Acacia Research Corporation (NASDAQ:ACTG) Q1 2019 Earnings Conference Call Transcript

May 10, 2019 • 11:00 am ET

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Acacia Research Corporation (NASDAQ:ACTG) Q1 2019 Earnings Conference Call Transcript

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Operator
Operator

Good day and welcome ladies and gentlemen to the Acacia Research 2019 Quarter One Year-End Earnings Call. At this time, I would like to inform you that this conference is being recorded and all participants are in a listen-only mode.

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

Executive
Rob Fink

Thank you, operator. Hosting the call today are Board Members, Al Tobia and Clifford Press.

Before beginning, I would like to remind you that information provided during this call may contain forward-looking statements relating to current projections, 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 operations 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 risk factors and uncertainty. For a discussion of such risk factors and uncertainties, please see the risk factors described in Acacia's annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC.

In addition, during the call, we will present non-GAAP financial measures. Please refer to our disclosures regarding the presentation of non-GAAP financial measures and other notes that were included in yesterday's earnings release, as well as the 8-K filed with the SEC. I would like to remind everyone that a press release disclosing the company's financial results was issued yesterday at approximately 4:05 Eastern Time, which may be accessed on the company's website at acaciaresearch.com under the News & Events tab.

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

Executive
Alfred Tobia

Thank you, Rob and good morning, everyone. This quarter, we achieved an important milestone with a successful reconstitution of our Board of Directors. Yesterday, we announced that Isaac Kohlberg, Senior Associate Provost and Chief Technology Development Officer at Harvard University; and Luis Rinaldini, CEO of Groton Partners and former Vice Chairman and Global Head of Telecom Mergers & Acquisitions at Credit Suisse First Boston have joined our board. This follows the recent additions of Katharine Wolanyk and Maureen O'Connell to our board in January. We are also pleased to announce that Maureen has been named Chairman of the Board.

Isaac is a renowned IT expert. He is an established leader who has been a pioneer in connecting academic innovation and commercial development. Luis has enjoyed an impressive career in finance, technology and health care with the recent emphasis on matters related to pharmaceutical royalties. Further, Luis's broad transactional experience in IT will be immensely valuable to our organization.

Isaac and Luis join Katharine Wolanyk, who we appointed to the Board in January. Katharine was named a world leading IT strategist by IAM in 2015 through 2018. She currently leads Burford's intellectual property business. We have added four directors now over the past few months with exceptional IT governance and M&A