Acacia Research Corp (ACTG) 2025 Q2 法說會逐字稿

Good morning, everyone. Thank you for joining Acacia Research second quarter 2025 earnings conference call. My name is Jenny, and I'll be your conference facilitator today. I would like to remind you that this conference call is being recorded today and is also available through audio webcast on Acacia's website. (Operator Instructions) Questions can also be directed to Acacia at ir@acaciares.com.

大家早安。感謝您參加 Acacia Research 2025 年第二季財報電話會議。我叫珍妮，今天我將擔任你們的會議主持人。我想提醒您，今天的電話會議正在錄製，也可以透過 Acacia 網站上的音訊網路廣播收聽。（操作員說明）如有疑問，也可以直接聯絡 Acacia，電子郵件地址為 ir@acaciares.com。

I would now like to turn the conference over to Mr. Brent Anderson of Gagnier Communications. Mr. Anderson, you may begin.

現在我想將會議交給 Gagnier Communications 的 Brent Anderson 先生。安德森先生，您可以開始。

Thank you, operator. Leading today's call are MJ McNulty, Acacia's Chief Executive Officer; and Michael Zambito, Acacia's Chief Financial Officer. Before MJ and Mike begin their prepared remarks, please be reminded that certain 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.

謝謝您，接線生。主持今天電話會議的是 Acacia 執行長 MJ McNulty 和 Acacia 財務長 Michael Zambito。在 MJ 和 Mike 開始他們的準備好的發言之前，請注意，本次電話會議中提供的某些資訊可能包含與當前預期、估計、預測和對未來事件的預測有關的前瞻性陳述，這些陳述屬於 1995 年《私人證券訴訟改革法案》中定義的前瞻性。

These forward-looking statements generally relate to the company's plans, objectives and expectations for future operations and are based on current estimates and projections, future results and trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. For discussion of such risks and uncertainties, please see the risk factors described in Acacia's most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC.

這些前瞻性陳述通常涉及公司對未來營運的計劃、目標和期望，並基於當前的估計和預測、未來結果和趨勢。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 向美國證券交易委員會提交的最新 10-K 表年度報告和 10-Q 表季度報告中所述的風險因素。

Earlier this morning, Acacia issued a press release disclosing its second quarter 2025 financial results. 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 Q2 2025 earnings presentation to its website, which can be found under the Quarterly Results tab.

今天早些時候，Acacia 發布了一份新聞稿，披露了其 2025 年第二季的財務業績。您可以在公司網站 acaciaresearch.com 的「投資者關係」標籤頁的「新聞稿」部分查看該新聞稿。該公司還在其網站上發布了 2025 年第二季的獲利報告，可在「季度業績」標籤頁下查看。

On today's call, the team will discuss certain non-GAAP financial measures, including adjusted EBITDA for the company and each of its operating segments. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations can be found in the press release disclosing second quarter 2025 financial results available under the Press Releases section of the Investor Relations tab at acaciaresearch.com.

在今天的電話會議上，團隊將討論某些非 GAAP 財務指標，包括公司及其各個營運部門的調整後 EBITDA。有關可比較 GAAP 指標的資訊以及所需的定義和對賬，可在 acaciaresearch.com 上「投資者關係」選項卡的「新聞稿」部分下披露 2025 年第二季度財務業績的新聞稿中找到。

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

現在我將把電話轉給 Acacia 的執行長 MJ McNulty。

Thank you, Brent, and thank you, everyone, for joining us this morning for our second quarter 2025 earnings call. I'd like to begin today's call by introducing and welcoming Mike Zambito, who joined the Acacia team in June as our Chief Financial Officer. I'll let Mike give a more formal introduction, but quickly, most recently, he worked as a partner in Ernst & Young's EY-Parthenon practice and brings more than 30 years of finance, accounting and M&A expertise to our team.

謝謝布倫特，也謝謝大家今天上午參加我們的 2025 年第二季財報電話會議。在今天的電話會議開始時，我想介紹並歡迎 Mike Zambito，他於 6 月加入 Acacia 團隊，擔任我們的財務長。我會讓麥克做一個更正式的介紹，但很快，最近，他擔任安永 EY-Parthenon 業務的合夥人，為我們的團隊帶來了 30 多年的財務、會計和併購專業知識。

I speak for the entire Acacia team when I say we're thrilled to have Mike on board. Mike's breadth and depth of industry experience and his finance and accounting skill sets are already driving expanded reach for us in our long-term approach of identifying and executing value creation strategies across our business. I've worked with Mike in different capacities over the past 15 years, and we're very excited to have him as part of the team.

我代表整個 Acacia 團隊表示，我們很高興 Mike 加入我們。Mike 廣泛而深入的行業經驗以及他的財務和會計技能已經推動我們在整個業務中確定和執行價值創造策略的長期方法擴大影響力。在過去的 15 年裡，我曾以不同的身分與麥克合作過，我們非常高興他能成為團隊的一員。

I also want to thank Kirsten Hoover for the instrumental role she's played in Acacia's success over the past two years as our interim CFO. Kirsten is a dedicated and valued part of our team and not surprisingly, she's continued to excel as a key member of our finance team. She's been a valuable resource for Mike as he's gotten up to speed in his new role.

我還要感謝 Kirsten Hoover，她在過去兩年擔任我們的臨時財務長期間，為 Acacia 的成功發揮了重要作用。克斯汀 (Kirsten) 是我們團隊中一位敬業且受重視的成員，毫不奇怪，她繼續作為我們財務團隊的關鍵成員表現出色。在麥克適應新角色的過程中，她成為了他的寶貴資源。

As we discussed in more detail in our press release, this morning, we announced a partnership with Unchained Capital, a leader in financial services tailored for Bitcoin holders and Build Asset Management, an investment adviser focused on the Bitcoin space.

正如我們在新聞稿中更詳細地討論的那樣，今天早上，我們宣布與 Unchained Capital（為比特幣持有者量身定制的金融服務領導者）和 Build Asset Management（專注於比特幣領域的投資顧問）建立合作夥伴關係。

As Bitcoin increasingly becomes a strategic treasury reserve for companies, both large and small, a growing number of commercial borrowers are seeking ways to access dollar-based liquidity without selling their Bitcoin. We believe this has created a compelling opportunity for secured lending solutions that allow businesses to unlock the value of their Bitcoin while maintaining long-term exposure.

隨著比特幣日益成為大大小小公司的戰略資金儲備，越來越多的商業借款人正在尋求不出售比特幣就能獲得基於美元的流動性的方法。我們相信，這為擔保借貸解決方案創造了一個極具吸引力的機會，使企業能夠釋放其比特幣的價值，同時保持長期風險敞口。

In our view, Unchained has built a market-leading platform designed to meet this need, offering fully collateralized US-based commercial loans backed by Bitcoin. Loans are originated at a conservative 50% loan-to-value ratio and secured through a three party

我們認為，Unchained 已經建立了一個市場領先的平台來滿足這一需求，提供由比特幣支持的完全抵押的美國商業貸款。貸款以保守的 50% 貸款價值比發放，並透過第三方擔保

multi-signature cold storage vault with servicing provided by an affiliate of Unchained. The underlying infrastructure is engineered for institutional-grade security with key safeguards such as no rehypothecation and controlled liquidation rates.

多重簽名冷藏庫，由 Unchained 的附屬公司提供服務。底層基礎設施專為機構級安全而設計，具有諸如不進行再抵押和控制清算率等關鍵保障措施。

We are initially committing $20 million to acquire a portfolio of these fully recourse loans, which we believe offer an attractive risk-adjusted return profile, supported by high-quality collateral and our hedging risk management strategy. As Bitcoin continues to institutionalize, we see potential for this investment to grow over time for additional strategic opportunities to emerge alongside trusted partners like Unchained and Build.

我們最初承諾投資 2000 萬美元來收購這些完全追索權貸款的組合，我們相信這些貸款具有有吸引力的風險調整後回報狀況，並得到高品質抵押品和我們的對沖風險管理策略的支持。隨著比特幣不斷制度化，我們看到這項投資的潛力隨著時間的推移而增長，並隨著像 Unchained 和 Build 這樣的值得信賴的合作夥伴而出現更多的戰略機會。

Turning now to our quarterly results. We continued in the second quarter to pursue our value-oriented strategy, including opportunities within our existing stable of businesses, while at the same time growing our pipeline and evaluating several actionable M&A situations in an uncertain macroeconomic environment.

現在來談談我們的季度業績。我們在第二季繼續推行以價值為導向的策略，包括在我們現有穩定的業務範圍內尋找機會，同時擴大我們的業務管道，並在不確定的宏觀經濟環境中評估幾種可行的併購情況。

We've made significant progress in both these initiatives, all while maintaining a focus on free cash flow and our strong balance sheet. Mike will get into more detail on the numbers, but from a high level, we generated total company revenue of $51.2 million, total company adjusted EBITDA of $1.9 million and free cash flow of $47.9 million, reflecting the cash collection around the previously announced settlement in our IP business.

我們在這兩項措施上都取得了重大進展，同時始終關注自由現金流和強勁的資產負債表。麥克將更詳細地介紹這些數字，但從總體來看，我們公司的總收入為 5,120 萬美元，公司調整後的 EBITDA 總額為 190 萬美元，自由現金流為 4,790 萬美元，反映了我們先前宣布的 IP 業務和解所帶來的現金回籠。

The net result was a diluted earnings per share loss of $0.03 a share, which when adjusted was a loss of $0.06 a share. Book value per share at the end of the second quarter was $5.99 per share and book value to Acacia, excluding noncontrolling interests, was $5.58 a share, essentially flat versus last quarter. To give a little more color on our subsidiaries. In the second quarter, Benchmark showed slight sequential improvement in operated production, and we lapped significant weather events in Q1.

淨結果是每股攤薄收益虧損 0.03 美元，調整後每股虧損 0.06 美元。第二季末的每股帳面價值為 5.99 美元，不包括非控制權益的 Acacia 每股帳面價值為 5.58 美元，與上一季基本持平。為我們的子公司提供更多色彩。在第二季度，基準顯示營運產量較上季略有改善，並且我們在第一季克服了重大天氣事件。

During Q2, we slowed the pace of workovers relative to Q1 in an effort to preserve resource and reduce operating costs during the volatile commodity price environment. Importantly, our hedging strategy continues to perform as expected, mitigating some of the pressure from lower commodity prices.

在第二季度，我們相對於第一季度放慢了修井速度，以便在波動的大宗商品價格環境下節省資源並降低營運成本。重要的是，我們的對沖策略繼續發揮預期的作用，減輕了大宗商品價格下跌所帶來的部分壓力。

As a reminder, we've hedged over 70% of our operated oil and gas production through the end of 2027, which protects a substantial amount of our cash flow from downside pricing risk. During the quarter, Benchmark also paid down an incremental $3.5 million of debt, bringing our total debt reduction at Benchmark to $24 million over the last 12 months.

提醒一下，到 2027 年底，我們已經對超過 70% 的營運石油和天然氣產量進行了對沖，這保護了我們的大量現金流免受下行定價風險的影響。在本季度，Benchmark 還償還了 350 萬美元的增量債務，使 Benchmark 在過去 12 個月內的總債務減少額達到 2,400 萬美元。

We continue to see value in growing our oil and gas exposure. Our team continues to evaluate new acquisition opportunities, though it does appear valuation multiples are increasing in our geographies. We'll continue to evaluate M&A where we believe it is strategic, but we'll maintain our valuation discipline. We've also continued to strategically build around our existing assets, specifically the Cherokee position we acquired as part of the Revolution deal.

我們繼續看到擴大石油和天然氣業務的價值。儘管我們所在地區的估值倍數似乎正在增加，但我們的團隊仍在繼續評估新的收購機會。我們將繼續評估我們認為具有戰略意義的併購，但我們將保持我們的估值紀律。我們也繼續圍繞現有資產進行策略性建設，特別是作為 Revolution 交易的一部分而獲得的 Cherokee 地位。

As we accumulate attractive acreage in the core of this play, we'll be considering additional monetization opportunities, including potential alternative capital partnerships to finance a targeted drilling program. We remain very excited about the value generation opportunities ahead of us at Benchmark, and I look forward to updating you on our progress in the second half of the year.

隨著我們在該油田核心區域累積了大量可觀的油田面積，我們將考慮更多的獲利機會，包括潛在的替代資本合作夥伴關係，以資助有針對性的鑽探計劃。我們對 Benchmark 未來的價值創造機會感到非常興奮，我期待在今年下半年向您報告我們的進展。

Moving now to our Deflecto business. During the quarter, Deflecto grew revenue sequentially, and our team continues to progress on our integration efforts. While early days, we're pleased with the improvements we have made to optimize operations across Deflecto's three distinct business units.

現在轉到我們的 Deflecto 業務。在本季度，Deflecto 的收入連續成長，我們的團隊繼續在整合工作上取得進展。雖然還處於早期階段，但我們對 Deflecto 三個不同業務部門的營運優化所做的改進感到非常滿意。

The changes that we have made and will continue to make are improving accountability, reducing overhead costs, streamlining product offerings, improving business systems processes, optimizing our global production footprint and improving go-to-market motions across all three businesses.

我們已經做出並將繼續做出的改變是加強問責制、降低管理成本、簡化產品供應、改進業務系統流程、優化我們的全球生產足跡以及改進所有三個業務的上市動議。

The strategy is based on our long-term view of how best to capitalize on Deflecto's growth potential, substantial market share and diversified customer and supplier base. While global trade flow uncertainty impacted Deflecto's end markets during the quarter, which we expect to continue in the near and medium term, we remain confident in the long-term value and compelling opportunity set that Deflecto presents. We maintain a global production footprint, and we've been reshoring certain manufacturing functions and exploring sourcing alternatives to help mitigate the impact of tariffs.

該策略基於我們對如何最好地利用 Deflecto 的成長潛力、巨大的市場份額以及多樣化的客戶和供應商基礎的長期看法。雖然全球貿易流的不確定性在本季度影響了 Deflecto 的終端市場，我們預計這種影響將在短期和中期內持續下去，但我們仍然對 Deflecto 帶來的長期價值和引人注目的機會充滿信心。我們保持著全球生產足跡，並且一直在將某些製造功能轉移回國內，並探索採購替代方案，以幫助減輕關稅的影響。

While these mitigation efforts have allowed us to partially offset recent cost volatility, we did feel the effects of tariff-specific demand headwinds in Deflecto's business. Most notably, we're seeing demand pressure in our Transportation Safety business, which sells products into the Class 8 truck market as well as our Consumer Products business for which manufacturing industry-wide is heavily geared towards China.

雖然這些緩解措施使我們能夠部分抵銷近期的成本波動，但我們確實感受到了關稅特定需求逆風對 Deflecto 業務的影響。最值得注意的是，我們的運輸安全業務面臨需求壓力，該業務向 8 級卡車市場銷售產品，而我們的消費品業務則面臨需求壓力，因為整個製造業的製造業都嚴重面向中國。

Weak Class 8 truck market that we saw during the latter part of 2024 has persisted into 2025, which we believe is largely a result of tariff-related purchasing delays. Current data indicates new Class 8 orders are now at their lowest level since 2010 and fleet CapEx levels remain well below replacement rates, a dynamic that can only persist so long.

我們在 2024 年下半年看到的 8 級卡車市場疲軟局面將持續到 2025 年，我們認為這主要是由於關稅相關的採購延遲造成的。目前數據顯示，8 級新船訂單目前處於 2010 年以來的最低水平，船隊資本支出水準仍遠低於替換率，這種動態只能持續一段時間。

On the Consumer Products side, we've seen customers who typically source our products and our competitors' products out of China pause purchasing until they receive more clarity on the global trade situation. We are managing our businesses prudently to navigate

在消費品方面，我們發現通常從中國採購我們和競爭對手產品的客戶暫停購買，直到他們對全球貿易狀況有更清晰的了解。我們正在謹慎管理我們的業務，以應對

these considerations. Looking ahead, we will continue to invest to optimize these businesses while maintaining our typical disciplined approach to cost management and capital allocation as this market cycle normalizes.

這些考慮。展望未來，隨著市場週期的正常化，我們將繼續投資優化這些業務，同時保持我們典型的嚴謹的成本管理和資本配置方法。

Many businesses that we evaluate require a lift to position them under our ownership to achieve their full potential. Our team has shown skill in transforming underlying operations and efficiencies in this situation, for example, our turnaround of Printronix. While our strategic countermeasures, including operational improvement and cash flow initiatives at Deflecto are in full swing, and we feel confident in them, we're subject to the prevailing macro environment, specifically tariffs.

我們評估的許多企業都需要被扶持，才能在我們的領導下充分發揮其潛力。我們的團隊已經展現出在這種情況下轉變基礎營運和效率的技能，例如我們對 Printronix 的扭轉。雖然我們的策略對策（包括 Deflecto 的營運改善和現金流計劃）正在全面展開，並且我們對此充滿信心，但我們仍受制於當前的宏觀環境，特別是關稅。

As we mentioned above, tariff-related demand headwinds resulting in delayed purchasing in the case of consumer products and aging fleets in the case of transportation safety can only endure so long. The fundamental changes under our watch are making these businesses stronger and more competitive, and we would anticipate this to drive attractive outcomes as the macroeconomic environment stabilizes and our customers have more certainty around purchasing cycles.

正如我們上面提到的，與關稅相關的需求逆風導致消費品購買延遲和運輸安全車隊老化，而這種逆風只能持續一段時間。在我們監督下，根本性的變化使這些企業變得更加強大和更具競爭力，我們預計，隨著宏觀經濟環境的穩定和客戶對購買週期的確定性增強，這將帶來有吸引力的結果。

Turning now to our Industrial segment. Printronix continued to demonstrate its resiliency during the quarter and is now performing ahead of plan. We acquired Printronix, we have since we acquired Printronix, we've streamlined its operating structure to improve free cash flow on an annual basis.

現在轉向我們的工業部門。普印力在本季持續展現其韌性，目前業績已超出計畫。我們收購了 Printronix，自從我們收購 Printronix 以來，我們就簡化了其營運結構，以提高年度自由現金流。

We've added new product lines, and we've transitioned its business mix from lower-margin printer sales to higher-margin consumable products. We're confident in the integrity of the dual hardware and consumables business model moving forward, and I'm pleased with the turnaround the team has made with this business.

我們增加了新的產品線，並將業務結構從利潤較低的印表機銷售轉變為利潤較高的消耗品。我們對未來硬體和耗材雙重業務模式的完整性充滿信心，我對團隊在這項業務上的轉變感到滿意。

Now to touch a little bit on our Intellectual Property operations. Aside from the cash collection from our large settlement in Q1, it was a quiet quarter for our Intellectual Property business. Recall that in Q1, we generated $69.9 million in revenue, primarily related to our Wi-Fi 6 portfolio.

現在稍微談談我們的智慧財產權營運。除了第一季大額和解帶來的現金回籠外，本季我們的智慧財產權業務表現平淡。回想一下，在第一季度，我們創造了 6,990 萬美元的收入，主要與我們的 Wi-Fi 6 產品組合有關。

The quarter-over-quarter decrease in revenue from IP is largely the result of the episodic nature of this business where value can be generated at sporadic intervals throughout the life cycle of each investment. As attractive opportunities become available in the IP space, our team remains open to opportunistically committing capital in this business, consistent with our priorities of maximizing shareholder value.

IP 收入的環比下降主要是由於該業務的偶發性，即在每項投資的整個生命週期中，價值可以不定期地產生。隨著智慧財產權領域出現越來越多的誘人機遇，我們的團隊仍願意抓住機會向該業務投入資金，這與我們最大化股東價值的優先事項一致。

Acacia is a well-regarded leader in the IP space, and intellectual property owners continue to actively seek us out as a trusted partner. We also continue to actively track, monitor and analyze the evolving regulatory landscape related to our IP business, particularly with respect to the potential for new regulations and/or fees that would impact patent holders. The landscape continues to change in real time. And to date, we do not see any of the currently discussed changes to would materially impact us.

Acacia 是智慧財產權領域備受推崇的領導者，智慧財產權所有者持續積極尋求我們作為值得信賴的合作夥伴。我們也將繼續積極追蹤、監控和分析與我們的智慧財產權業務相關的不斷變化的監管環境，特別是可能影響專利持有人的新法規和/或費用。景觀不斷即時變化。到目前為止，我們還沒有看到目前討論的任何變化會對我們產生實質影響。

I'd now like to turn the call over to Mike to provide additional details on our first quarter financial results.

現在我想將電話轉給麥克，以提供有關我們第一季財務業績的更多詳細資訊。

Thank you, MJ, and hello, everyone. It's a pleasure to be here today to report on Acacia's second quarter financial results and my first quarter as CFO. I'm genuinely thrilled to be here and to be part of the Acacia team. I also want to echo MJ's comment on how instrumental Pearson has been to Acacia's success and continues to be in my onboarding. Acacia recorded total revenue of $51.2 million during the second quarter. Our Energy operations generated $15.3 million in revenue for the quarter compared to $14.2 million in the same quarter last year.

謝謝你，MJ，大家好。我很高興今天能在這裡報告 Acacia 第二季度的財務業績以及我擔任財務長的第一季業績。我真的很高興來到這裡並成為 Acacia 團隊的一員。我還想附和 MJ 的評論，即 Pearson 對 Acacia 的成功起到了多麼重要的作用，並將繼續在我的入職培訓中發揮重要作用。Acacia 第二季總營收為 5,120 萬美元。我們的能源業務本季創造了 1,530 萬美元的收入，而去年同期為 1,420 萬美元。

Manufacturing operations generated $29 million in revenue for the quarter. Our Industrial operations generated $6.6 million in revenue during the quarter compared to $6.3 million in the same quarter last year. Our Intellectual Property operations generated $0.3 million in licensing and other revenue during the quarter compared to $5.3 million in the same quarter last year.

製造業務本季創造了 2900 萬美元的收入。我們的工業業務本季創造了 660 萬美元的收入，而去年同期為 630 萬美元。我們的智慧財產權業務在本季產生了 30 萬美元的授權和其他收入，而去年同期為 530 萬美元。

Total consolidated G&A expenses were $15.5 million during the second quarter compared to $10.1 million in the same quarter of last year, with $5.1 million of the increase related to the addition of Deflecto as part of the company's new Manufacturing operations.

第二季綜合一般及行政費用總額為 1,550 萬美元，而去年同期為 1,010 萬美元，其中 510 萬美元的增加與將 Deflecto 納入公司新製造業務有關。

Of the $5.1 million in Deflecto G&A expense, approximately $1.5 million is related to depreciation and amortization of intangible assets. Our Energy operations G&A expense was flat year-over-year, while G&A at the parent level increased by $0.8 million year- over-year. The company recorded a second quarter GAAP operating loss of $12.4 million compared to a GAAP operating loss of $4.8 million in the same quarter last year. This was primarily due to a $5 million year-over-year revenue decline in the IP business and incremental IP business amortization.

在 Deflecto 的 510 萬美元 G&A 費用中，約有 150 萬美元與無形資產的折舊和攤銷有關。我們的能源業務的一般及行政費用與去年同期持平，而母公司的一般及行政費用則比去年同期增加了 80 萬美元。該公司第二季的 GAAP 營業虧損為 1,240 萬美元，而去年同期的 GAAP 營業虧損為 480 萬美元。這主要是由於 IP 業務收入年減 500 萬美元以及 IP 業務攤提增加。

Energy operations contributed $2.1 million in operating income during the quarter, which included $4 million in noncash depreciation, depletion and amortization expense and does not reflect the hedge gain we realized during the quarter. Adjusted EBITDA for our Energy operations was $7 million. Free cash flow for the Energy operations was $4.1 million in the quarter and $7.6 million year-to- date.

能源業務在本季度貢獻了 210 萬美元的營業收入，其中包括 400 萬美元的非現金折舊、耗竭和攤銷費用，並不反映我們在本季實現的對沖收益。我們能源業務的調整後 EBITDA 為 700 萬美元。本季能源業務的自由現金流為 410 萬美元，年初至今為 760 萬美元。

Manufacturing operations had a $0.6 million GAAP operating loss during the quarter, which included $1.5 million in noncash depreciation and amortization expense and $0.4 million in nonrecurring transaction-related expenses and severance costs as part of our operational initiatives at Deflecto. Adjusted EBITDA for our Manufacturing operations was $1.3 million. Industrial operations contributed $0.1 million in operating income during the quarter, which included $0.5 million in noncash depreciation and amortization expense.

製造業務在本季度的 GAAP 營運虧損為 60 萬美元，其中包括 150 萬美元的非現金折舊和攤銷費用以及 40 萬美元的非經常性交易相關費用和遣散費用，這是我們在 Deflecto 的營運計劃的一部分。我們製造業務的調整後 EBITDA 為 130 萬美元。工業營運在本季度貢獻了 10 萬美元的營業收入，其中包括 50 萬美元的非現金折舊和攤提費用。

Adjusted EBITDA for our Industrial operations was $0.6 million. GAAP net loss attributable to Acacia Research Corporation in the second quarter was $3.3 million or $0.03 per share compared to a net loss attributable to Acacia of $8.4 million or $0.08 per share in the prior year period. This increase was primarily due to gains from our Benchmark hedge book and our public equity portfolio.

工業業務調整後息稅折舊攤提前利潤（EBITDA）為 60 萬美元。美國通用會計準則第二季歸屬於 Acacia Research Corporation 的淨虧損為 330 萬美元或每股 0.03 美元，而去年同期歸屬於 Acacia 的淨虧損為 840 萬美元或每股 0.08 美元。這一成長主要歸功於我們的基準對沖帳簿和公開股票投資組合的收益。

Included in GAAP net loss was $2.2 million in unrealized gains and $1.9 million in realized gains related to the fair value of equity securities at June 30, 2025. Adjusted net loss attributable to Acacia in the second quarter of 2025 was $5.9 million or $0.06 per share. Further details on these adjustments can be found in our press release.

GAAP 淨虧損包括截至 2025 年 6 月 30 日與股權證券公允價值相關的 220 萬美元未實現收益和 190 萬美元已實現收益。2025 年第二季歸屬於 Acacia 的調整後淨虧損為 590 萬美元，即每股 0.06 美元。有關這些調整的更多詳細資訊請參閱我們的新聞稿。

Turning to the balance sheet, cash, cash equivalents and equity securities at fair value totaled $338.2 million at June 30, 2025, compared to $297 million at December 31, 2024. The parent company's total indebtedness was 0 at June 30, 2025. On a consolidated basis, Acacia's total indebtedness as of June 30, 2025, was $104.4 million, consisting of $58 million and $46.4 million in nonrecourse debt at Benchmark and Deflecto, respectively.

轉向資產負債表，截至 2025 年 6 月 30 日，現金、現金等價物和股權證券的公允價值總額為 3.382 億美元，而 2024 年 12 月 31 日為 2.97 億美元。截至2025年6月30日，母公司負債總額為0。以合併口徑計算，截至 2025 年 6 月 30 日，Acacia 的總負債為 1.044 億美元，其中包括 Benchmark 和 Deflecto 的無追索權債務分別為 5,800 萬美元和 4,640 萬美元。

Since closing the acquisition of the Revolution assets in April 2024, Benchmark has paid down approximately $24 million in total debt, underscoring the strong free cash flow generation of the Benchmark business. For more information on Acacia's second quarter results, please see our press release issued this morning and our quarterly report on Form 10-Q, which we will file with the SEC later this week.

自 2024 年 4 月完成 Revolution 資產的收購以來，Benchmark 已償還了約 2,400 萬美元的總債務，凸顯了 Benchmark 業務強勁的自由現金流產生能力。有關 Acacia 第二季度業績的更多信息，請參閱我們今天上午發布的新聞稿和 10-Q 表季度報告，我們將於本週晚些時候向美國證券交易委員會提交該報告。

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

現在我想把電話轉回給 MJ。

Thanks, Mike. As you've heard today, our business continues to generate value amid a volatile market. While no business is immune to macroeconomic headwinds we are all currently experiencing, I'm confident in the inherent value of our assets and our ability to consistently execute our strategy for long-term value creation.

謝謝，麥克。正如您今天所聽到的，我們的業務在動盪的市場中繼續創造價值。雖然沒有任何一家企業能夠免受我們目前正在經歷的宏觀經濟逆風的影響，但我對我們資產的內在價值以及我們持續執行長期價值創造策略的能力充滿信心。

Looking ahead, we'll continue to focus on growing our platforms organically and through M&A to deliver significant value for our shareholders. We have exciting opportunities in the pipeline, and I look forward to updating you on our progress in due course.

展望未來，我們將繼續專注於有機發展我們的平台並透過併購為我們的股東創造巨大價值。我們擁有令人興奮的機遇，我期待適時向您通報我們的進展。

With that, I'll turn the call back over to Jenny for questions.

說完這些，我會把電話轉回給珍妮，讓她回答問題。

(Operator Instructions)

（操作員指示）

Anthony Stoss, Craig Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Great, thank you and welcome aboard, Mike.

太好了，謝謝你，歡迎加入，麥克。

Thank you,

謝謝你，

MJ, I wanted to maybe drill in a little bit on the Bitcoin commercial loans. Can you maybe share with us a range of expected interest that you would receive from these? And do you view these as a little bit more risky than a typical commercial loan or similar? And then I had a couple of follow-ups.

MJ，我想深入研究比特幣商業貸款。您能否與我們分享您預期會從中獲得哪些利益？您是否認為這些貸款比典型的商業貸款或類似貸款的風險更大一些？然後我又進行了幾次後續行動。

Yeah, Tony, I hope you're well. So your first question, are you talking about kind of what we're thinking of sizing or I just want to make sure I have your question.

是的，東尼，我希望你一切都好。所以您的第一個問題是，您是在談論我們對尺寸的看法，還是我只是想確保我有您的問題。

No, just see, if you're taking on these loans, what's the expected return to Acacia in terms of interest rate?

不，只是看看，如果你承擔這些貸款，Acacia 的預期利率回報是多少？

Yeah, great question. So the loans are originated at pretty attractive rates, call it, low teens type rates of return. We're going to hedge the loans. So we have a little bit of cost against that, and there's some origination costs. But think about it in kind of they're in excess of 10% net to Acacia type returns.

是的，很好的問題。因此，貸款利率相當具有吸引力，可以稱之為低百分之十幾的回報率。我們將對沖貸款。因此，我們會產生一些成本，也會產生一些發起成本。但想想看，他們的淨回報率超過了 Acacia 類型的 10%。

And when you think about these, these are loans originated to US commercial borrowers at a 50% loan-to-value ratio collateralized by Bitcoin that these commercial borrowers hold in a cold storage unit where we have the ability with Unchained to manage the loan- to-value ratio through either calls to the borrowers of the loan to add more Bitcoin or cash into their account to maintain that loan-to- value ratio or ultimately the ability to liquidate that borrower's Bitcoin in order to maintain the loan-to-value ratio.

當您考慮這些時，您會發現這些貸款是以 50% 的貸款價值比發放給美國商業借款人的，這些貸款以比特幣作為抵押，這些商業借款人將這些比特幣存放在冷藏單元中，我們可以通過 Unchained 來管理貸款價值比，方法是要求貸款人向其賬戶中添加更多比特幣或現金以維持貸款價值比，最終貸款人以維持貸款人向其貸款人的價值金額或現金以維持貸款人的價值。

And so when you think about the risk, these are like I guess it's like an ABL type loan, which when you look at historical loss rates on ABL, they're very low, but rather than holding AR and inventory as collateral that takes time to liquidate if you need to, this Bitcoin is in our control as a lender.

因此，當您考慮風險時，我猜這就像 ABL 類型的貸款，當您查看 ABL 的歷史損失率時，它們非常低，但不是持有 AR 和庫存作為抵押品，如果需要的話需要時間來清算，這個比特幣在我們作為貸方的控制之下。

So I view the risk to be very minimal risk relative to other loans and the return on the loan to be very attractive. So we actually really like these loans. We also are going to hedge some Bitcoin exposure. So in the event there is a big gap down in Bitcoin, we're going to protect ourselves from that as a kind of outside risk.

因此，我認為與其他貸款相比，該貸款的風險非常小，而且貸款回報非常有吸引力。所以我們確實非常喜歡這些貸款。我們還將對沖一些比特幣風險。因此，如果比特幣大幅下跌，我們將採取保護措施，避免受到外部風險的影響。

Got it. And then just drilling in a little bit on Deflecto. You guys did a great job turning around Printronix. So I trust you guys will step in if there's something that needs to be done specific to Deflecto versus the macro. Is there any kind of light at the end of the tunnel you're seeing from any industry guys in the Class A truck market? Or do you think this could extend on for a period of time? If it's not just tariff, if it's more macro related?

知道了。然後對 Deflecto 進行一點深入研究。你們在扭轉普印力的局面方面做得非常出色。因此，我相信，如果需要針對 Deflecto 與巨集進行某些特定操作，你們會介入。您從 A 級卡車市場的業內人士那裡看到隧道盡頭的曙光了嗎？或者您認為這種情況可能會持續一段時間？如果它不僅僅是關稅，它是否與宏觀因素更相關？

Yeah, I mean, it's really I think the tariff surprised us all. I think the magnitude of the tariffs surprised us even further. I don't think we're alone in that. And so we it's early to tell. What we're hearing from customers is that their buying patterns have changed, while the uncertainty of where this will shake out it sits. And so I think when we get through some of the uncertainty, some of the purchasing the typical purchasing cycles may return.

是的，我的意思是，我認為關稅確實讓我們所有人都感到驚訝。我認為關稅的幅度更令我們吃驚。我認為我們並不是唯一有這種想法的人。所以我們現在下結論還太早。我們從客戶那裡聽說，他們的購買模式已經發生了變化，但這種變化將會帶來什麼影響還不確定。因此我認為，當我們克服一些不確定性時，一些典型的購買週期可能會恢復。

I think pricing and cost for buyers could change. We're doing a lot around our business in terms of price increases to react to tariffs as well as we've done it with the Printronix business, cost rationalization, optimization, improving processes, all the things that I mentioned in the call. And so we're monitoring the market.

我認為買家的定價和成本可能會改變。我們在業務方面做了很多工作，例如提高價格以應對關稅，就像我們在 Printronix 業務上所做的那樣，成本合理化、優化、改進流程，以及我在電話中提到的所有事情。因此我們正在監控市場。

We're constantly talking to customers. We're encouraged by the fact that fleets are aging past kind of refresh rates. And so we do think that there is going to be a good outcome here. I think we just need to clear some of this uncertainty in order to have for the market to have a better view on what that looks like.

我們一直在與客戶交談。令我們感到鼓舞的是，艦隊的老化速度已經超過了更新速度。因此我們確實認為這將會帶來好的結果。我認為我們只需要消除一些不確定性，以便市場能夠更好地了解情況。

Got it. And the last question from me. Your comments related to Cherokee, very positive. It seems like there's a step forward maybe being taken by Acacia. Can you kind of lay out your plans over the next one to two years, what you think you'll do and how many wells can be drilled, et cetera?

知道了。我的最後一個問題。您對切諾基的評論非常積極。看起來 Acacia 可能已經向前邁出了一步。您能否介紹一下未來一到兩年的計劃，您認為您會做什麼以及可以鑽多少口井等等？

Yeah, I mean I can't get into the number of wells that can be drilled. We are evaluating ways to partner with third-party capital in order to pursue a drilling strategy in the Cherokee. And that's kind of on the back of a lot of work that we and the team have done to identify the right blocks and the right wells and high-grade those wells to go after a strategy.

是的，我的意思是我無法知道可以鑽探的井的數量。我們正在評估與第三方資本合作的方式，以便在切諾基實施鑽探策略。這是基於我們和團隊所做的大量工作，以確定正確的區塊和正確的油井，並對這些油井進行高等級開採以實施策略。

And so we're kind of in the kind of past the planning stage and into kind of the middle part of that process. And so I think we'll be hopefully in a position to take advantage of some of that Cherokee acreage, which came with the PDPs that we bought as part of that Revolution deal.

因此，我們差不多已經過了規劃階段，進入了這個過程的中間階段。因此，我認為我們有望利用切諾基的部分土地，這些土地是我們在革命交易中購買 PDP 時獲得的。

Got it. Thanks for the colour, MJ. I appreciate it.

知道了。謝謝你的顏色，MJ。我很感激。

Yeah, thanks Tony.

是的，謝謝托尼。

Brett Reiss of Janney Montgomery Scott.

詹妮·蒙哥馬利·斯科特 (Janney Montgomery Scott) 的布雷特·賴斯 (Brett Re

Hi, MJ. Welcome aboard, Michael, and thank you to Kirsten for answering all my questions over the years. I appreciate it.

你好，MJ。歡迎加入，邁克爾，並感謝克爾斯滕多年來回答我的所有問題。我很感激。

Hey, thanks Brett.

嘿，謝謝布雷特。

Yeah hi, I just want to make sure we drill down a little bit on the risk on these loans. I mean, you're basically going to be a margin department like in a brokerage firm almost. Are the markets mature enough so that you can put hedges in? And if you get a multi-standard deviation event where Bitcoin really drops dramatically in price that the hedges will protect our loans?

是的，嗨，我只是想確保我們深入了解這些貸款的風險。我的意思是，你基本上就像經紀公司裡的保證金部門。市場是否足夠成熟，以便您可以進行對沖？如果出現多標準差事件，比特幣價格真的大幅下跌，對沖措施是否能保護我們的貸款？

Yeah, so we've done a lot of work around that, Brett. And the Bitcoin market is very large. And we're talking about Bitcoin here, not other cryptocurrencies just to be clear. So we are looking solely at Bitcoin. The depth of the market and the breadth of the market is substantial for us to be able to put these hedges in place.

是的，我們在這方面做了很多工作，布雷特。而且比特幣的市場非常大。為了清楚起見，我們在這裡討論的是比特幣，而不是其他加密貨幣。所以我們只關注比特幣。市場的深度和廣度對於我們實施這些對沖至關重要。

Okay. And can you just talk to me a little bit this cold storage unit? I mean, we'll be able to, with metaphysical certainty, know that these assets are segregated and there's a lot of neutering of regulation with the crypto markets with the Trump administration. So it's kind of the responsibility to protect ourselves rests on us. Can you just talk to that a little bit?

好的。您能跟我簡單講講這個冷藏裝置嗎？我的意思是，我們將能夠從形而上學的角度確定這些資產是隔離的，而且在川普政府的領導下，加密市場的監管力度大大減弱。因此，保護自己的責任就落在我們身上。能簡單談一下這個嗎？

Yeah, yes. And maybe just to take a step back, there are increasing number of companies that as a treasury strategy are holding Bitcoin. We at Acacia as a treasury strategy are holding cash and treasuries, not Bitcoin. But for those companies that are holding Bitcoin, they

是的，是的。也許只是退一步來看，越來越多的公司將持有比特幣作為一種財務策略。我們 Acacia 的財務策略是持有現金和國債，而不是比特幣。但對於那些持有比特幣的公司來說，他們

have a handful of ways to hold that Bitcoin. They can hold it on a key or tracer or something like that and put it in the drawer, not very safe, not very smart.

有多種方法可以持有比特幣。他們可以將其放在鑰匙或追蹤器或類似的東西上，然後將其放在抽屜裡，不太安全，也不太聰明。

We all read the stories about Bitcoin being lost because a key was thrown out and people lost several hundred thousand Bitcoin. So that's not a prudent way to manage people's capital. There are things like Coinbase where it is a claim on a pool of Bitcoin as opposed to holding an actual physical Bitcoin. What Unchained has created is cold storage, an ability for an actual holder of a physical Bitcoin to have a custodian maintain that Bitcoin for them.

我們都讀過關於比特幣遺失的故事，因為鑰匙被丟掉了，人們損失了幾十萬比特幣。所以這不是管理人們資本的謹慎方式。有像 Coinbase 這樣的東西，它是對比特幣池的所有權，而不是持有實際的比特幣。Unchained 所創造的是冷存儲，即讓實體比特幣的實際持有者有託管人為他們保管比特幣的能力。

So Unchained, Brett, if you hold physical Bitcoin, you can go to Unchained and you can pay Unchained to hold that Bitcoin in cold storage. So what does that mean? It means that they have a software and a third-party, effectively a bank that holds that key for you in a safe and controlled storage environment where it can be accessed in the case of our loans by a holder of 2 of 3 keys. And the only way that Bitcoin can come out of storage is if 2 of the 3 key holders present those keys and ask for that Bitcoin to come out of storage.

所以，布雷特，如果你持有實體比特幣，你可以去 Unchained，你可以向 Unchained 付費，讓其將該比特幣保存在冷庫中。那麼這意味著什麼？這意味著他們有一個軟體和第三方，實際上是一家銀行，它將金鑰保存在安全可控的儲存環境中，在我們的貸款情況下，持有 2 個或 3 個金鑰的人可以存取該金鑰。比特幣從儲存中取出的唯一方法是，3 個金鑰持有者中的 2 個出示這些金鑰並要求將比特幣從儲存中取出。

And so one of the reasons we really like this is that in the case of our loans, we and our custodian hold the key and can only unlock it at the direction of we and our custodian which we think provides a lot of security. So that's kind of the cold storage piece of it.

因此，我們真正喜歡這種方式的原因之一是，就我們的貸款而言，我們和我們的託管人持有鑰匙，並且只能在我們和我們的託管人的指導下解鎖，我們認為這提供了很大的安全性。這就是它的冷藏部分。

On the lending and the security piece of it, so the standard or typical UCC process, Bitcoin actually presents a really unique piece of collateral because the UCC goes in the chain of the actual Bitcoin so you can go on and see who the holders are and you can ensure that there's no other holder in the chain before you.

在藉貸和安全方面，即標準或典型的 UCC 流程中，比特幣實際上提供了真正獨特的抵押品，因為 UCC 進入了實際比特幣的鏈條中，因此您可以繼續查看誰是持有者，並且可以確保在您之前沒有其他持有者。

So it becomes even more clear than with a physical piece of equipment or a building or so on and so forth that Unchained Acacia are the owners or have a claim, have the most senior claim on that Bitcoin. So we actually think it's a really elegant piece of collateral and in a lot of ways, more superior than most other collateral.

因此，與實體設備或建築物等相比，Unchained Acacia 是比特幣的所有者或擁有所有權，對比特幣擁有最高所有權。因此，我們實際上認為它是一種非常優雅的抵押品，並且在許多方面都比大多數其他抵押品更為優越。

And Incredible. So the UCC lien is actually flagged in the Bitcoin, wow.

令人難以置信。因此，UCC 留置權實際上是在比特幣中標記的，哇。

It's in the coding of the Bitcoin.

它存在於比特幣的編碼中。

Right, right. Incredible. Different subject. Because we're hedged 70% with the Benchmark resolution business, if we go into a recession and oil and natural gas prices continue to decline, is it almost impossible for that business through 2027 to go cash flow negative?

對，對。極好的。不同主題。因為我們透過基準解決方案業務對沖了 70%，如果我們陷入經濟衰退並且石油和天然氣價格繼續下跌，那麼到 2027 年該業務的現金流幾乎不可能出現負值嗎？

Nothing is impossible, but I would say, it would be highly improbable for it to go cash flow negative because of the hedges. We do have a little bit of unhedged exposure, primarily to non-operated and some of our a small amount of our operated production. But so far, our hedges have worked as we have expected them to work. And so we feel pretty comfortable that in spite of the recent price volatility that we will be cash flow positive.

沒有什麼是不可能的，但我想說，由於對沖而出現現金流為負的情況的可能性極小。我們確實有一點未對沖的風險敞口，主要是非營運產品和少量營運產品。但到目前為止，我們的對沖措施已經達到了我們預期的效果。因此，儘管最近價格波動，但我們仍感到相當放心，我們的現金流將為正值。

Right. Now the 30% on the oil and natural gas that you're not hedged, is there a breakeven price of oil and natural gas below which you just don't make any money?

正確的。現在您沒有對沖 30% 的石油和天然氣，石油和天然氣是否存在一個盈虧平衡價格，低於這個價格就賺不到錢了？

Theoretically, there is a breakeven. I don't have that number in front of me, Brett, but we can follow up with that.

理論上，存在著損益平衡。布雷特，我面前沒有這個數字，但我們可以跟進一下。

Okay. Different subject. There's a lot of stress in the private equity markets. Has it risen to a level such that the private equity potential sellers are finally going to come to the table with lower price so that we can get some deals done in that space?

好的。不同主題。私募股權市場壓力很大。它是否已經上升到這樣的水平，即私募股權潛在賣家最終願意以較低的價格進行談判，以便我們可以在該領域完成一些交易？

Yeah, I mean this is an interesting question and one that we watch quite a bit because we're pretty plugged into what's going on in private equity. I would say, there are multiple answers depending upon asset quality.

是的，這是一個有趣的問題，我們對此非常關注，因為我們非常了解私募股權的動態。我想說，根據資產質量，答案有多種。

So in the, call it, B and C quartile assets where we like to play because we like the ability to go in and have a reason to be a buyer usually around operational improvement, margin improvement, sales motion, so on and so forth, we're seeing a reasonable number of opportunities in that space.

因此，我們喜歡涉足 B 和 C 四分位資產，因為我們喜歡進入這些資產，並且有理由成為買家，通常是圍繞營運改善、利潤率提高、銷售動向等等，我們在該領域看到了相當多的機會。

For the A quartile assets, the private equity funds are just going to hold those or they'll put them into a continuation vehicle or find another way to continue to manage those assets. We are starting to see the bid-ask spread close a little bit, and we're starting to see price discovery create some opportunities.

對於 A 四分位數資產，私募股權基金只會持有這些資產，或將其放入延續工具中，或尋找其他方式繼續管理這些資產。我們開始看到買賣價差稍微縮小，我們開始看到價格發現創造了一些機會。

But private equity funds have a long time horizon and until their LPs really push on them for liquidity, they're not inclined to reduce their fee-paying base of assets. But we are seeing more opportunities in that space.

但私募股權基金具有較長的投資期限，除非其有限合夥人真正要求其提高流動性，否則它們不會減少付費資產基礎。但我們在該領域看到了更多機會。

Okay. On the Legacy Patent business, I think we're both in agreement. The market really doesn't give us any value for that business, which has been under your stewardship, quite good. Is there any kind of information disclosure that you can give the market so that they feel comfortable on putting a valuation on that business without compromising your negotiating positions with defendants on the other side?

好的。關於遺留專利業務，我想我們雙方意見一致。市場確實沒有給我們任何有關該業務的價值，該業務一直在您的管理下，相當不錯。您是否可以向市場披露任何信息，以便他們能夠放心地對該業務進行估值，同時又不損害您與另一方被告的談判地位？

This is a question I ask myself a lot, Brett. I think we there are public cases out there, but we also have a lot of private discussions going on in kind of bilateral negotiations. It's difficult for us to disclose what all those discussions are and what the potential outcome of those might be because it just tips our hand to those counterparties and we want to keep those private.

布雷特，這是我常問自己的問題。我認為我們有一些公開的案例，但我們也在進行許多雙邊談判的私人討論。我們很難透露所有這些討論的內容以及這些討論可能產生的結果，因為這只是向交易對手透露我們的底細，我們希望將這些保密。

And so aside from what you can see in the market and unfortunately, having to extrapolate the value of, say, TP-Link, for example, and applying it to other potential parties out there in similarly situated situations, it's difficult for us to give a lot of information around what we believe the value of RF patents is.

因此，除了您在市場上看到的情況之外，不幸的是，我們必須推斷 TP-Link 等公司的價值，並將其應用於處於類似情況的其他潛在方，我們很難提供大量有關我們認為 RF 專利價值的資訊。

Okay, I thank you for answering my questions. I'm going to drop back in the queue thank you and welcome aboard Michael.

好的，感謝您回答我的問題。我要回到隊列中謝謝你，歡迎麥可加入。

Yeah, good to talk to you Brett.

是的，很高興和你交談，布雷特。

Okay.

好的。

Thanks a lot, Brett. I appreciate it.

非常感謝，布雷特。我很感激。

(Operator Instructions)

（操作員指示）

Adam Eagleston, Formidable.

亞當‧伊格斯頓 (Adam Eagleston)，《強大》。

Hey, MJ.

嘿，MJ。

Hey, Adam, how are you?

嘿，亞當，你好嗎？

Good, doing well. Michael, welcome. Kirsten, thanks for all of your work over the years. Quick question. Congrats on the Build/Unchained deal. With building out your in-house capabilities around hedging that, et cetera, does that increase the likelihood that we may see Acacia adopt some type of Bitcoin treasury strategy?

很好，做得很好。邁克爾，歡迎光臨。克爾斯滕，感謝您多年來的辛勤工作。快速提問。恭喜 Build/Unchained 交易成功。透過建立圍繞對沖等方面的內部能力，這是否會增加我們看到 Acacia 採用某種類型的比特幣財務策略的可能性？

We are not currently considering a Bitcoin treasury strategy. It doesn't mean that we wouldn't do that in the future, but it's not something that we're actively considering, Adam.

我們目前還沒有考慮比特幣財務策略。這並不意味著我們將來不會這樣做，但這不是我們正在積極考慮的事情，亞當。

Okay, fair enough.

好吧，夠公平。

Thank you very much well, we appear to have reached the end of our question-and-answer session. I will now hand the call back over to MJ for any closing remarks.

非常感謝，我們的問答環節似乎已經結束了。現在我將把電話轉回給 MJ，請他做最後發言。

Alright, thanks, everyone as usual, for joining the call. It's good to talk to everybody, and we look forward to talking to you after the end of the third quarter.

好的，像往常一樣，感謝大家參加電話會議。很高興和大家交談，我們期待在第三季結束後與大家交談。

Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful day. We 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，並享受美好的一天。我們感謝您的參與。