$ACTG
ACACIA RESEARCH CORP

2016 Q1 Form 10-Q Financial Statement

#000093454916000114 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $24.72M $34.21M
YoY Change -27.74% 171.98%
Cost Of Revenue $1.570M $9.330M
YoY Change -83.17% 882.11%
Gross Profit $23.15M $24.89M
YoY Change -6.99% 114.02%
Gross Profit Margin 93.65% 72.76%
Selling, General & Admin $12.10M $15.36M
YoY Change -21.22% 16.19%
% of Gross Profit 52.27% 61.71%
Research & Development $520.0K $1.000M
YoY Change -48.0% 1.01%
% of Gross Profit 2.25% 4.02%
Depreciation & Amortization $10.80M $13.10M
YoY Change -17.54% -9.97%
% of Gross Profit 46.67% 52.64%
Operating Expenses $25.13M $29.81M
YoY Change -15.7% 3.9%
Operating Profit -$9.702M -$13.61M
YoY Change -28.71% -47.76%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.000K $228.0K
YoY Change -101.32% 109.17%
Pretax Income -$9.705M -$13.38M
YoY Change -27.48% -48.42%
Income Tax $192.0K $170.0K
% Of Pretax Income
Net Earnings -$9.965M -$13.13M
YoY Change -24.11% -46.23%
Net Earnings / Revenue -40.31% -38.38%
Basic Earnings Per Share -$0.27
Diluted Earnings Per Share -$199.7K -$0.27
COMMON SHARES
Basic Shares Outstanding 49.93M shares 49.21M shares
Diluted Shares Outstanding 49.93M shares 49.21M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.3M $154.8M
YoY Change -6.14% -32.4%
Cash & Equivalents $145.3M $101.5M
Short-Term Investments $53.30M
Other Short-Term Assets $16.10M $17.00M
YoY Change -5.29% 58.88%
Inventory
Prepaid Expenses
Receivables $25.18M $30.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $186.6M $201.8M
YoY Change -7.53% -20.34%
LONG-TERM ASSETS
Property, Plant & Equipment $231.0K $421.0K
YoY Change -45.13% -46.16%
Goodwill $30.15M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.111M $355.0K
YoY Change 212.96% 14.89%
Total Long-Term Assets $153.2M $305.6M
YoY Change -49.86% -4.93%
TOTAL ASSETS
Total Short-Term Assets $186.6M $201.8M
Total Long-Term Assets $153.2M $305.6M
Total Assets $339.8M $507.4M
YoY Change -33.02% -11.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.60M $12.70M
YoY Change 14.96% 3.25%
Accrued Expenses $0.00 $900.0K
YoY Change -100.0% -95.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.20M $32.73M
YoY Change 1.42% -7.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $345.0K $250.0K
YoY Change 38.0% -21.63%
Total Long-Term Liabilities $345.0K $250.0K
YoY Change 38.0% -21.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.20M $32.73M
Total Long-Term Liabilities $345.0K $250.0K
Total Liabilities $33.75M $34.15M
YoY Change -1.15% -13.57%
SHAREHOLDERS EQUITY
Retained Earnings -$298.1M -$141.2M
YoY Change 111.08% 63.29%
Common Stock $50.00K $51.00K
YoY Change -1.96% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.64M $34.64M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.729M shares 1.729M shares
Shareholders Equity $302.0M $468.2M
YoY Change
Total Liabilities & Shareholders Equity $339.8M $507.4M
YoY Change -33.02% -11.72%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$9.965M -$13.13M
YoY Change -24.11% -46.23%
Depreciation, Depletion And Amortization $10.80M $13.10M
YoY Change -17.54% -9.97%
Cash From Operating Activities $11.11M -$15.83M
YoY Change -170.18% -22.52%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $5.200M
YoY Change -100.0% -84.88%
Cash From Investing Activities -$1.004M -$11.65M
YoY Change -91.38% -134.97%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $6.375M
YoY Change -100.0% 1.92%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$5.437M
YoY Change -100.0% -11.81%
NET CHANGE
Cash From Operating Activities $11.11M -$15.83M
Cash From Investing Activities -$1.004M -$11.65M
Cash From Financing Activities $0.00 -$5.437M
Net Change In Cash $10.11M -$32.92M
YoY Change -130.7% -590.0%
FREE CASH FLOW
Cash From Operating Activities $11.11M -$15.83M
Capital Expenditures $4.000K $0.00
Free Cash Flow $11.11M -$15.83M
YoY Change -170.16% -22.89%

Facts In Submission

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CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
938000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-13552000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-9897000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
272000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
231000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10725000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
11523000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-288131000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-298096000 USD
CY2015Q1 us-gaap Royalty Expense
RoyaltyExpense
9325000 USD
CY2016Q1 us-gaap Royalty Expense
RoyaltyExpense
1573000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3247000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1735000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
310211000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
302048000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
314155000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
306060000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49212207 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49925550 shares
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations. </font><font style="font-family:inherit;font-size:10pt;">Four</font><font style="font-family:inherit;font-size:10pt;"> licensees individually accounted for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">22%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">19%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">16%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">11%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, and two licensees individually accounted for </font><font style="font-family:inherit;font-size:10pt;">58%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">. For the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and 2015, </font><font style="font-family:inherit;font-size:10pt;">25%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">62%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions, based on the jurisdiction of the entity obligated to satisfy payment obligations pursuant to the applicable revenue arrangement.The Company does not have any material foreign operations.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">48%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">22%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">. Two licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">72%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">21%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at December 31, 2015. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Acacia believes that, of the significant accounting policies described herein, the accounting policies associated with revenue recognition, stock-based compensation expense, impairment of marketable securities and intangible assets including goodwill, the determination of the economic useful life of amortizable intangible assets, income taxes and valuation allowances against net deferred tax assets and the application of the acquisition method of accounting for business combinations, require its most difficult, subjective or complex judgments.</font></div></div>

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