Acacia Research Corporation (NASDAQ:ACTG) Q1 2023 Results Conference Call May 11, 2023 4:30 PM ET

Company Participants

Rob Fink - Managing Partner

MJ McNulty - Interim CEO

Kirsten Hoover - Interim CFO

Conference Call Participants

Brett Reiss - Janney Montgomery Scott

Adam Eagleston - Formidable AM

Operator

Good day, and welcome to the Acacia Research First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After managements prepared remarks there will be question and answer session.

I would now like to turn the call over to Rob Fink. Please go ahead.

Rob Fink

Thank you, operator, and thank you, everyone, for joining us today. Hosting the call are MJ McNulty, Interim Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer.

Before beginning, I would 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 operation and are based on the current estimates, projections, future results or 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 annual report on Form 10-K and quarterly reports on Form 10-Q that are filed with the SEC. I would also like to remind everyone that a press release disclosing the financial results was issued this afternoon just after the market closed. This release may be accessed on the company's website at acaciaresearch.com under the News and Events tabs.

With all that said, I would now like to turn the call over to MJ. MJ, the call is yours.

MJ McNulty

Thanks a lot, Rob, and thanks to everyone for taking some time to hear our update this afternoon. As you know, the first quarter comes up pretty quickly and having just spoken 6 weeks ago, providing a detailed update on the team and the processes we have put in place for our M&A initiative.

Let me just give you some updates on those. First, we've largely cleaned up the business from its historical operating procedures and cost structure, which I think you'll see through the numbers. We're confident that the processes we began building in earnest in the second quarter of last year for identifying, qualifying and executing acquisitions are sound. And then we're applying those processes to a growing pipeline of acquisition opportunities with an increasing frequency and seeing attractive results.