Greetings. Welcome to the Acacia Research Fourth Quarter 2022 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Robert Fink of FNK IR. You may begin.

Thank you, operator, and thank you, everyone, for joining us here today. Hosting the call are MJ McNulty, Interim Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer. Before beginning, I’d 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 the 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 section described in Acacia's Annual Report on Form 10-K and on the quarterly reports on Form 10-Q, both of which 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 now like to turn the call over to MJ. MJ, the call is yours.

Rob, thanks. We're glad to have everyone here this morning, and thanks for taking the time to join us. As we conclude an eventful 2022, we're also concluding a productive Q1 and we're carrying that momentum into the remainder of 2023. Over the past few months, we've accomplished much, all with the goal of a strong platform, positioned to benefit in all market conditions through the acquisition of operating companies that fit our acquisition criteria. We've streamlined and improved our team, eliminating approximately one-third of our fixed G&A costs, while enhancing our capabilities. We bolstered our already strong capital base through a rights offering, which followed a recapitalization with Starboard Value. As a result, we now have total assets of $562 million, of which $428.5 million are in cash and marketable securities. We formalized our acquisition criteria and process and broaden our relationships, which has substantially increased our funnel of new opportunities and led to increased valuation activity by our deal team. Notably, we've achieved all of this while navigating change in our C-suite and the unfortunate distractions related to our former CEO. Those issues are now largely resolved. Our former CEO has dropped a suit against us in Delaware and our Board of Directors has filed a claim in arbitration against Mr. Press, seeking to recover funds we believe were spent inappropriately, though not material to our financial position. Since I joined Acacia as Chief Operating Officer and Head of M&A and even more so since assuming the Interim CEO position, we have made significant progress, implementing formal processes for our M&A initiative. We now have an excellent execution team, comprising proven professionals with both the public and private equity expertise and experience in both completing transactions and operating businesses. Importantly, our in-house team is complemented by our Board…

Thank you, MJ. Our GAAP book value at December 31, 2022, was $269.3 million or $6.19 per basic share compared to $282.5 million or $7.33 per share at September 30, 2022 and $430.5 million or $8.80 per share as of December 31, 2021. This reflects the initial Starboard transaction that was completed in the fourth quarter. Subsequent to the end of this year, we completed a rights offering, raising net proceeds of $79 million to Acacia. Inclusive of that offering, our book value is approximately $5.95 per share, and our capital base stood at 348.4 million, including $366.9 million in cash. The quarterly results reflected several nonrecurring items, including foreign and embedded derivative related charges, severance for former employees, including former CEO, legal and professional fees related to the Starboard recap. As an important note, we expect that interest income, combined with profits from our IP business and Printronix to cover Acacia's fixed costs. A key part of this is the elimination of approximately $6 million in annualized G&A costs. Let me now turn to the fourth quarter results. Revenues for the fourth quarter of 2022 were $13.1 million, compared to $63.3 million a year ago. Breaking that down. First, Printronix contributed $10.6 million in revenue in the quarter, compared to $12 million in the prior year quarter. Second, our intellectual property business generated $2.5 million in revenue related to patent assertion, compared to $51.3 million in the fourth quarter last year. This is a reflection of the uneven nature of revenue timing in this business. General and administrative expenses were $15.9 million, compared to $12.7 million in the fourth quarter last year due to an increase business development and personnel expenses related to the company's transaction organization, cost for the Starboard recap, as well as nonrecurring severance costs. I…

Thank you, operator. Thanks, everyone for joining the call today. We look forward to speaking with everyone next quarter and in between.

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.