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18. Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | 18. QUARTERLY FINANCIAL DATA (unaudited) The following table sets forth unaudited consolidated statements of operations data for the eight quarters in the period ended December 31, 2020. This information has been derived from Acacia’s unaudited condensed consolidated financial statements that have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the information when read in conjunction with the audited consolidated financial statements and related notes thereto. Acacia’s quarterly results have been, and may in the future be, subject to significant fluctuations. As a result, Acacia believes that results of operations for interim periods should not be relied upon as any indication of the results to be expected in any future periods.
| Quarter Ended |
| Dec. 31, |  | Sept. 30, |  | Jun. 30, |  | Mar. 31, |  | Dec. 31, |  | Sept. 30, |  | Jun. 30, |  | Mar. 31, |
| 2020 |  | 2020 |  | 2020 |  | 2020 |  | 2019 |  | 2019 |  | 2019 |  | 2019 |
| (Unaudited, in thousands, except share and per share information) |
Revenues | $ | 4,383 |  | $ | 19,466 |  | $ | 2,118 |  | $ | 3,815 |  | $ | 688 |  | $ | 1,711 |  | $ | 5,460 |  | $ | 3,387 |
Portfolio operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventor royalties |  | 506 |  |  | 5,772 |  |  | 645 |  |  | 426 |  |  | 192 |  |  | 776 |  |  | 2,623 |  |  | 1,353 |
Contingent legal fees |  | 564 |  |  | 6,609 |  |  | 12 |  |  | 234 |  |  | 4 |  |  | 35 |  |  | 375 |  |  | 177 |
Patent acquisition expenses |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Litigation and licensing expenses - patents |  | 2,186 |  |  | 1,001 |  |  | 1,459 |  |  | 1,037 |  |  | 1,160 |  |  | 987 |  |  | 1,855 |  |  | 3,801 |
Amortization of patents |  | 1,159 |  |  | 1,174 |  |  | 1,305 |  |  | 1,043 |  |  | 857 |  |  | 863 |  |  | 818 |  |  | 656 |
Other portfolio expenses |  | – |  |  | – |  |  | (74 | ) |  | (234 | ) |  | 1,581 |  |  | (475 | ) |  | – |  |  | 650 |
Total portfolio operations |  | 4,415 |  |  | 14,556 |  |  | 3,347 |  |  | 2,506 |  |  | 3,794 |  |  | 2,186 |  |  | 5,671 |  |  | 6,637 |
Net portfolio income (loss) |  | (32 | ) |  | 4,910 |  |  | (1,229 | ) |  | 1,309 |  |  | (3,106 | ) |  | (475 | ) |  | (211 | ) |  | (3,250 | )
General and administrative expenses (including non-cash stock compensation expense) |  | 6,387 |  |  | 7,692 |  |  | 5,519 |  |  | 4,878 |  |  | 4,328 |  |  | 4,630 |  |  | 3,763 |  |  | 3,655 |
Impairment of patent-related intangible assets |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Operating income (loss) |  | (6,419 | ) |  | (2,782 | ) |  | (6,748 | ) |  | (3,569 | ) |  | (7,434 | ) |  | (5,105 | ) |  | (3,974 | ) |  | (6,905 | )
Total other income (expense) |  | 86,756 |  |  | 41,213 |  |  | 12,894 |  |  | (9,060 | ) |  | 5,921 |  |  | (2,503 | ) |  | (1,774 | ) |  | 2,821 |
Income (loss) before provision for income taxes |  | 80,337 |  |  | 38,431 |  |  | 6,146 |  |  | (12,629 | ) |  | (1,513 | ) |  | (7,608 | ) |  | (5,748 | ) |  | (4,084 | )
Provision for income taxes |  | (98 | ) |  | (83 | ) |  | 2 |  |  | 1,338 |  |  | 2,147 |  |  | – |  |  | (9 | ) |  | (314 | )
Net income (loss) including noncontrolling interests |  | 80,239 |  |  | 38,348 |  |  | 6,148 |  |  | (11,291 | ) |  | 634 |  |  | (7,608 | ) |  | (5,757 | ) |  | (4,398 | )
Net (income) loss attributable to noncontrolling interests in subsidiaries |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 14 |
Net income (loss) attributable to Acacia Research Corporation | $ | 80,239 |  | $ | 38,348 |  | $ | 6,148 |  | ($ | 11,291 | ) | $ | 634 |  | ($ | 7,608 | ) | ($ | 5,757 | ) | ($ | 4,384 | )
Net income (loss) attributable to common shareholders - basic | $ | 65,180 |  | $ | 30,529 |  | $ | 4,201 |  | $ | (12,185 | ) | $ | 327 |  | $ | (7,608 | ) | $ | (5,757 | ) | $ | (4,384 | )
Basic income (loss) per share | $ | 1.34 |  | $ | 0.63 |  | $ | 0.09 |  | ($ | 0.24 | ) | $ | 0.01 |  | ($ | 0.15 | ) | ($ | 0.12 | ) | ($ | 0.09 | )
Weighted-average number of shares outstanding, basic |  | 48,508,903 |  |  | 48,467,885 |  |  | 48,457,620 |  |  | 49,875,396 |  |  | 49,875,750 |  |  | 49,828,361 |  |  | 49,696,016 |  |  | 49,655,881 |
Net loss attributable to common stockholders - diluted | $ | 65,352 |  | $ | 29,204 |  | $ | 4,201 |  | $ | (12,185 | ) | $ | (2,624 | ) | $ | (7,608 | ) | $ | (5,757 | ) | $ | (4,384 | )
Diluted net income (loss) per common share | $ | 1.33 |  | $ | 0.32 |  | $ | 0.09 |  | ($ | 0.24 | ) | ($ | 0.05 | ) | ($ | 0.15 | ) | ($ | 0.12 | ) | ($ | 0.09 | )
Weighted average number of shares outstanding - diluted |  | 49,244,141 |  |  | 90,624,702 |  |  | 49,033,824 |  |  | 49,875,396 |  |  | 54,406,835 |  |  | 49,828,361 |  |  | 49,696,016 |  |  | 49,655,881 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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