Acacia Research Corporation (NASDAQ:ACTG) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET
Company Participants
Rob Fink - Managing Partner
MJ McNulty - Interim Chief Executive Officer
Kirsten Hoover - Interim Chief Financial Officer
Conference Call Participants
Anthony Stoss - Craig-Hallum
Brett Reiss - Janney Montgomery Scott
Operator
Greetings, and welcome to the Acacia Research Second Quarter 2023 Financial Results Conference Call. At this time, all participants are placed on a listen-only mode, and a question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to your host Mr. Rob Fink of FNK IR. Sir, if you may begin.
Rob Fink
Thank you, operator. Hosting the call today are MJ McNulty, Interim Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer.
Before beginning, I'd like to remind you 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. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations, and are based on the current estimates and projections, future results or trends.
Actual results may differ materially from those projected as a result of certain risk factors and uncertainties. For a discussion of such risks, and uncertainties, please see the risk factors described in Acacia's annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC.
I'd also like to remind everyone that, a press release disclosing the financial results was issued this afternoon, just after the close of market. This release may be accessed on the company's website under the Press Release section of the Investor Relations tab at acaciaresearch.com under the News and Events tasks.
With all that, said I'd now like to turn the call over to MJ. MJ the call is yours.
MJ McNulty
Thanks, Rob, and thanks to everyone for joining the call today. So in mid-July and subsequent to the end of the second quarter, we completed our recapitalization transaction with our largest shareholder Starnberg value as you know. In many ways, this is milestones signaled the completion of our larger transformation of Acacia.
Since, we announced this transaction in late October, along with new senior leadership and new members of our Board of Directors we significantly restructured and improved Acacia. We reorganized the team we had focusing on sourcing evaluating and executing potential transactions, putting in place a more defined methodology, while significantly reducing headcount and associated costs.