Acacia Research Corporation (NASDAQ:ACTG) Q4 2022 Earnings Call Transcript March 16, 2023 11:00 AM ET

Company Participants

Robert Fink - Investor Relations

Martin McNulty - Interim Chief Executive Officer

Kirsten Hoover - Interim Chief Financial Officer

Conference Call Participants

Operator

Greetings. Welcome to the Acacia Research Fourth Quarter 2022 Financial Results. At this time, all participants are in a listen-only mode. 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, Robert Fink of FNK IR. You may begin.

Robert Fink

Thank you, operator, and thank you, everyone, for joining us here today. Hosting the call are MJ McNulty, Interim Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer. Before beginning, I’d like to remind you that the 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 and 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 section described in Acacia's Annual Report on Form 10-K and on the quarterly reports on Form 10-Q, both of which are filed with the SEC.

I would also like to remind everyone that a press release disclosing the financial results was issued this morning before the market opened. This release may be accessed on the company's website at acaciaresearch.com under the News and Events tab.

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

Martin McNulty

Rob, thanks. We're glad to have everyone here this morning, and thanks for taking the time to join us. As we conclude an eventful 2022, we're also concluding a productive Q1 and we're carrying that momentum into the remainder of 2023. Over the past few months, we've accomplished much, all with the goal of a strong platform, positioned to benefit in all market conditions through the acquisition of operating companies that fit our acquisition criteria.

We've streamlined and improved our team, eliminating approximately one-third of our fixed G&A costs, while enhancing our capabilities. We bolstered our already strong capital base through a rights offering, which followed a recapitalization with Starboard Value. As a result, we now have total assets of $562 million, of which $428.5 million are in cash and marketable securities.