Acacia Research Corp (ACTG) 2025 Q3 法說會逐字稿

Good morning, everyone. Thank you for joining Acacia Research's third quarter 2025 earnings conference call. My name is Kelly, and I will be your conference facilitator for today. (Operator Instructions) I would like to remind you that this conference call is being recorded today and also is available through audio webcast on Acacia's website. (Operator Instructions)

各位早安。感謝您參加 Acacia Research 2025 年第三季財報電話會議。我叫凱莉，我將擔任今天本次會議的主持人。（操作員說明）我想提醒各位，本次電話會議正在錄音，也可以透過 Acacia 網站上的音訊網路直播收聽。（操作說明）

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

現在我謹將會議交給 Gagnier Communications 的 Brent Anderson 先生。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 Michael Zambito, Acacia's Chief Financial Officer.

謝謝接線生。主持今天電話會議的是 Acacia 執行長 MJ McNulty 和 Acacia 財務長 Michael Zambito。

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. 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 a 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.

在 MJ 和 Mike 開始發表準備好的演講之前，請注意，本次電話會議中提供的某些資訊可能包含有關未來事件的當前預期、估計、預測和展望的前瞻性陳述，這些陳述是 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些前瞻性陳述通常與公司對未來營運的計劃、目標和預期有關，並且是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年度報告（表格 10-K）和季度報告（表格 10-Q）中所述的風險因素。

Earlier this morning, Acacia issued a press release disclosing its third-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 Q3 2025 earnings presentation to its website, which includes detailed GAAP and non-GAAP financial disclosures and can be found under the Quarterly Results tab.

今天早些時候，Acacia 發布新聞稿，公佈了其 2025 年第三季財務業績。新聞稿可在本公司網站 acaciaresearch.com 的「投資者關係」欄位下的「新聞稿」部分查閱。該公司還在其網站上發布了 2025 年第三季度收益報告，其中包含詳細的 GAAP 和非 GAAP 財務披露信息，可在“季度業績”欄目下查看。

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 third quarter 2025 financial results available under the Press Releases section of the Investor Relations tab at aaciaresearch.com.

在今天的電話會議上，團隊將討論一些非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 指標的信息，以及所需的定義和調節表，可在 aaciaresearch.com 網站“投資者關係”選項卡下的“新聞稿”部分找到披露 2025 年第三季度財務業績的新聞稿。

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

現在我將把電話交給 Acacia 的執行長 MJ McNulty。

Thanks, Brent, and thank you to everyone for joining us for our third quarter 2025 earnings call. Acacia delivered good results in the third quarter with significant increases sequentially and year-over-year across many key metrics. Despite persistent macroeconomic and geopolitical headwinds, our team executed well against our disciplined and operationally focused strategy. While our businesses are not immune to these headwinds, we're using this as an opportunity to accelerate our value creation plans swiftly and decisively across our portfolio. These include the implementation of pricing strategies, cost savings initiatives, operational efficiencies, and plant consolidations to mitigate tariff pressures and to position our companies for continued growth.

謝謝布倫特，也謝謝各位參加我們2025年第三季財報電話會議。Acacia 第三季業績良好，多項關鍵指標環比和年比均顯著成長。儘管面臨持續的宏觀經濟和地緣政治逆風，我們的團隊仍然憑藉嚴謹的營運策略出色地完成了任務。雖然我們的業務也無法免受這些不利因素的影響，但我們正在利用這個機會，迅速而果斷地加快我們整個投資組合的價值創造計劃。這些措施包括實施定價策略、成本節約計劃、提高營運效率和整合工廠，以減輕關稅壓力，並為公司的持續成長做好準備。

These ongoing initiatives and the team's consistent execution drove our strong quarterly results with Acacia delivering total revenue of $59.4 million, up 16% sequentially and up 155% compared to the prior year quarter, the year-over-year comparison primarily driven by our third full quarter of Deflecto. The company's total company adjusted EBITDA was $8 million, and Operated segment adjusted EBITDA was $12.6 million, while free cash flow for the quarter was $7.7 million, with the net result being a GAAP loss of $0.03 a share or a loss of $0.01 per share on an adjusted basis.

這些持續的舉措和團隊的持續執行推動了我們強勁的季度業績，Acacia 的總收入達到 5940 萬美元，環比增長 16%，與上年同期相比增長 155%，同比增長主要得益於 Deflecto 的第三個完整季度。公司調整後 EBITDA 為 800 萬美元，營運部門調整後 EBITDA 為 1,260 萬美元，本季自由現金流為 770 萬美元，淨結果為 GAAP 每股虧損 0.03 美元，或調整後每股虧損 0.01 美元。

Book value per share at the end of the third quarter was $5.98, and book value per share to Acacia, excluding our noncontrolling interests, was $5.57, both essentially flat versus last quarter. Acacia's performance in context, in spite of the macroeconomic and geopolitical headwinds, the businesses we own are still delivering attractive return characteristics. As you've heard me say before, Acacia is focused on identifying and acquiring underloved, under-managed, and undervalued businesses where we believe we can leverage our significant capital base and experienced leadership teams to streamline operations, materially improve performance, and drive long-term growth.

第三季末每股帳面價值為 5.98 美元，不包括我們的非控制權益，Acacia 的每股帳面價值為 5.57 美元，兩者與上一季基本持平。從整體來看，儘管面臨宏觀經濟和地緣政治的不利因素，Acacia 旗下企業仍展現出誘人的回報特質。正如我之前所說，Acacia 專注於識別和收購那些不受重視、管理不善和估值過低的企業，我們相信我們可以利用我們雄厚的資本基礎和經驗豐富的領導團隊來簡化營運、大幅提高業績並推動長期成長。

As a result of our actions on a year-to-date annualized basis, Benchmark is generating a roughly high teens free cash flow yield. Deflecto is generating a high single-digit free cash flow yield prior to the impact of our in-flight operational improvement initiatives, and Printronix is generating a high teens free cash flow yield. With strong and improving cash yields at each of our operating companies and disciplined cost control at the parent, we believe we're creating significant equity value, which is not yet reflected in our share price.

由於我們採取的行動，按年計算，Benchmark 的自由現金流收益率約為 10% 以上。在我們的飛行營運改進計劃產生影響之前，Deflecto 的自由現金流收益率達到了較高的個位數，而 Printronix 的自由現金流收益率達到了較高的十幾。憑藉我們各營運公司強勁且不斷提高的現金收益率以及母公司嚴格的成本控制，我們相信我們正在創造巨大的股權價值，但這尚未反映在我們的股價中。

As we approach the end of the year, we remain focused on driving revenue, EBITDA, and free cash flow growth at each of our operating businesses, while at the same time, growing our extensive pipeline of actionable M&A opportunities. With approximately $332 million in total cash, equity securities, and loans receivable at September 30, our strong balance sheet positions us well to pursue accretive organic and inorganic growth opportunities across our businesses to create differentiated value for our shareholders.

隨著年底臨近，我們將繼續專注於推動旗下各營運業務的收入、EBITDA 和自由現金流成長，同時不斷拓展我們廣泛的可操作併購機會儲備。截至 9 月 30 日，我們擁有約 3.32 億美元的現金、股權證券和應收貸款，我們強勁的資產負債表使我們能夠更好地在各項業務中尋求增值性的內生和外延增長機會，從而為我們的股東創造差異化的價值。

I'd now like to discuss our operating segments. Within our energy operations, we continue to view Benchmark as an attractive platform to allocate capital within the oil and gas industry. As you may recall, we acquired the business in two steps.

現在我想談談我們的營運部門。在我們的能源業務中，我們仍然認為 Benchmark 是一個有吸引力的平台，可以在石油和天然氣行業配置資本。您可能還記得，我們​​分兩步驟收購了這家公司。

First, through our partnership in November 2023 with McArron and the company on a small package of wells; and second, through the acquisition, the Revolution assets in Q2 of 2024. At that time, we underwrote the business based on acquiring existing flowing production at a high teens discount rate, and we continue to evaluate comparable opportunities within our existing geographies.

首先，我們在 2023 年 11 月與 McArron 和該公司合作開發了一小批油井；其次，我們在 2024 年第二季收購了 Revolution 的資產。當時，我們根據以十幾折的折現率收購現有流動生產業務來評估該業務，並且我們繼續評估現有地區內的類似機會。

Since our acquisition of Revolution, the Western Anadarko Basin has seen a meaningful increase in investor interest. As a result of the renewed interest in the basin, we've seen high-quality, well-capitalized operators enter the basin with rig counts increasing despite declining rig count activity in many other plays. This has pushed the value of high-quality producing assets in the basin back towards historical evaluation metrics.

自我們收購 Revolution 以來，投資者對阿納達科西部盆地的興趣顯著增加。由於人們對該盆地的興趣重新燃起，我們看到大量優質、資金雄厚的運營商進入該盆地，儘管其他許多地區的鑽機數量活動有所下降，但該盆地的鑽機數量卻在增加。這使得盆地內優質生產資產的價值回落到歷史評估指標的水平。

While this is positive for the value of our business, it does mean that we need to be more cautious on valuations for additional producing assets we may want to acquire, and we have focused those efforts on asset packages where we can maximize strategic overlap with our existing fields. To that end, as you may remember, in addition to the large producing acreage we acquired as part of the Revolution acquisition, the deal came with a significant undeveloped acreage position in an emerging play called the Cherokee, which you've heard us discuss in the past.

雖然這對我們公司的價值來說是正面的，但這確實意味著我們需要對可能想要收購的其他生產資產的估值更加謹慎，我們已經將這些努力集中在能夠最大限度地與我們現有油田進行策略重疊的資產組合上。為此，您可能還記得，除了我們在 Revolution 收購中獲得的大片生產用地外，這筆交易還包括在新興油氣區 Cherokee 擁有大量未開髮用地，您以前也聽我們討論過這個油氣區。

This year, we've continued to strategically develop this position within the Cherokee, most recently highlighted by two small but very strategic acreage acquisitions. As we continue to build our undeveloped acreage position, we're actively considering additional monetization opportunities as well as potential capital partnerships to finance a targeted drilling program for our acreage in this play.

今年，我們繼續在切諾基地區進行策略性發展，最近透過兩次規模雖小但極具戰略意義的土地收購取得了顯著成果。隨著我們不斷擴大未開發油田的面積，我們正在積極考慮其他變現機會以及潛在的資本合作，以資助我們在該地區油田的定向鑽井計劃。

During the quarter, Benchmark continued to perform well with stable operated production and strong cash flow. While oil and natural gas prices remain at low levels, Benchmark's hedging strategy continues to perform as expected.

本季度，Benchmark 持續保持良好業績，營運產量穩定，現金流強勁。儘管石油和天然氣價格仍處於低位，但 Benchmark 的避險策略仍繼續按預期發揮作用。

As a reminder, benchmark hedges over 70% of its operated oil and gas production with hedges currently in place through the beginning of 2028, protecting a significant amount of our cash flow from downside price risk. Further, our diversified production profile provides us with significant optionality as we're able to prioritize projects that are more gas and NGL focused in a weaker oil price environment.

提醒大家，基準公司對其營運的石油和天然氣產量的 70% 以上進行了避險，目前的避險期限至 2028 年初，從而保護了我們大量的現金流量免受價格下行風險的影響。此外，我們多元化的生產結構為我們提供了很大的選擇餘地，因為在油價疲軟的環境下，我們可以優先考慮以天然氣和液化天然氣為主的項目。

As of the third quarter, approximately 52% of Benchmark's LTM commodity revenue and 78% of LTM production on a BOE basis was driven by gas and natural gas liquids, which have remained much more resilient from a pricing perspective.

截至第三季度，Benchmark 過去 12 個月的大宗商品收入約 52% 和過去 12 個月的產量（以桶油當量計）約 78% 是由天然氣和天然氣液體推動的，從價格角度來看，這些產品仍然具有很強的韌性。

Looking ahead, we see a variety of ways to create significant value in expanding our oil and gas platform, and we're fortunate that our operations in the Anadarko Basin provide us with access to some of the highest quality reserves and management team in the country. We remain excited about the value generation opportunities at Benchmark, and I look forward to keeping you updated as we continue to scale this business.

展望未來，我們看到了透過擴大我們的油氣平台創造巨大價值的各種途徑，我們很幸運，我們在阿納達科盆地的業務使我們能夠獲得該國一些最高品質的儲量和管理團隊。我們對 Benchmark 的價值創造機會依然充滿信心，我期待著隨著我們不斷擴大業務規模，及時向您報告最新進展。

In our Manufacturing segment, Deflecto delivered another quarter of sequential revenue growth and improved adjusted EBITDA versus last quarter. We're continuing to progress our operational initiatives at Deflecto, including strategic price increases across each business unit, reshoring and consolidation of certain manufacturing operations, overhead and G&A cost reductions, and improving go-to-market motions, all of which are aimed at creating a more streamlined business positioned for future growth.

在我們的製造部門，Deflecto 實現了連續第二季的營收成長，與上個季度相比，調整後的 EBITDA 也有所提高。我們正在繼續推動 Deflecto 的營運舉措，包括在每個業務部門進行策略性提價、將某些製造業務遷回國內並進行整合、降低管理費用和一般行政成本，以及改進市場推廣策略，所有這些舉措都旨在打造一個更加精簡的業務，為未來的成長做好準備。

While the current tariff and macroeconomic environment has impacted several of Deflecto's end markets, I'm encouraged by the strong progress and significant improvements we have made across the business.

儘管當前的關稅和宏觀經濟環境對 Deflecto 的幾個終端市場產生了影響，但我對我們在整個業務領域的強勁進展和顯著改進感到鼓舞。

To address some of the trends we're seeing across Deflecto's business units, I'll start with the Class 8 truck market, which continued to experience demand headwinds throughout the third quarter. Recent industry data indicates that Class 8 net orders for September represented the weakest September since 2019. We expect the Class 8 market to remain under pressure in the near term.

為了探討我們在 Deflecto 各個業務部門看到的一些趨勢，我將首先從 8 級卡車市場說起，該市場在整個第三季度持續面臨需求逆風。近期產業數據顯示，9 月 8 級船舶淨訂單量是自 2019 年以來最疲軟的 9 月。我們預計8級貨車市場短期內將持續面臨壓力。

Further tariff and macro clarity, along with lower interest rates and gradual fleet capacity normalization into 2026, should support a rebound in activity. Moreover, Deflecto remains focused on selling essential nondiscretionary products such as mud flaps and emergency warning triangles that are mandated by key regulatory authorities, which puts the business in a strong position when the cycle turns.

關稅和宏觀經濟情勢的進一步明朗化，加上較低的利率和到 2026 年逐步恢復正常的船隊運力，應該有助於經濟活動的反彈。此外，Deflecto 仍然專注於銷售主要監管機構強制要求的基本非必需品，例如擋泥板和緊急警告三角牌，這使得公司在經濟週期轉變時處於有利地位。

Within the office products business, tariff and global trade uncertainty has caused many customers to pause or delay purchasing decisions. While we expect these headwinds to persist in the coming quarters, our operational initiatives are helping to mitigate these impacts and position the business for future growth as macroeconomic conditions normalize.

在辦公用品產業，關稅和全球貿易的不確定性導致許多客戶暫停或推遲購買決定。儘管我們預計這些不利因素將在未來幾季持續存在，但我們的營運措施正在幫助減輕這些影響，並使公司在宏觀經濟狀況正常化後為未來的成長做好準備。

As a reminder, the Deflecto office products business sells basic necessities for everyday use, such as sign holders, document organizers, and flomats for the home and commercial office markets.

提醒一下，Deflecto 辦公用品業務銷售日常使用的基本必需品，例如標誌架、文件整理器和防滑墊，面向家庭和商業辦公市場。

Within the Air Distribution business, our sales have remained resilient in the face of a soft construction market, largely a result of interest rate pressures, which we believe will subside in the coming quarters. We continue to work to offset tariff cost pressures in this segment through product line relocations, pricing actions, and working with our distribution partners to optimize delivery routes.

在空氣分配業務方面，儘管建築市場疲軟（這主要是由於利率壓力造成的），但我們的銷售額仍然保持韌性，我們相信這種情況將在未來幾季有所緩解。我們將繼續努力透過產品線調整、價格調整以及與分銷合作夥伴合作優化配送路線來抵消該領域的關稅成本壓力。

Within this business unit, Deflecto's core product offerings include dryer vents, air ducts, and air vent deflectors, all of which are essential in nature. Very excited about Deflecto's long-term growth potential, supported by its substantial market share, diversified customer base, and industry-leading products.

在這個業務部門中，Deflecto 的核心產品包括烘乾機排氣管、通風管道和通風口導流板，所有這些產品本質上都是必不可少的。Deflecto 擁有龐大的市場份額、多元化的客戶群和領先業界的產品，因此對其長期成長潛力感到非常興奮。

Turning now to our Industrial segment. Printronix continues to deliver strong performance, and we're seeing positive momentum across the business. Our operational improvements over the last 12 to 18 months have resulted in an attractive mix of hardware and higher-margin consumable revenue streams that generate consistent free cash flow. The team continues to use our advantageous channel position and market share to add new product lines, which we expect to provide incremental contributions over the coming quarters.

現在我們來看看工業板塊。Printronix 持續保持強勁的業績，我們看到公司各業務部門都呈現出積極的發展勢頭。過去 12 到 18 個月，我們的營運改善帶來了硬體和高利潤耗材收入流的良好組合，從而產生了持續的自由現金流。團隊將繼續利用我們有利的通路地位和市場份額來增加新產品線，我們預計這些新產品線將在未來幾季帶來增量貢獻。

Now to our Intellectual Property segment. We recorded $7.4 million in total paid-up revenue from multiple settlements and licenses during the third quarter, which resulted in total revenue and adjusted EBITDA of $7.8 million and $3 million for the quarter, respectively, a significant increase sequentially and year-over-year.

現在進入我們的知識產權部分。第三季度，我們透過多項和解協議和授權協議獲得了 740 萬美元的總已付收入，該季度總收入和調整後 EBITDA 分別為 780 萬美元和 300 萬美元，環比和同比均大幅增長。

In the year-to-date period through September, our IP business generated $78 million in revenue and $44.2 million in adjusted EBITDA versus $19.4 million in revenue and $6.3 million in adjusted EBITDA in the prior year period. As a reminder, the quarterly fluctuations within the IP business are largely the result of the episodic nature of the business and timing of future settlements.

截至 9 月的本年度至今，我們的智慧財產權業務創造了 7,800 萬美元的收入和 4,420 萬美元的調整後 EBITDA，而去年同期收入為 1,940 萬美元，調整後 EBITDA 為 630 萬美元。需要提醒的是，智慧財產權業務的季度波動很大程度上是由於該業務的偶發性以及未來和解的時間安排所造成的。

With that, I'll pass it over to Mike to discuss the details of our financial results.

接下來，我將把發言權交給麥克，讓他來討論我們的財務表現細節。

Thank you, MJ, and hello, everyone. Acacia recorded total revenue of $59.4 million during the third quarter. Our energy operations generated $14.2 million in revenue for the year -- revenue for the quarter compared to $15.8 million in the same quarter last year, reflecting a softer oil price environment year-over-year. Manufacturing operations generated $30.8 million in revenue for the quarter, representing a third consecutive sequential increase compared to $29 million in the second quarter.

謝謝你，MJ，大家好。Acacia 第三季總營收為 5,940 萬美元。我們的能源業務全年創造了 1,420 萬美元的收入——與去年同期的 1,580 萬美元相比，本季收入有所下降，反映出油價環境年比走軟。本季製造業業務收入為 3,080 萬美元，較第二季的 2,900 萬美元連續第三季成長。

Given we acquired Deflecto in October of last year, there is no comparable prior year period. Our industrial operations generated $6.7 million in revenue during the quarter compared to $7 million in the same quarter last year. Our intellectual property operations generated $7.8 million in licensing and other revenue during the quarter compared to $0.5 million in the same quarter last year.

由於我們在去年十月收購了 Deflecto，因此沒有可比較的前一年同期數據。本季我們的工業營運收入為 670 萬美元，而去年同期為 700 萬美元。本季度，我們的智慧財產權業務透過授權和其他方式創造了 780 萬美元的收入，而去年同期僅為 50 萬美元。

Total consolidated G&A expenses were $16 million during the third quarter compared to $11.2 million in the same quarter of last year. The increase was primarily driven by the addition of Deflecto as part of the company's new manufacturing operations.

第三季合併一般及行政費用總額為 1,600 萬美元，去年同期為 1,120 萬美元。此次成長主要是由於公司新製造業務中新增了 Deflecto 品牌。

Deflecto G&A expense for the third quarter of 2025 was $4.6 million, which declined from $5.1 million in the prior quarter. Of the $4.6 million of Deflecto G&A expenses, approximately $1.1 million was related to depreciation of fixed assets and amortization of intangibles. Our energy operations G&A expense was $1.2 million for the third quarter of 2025, compared to $1 million for the prior year quarter in 2024. G&A at the parent level increased by $0.5 million year-over-year from $6.1 million to $6.6 million in the quarter ended September 30, 2025.

Deflecto 2025 年第三季的一般及行政費用為 460 萬美元，較上一季的 510 萬美元有所下降。Deflecto 的 460 萬美元一般及行政費用中，約有 110 萬美元與固定資產折舊和無形資產攤銷有關。2025 年第三季度，我們的能源營運一般及行政費用為 120 萬美元，而 2024 年上一季為 100 萬美元。截至 2025 年 9 月 30 日的季度，母公司層級的 G&A 費用年增 50 萬美元，從 610 萬美元增至 660 萬美元。

Parent G&A on an adjusted basis decreased by $0.6 million year-over-year from $5.2 million to $4.6 million in the quarter ended September 30, 2025. The company reported a third-quarter GAAP operating loss of $6.4 million compared to a GAAP operating loss of $10.3 million in the same quarter last year. This was primarily due to the inclusion of Deflecto in 2025 with no comparable operating income in 2024, along with a lower GAAP operating loss in the IP business in 2025 compared to the prior year.

截至 2025 年 9 月 30 日的季度，母公司一般及行政費用經調整後年減 60 萬美元，從 520 萬美元降至 460 萬美元。該公司公佈第三季GAAP營業虧損為640萬美元，而去年同期GAAP營業虧損為1,030萬美元。這主要是由於 Deflecto 在 2025 年被納入考量，而 2024 年沒有可比的營業收入，以及 2025 年 IP 業務的 GAAP 營業虧損比上一年有所減少。

Energy operations contributed $1.1 million in GAAP operating income during the quarter, which included $3.8 million in noncash depreciation, depletion, and amortization expense, and does not reflect the realized hedge gain of $1.2 million during the quarter. Adjusted EBITDA for our energy operations was $6.1 million in the quarter and $21 million year-to-date.

本季能源業務貢獻了 110 萬美元的 GAAP 營業收入，其中包括 380 萬美元的非現金折舊、損耗和攤銷費用，但並未反映本季已實現的 120 萬美元對沖收益。本季能源業務調整後 EBITDA 為 610 萬美元，年初至今為 2,100 萬美元。

Free cash flow for our energy operations was $4.3 million in the quarter and $11.9 million year-to-date. Manufacturing operations contributed $1.1 million in GAAP operating income during the quarter, which included $1.1 million in noncash depreciation and amortization expense and $0.3 million in nonrecurring transaction-related expenses and severance costs as part of our operational initiatives at Deflecto.

本季能源業務的自由現金流為 430 萬美元，年初至今為 1,190 萬美元。本季度，製造業務貢獻了 110 萬美元的 GAAP 營業收入，其中包括 110 萬美元的非現金折舊和攤銷費用，以及 30 萬美元的非經常性交易相關費用和遣散費，這是我們在 Deflecto 開展營運計劃的一部分。

Adjusted EBITDA for our manufacturing operations was $2.6 million in the quarter and $6.3 million year-to-date. Free cash flow for our manufacturing operations was $2 million in the quarter and $3.7 million year-to-date. Industrial operations contributed $0.3 million in GAAP operating income during the quarter, which included $0.5 million in noncash depreciation and amortization expense.

本季我們製造業業務的調整後 EBITDA 為 260 萬美元，年初至今為 630 萬美元。本季我們製造業的自由現金流為 200 萬美元，年初至今為 370 萬美元。本季度工業營運貢獻了 0.3 百萬美元的 GAAP 營業收入，其中包括 0.5 百萬美元的非現金折舊和攤銷費用。

Adjusted EBITDA for our industrial operations was $0.8 million for the quarter and $2.5 million year-to-date. Free cash flow for our industrial operations was $0.7 million in the quarter and $4.1 million year-to-date.

本季工業業務調整後 EBITDA 為 80 萬美元，年初至今為 250 萬美元。本季我們工業營運的自由現金流為 70 萬美元，年初至今為 410 萬美元。

GAAP net loss attributable to Acacia Research Corporation in the third quarter was $2.7 million or $0.03 loss per share, compared to a net loss attributable to Acacia of $14 million or a $0.14 loss per share in the prior year period. This decline in net loss was primarily due to the significant year-over-year increase in revenue and EBITDA, in addition to gains from our public equity portfolio and lapping the legacy legal fees from the prior year period.

根據美國通用會計準則 (GAAP)，Acacia Research Corporation 第三季淨虧損為 270 萬美元，即每股虧損 0.03 美元，而去年同期 Acacia 淨虧損為 1,400 萬美元，即每股虧損 0.14 美元。淨虧損的下降主要是由於收入和 EBITDA 年比大幅增長，以及上市股權投資組合的收益和上年度遺留法律費用的結轉。

Included in GAAP net loss for the third quarter was $0.9 million in unrealized gains related to changes in the fair value of equity securities at September 30, 2025. Adjusted net loss attributable to Acacia in the third quarter of 2025 was $1.1 million, or a $0.01 loss per share. Further details on these adjustments can be found in our press release.

第三季 GAAP 淨虧損中包含 0.9 百萬美元的未實現收益，該收益與截至 2025 年 9 月 30 日權益證券公允價值的變化有關。2025 年第三季歸屬於 Acacia 的調整後淨虧損為 110 萬美元，即每股虧損 0.01 美元。有關這些調整的更多詳情，請參閱我們的新聞稿。

Now turning to the balance sheet. Cash and cash equivalents, equity securities measured at fair value and loans receivable totaled $332.4 million at September 30, 2025, compared to $297 million at December 31, 2024. The parent company's total indebtedness was 0 at September 30, 2025. On a consolidated basis, Acacia's total indebtedness as of September 30, 2025, was $94 million, consisting of $58.5 million and $35.5 million in nonrecourse debt at Benchmark and Deflecto, respectively.

現在來看資產負債表。截至 2025 年 9 月 30 日，現金及現金等價物、以公允價值計量的權益證券及應收貸款總額為 3.324 億美元，而截至 2024 年 12 月 31 日為 2.97 億美元。截至 2025 年 9 月 30 日，母公司的總負債為 0。截至 2025 年 9 月 30 日，Acacia 的合併債務總額為 9,400 萬美元，其中包括在 Benchmark 的 5,850 萬美元和在 Deflecto 的 3,550 萬美元無追索權債務。

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 business.

自 2024 年 4 月完成對 Revolution 資產的收購以來，Benchmark 已償還了約 2,400 萬美元的總債務，凸顯了該業務強勁的自由現金流產生能力。

Additionally, since acquiring Deflecto in October 2024, the company has paid down approximately $13 million in total debt. These capital allocation decisions have significantly reduced our consolidated debt and interest expense, providing further operational flexibility. More information on Acacia's third 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.

此外，自 2024 年 10 月收購 Deflecto 以來，該公司已償還了約 1,300 萬美元的總債務。這些資本配置決策顯著降低了我們的合併債務和利息支出，從而提供了更大的營運彈性。有關 Acacia 第三季度業績的更多信息，請參閱我們今天早上發布的新聞稿以及我們將在本週晚些時候向美國證券交易委員會提交的 10-Q 表格季度報告。

I'll now turn the call back over to MJ.

現在我將把電話轉回給MJ。

Thanks, Mike. Just as a reminder, we've got a Q3 earnings presentation and an investor presentation on the website that goes through the reconciliations that Mike just talked through, and I think is helpful disclosure. But just in conclusion here, as you've heard, despite ongoing tariff headwinds, Acacia delivered solid financial and operating results in the third quarter and for the first nine months of the year.

謝謝你，麥克。提醒一下，我們網站上有第三季收益簡報和投資者演示文稿，其中詳細介紹了麥克剛才提到的調整情況，我認為這是有益的資訊揭露。但總而言之，正如您所聽到的，儘管面臨持續的關稅阻力，Acacia 在第三季和今年前九個月都取得了穩健的財務和營運表現。

Looking ahead, our near-term focus remains on leveraging our diverse portfolio and developing targeted pricing strategies and cost savings to mitigate the ongoing impact of tariffs and related uncertainties and drive value creation for our shareholders.

展望未來，我們近期的重點仍然是利用我們多元化的產品組合，制定有針對性的定價策略和成本節約措施，以減輕關稅及相關不確定性的持續影響，並為我們的股東創造價值。

While our approach remains measured and thoughtful, we're not letting volatility in the market stand in the way of building our pipeline and identifying opportunities for organic and inorganic growth across our businesses. The inherent value of our assets is strong, and I'm confident that our value-oriented strategy and experienced management team will enable us to continue to build our momentum across our business through year-end and into next year as we continue to generate long-term value for our shareholders.

儘管我們仍採取審慎周全的方法，但我們不會讓市場波動阻礙我們建立業務管道，也不會阻礙我們在各個業務領域尋找有機和無機成長的機會。我們資產的內在價值很強，我相信，我們以價值為導向的策略和經驗豐富的管理團隊將使我們能夠在年底及明年繼續保持業務成長勢頭，並繼續為股東創造長期價值。

With that, I'll turn it back over to you, Kelly.

那麼，我就把麥克風交還給你了，凱莉。

(Operator Instructions) Anthony Stoss, Craig-Hallum.

（操作說明）Anthony Stoss，Craig-Hallum。

I wanted to focus on -- Deflecto was a bit better than what we were modeling, even in a tougher environment. MJ, when you look at a so-called normal environment down the road, what percent of free cash flow do you think you'll use to pay down debt? And where do you think those EBITDA margins can go to?

我想重點說的是——即使在更艱難的環境下，Deflecto 也比我們建模的物件要好一些。MJ，展望未來所謂的正常環境，你認為你會用多少百分比的自由現金流來償還債務？你認為這些 EBITDA 利潤率還能達到什麼水準？

I mean in terms of the amount of free cash flow that we use to pay down debt, we paid off some debt this quarter as a capital allocation decision, really to bring the leverage down, create more -- even more flexibility as we look at a handful of initiatives, and also to reduce the interest drag. We like to have leverage in our underlying businesses; just given our cash balance, it's not entirely necessary, but there is some strategic benefit to having credit facilities in place there. And so we decided to bring that down a little bit.

我的意思是，就我們用於償還債務的自由現金流而言，本季度我們償還了一些債務，這是一項資本配置決策，旨在降低槓桿率，創造更大的靈活性，以便我們能夠推進一些項目，同時也能減少利息拖累。我們喜歡在基礎業務中擁有槓桿；就我們目前的現金餘額而言，這並非完全必要，但擁有信貸額度確實有一些策略優勢​​。所以我們決定稍微降低一下這個數值。

In terms of EBITDA target percentages, I would think about it in like kind of a low to mid-teens type margin. We are going through a lot of operating initiatives in all three of those selective businesses that should help to drive that. But look, we're in a pretty tough part of the cycle in the safety business. It's still performing. But with the changes that are being made there as that cycle normalizes and kind of runs back up, the margins there should be really attractive.

就 EBITDA 目標百分比而言，我認為應該在十幾到十幾的利潤率範圍內。我們正在這三個特定業務領域推行許多營運舉措，這些舉措應該有助於推動這一目標的實現。但是，我們目前正處於安全產業週期中相當艱難的時期。它仍在運行。但隨著該週期逐漸正常化並回升，那裡的利潤率應該會非常有吸引力。

Our air distribution business is doing well. And then the office products business, kind of the same type of target.

我們的空氣分配業務發展良好。然後是辦公用品產業，目標客戶群也差不多。

And then on the benchmark side of the business, especially on the Cherokee properties, can you maybe update everybody where you stand on that? How -- I guess, how many oil heads have been tapped? And what are your plans going forward over the next year or so?

那麼，在業務基準方面，特別是關於切諾基地產，您能否向大家更新您在這方面的立場？我猜，有多少個油缸蓋被開採過？那麼，在接下來的一年左右時間裡，您有什麼計畫？

Yes. I mean -- so if we look at the base business, it's performing -- our operated production is performing how we want it to perform. Commodity prices could be stronger, but we've got the hedges in place, which is exactly why we did that. So we are protected to a large extent from the hedges. In terms of the Cherokee, what I can say is that we have not yet drilled any wells.

是的。我的意思是——如果我們看一下基礎業務，它的表現——我們運營的生產正在按照我們想要的方式進行。商品價格可能會走強，但我們已經採取了對沖措施，這正是我們這樣做的原因。因此，樹籬在很大程度上保護了我們免受傷害。就切羅基人而言，我可以說的是，我們還沒有鑽任何井。

We have spent a considerable amount of time optimizing our acreage position through, as I mentioned earlier, two small but really strategic acquisitions and some land swaps and non-op working interest swaps that get us to great blocks that we think are very attractive to monetize.

我們花了大量時間來優化我們的土地面積，正如我之前提到的，透過兩次規模雖小但極具戰略意義的收購，以及一些土地交換和非經營性工作權益交換，使我們獲得了我們認為非常有吸引力、可以變現的優質地塊。

Brett Reiss, Janney Montgomery Scott.

布雷特·雷斯，詹妮·蒙哥馬利·斯科特。

Very impressive, the increase in the free cash flow on Deflecto in a challenging environment. But just another free cash flow question. In Printronix, the first quarter, you had $2.5 million of free cash flow. Is that a seasonality thing? Or that seemed kind of an aberration?

在充滿挑戰的環境下，Deflecto 的自由現金流成長非常令人印象深刻。但這又是一個自由現金流問題。Printronix 第一季擁有 250 萬美元的自由現金流。這是季節性因素造成的嗎？或者說，那似乎是一種反常現象？

Yes, it is a seasonality thing.

是的，這是季節性因素造成的。

I have a question. The valuation of the AMO Pharma, when you poke around their website, they have a Phase III drug in trial, Phase II. Can you refresh my recollection? What do we -- what is our carrying value on that? And when you look at the total addressable markets that AMO Pharma talks about on their website, it just seems that could, in the future, be a possible positive potential surprise for us?

我有個問題。當你瀏覽 AMO Pharma 的網站時，你會發現他們有一款處於 III 期臨床試驗階段的藥物，以及一款處於 II 期臨床試驗階段的藥物。你能幫我回憶一下嗎？我們該如何評估──它的帳面價值是多少？當你查看 AMO Pharma 在其網站上提到的潛在市場規模時，你會發現，未來這或許會給我們帶來意想不到的驚喜？

Yes. I mean, so we don't disclose the carrying value of it. We do think that -- it's attractive. The company has -- just as a reminder, this is a drug for myotonic dystrophy. It's actually a pretty novel drug.

是的。我的意思是，所以我們不披露它的帳面價值。我們認為——這很有吸引力。該公司已推出——再次提醒一下，這是一種治療肌強直性營養不良的藥物。這其實是一種相當新穎的藥物。

There's a reasonable amount of interest in this space right now. There's a couple of research reports out there and some commentary on two companies, Dyne and Avidity, that target a similar end market. Those are probably worth taking a look at, Brett. We continue to work with the company. They're making good progress with the regulatory authorities in terms of working towards an approval.

目前人們對這個領域相當感興趣。目前有一些研究報告和評論，涉及兩家目標市場相似的公司：Dyne 和 Avidity。布雷特，這些或許值得一看。我們將繼續與該公司合作。他們在與監管機構溝通以獲得批准方面取得了良好進展。

We inherited these businesses, and so we continue to work them. But these are early-stage biotech companies. And so we're pretty -- we're cautiously optimistic, I would say.

我們繼承了這些企業，所以我們繼續經營它們。但這些都是處於早期階段的生技公司。所以，我們相當——可以說是謹慎樂觀。

TP Link systems seems to be in some sort of embroglio with the United States government. Does anything that's going on between them and the US impact the value of our patent portfolio in that area? And also, does that change the timing on collecting our judgment we have against them?

TP-Link系統似乎與美國政府有某種糾紛。他們與美國之間發生的任何事情是否會影響我們在該領域的專利組合價值？另外，這是否會改變我們向他們追討判決款項的時間？

Yes. So that's a great question. Obviously, there's a lot of geopolitical tension around -- not that in particular, but around the nations. I would say one thing, the US appears to be more IP-friendly in the new administration than it was previously.

是的。這是一個很好的問題。顯然，周圍存在著許多地緣政治緊張局勢——不是指某個特定局勢，而是指各國之間的緊張局勢。我想說的是，美國在新政府的領導下，似乎比以前更重視智慧財產權。

So I think that's a positive. We are -- we have been awarded the judgment in the TPLink case. The next step there is that the Federal Circuit wants to hear some oral arguments because TPLink is trying to exercise all of their legal rights here. And so we still feel really good about it. I think the process is a little bit longer than we had hoped, but it doesn't change our views on the prospective outcome here.

所以我認為這是個正面的訊號。我們－我們在TPLink案中勝訴了。下一步，聯邦巡迴法院希望聽取一些口頭辯論，因為TPLink正在試圖行使他們在這裡的所有合法權利。所以，我們仍然對此感到非常滿意。我認為這個過程比我們預期的要長一些，但這並不會改變我們對最終結果的看法。

Last one for me. There were some pretty high-profile bankruptcies recently in the private equity space. Do you think these are canaries in the coal mine with more to follow, or these are one-offs? And I ask that because if there are canaries in the coal mine, you may hold off on buying anything in the private equity space, or if they're one-offs, will you be more aggressive in pursuing acquisition opportunities in private equity?

這是我最後一個了。最近私募股權領域出現了一些備受矚目的破產案例。你認為這些是煤礦裡的金絲雀，預示著會有更多類似事件發生，還是這些只是個案？我問這個是因為，如果煤礦裡有金絲雀，你可能會推遲在私募股權領域進行任何收購；或者，如果它們是一次性的，你會不會更積極地尋求私募股權領域的收購機會？

Yes. I mean I think you're talking about First Brands and Tricolor, which they are certainly one-offs for different reasons. I think it's drawing more attention to the private credit space than it is in the private equity space. We are seeing different developments in the private equity space, for example, and a handful of other industries. But this is why we keep our leverage low at Acacia.

是的。我的意思是，我想你指的是 First Brands 和 Tricolor，它們當然都是特例，原因各不相同。我認為它更能引起人們對私募信貸領域的關注，而不是私募股權領域。例如，我們看到私募股權領域以及其他一些行業出現了不同的發展趨勢。但這正是我們在Acacia保持低槓桿率的原因。

We come from private equity backgrounds. We've all put significant amounts of leverage on businesses. And this type of an environment is exactly why we are very cautious and judicious with leverage.

我們來自自私募股權投資領域。我們都對企業投入了大量槓桿。正是在這種環境下，我們才會對槓桿運用非常謹慎和明智。

We are seeing an increasing number of private equity businesses being marketed because they have high levels of debt. We are starting to see multiples come down relative to the highly elevated multiples that sponsors were buying assets at four in, call it, 2021, 2022. So I think the price discovery is getting better. We still have a lot -- there's still a lot of uncertainty. Interest rates are still high for guys that are putting five, six, seven turns of leverage on businesses.

我們看到越來越多的私募股權企業因為負債水準高而被推向市場。我們開始看到估值倍數相對於2021年、2022年贊助商以四倍的高估值購買資產的情況有所下降。所以我認為價格發現機制正在改善。我們仍然面臨很多問題——仍然存在許多不確定因素。對於那些對企業使用五、六、七倍槓桿的人來說，利率仍然很高。

And it's still unclear for a lot of these companies what the current administration and some of the trade policies mean for those businesses. So we are being very cautious about what we evaluate and how we evaluate it. We're seeing a lot of deal flow, and we've kind of dug in on a handful of deals that maybe we're not fully there on price discovery, but where our expectations and sellers' expectations were 4 to 5 turns a year, 18 months ago, maybe we're within a turn, 1.5 turns, maybe 2. So it does feel like it's getting to a more normalized environment.

對許多公司來說，目前政府的政策和一些貿易政策對這些企業意味著什麼，仍然不甚明了。因此，我們對評估的內容和評估方式都非常謹慎。我們看到交易量很大，我們已經深入研究了一些交易，雖然我們可能還沒有完全確定價格，但18個月前，我們和賣家的預期是每年4到5次翻盤，現在我們可能只差一次、一次半，甚至兩次翻盤。所以感覺環境正在逐漸恢復正常。

Todd Selter, 88 Management LLC.

Todd Selter，88 Management LLC。

Well done in Q3. Leveraging off Brett's question, in terms of the IP portfolio, we noticed a settlement after Q3 on Vantiva. I think it happened somewhere in Q2 in the second week of October. Would that number be reflected in our Q3 patent $7 million to $8 million top line or no?

第三季表現出色。承接 Brett 的問題，就智慧財產權組合而言，我們注意到 Vantiva 在第三季之後達成了和解。我覺得這件事發生在第二季度，大概是十月的第二週。這個數字會反映在我們第三季專利收入700萬至800萬美元的預期中嗎？

Yes, that's part of that $7.4 million settlement, Todd, that I mentioned earlier.

是的，托德，那是我之前提到的那筆 740 萬美元和解金的一部分。

I thought it might be. Great. So Brett did expound on a couple of thoughts that I had. And what I really want to discuss with you, gentlemen, now is really proud of the operating job everyone is doing, but so disappointed and disturbed at the lack of any reach out from the IR team to try to generate some interest in what we all consider a very attractive undervalued equity. Why has there been such little initiative put forward in that area?

我猜想可能是這樣。偉大的。所以布雷特確實闡述了我的一些想法。各位先生，我現在真正想和你們討論的是，我為大家所做的運營工作感到非常自豪，但同時也對投資者關係團隊沒有採取任何行動來引起人們對我們所有人都認為非常有吸引力且被低估的股票的興趣感到非常失望和不安。為什麼在這領域幾乎沒有提出任何措施？

And what do you guys plan on doing moving forward to try to raise Acacia's profile amongst the appropriate buy-side vehicles out there that might be involved or interested in investing in microcap value?

接下來，你們打算採取哪些措施來提高 Acacia 在可能參與或有興趣投資微型股價值股的合適買方機構中的知名度？

Yes. Look, Todd, it's a great question, and we were actually very deliberate in the way that we approached this. When -- roll back a year ago, we didn't want to put our hands up in the air and say, Hey, look at us, look at us. Here's what we're going to do. And so we held off on IR, admittedly, so that we didn't look like Carnival Barkers.

是的。托德，你問了個好問題，我們其實是經過深思熟慮才決定如何回答這個問題的。回想一年前，我們並不想舉起雙手說：“嘿，看看我們，看看我們。”我們打算這樣做。所以，我們暫時擱置了IR項目，坦白說，是為了避免看起來像是在招攬生意的江湖騙子。

Subsequent to now Benchmark with some quarters under our belt, Deflecto with some quarters under our belt, Printronix having been turned around, showing you all that we can manage the parent company G&A to a level that allows us, with each incremental acquisition, to really scale that and scale the earnings over the parent company G&A, we have started reaching out.

繼 Benchmark 和 Deflecto 幾個季度以來，以及 Printronix 扭虧為盈之後，我們向大家展示了我們能夠將母公司的 G&A 控制在一個水平上，使我們能夠透過每一次增量收購真正擴大規模，並擴大母公司 G&A 的收益，因此我們開始與外界聯繫。

So we're having a lot of conversations with new investors. We presented at a couple of conferences. We're continuing to get scheduled on the conference circuit to go tell the story and meet people. And we found that having conversations in person, even more so than over Zoom, really engages people. And like you, people are interested in the story.

所以我們正在與許多新投資者進行洽談。我們曾在幾個會議上做過報告。我們正在繼續安排參加各種會議，講述我們的故事，並與人們見面。我們發現，面對面的交談，甚至比透過 Zoom 進行的交談更能吸引人們的注意。和你一樣，其他人也對這個故事感興趣。

It just takes a little bit of time with them in person to help them understand it. So we've been allocating a lot of time to that initiative, not just through conferences, but through Todd, folks that you know that you think would be interested in the story, other shareholders. And so we do talk to existing shareholders a lot. We actually spent a lot of time talking about ideas with them for new acquisition opportunities. And we've gone on a pretty good outreach journey here to tell the story to new shareholders.

只要要花點時間親自和他們溝通，就能幫助他們理解。因此，我們投入了大量時間到這項計劃中，不僅透過會議，還透過托德、你認識的、你認為會對這個故事感興趣的人以及其他股東。因此，我們經常與現有股東溝通。我們實際上花了很多時間和他們討論新的收購機會的想法。我們已經開展了一次相當不錯的宣傳推廣活動，並向新股東講述了這個故事。

That's encouraging. Now how about on the sell side? How far are we away from maybe onboarding one or two other analysts from other firms to try to get a better sense of who we are, so they could also communicate our story and gain some more momentum in this direction?

這令人鼓舞。那麼賣方方面的情況如何呢？我們距離從其他公司引進一兩位分析師，以便更好地了解我們，讓他們也能傳達我們的故事並朝著這個方向取得更大進展，還有多遠？

Yes. We're -- we've talked to several research groups about the story. What we don't want to do is force it because we want to make sure that it's a natural fit. People are excited to pick us up. But there are -- there are a handful of folks that we're talking to about that.

是的。我們已經就此事與幾個研究小組進行了交流。我們不想強求，因為我們想確保這是自然而然的。人們都很樂意來接我們。但是，我們正在和少數幾個人談論這件事。

As you know, with research, there's -- our stock has some volume in it, which is great. I think our volume is bigger on an average daily basis than it was certainly a year or 18 months ago. But those guys want to get paid just like anybody else. And so we're working through that.

如您所知，透過研究，我們的股票有一定的交易量，這很好。我認為我們現在的日均交易量肯定比一年前或一年半前還要大。但他們也和其他人一樣，想要拿到報酬。所以我們正在努力解決這個問題。

Yes. The ace in the hole that we have, MJ is the Starboard relationship since they own 60-plus percent. You would think that some of these sell-side firms would want to maybe engender some goodwill, and the Acacia Starboard Association should serve our best interest in that area.

是的。MJ，我們手中的王牌是與Starboard的關係，因為他們擁有60%以上的股份。你可能會認為，這些賣方公司中的一些可能會想要建立一些良好聲譽，而 Acacia Starboard 協會應該在這方面為我們爭取最大利益。

We're arm and arm with our brothers over at Starboard on that point.

在這一點上，我們和 Starboard 的兄弟們立場完全一致。

MJ, you guys are doing a great job on the operating side, but as shareholders, we're suffering.

MJ，你們在營運方面做得非常出色，但身為股東，我們卻遭受了損失。

We're working on that for you, Todd.

我們正在為你處理這件事，托德。

Shelley Anthony, Formidable Asset Management.

Shelley Anthony，Formidable Asset Management。

I'm filling in for Adam this morning. So we actually have a somewhat tangential question about your stake in AMO Pharma. The company AMO has recently announced several positive advancements and results in the last few months. And in light of that, can you tell me if that has changed your estimated valuation in any way or prompted any interest from outside buyers?

今天上午我替亞當值班。所以，我們其實有一個與您在 AMO Pharma 的股份相關的、略微相關的問題。AMO公司最近幾個月宣布了幾項積極的進展和成果。有鑑於此，您能否告訴我，這是否以任何方式改變了您的估值，或者是否引起了外部買家的興趣？

That's a good question. Great. So we've not changed our valuation as a result of the news. I agree with you that AMO has been active publicly on helping people understand the positive developments in the company. We have not changed our valuation.

這是個好問題。偉大的。因此，我們並未因該消息而改變估值。我同意你的看法，AMO一直積極公開地幫助人們了解公司的正面進展。我們的估值沒有改變。

As I mentioned earlier, I think we're cautiously optimistic. We've been around the biotech space, and we've seen things work, and we've seen things not work. I think AMO has a really interesting and necessary drug for a patient group that doesn't have a lot of other options, and both safety and efficacy of their product are great. There -- as I mentioned earlier, there's some news out there around Dyne and Avidity, which have similar solutions. And so that makes us cautiously optimistic as well.

正如我之前提到的，我認為我們持謹慎樂觀的態度。我們一直活躍在生物技術領域，我們見證過成功的案例，也見證過失敗的案例。我認為 AMO 公司研發的這種藥物對於沒有太多其他治療選擇的患者群體來說，確實非常有趣且必不可少，而且該產品的安全性和有效性都非常好。正如我之前提到的，Dyne 和 Avidity 這兩家公司有一些新聞，它們提供類似的解決方案。因此，這也讓我們持謹慎樂觀的態度。

But all in all, we share the excitement, but we're not marking our asset up as a result of that excitement.

但總而言之，我們和大家一樣感到興奮，但我們不會因為這種興奮而提高資產價格。

And so can you tell me if there's been any interest from potential outside buyers?

那麼，您能否告訴我，是否有潛在的外部買家對此感興趣？

No, I can't.

不，我不能。

There are no questions in the queue at this time. I would now like to turn the floor back over to MJ McNulty for closing remarks.

目前隊列中沒有問題。現在我謹將發言權交還給MJ McNulty，請他作總結發言。

Thanks, Kelly. Thanks again to everyone for joining us this morning. We look forward to talking to everyone after Q4.

謝謝你，凱莉。再次感謝各位今天上午的參與。我們期待在第四季結束後與大家交流。

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。