ACACIA RESEARCH CORPORATION
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(Exact name of registrant as specified in its charter)
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Delaware
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000-26068
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95-4405754
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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500 Newport Center Drive
Newport Beach, California
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92660
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(Address of principal executive offices)
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(Zip Code)
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99.1
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Press Release dated October 20, 2011 of the Registrant.
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ACACIA RESEARCH CORPORATION | |||
Date: October 20, 2011
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By:
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/s/ Paul R. Ryan | |
Name: Paul R. Ryan | |||
Title: Chairman and Chief Executive Officer | |||
Exhibit Number | Description | |
99.1 | Press Release dated October 20, 2011, of the Registrant. |
Contacts: Rob Stewart
Investor Relations
Tel (949) 480-8300
Fax (949) 480-8301
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Media Contact: Adam Handelsman
Managing Director
Lippert/Heilshorn & Associates
(212) 201-6622
ahandelsman@lhai.com
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● | Revenues and other operating income in the third quarter of 2011 totaled $63,036,000, as compared to $63,949,000 in the comparable prior year quarter. |
● | GAAP net income in the third quarter of 2011 was $12,510,000, or $0.29 per diluted share, as compared to GAAP net income of $24,675,000, or $0.70 per diluted share for the comparable prior year quarter. |
● | Non-GAAP net income in the third quarter of 2011 was $18,024,000, or $0.42 per diluted share, as compared to $28,253,000, or $0.80 per diluted share, for the comparable prior year quarter. See below for information regarding non-GAAP measures. |
● | Trailing twelve-month revenues, including other operating income, as of the end of the third quarter of 2011 increased to $177,014,000, as compared to $138,585,000 as of the end of the prior year quarter. |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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Revenues and other operating income (in thousands)
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$ | 63,036 | $ | 63,949 | $ | 163,912 | $ | 118,727 | ||||||||
Net income (in thousands)
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$ | 12,510 | $ | 24,675 | $ | 27,002 | $ | 39,321 | ||||||||
Non-GAAP net income (in thousands)
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$ | 18,024 | $ | 28,253 | $ | 45,211 | $ | 50,437 | ||||||||
Diluted earnings per share
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$ | 0.29 | $ | 0.70 | $ | 0.66 | $ | 1.14 | ||||||||
Pro forma non-GAAP net earnings per common share - diluted
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$ | 0.42 | $ | 0.80 | $ | 1.11 | $ | 1.46 | ||||||||
New revenue agreements
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24 | 51 | 88 | 180 | ||||||||||||
Licensing programs generating revenues
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22 | 36 | 49 | 52 | ||||||||||||
Licensing programs with initial revenues
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4 | 12 | 17 | 27 | ||||||||||||
New patent portfolios
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8 | 4 | 25 | 27 |
As of Date:
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Trailing Twelve-Month Revenues
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% Change
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||||||
September 30, 2011
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$ | 177,014 | -1 | % | ||||
June 30, 2011
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177,927 | 16 | % | |||||
March 31, 2011
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153,187 | 16 | % | |||||
December 31, 2010
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131,829 | -5 | % | |||||
September 30, 2010
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138,585 | - |
Three Months Ended September 30,
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||||||||
2011
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2010
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|||||||
Revenues
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$ | 50,585 | $ | 63,949 | ||||
Verdict insurance proceeds
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12,451 | - | ||||||
$ | 63,036 | $ | 63,949 |
Three Months Ended September 30,
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2011
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2010
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Inventor royalties and noncontrolling interests
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$ | 15,592 | $ | 17,615 | ||||
Contingent legal fees
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12,328 | 9,739 | ||||||
Verdict insurance proceeds related costs
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7,661 | - |
Three Months Ended September 30,
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2011
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2010
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Litigation and licensing expenses - patents
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$ | 3,501 | $ | 2,890 |
Three Months Ended September 30,
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2011
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2010
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Amortization of patents
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$ | 1,946 | $ | 1,963 |
Three Months Ended September 30,
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2011
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2010
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Marketing, general and administrative expenses
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$ | 5,180 | $ | 4,738 | ||||
Non-cash stock compensation expense - MG&A
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3,568 | 1,615 | ||||||
Total marketing, general and administrative expenses
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$ | 8,748 | $ | 6,353 |
September 30,
2011 |
December 31,
2010 |
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Cash & cash equivalents and investments
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$ | 319,133 | $ | 104,516 | ||||
Accounts receivable
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32,560 | 7,987 | ||||||
Total assets
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367,984 | 134,784 | ||||||
Accounts payable and accrued expenses
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7,201 | 7,099 | ||||||
Royalties and contingent legal fees payable
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37,050 | 12,760 | ||||||
Total liabilities
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44,859 | 20,931 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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Net cash provided by (used in):
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Operating activities
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$ | 20,727 | $ | 14,159 | $ | 45,846 | $ | 30,347 | ||||||||
Investing activities
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(9,486 | ) | (806 | ) | (11,344 | ) | (3,113 | ) | ||||||||
Financing activities
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7 | 2,572 | 173,646 | 4,457 | ||||||||||||
Increase in cash and cash equivalents
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$ | 11,248 | $ | 15,925 | $ | 208,148 | $ | 31,691 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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Revenues
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$ | 50,585 | $ | 63,949 | $ | 151,461 | $ | 118,727 | ||||||||
Operating costs and expenses:
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Cost of revenues:
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Inventor royalties
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15,592 | 14,508 | 37,269 | 21,296 | ||||||||||||
Contingent legal fees
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12,328 | 9,739 | 34,734 | 17,611 | ||||||||||||
Litigation and licensing expenses - patents
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3,501 | 2,890 | 10,800 | 11,019 | ||||||||||||
Amortization of patents
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1,946 | 1,963 | 8,318 | 5,542 | ||||||||||||
Verdict insurance proceeds
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(12,451 | ) | - | (12,451 | ) | - | ||||||||||
Verdict insurance proceeds related costs
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7,661 | - | 7,661 | - | ||||||||||||
Marketing, general and administrative expenses (including non-cash stock compensation expense of $3,568 and $9,891 for the three and nine months ended September 30, 2011, respectively and $1,615 and $5,574 for the three and nine months ended September 30, 2010, respectively)
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8,748 | 6,353 | 27,031 | 18,741 | ||||||||||||
Research, consulting and other expenses - business development
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850 | 461 | 2,893 | 1,286 | ||||||||||||
Total operating costs and expenses
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38,175 | 35,914 | 116,255 | 75,495 | ||||||||||||
Operating income
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12,410 | 28,035 | 35,206 | 43,232 | ||||||||||||
Total other income
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25 | 44 | 78 | 83 | ||||||||||||
Income from operations before provision for income taxes
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12,435 | 28,079 | 35,284 | 43,315 | ||||||||||||
Provision for income taxes
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(182 | ) | (297 | ) | (7,636 | ) | (605 | ) | ||||||||
Net income including noncontrolling interests in operating subsidiary
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12,253 | 27,782 | 27,648 | 42,710 | ||||||||||||
Net (income) loss attributable to noncontrolling interests in operating subsidiaries
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257 | (3,107 | ) | (646 | ) | (3,389 | ) | |||||||||
Net income attributable to Acacia Research Corporation
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$ | 12,510 | $ | 24,675 | $ | 27,002 | $ | 39,321 | ||||||||
Net income per common share attributable to Acacia Research Corporation:
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Basic earnings per share
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$ | 0.30 | $ | 0.75 | $ | 0.69 | $ | 1.24 | ||||||||
Diluted earnings per share
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$ | 0.29 | $ | 0.70 | $ | 0.66 | $ | 1.14 | ||||||||
Weighted average number of shares outstanding, basic
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41,292,819 | 32,794,553 | 39,178,952 | 31,776,074 | ||||||||||||
Weighted average number of shares outstanding, diluted
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42,857,880 | 35,105,353 | 40,733,813 | 34,448,666 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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GAAP net income
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$ | 12,510 | $ | 24,675 | $ | 27,002 | $ | 39,321 | ||||||||
Non-cash stock compensation
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3,568 | 1,615 | 9,891 | 5,574 | ||||||||||||
Non-cash patent amortization
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1,946 | 1,963 | 8,318 | 5,542 | ||||||||||||
Non-GAAP net income
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$ | 18,024 | $ | 28,253 | $ | 45,211 | $ | 50,437 | ||||||||
Pro forma non-GAAP net earnings per common share — basic
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$ | 0.44 | $ | 0.86 | $ | 1.15 | $ | 1.59 | ||||||||
Pro forma non-GAAP net earnings per common share — diluted
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$ | 0.42 | $ | 0.80 | $ | 1.11 | $ | 1.46 | ||||||||
GAAP weighted-average shares — basic
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41,292,819 | 32,794,553 | 39,178,952 | 31,776,074 | ||||||||||||
GAAP weighted-average shares — diluted
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42,857,880 | 35,105,353 | 40,733,813 | 34,448,666 |
September 30,
2011 |
December 31,
2010 |
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 310,663 | $ | 102,515 | ||||
Short-term investments
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6,514 | - | ||||||
Accounts receivable
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32,560 | 7,987 | ||||||
Prepaid expenses and other current assets
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927 | 1,679 | ||||||
Total current assets
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350,664 | 112,181 | ||||||
Property and equipment, net of accumulated depreciation
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232 | 135 | ||||||
Patents, net of accumulated amortization
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14,665 | 19,803 | ||||||
Investments - noncurrent
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1,956 | 2,001 | ||||||
Other assets
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467 | 664 | ||||||
$ | 367,984 | $ | 134,784 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 7,201 | $ | 7,099 | ||||
Royalties and contingent legal fees payable
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37,050 | 12,760 | ||||||
Total current liabilities
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44,251 | 19,859 | ||||||
Other liabilities
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608 | 1,072 | ||||||
Total liabilities
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44,859 | 20,931 | ||||||
Total stockholders' equity
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323,125 | 113,853 | ||||||
$ | 367,984 | $ | 134,784 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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Cash flows from operating activities:
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Net income including noncontrolling interests in operating subsidiary
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$ | 12,253 | $ | 27,782 | $ | 27,648 | $ | 42,710 | |||||||||
Adjustments to reconcile net income including noncontrolling interests in operating subsidiary to net cash provided by operating activities :
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Depreciation and amortization
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1,975 | 1,983 | 8,393 | 5,608 | |||||||||||||
Non-cash stock compensation
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3,568 | 1,615 | 9,891 | 5,574 | |||||||||||||
Gain on investments
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(6 | ) | - | (15 | ) | - | |||||||||||
Changes in assets and liabilities:
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Accounts receivable
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(12,194 | ) | (36,385 | ) | (24,573 | ) | (33,870 | ) | |||||||||
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Prepaid expenses, deferred fees and other assets
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1,012 | 51 | 949 | (707 | ) | |||||||||||
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Accounts payable and accrued expenses
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(240 | ) | (443 | ) | (737 | ) | 82 | |||||||||
Royalties and contingent legal fees payable
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14,359 | 19,556 | 24,290 | 12,460 | |||||||||||||
Deferred revenues
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- | - | - | (1,510 | ) | ||||||||||||
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Net cash provided by operating activities
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20,727 | 14,159 | 45,846 | 30,347 | |||||||||||||
Cash flows from investing activities:
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Purchase of property and equipment
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(84 | ) | (11 | ) | (172 | ) | (39 | ) | |||||||||
Purchase of available-for-sale investments
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(8,427 | ) | - | (8,427 | ) | - | |||||||||||
Sale of available-for-sale investments
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25 | - | 60 | - | |||||||||||||
Patent acquisition costs
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(1,000 | ) | (795 | ) | (2,805 | ) | (3,074 | ) | |||||||||
Net cash used in investing activities
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(9,486 | ) | (806 | ) | (11,344 | ) | (3,113 | ) | |||||||||
Cash flows from financing activities:
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Proceeds from sale of common stock, net of issuance costs
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- | - | 175,232 | - | |||||||||||||
Distributions to noncontrolling interests in operating subsidiary
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- | - | (2,897 | ) | (2,788 | ) | |||||||||||
Contributions from noncontrolling interests in operating subsidiary
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- | 444 | 877 | 444 | |||||||||||||
Excess tax benefits from stock-based compensation
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- | - | 23 | - | |||||||||||||
Proceeds from the exercise of stock options
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7 | 2,128 | 411 | 6,801 | |||||||||||||
Net cash provided by financing activities
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7 | 2,572 | 173,646 | 4,457 | |||||||||||||
Increase in cash and cash equivalents
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11,248 | 15,925 | 208,148 | 31,691 | |||||||||||||
Cash and cash equivalents, beginning
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299,415 | 67,501 | 102,515 | 51,735 | |||||||||||||
Cash and cash equivalents, ending
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$ | 310,663 | $ | 83,426 | $ | 310,663 | $ | 83,426 |
· Camera Support technology
· Catheter Insertion technology
· DMT® technology
· Document Generation technology
· Electronic Message Advertising technology
· Facilities Operation Management System technology
· High Performance Computer Architecture technology
· Lighting Control technology
· Location Based Services technology
· Manufacturing Data Transfer technology
· MEMS technology*
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· Messaging technology
· Mobile Computer Synchronization technology
· Online Auction Guarantee technology
· Pop-up Internet Advertising technology
· Power-over-Ethernet technology*
· Semiconductor Manufacture technology*
· Shape Memory Alloys technology
· Targeted Content Delivery technology*
· Telematics technology
· Virtual Server technology
· Website Crawling technology
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·
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AdjustaCam LLC entered into settlement and license agreements with Overstock.com Inc. and Baltic Latvian Universal Electronics LLC. The agreements resolved litigation that was pending in the United States District Court for the Eastern District of Texas.
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·
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Catheter Flushing LLC entered into a license agreement with Medical Components Inc. covering patents generally relating to the catheterization of patients using a guide wire and a flushing port. The agreement resolved litigation that was pending in the United States District Court for the District of Utah with respect to certain Medical Components Inc. products.
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·
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Chalumeau Power Systems LLC entered into a license agreement with Force 10 Networks Inc. covering patents generally relating to Power Over Ethernet technology. The agreement resolved litigation that was pending in the United States District Court for the District of Delaware with respect to certain Force 10 products.
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·
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Chalumeau Power Systems LLC entered into a Patent License, License Option and Assignment Agreement with RPX Corporation, on September 30, 2011.
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·
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Content Delivery Solutions LLC entered into a license agreement with Research In Motion Ltd. as of August 1, 2011.
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·
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Data Detection Systems LLC entered into a settlement agreement with NetIQ Corporation regarding a patent for monitoring computer applications. The settlement agreement resolved litigation that was pending in the Eastern District of Texas.
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·
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Data Retrieval Technologies LLC entered into a settlement agreement with Sybase, Inc. The agreement resolved patent litigation that was pending in the United States District Court for the Northern District of California.
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·
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Document Generation Corporation entered into a license agreement with e-MDs Inc. covering patents relating to document generation software. The agreement resolved litigation that was pending in the United States District Court for the Southern District of Illinois and the United States District Court for the Eastern District of Texas with respect to certain e-MDs Inc. products.
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·
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EVM Systems LLC entered into a settlement agreement with Boston Scientific Corporation regarding patents for shape memory metal medical instruments. The settlement agreement resolved litigation that was pending in the Eastern District of Texas.
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·
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Greenlight Technologies LLC entered into settlement and license agreements with Heathco LLC, Hubbell Incorporated and Leviton Manufacturing Co. Inc. The agreements resolved litigation that was pending in the United States District Court for the Eastern District of Texas.
|
·
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Kellstrom Integration Solutions LLC settled with Siemens Product Lifecycle Management Software Inc. concerning patents that apply to systems and methods for transferring assembly data.
|
·
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Lighting Ballast Control LLC received a $4.5 million final judgment stemming from its June 17th, 2011 trial verdict and corresponding $3 million damages award in its patent lawsuit with Universal Lighting Technologies.
|
·
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MEMTech LLC entered into a settlement agreement with Kionix Inc. covering patents relating to certain MEMS devices.
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·
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Optimum Processing Solutions LLC entered into a settlement agreement with Advanced Micro Devices Inc. This agreement resolved patent litigation that was pending in the United States District Court for the Northern District of Georgia, Atlanta Division.
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·
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Smart Foundry Solutions LLC entered into a Patent License and License Option Agreement with RPX Corporation, on September 30, 2011.
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·
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Smartphone Technologies LLC entered into a license agreement with Research In Motion Ltd. as of August 1, 2011.
|
·
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Telematics Corporation entered into a settlement agreement with Wireless Matrix USA Inc. This agreement resolved patent litigation that was pending in the United States District Court for the Northern District of Georgia.
|
·
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Unified Messaging Solutions LLC entered into a license agreement with Research In Motion Ltd. as of August 1, 2011.
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·
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Unified Messaging Solutions LLC also entered into patent license and settlement agreements with Bank of America Corporation and T-Mobile USA Inc. on September 30, 2011.
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·
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Acacia Research Group LLC and its affiliates continued their patent and patent rights acquisition activities, acquiring a total of 8 new patent portfolios in the third quarter of 2011, including the following:
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·
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In July 2011, acquired rights to patents for 3G and 4G wireless technology from a major technology company.
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·
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In July 2011, acquired a valuable patent portfolio relating to mobile applications for use in smartphones and other wireless computing devices.
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·
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In August 2011, acquired a patent relating to domain name redirection technology.
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·
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In September 2011, acquired rights to a patent relating to document assembly technology for printers.
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·
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In September 2011, acquired the rights to patents relating to semiconductor packaging technology.
|
·
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In September 2011, a subsidiary has acquired over 50 patents relating to semiconductor manufacturing processing technology.
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·
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In September 2011, acquired patents for heart valve technology from a major medical device company.
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·
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In September 2011, acquired patent rights relating to computer-aided design technology.
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(1) As used herein, “Acacia Research Corporation,” “we,” “us,” and “our” refer to Acacia Research Corporation and/or its wholly and majority-owned operating subsidiaries. All intellectual property acquisition, development, licensing and enforcement activities are conducted solely by certain of Acacia Research Corporation’s wholly and majority-owned operating subsidiaries.
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(2) Acacia Research Group LLC, AdjustaCam LLC, Catheter Flushing LLC, Chalumeau Power Systems LLC, Content Delivery Solutions LLC, Data Detection Systems LLC, Data Retrieval Technologies LLC, Document Generation Corporation, EVM Systems LLC, Greenlight Technologies LLC, Kellstrom Integration Solutions LLC, Lighting Ballast Control LLC, MEMTech LLC, Optimum Processing Solutions LLC, Smart Foundry Solutions LLC, Smartphone Technologies LLC, Telematics Corporation and Unified Messaging Solutions LLC are all wholly owned operating subsidiaries of Acacia Research Corporation.
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