at Benchmark as of 2024 September 30.

截至 2024 年 9 月 30 日，根據 Benchmark，Acacia 的綜合債務總額為 7,000 萬美元的無追索權債務。

We continue to believe that cash per share is an important metric for measuring our progress, as of 2024 September 30, our cash per share stood at $3.64.

我們仍然認為每股現金是衡量我們進展的重要指標，截至 2024 年 9 月 30 日，我們的每股現金為 3.64 美元。

For more information on Acacia's third quarter results, please refer to our press release that was issued this morning and our quarterly report on form 10-Q which we will file with the SEC later today.

有關 Acacia 第三季度業績的更多信息，請參閱我們今天上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.

就這樣。

I'd like to turn the call back over to MJ.

我想把電話轉回 MJ。

Thanks Kirsten.

謝謝克爾斯滕。

Before taking questions, I'd like to highlight that following the Deflecto acquisition, the company's cash reserves were approximately $280 million for potential future acquisitions.

在回答問題之前，我想強調一下，在收購 Deflecto 後，該公司的現金儲備約為 2.8 億美元，可用於未來潛在的收購。

We also repurchased approximately 3 million common shares for about $14 million at an average execution price of $4.65 as of 2024 November 7, to our previously announced stock repurchase program.

截至 2024 年 11 月 7 日，我們也以約 1,400 萬美元的價格回購了約 300 萬股普通股，平均執行價格為 4.65 美元，這是我們先前宣布的股票回購計畫的一部分。

This program is a key component of the company's overall long term strategy to deploy excess cash and increase total shareholder returns over time.

該計劃是公司整體長期策略的關鍵組成部分，旨在隨著時間的推移部署多餘現金並增加股東總回報。

As a reminder, Acacia's $20 million board approved repurchase program allows us to repurchase up to 5.8 million shares of Acacia Common Stock.

謹此提醒，Acacia 董事會批准的 2,000 萬美元回購計畫使我們能夠回購最多 580 萬股 A​​cacia 普通股。

We intend to continue to opportunistically complete share repurchases in the open market during the fourth quarter of 24' and in the 25'.

我們打算在 24 世紀第四季和 25 世紀繼續在公開市場上擇機完成股票回購。

I'd also like to point out that we posted our Q3 24' earnings presentation to our website with that Kirsten and I would be pleased to take any questions, Jenny.

我還想指出的是，我們在我們的網站上發布了 24 季第三季的收益演示，Kirsten 和我很樂意回答任何問題，Jenny。

I'll hand it back to you.

我會把它還給你。

(Operator Instructions) Anthony Stoss, Craig Hallum.

（操作員說明）安東尼·斯托斯、克雷格·哈勒姆。

Thank you.

謝謝。

Good morning, MJ and Kirsten.

早上好，MJ 和克爾斯滕。

MJ really a two-part question.

MJ 確實是一個由兩個部分組成的問題。

Love to hear more on deflect the congratulations on the transaction.

很高興聽到更多關於偏轉交易的祝賀。

Love to hear kind of their margin profile, what your plans are for synergies and then I had one other follow up after that.

喜歡聽聽他們的利潤概況、你們的協同效應計劃是什麼，然後我又進行了另一次跟進。

Yeah, I think it's a great question.

是的，我認為這是一個很好的問題。

I mean to, to start off I think this is, you know, kind of a, an exemplary deal for us Deflecto has got three business segments, as we mentioned, all of which are kind of niche, very strong market share in each one of their core end markets.

我的意思是，首先，我認為這對我們來說是一筆堪稱典範的交易，正如我們所提到的，Delecto 擁有三個業務部門，所有這些部門都是利基市場，每個部門都擁有非常強大的市場份額其核心終端市場。

We mentioned a lot of their products are regulatorily required and they have really strong market share.

我們提到他們的許多產品都是監管要求的，並且他們擁有非常強大的市場份額。

And so as we think about the business, we think there's, you know the company had been going through a, you know, a cost rationalization exercise, we think they're probably five or six innings through that with a strong team that can continue further cost rationalization facility rationalization and you know margin enhancement today, they're kind of doing EBITDA margins in the mid teams.

因此，當我們考慮業務時，我們認為公司一直在經歷成本合理化活動，我們認為他們可能已經進行了五六局，擁有一支可以繼續下去的強大團隊進一步的成本合理化設施合理化以及今天的利潤率提高，他們在中間團隊中實現了EBITDA 利潤率。

I think there's opportunity there from, you know, from continued scaling and cost rationalization, as I mentioned, we think there's opportunity from a product set standpoint.

我認為，正如我所提到的，從產品集的角度來看，持續的規模化和成本合理化是有機會的。

If you dig into their products, there's, there's some product expansion, product adjacencies that are pretty logical for them, that they, that are in kind of in flight already inside the company.

如果你深入研究他們的產品，你會發現一些產品擴展、產品鄰接對他們來說非常合乎邏輯，他們已經在公司內部進行了開發。

And then we do think with three different segments, different end markets and different products that there's an ability to continue to grow those through acquisition, which will enhance the scale.

然後我們確實認為，對於三個不同的細分市場、不同的終端市場和不同的產品，有能力透過收購繼續成長這些產品，從而擴大規模。

And, and, and help to enhance utilization of existing capacity or capacity of the acquired company.

並且，並且，並有助於提高現有產能或被收購公司產能的利用率。

And so, we think it's a pretty interesting acquisition that provides a lot of levers to continue to grow and enhance margins.

因此，我們認為這是一次非常有趣的收購，它為繼續成長和提高利潤提供了許多槓桿。

Perfect and then shifting gears to the Benchmark assets you've got a couple of quarters under your belt.

完美，然後轉向基準資產，您已經掌握了幾個季度的知識。

Now, when you look at both, either revenues or adjusted EBITDA does it living up to your expectations and, and where do you think you could take it on the adjusted EBITDA side going forward?

現在，當您同時考慮收入或調整後 EBITDA 時，它是否符合您的預期？

Yeah, I mean, you know, as we mentioned in the past, we kind of underwrite this is operated oil and gas, so we're not really running drilling programs.

是的，我的意思是，你知道，正如我們過去提到的，我們承保的是石油和天然氣的運營，所以我們並沒有真正運行鑽探計劃。

And so, we had the ability in oil and gas to look at the decline profile of each of the wells that we acquired, sensitize that decline profile and then put oil and gas liquids overlay pricing on that to determine what revenue looks like.

因此，我們在石油和天然氣領域有能力查看我們收購的每口油井的產量下降情況，敏感化這種下降情況，然後將石油和天然氣液體疊加定價，以確定收入情況。

I would say that, you know, that is playing out the way we expected it to play out.

我想說，你知道，事情正在按照我們預期的方式進行。

We, we operate most of our production, some of our production is operated by others and we're a participant in those wells.

我們，我們經營大部分生產，我們的一些生產由其他人經營，我們是這些油井的參與者。

We did see a little bit of a slowdown in some of the wells that we're participant in but not the operator being completed.

我們確實看到我們參與的一些油井的進度有所放緩，但運營商並未完成。

We think that's largely pushed forward as supposed to as an opportunity.

我們認為這在很大程度上被視為一個機會。

So, we do expect to see more revenue coming online from those.

因此，我們確實希望看到更多的線上收入來自這些。

And the team is, you know, kind of in mid innings of its operational enhancement of particularly the revolution assets that we bought where they're opening, where they're opening the wells that were previously closed and reworking wells that are not producing optimization and so I think the acquisition in total to answer your question, Tony is playing out exactly how we thought it would we're very pleased with it, we still think there's a lot of opportunity.

你知道，該團隊正處於運營增強的中期階段，特別是我們在他們正在開放的地方購買的革命資產，他們正在開放之前關閉的油井，並對未產生優化的油井進行改造所以我認為這次收購總體上回答了你的問題，托尼正在按照我們的想法進行，我們對此非常滿意，我們仍然認為有很多機會。

Thanks for all the colour and nice execution guys.

感謝所有的色彩和出色的執行人員。

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。

Good morning.

早安.

Can you hear me MJ and Kirsten?

你聽得到 MJ 和克爾斯滕的聲音嗎？

Yeah.

是的。

Hey Brett, how are you?

嘿布雷特，你好嗎？

I’m good.

我很好。

Some questions also on Deflecto, you know, when poking around the internet, you know, years ago were their revenues much higher and, you know, if I have that right?

還有一些關於 Deflecto 的問題，你知道，當你在網路上瀏覽時，你知道，幾年前他們的收入要高得多，你知道，如果我說得對的話？

Did, did they get out of some businesses or I just, you know, I just don't have the forensics on that, right?

他們是否退出了某些業務，或者我只是，你知道，我只是沒有這方面的取證，對吧？

Yeah.

是的。

No, Brett.

不，布雷特。

It's a, it's a great, it's a great question very astute observation.

這是一個，這是一個偉大的問題，非常敏銳的觀察。

The company that we bought is very different from the company that existed five years ago.

我們購買的公司與五年前存在的公司有很大不同。

It was a, it was really a mishmash of a lot of disconnected assets.

這確實是許多互不相關資產的大雜燴。

It really was a family business.

這確實是一個家族企業。

That then was acquired by a sponsor and had grown into a lot of unattractive and unrelated business lines that, that didn't really have a cogent focus.

然後它被贊助商收購，並發展成為許多沒有吸引力且不相關的業務線，這些業務線並沒有真正具有令人信服的重點。

And so the existing sponsor and the, and the team, the prior owner had had really rationalized the of the non-core product portfolio and brought it down to this transportation safety, you know, mud flaps and emergency warning triangles again these things are kind of not the sexiest things in the world, but very attractive products with very, very good market share and regulatory required products into the HVAC space and into the office and market.

因此，現有的贊助商、團隊、前所有者已經真正合理化了非核心產品組合，並將其歸結為運輸安全，你知道，擋泥板和緊急警告三角形再次這些東西都很好不是世界上最性感的東西，而是非常有吸引力的產品，具有非常非常好的市場份額，並且是進入暖通空調領域、辦公室和市場的監管要求產品。

And so it was a larger business that has been paired back to the higher margin, highest margin product portfolio inside their suite of products.

因此，這是一個更大的業務，與他們的產品套件中利潤率更高、利潤率最高的產品組合相匹配。

And then as we mentioned, cost rationalization alongside.

正如我們所提到的，成本合理化也隨之而來。

So there has been a big transformation in the business, which is why I say we're kind of seeing maybe six innings through that transformation and we see a really clear path to finishing that transition and then continuing to grow the business organically and through acquisition.

因此，業務發生了巨大的轉變，這就是為什麼我說我們在這種轉變中看到了大約六局，我們看到了一條非常清晰的道路來完成這種轉變，然後透過收購繼續有機地發展業務。

Great, great.

太棒了，太棒了。

So, you know, since they began the process of more concentrated focus, do you think you're going to stay in the three business segments or maybe choose one or two to really focus on and maybe do something with, you know, the one that you know, is tangential to the other two or we're not far enough along on our analysis yet.

所以，你知道，自從他們開始更專注的過程以來，你認為你會留在這三個業務領域，還是會選擇一兩個業務領域來真正關注，也許會用其中一個做點什麼？ ，與其他兩個無關，或者我們的分析還不夠深入。

No, I, I think it's a good question and, and we spent a lot of time talking about it.

不，我，我認為這是一個很好的問題，我們花了很多時間討論這個問題。

We like all three segments for different reasons, but we do like all three segments, and they have, you know, they each have very attractive characteristics associated with them.

我們出於不同的原因喜歡這三個細分市場，但我們確實喜歡這三個細分市場，而且它們都有，你知道，它們各自都有非常有吸引力的特徵。

I think that the transportation business and the HVAC business have logical paths to be platforms in and of themselves to grow through acquisition.

我認為運輸業務和暖通空調業務本身有邏輯路徑可以成為透過收購實現成長的平台。

And so, we, you know, as we've said in the past, we are looking to create platforms where we can, and I think we have definitely two there that we can grow into independent large businesses of themselves.

因此，正如我們過去所說，我們正在尋求盡可能創建平台，我認為我們肯定有兩個平台可以發展成為獨立的大型企業。

Okay?

好的？

And this is very back of the envelope.

這是信封的背面。

But assuming the EBITDA at the midpoint $18 million and your cost of the secured loan and revolving credit facility is 7.5% to 8% because it's sulphur, you know, plus that spread.

但假設 EBITDA 為 1,800 萬美元，擔保貸款和循環信貸便利的成本為 7.5% 至 8%，因為它是硫磺，再加上利差。

So, your interest costs are going to be a little over $4 million.

因此，您的利息成本將略高於 400 萬美元。

So, the cash flow on our $50 million investment, it's upwards of 25%- 27%.

因此，我們 5,000 萬美元投資的現金流量高達 25% - 27%。

Is that back of the envelope?

是信封背面嗎？

You know what, what we own here?

你知道我們在這裡擁有什麼嗎？

Because you know, if so that's, that's very nice.

因為你知道，如果是這樣的話，那就太好了。

Yeah.

是的。

No, we look this is, you know, this was kind of the point I was trying to make at the beginning of the call, right, which is, we're targeting, you know, pretty nice returns while we own the business.

不，我們認為這是，你知道，這就是我在通話開始時試圖表達的觀點，對吧，那就是，我們的目標是，你知道，在我們擁有這項業務的同時獲得相當不錯的回報。

And so, we, we put a very moderate amount of leverage.

因此，我們投入了非常適度的槓桿。

So, there is some interest cost, that interest cost will in part offset the taxes.

因此，存在一些利息成本，該利息成本將部分抵銷稅收。

We will have some, some notion of taxes.

我們將會有一些關於稅收的概念。

We do have some NOL left, but we don't really take our NOL into account, we underwrite the return of an underlying business looks like.

我們確實還剩下一些 NOL，但我們並沒有真正考慮我們的 NOL，我們承保基礎業務的回報。

And so there is some tax against that, but we still think that the yield on both a levered and an unlevered basis while we own the business is attractive.

因此，這需要繳納一些稅，但我們仍然認為，當我們擁有該業務時，槓桿和非槓桿基礎上的收益率都具有吸引力。

So, we're getting paid to own this business as opposed to, you know, the leverage buyout model where you're making a little bit to own the business, but you're really making your money on exiting the business.

因此，我們透過擁有這項業務來獲得報酬，而不是槓桿收購模式，在槓桿收購模式中，你賺了一點錢來擁有這項業務，但你在退出這項業務時真正賺錢。

And so, we really look to underwrite deals like this where we, where, where we all collectively as shareholders are being paid a really nice return just to own the business.

因此，我們確實希望承銷這樣的交易，我們身為股東，僅僅為了擁有這項業務，就獲得了非常好的回報。

Right.

正確的。

One last one because I've asked a lot of questions, and I don't want to harm the phone here.

最後一個是因為我問了很多問題，我不想在這裡傷害手機。

I did get a couple of comments from, you know, shareholders, you know, we thought that the revenue flow from the IP business would have been a little higher this quarter.

我確實從股東那裡得到了一些評論，我們認為本季知識產權業務的收入流量會更高一些。

I know it's lumpy.

我知道它是塊狀的。

But can you just talk to that a little bit.

但你能談談這一點嗎？

Yeah, I mean, it is very difficult to determine on a quarter-by-quarter basis what the intellectual property business is going to deliver in revenue.

是的，我的意思是，很難按季度確定知識產權業務將帶來多少收入。

We as the management team have the luxury of knowing what we own and what's going on under the covers with those portfolios and we, as we've said, we view this as a very attractive asset class and the month to month, quarter to quarter revenue from that asset class will vary.

作為管理團隊，我們有幸知道我們擁有什麼以及這些投資組合的幕後情況，正如我們所說，我們認為這是一個非常有吸引力的資產類別，並且每個月、每個季度該資產類別的收入會有所不同。

But, but ultimately, the portfolio we believe is very attractive from a monetizing cash flow perspective.

但最終，我們認為從現金流貨幣化的角度來看，該投資組合非常有吸引力。

Great.

偉大的。

Thank you for answering my questions and you know, good show on the Deflecto acquisition.

感謝您回答我的問題，您知道，關於 Deflecto 收購的精彩表演。

Yeah, thanks Brett.

是的，謝謝布雷特。

We appreciate it.

我們很感激。

(Operator Instructions) Adam Eagleston, Formidable Asset Management.

（操作員說明）Adam Eagleston，強大的資產管理公司。

Good morning, MJ, Kirsten.

早上好，MJ，克斯汀。

How are you today?

你今天怎麼樣？

Hey, Adam, how are you?

嘿，亞當，你好嗎？

Good doing?

幹得好嗎？

Well, hey, just wanted to echo what said you really nice work on the execution then in terms of what Brett said nice ROIC, it seems like we're going to have on Deflecto, all great stuff I I'm thinking about more from a sentiment perspective also like seeing the buyback turned on their we've talked about that in the past, you've got $280 million in cash.

嗯，嘿，只是想回應一下你在執行方面做得非常好，然後就 Brett 所說的不錯的 ROIC 而言，看來我們將在 Deflecto 上擁有這些很棒的東西，我正在考慮更多從情緒角度來看，我們過去也談過，你有2.8 億美元的現金，就像看到回購開啟一樣。

And I think that the future term MJ, maybe this wasn't the sexiest acquisition.

我認為未來的喬丹，也許這不是最性感的收購。

But stocks right now are trading on narrative, you've got a stack of cash, you've got now a derivatives team in place, have you considered any type of entry into the crypto space given the [fervor] we're seeing if you compare the [NAT] the discount where you trade versus the ridiculous, in my opinion, premium at which some of these crypto shares trade.

但現在的股票交易是在敘事上進行的，你有一大堆現金，你現在已經有了一個衍生品團隊，考慮到我們所看到的[熱情]，你是否考慮過以任何方式進入加密貨幣領域你將你交易的[NAT] 折扣與我認為其中一些加密貨幣股票交易的荒謬溢價進行比較。

Have you thought about a slightly different approach to cash management versus treasuries?

您是否考慮過採用與國債略有不同的現金管理方法？

I’m fascinated by crypto Adam.

我對加密亞當很著迷。

I'm a little scared of the volatility of crypto.

我有點害怕加密貨幣的波動性。

How we evaluated using crypto's cash management?

我們如何評估使用加密貨幣的現金管理？

I'll not seriously to be honest with you, not that we determined we wouldn't, but that we haven't, we haven't spent a lot of time thinking about that as an alternative to cash management.

老實說，我不會認真地告訴你，不是我們決定不這樣做，而是我們沒有，我們沒有花很多時間考慮將其作為現金管理的替代方案。

Have we looked at things around the crypto space from an operating, a business operating model perspective?

我們是否從營運、業務運作模式的角度來看加密貨幣領域的事？

We, we have, I think it's been a little academic on our side.

我們，我們，我認為我們這邊有點學術性。

I, I think that, you know, the new administration is very pro crypto.

我，我認為，你知道，新政府非常支持加密貨幣。

So, I think it warrants an evaluation.

所以，我認為值得進行評估。

We historically have been much more conservative as you know we're inherently value investors.

從歷史上看，我們一直更加保守，因為我們本質上就是價值投資者。

And so, we, we have been cautious on our evaluation of crypto.

因此，我們對加密貨幣的評估一直持謹慎態度。

Understood.

明白了。

Now that's fair again, value investors seem to be a dying breed and what we're kind of one of them too.

現在又公平了，價值投資者似乎是一個正在消亡的品種，而我們也是其中之一。

In terms of being scared of the volatility, that's why bringing the derivatives piece and maybe you can harvest some of that volatility with your derivatives team there.

就害怕波動性而言，這就是為什麼要引入衍生性商品部分，也許您可以與您的衍生性商品團隊一起收穫一些波動性。

So yeah, that, that was, that was my question for the day.

是的，這就是我今天的問題。

Okay.

好的。

No, that's, it's an interesting question.

不，這是一個有趣的問題。

I maybe we can talk offline about it a little bit.

我也許我們可以在線下討論一下。

Sure.

當然。

Thank you very much.

非常感謝。

Well, we appear to have reached the end of our question-and-answer session.

好吧，我們的問答環節似乎已經結束了。

I will now turn the call back over to MJ for closing remarks.

我現在將把電話轉回給喬丹，讓他發表結束語。

I appreciate it, Jenny.

我很感激，珍妮。

Thanks for leading us in the conference today.

感謝您帶領我們參加今天的會議。

Thank you for joining us, everyone.

感謝大家加入我們。

Hopefully, we gave a full some update on kind of the portfolio, the suite of assets that we have and a little bit more disclosure on how we think about the business and the operated segment adjusted EBITDA.

希望我們能夠對投資組合的類型、我們擁有的資產套件進行全面更新，並更多地揭露我們如何看待業務和營運部門調整後的 EBITDA。

So, we look forward to talking to you next quarter and we're continuing to put our heads down and execute against the plan that we put forward.

因此，我們期待下個季度與您交談，我們將繼續埋頭苦幹並執行我們提出的計劃。

Thank you very much.

非常感謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your phone lines at this time and have a wonderful day.

此時您可以斷開電話線並度過美好的一天。

Thank you for your participation.

感謝您的參與。