Acacia Research Corporation (NASDAQ:ACTG) Q3 2022 Earnings Conference Call November 10, 2022 11:00 AM ET

Company Participants

Rob Fink - FNK, IR

Martin McNulty - Interim CEO

Richard Rosenstein - CFO

Conference Call Participants

Anthony Stoss - Craig-Hallum

Brett Reiss - Janney

Adam Eagleston - Formidable Asset Management

Operator

Good morning, ladies and gentlemen, and welcome to the Acacia Research Third Quarter 2022 Financial Results Conference Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Rob Fink. Sir, the floor is yours.

Rob Fink

Thank you, operator. Hosting the call today are MJ McNulty, Interim Chief Executive Officer; and Rich Rosenstein, Chief Financial Officer. Before beginning, I would 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 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 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 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 like to turn the call over to MJ. MJ, the call is yours.

Martin McNulty

Thank you, Rob, and hi, everyone. Thanks for taking the time to join us this morning. 10 days ago, we announced the completion of a transaction with Starboard Value. As you may know, our partnership with Starboard began three years ago when we established a framework to evaluate a corporate acquisition strategy together.

While our initial terms provided adequate capital and validated the opportunity, we learned along the way, there were some unintended complexities in our capital structure. This new agreement provides the ability to better pair the transactional and operational talent of the Acacia team with Starboard's platform, expertise relationships and capital.