ACTG - July 20 2015 Report Preview

July 20 2015
IP HAWK
Acacia Research Group (ACTG)
An Extremely Unique Situation
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com
Thoughts From the Hawk
Acacia Research Group (ACTG) is a leader in the patent monetization sector who identifies, partners, and acquires patent
assets to enforce and license. Acacia has signed over 1,400 licenses and has generated over $1.1B in revenue. The company
reorganized their strategy starting in 2012 moving away from a high volume acquisition/assertion approach to a high quality
concentrated approach. The transition has taken about three years so far and I believe the strategy is in the sweet spot to
start paying off. Visibility is a continued problem for patent investments as the companies are very limited in what they are
able to communicate as too much information has the potential to torpedo their licensing position.
The objective of this report is not to provide a bullish or bearish thesis, but to communicate past results which should be able
to estimate the future value of the patent portfolios. The keys to success for Acacia is to identify and acquire/partner with
world class patent assets and to execute successful legal campaigns in US / Foreign courts. The report will show how a
strong legal position in court translates into high quality patent licenses. By tracking the public legal court dockets, estimate
past patent licenses, and estimate units shipped investors are able to see Acacias legal position and estimate the value of
future agreements. While the estimates in this report are not perfect and there will be errors it should serve as a guide or
walkthrough on the legal dockets, calendar, and I believe conservative forecasts on the potential value of future agreements.
Key Facts and Value Drivers
Diversified patent portfolio

o
Risk is spread across multiple technologies and
targets
Portfolio transition to high quality marquee portfolios is
finally beginning to see litigation heading to important
catalysts
Adaptix
Infrastructure trial versus ALU starting on August
31, 2015.
Trial versus Ericsson in Q4 2015
Injunction in Germany with VoiceAge portfolio

Samsung, Sony, Doro, Huawei, licensed
Litigation filed in US with LG, HTC, ZTE,
and Motorola
ST Micro
Markman held on June 6, 2015
Trials set for December 2015 versus LG
and HTC
Key Data
Price
$8.79
TTM Revenue
$152.51mm
Market Cap
$448.9mm
Shares Outstanding
50.95mm
Float
49.98mm
52 Week Range
$7.88-19.93
3 Month Avg. Volume
470,205
I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.
July 20 2015
IP HAWK
Company Background and Strategy
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Acacia Research Group has been acquiring and monetizing patent assets for more than a decade. The company has grown into
one of the premier leaders in the patent space. The company was known for acquiring a high volume amount of patent assets
and filing a voluminous amount of patent litigation. The companys sweet spot was negotiating 100-200k settlements shortly
after the litigation was filed. The majority of the cases never proceeded to a jury trial. With the passing of the American
Invents Act of 2011 and various new court decisions this strategy would no longer be viable. Around the same time the
company acquired the Access/Palm portfolio, which generated a generous return and beyond expectations. Acacia seeing the
results and pivoted their strategy. Instead of a massive number of portfolios with a high volume number of defendants with
small license agreements, the company set out to identify and acquire a limited amount of high quality patent portfolios. Matt
Vella was promoted to CEO
The companys first major new transaction was the purchase of Adaptix in 2012. Before litigation was filed the company
speedily licensed Samsung and Microsoft to recover a large portion of the purchase price. The company quickly started
acquiring and partnering with high quality patents coming from world renowned companies. The new class of assets are now
called marquee portfolios. A marquee portfolio has the following attributes:
North American, Western Europe, and Japanese patents

Specific technology covered related to wireless communication, handsets, or microchips
Coverage of medical devices, energy, and automotive
Technology known to being used in the prior four to six years
Six to Eight years of patent life remaining
Patents declared essential to various standards setting organizations (SSO)
The problem with this plan is it left a huge hole in their litigation calendar, which has taken almost two years to develop. 2013
and 2014 had a shortfall of litigation catalysts to be used to leverage license agreements. The company has also been faced
with a few litigation setbacks such as the Summary Judgment rulings in Adaptix along with Markman Hearing and jury trial
dates that keep getting pushed back.
Results have started to turn around and the legal calendar has become very busy for Acacia. Investor sentiment appears to be
at a rock bottom partly due to the financial results over the last 24 months and the lack of visibility of the future opportunity
that has been presented. The lack of ongoing royalty bearing agreements has made it difficult for investors to value the
company. Estimating future agreements has been a consistent challenge for investors and wall street. It can be done by
tracking prior agreements, estimating units shipped, and tracking the litigation/IPR dockets. When Acacia is doing well in their
litigation it often leads to high quality patent licenses. When there are litigation setbacks the company is not able to monetize
their patent assets and financial results suffer.
I estimate their to be roughly $1.6B in future license agreements if the company was to take all of their portfolios to trial and
win them all. This is clearly not possible and I have backed into each agreement with the majority to be resolved over the next
18 to 24 months. As long as Acacia is doing well in court and at the patent office they should realize a significant amount of
the $1.6B potential. I estimate a net present value of $244mm. Due to the lack of ongoing licenses I dont believe Acacia
deserves an earnings multiple such as their peers in the 16-20 range. I do believe a 5-8 multiple of the $244mm would be
reasonable as the company has done a very good job refreshing their portfolio pipeline and has been on record they would like
to acquire another five marquee portfolios by the end of 2015.
July 20 2015
IP HAWK
Financial Models
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Source: 2015 Q1 Corporate Presentation
July 20 2015
IP HAWK
Smart Phone Coverage
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Source: 2014 Analyst Day Presentation
July 20 2015
Acacia Research (ACTG)

Smartphone Shipments
IP HAWK
David Hoff
iphawk@outlook.com
@theiphawk
July 20 2015
IP HAWK
Acacia Research (ACTG)
David Hoff
VoiceAge Saint Lawrence Communications
Defendant
Estimated
Units Covered
HTC
50,000,000
LG
100,000,000
Motorola
40,000,000
ZTE
60,000,000
Total
Current Litigation Status

US Initial Pleadings
Germany Infringement
Estimated Royalty at
Trial
iphawk@outlook.com
@theiphawk
Max Estimate at
Trial
Gross Margin
Success
Probability
NPV
$.35
$17,500,000
60%
75%
$7,875,000
$.35
35,000,000
60%
75%
$15,750,000
$.35
14,000,000
60%
75%
$6,300,000
$.35
21,000,000
60%
75%
$9,450,000
$87,500,000
$39,375,000
July 20 2015
IP HAWK
David Hoff
Key Court Dates Timeline
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Q4 2016
Plaintiff
Defendant
Case Number
Markman
Hearing
IDT (Rambus)
IDT (Rambus)
IDT (Rambus)
IDT (Rambus)
IDT (Rambus)
LG
Sony
Lenovo
Vizio
Pantech
1:13-cv-02109
1:13-cv-02111
1:13-cv-02108
1:13-cv-02112
1:13-cv-02110
10/27/2015
10/27/2015
10/27/2015
10/27/2015
10/27/2015
Plaintiff
Defendant
Case Number
Markman
Hearing
Data Engine
IDT (Rambus)
IDT (Rambus)
Google
Ford
General Motors
Markman
Opinion
Released
Jury Trial
Venue
10/24/2016
10/24/2016
10/24/2016
10/24/2016
10/24/2016
Delaware
Delaware
Delaware
Delaware
Delaware
Jury Trial
Venue
2/13/2017
2/6/2017
2/6/2017
Delaware
Delaware
Delaware
Q1 2017
1:14-cv-01115 10/20/2015
1:14-cv-00849 10/28/2015
1:14-cv-00850 10/28/2015
Markman
Opinion
Released
All dates subject to change

July 20 2015
IP HAWK
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Quarterly Revenue Analysis
Note: All numbers are personal estimates derived from the litigation history and top deals by percentage reported every
quarter. There will be a number of license estimates that will not be correct. I believe the quarterly revenue analysis to be very
close, but not perfect due to the lack of visibility related to the patent licensing sector. Typically all patent license agreements
are very confidential.
Q1 2012
Revenue - $99,040,000
Three licensees individually accounted for 54%, 20% and
18%
Portfolio
Licensee
Date
Announced
Case Status
IPR Status
Adaptix
Microsoft
1/17/2012
Not Filed
Not Filed
Adaptix
Samsung
1/18/2012
Not Filed
Not Filed
AdjustaCam
J&R Electronics
1/5/2012
Before Markman
Hearing
Not Filed
AdjustaCam
CompUSA
3/20/2012
After Markman
Hearing
Not Filed
AdjustaCam
Systemax
3/20/2012
After Markman
Hearing
Not Filed
AdjustaCam
Tiger Direct
3/20/2012
After Markman
Hearing
Not Filed
AdjustaCam
Amazon
3/27/2012
After Markman
Hearing
Not Filed
BMW of North
America
1/9/2012
Before Markman
Hearing
Not Filed
Advanced Data Access
Winbond Electronics
3/21/2012
Scheduling
Not Filed
Advanced Encoding Solutions
Ericsson Television
2/6/2012
Before Markman
Hearing
Not Filed
B.I. Systems
QlikTech
4/3/2012
Before Markman
Hearing
Not Filed
B.I. Systems
Lawson Software
4/3/2012
Before Markman
Hearing
Not Filed
B.I. Systems
Actuate Corp
4/3/2012
Before Markman
Hearing
Not Filed
Chalumeau Power Systems
SMC Networks
1/19/2012
Scheduling
Not Filed
Chalumeau Power Systems
D-Link
3/7/2012
Before Markman
Hearing
Not Filed
Compression Technology Solutions
CA, Inc
1/24/2012
Before Markman
Hearing
Not Filed
Compression Technology Solutions
IBM
2/2/2012
Before Markman
Hearing
Not Filed
DRAM Memory Technologies
Integrated Silicon
Solution
3/30/2012
Scheduling
Not Filed
DRAM Memory Technologies
SK hynix
4/2/2012
Initial Pleadings
Not Filed
Anti Pinch Solutions
Estimated Amount
19,808,000
53,481,600
100,000
100,000
100,000
100,000
100,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
200,000
200,000
500,000
500,000
Q1 2012 (continued)
Licensee
Date
Announced
Case Status
IPR Status
EVM Systems
Abbot Labs
1/20/2012
Before Markman
Hearing
Not Filed
Internet Communications Solutions
magicJack
3/22/2012
Initial Pleadings
Not Filed
Nokia Siemens
1/4/2012
Before Markman
Hearing
Not Filed
Lighting Ballast Control
American Ballast
1/9/2012
Initial Pleadings
Not Filed
Lighting Ballast Control
Robertson Transformer
3/1/2012
Initial Pleadings
Not Filed
Medical Monitoring
Philips Electronics
3/1/2012
Before Markman
Hearing
Not Filed
Medical Monitoring
Oridion Capnography
3/14/2012
Before Markman
Hearing
Not Filed
Program Rewards Solutions
Points International
3/14/2012
After Markman
Opinion Issued
Not Filed
Semiconductor Technologies
SK hynix
4/2/2012
Initial Pleadings
Not Filed
Winbond Electronics
3/14/2012
Scheduling
Not Filed
Not Filed
Portfolio
Lambda Optical Solutions
Smart Memory Solutions

Smooth Impact
Easy Strike
3/7/2012
Before Markman
Hearing
Smooth Impact
Apex Tool Group
3/7/2012
Before Markman
Hearing
Not Filed
Smooth Impact
Cooper Tools
3/7/2012
Before Markman
Hearing
Not Filed
Smooth Impact
Bold Inc
3/7/2012
Before Markman
Hearing
Not Filed
Smooth Impact
Test Rite Products
3/7/2012
Before Markman
Hearing
Not Filed
Smooth Impact
Lowes Home Centers
3/1/2012
Before Markman
Hearing
Not Filed
Smooth Impact
PullR Holding
Company
1/19/2012
Before Markman
Hearing
Not Filed
Smooth Impact
Stanley Black & Decker
2/6/2012
Before Markman
Hearing
Not Filed
Summit Data Systems
Buffalo Technology
1/25/2012
Before Markman
Hearing
Not Filed
Summit Data Systems
D-Link Systems
2/15/2012
Before Markman
Hearing
Not Filed
Unified Messaging Solutions
Comerica Bank
1/6/2012
Scheduling
Not Filed
Estimated Amount
1,500,000
300,000
17,827,000
100,000
100,000
500,000
500,000
300,000
523,400
300,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Q1 2015
Revenue - $31,030,000
Two licensees individually accounted for 58% and 15%.
Portfolio
Licensee
Date Announced
Case Status
IPR Status
AVS - Breed
TomTom
1/14/2015
Before Markman
Hearing
Filed
250,000
AVS - Breed
Garmin
3/17/2015
Before Markman
Hearing
Filed
250,000
Bonutti
DePuy
3/31/2015
After Markman Opinion

Issued, during discovery
Pending
5,100,000
Sprint Spectrum
4/1/2015
Before Markman
Opinion Issued
Not Filed
500,000
Credit Card Fraud Control
Elavon
3/30/2015
Scheduling
Filed
200,000
In-Depth Test
Intersil
1/30/2015
Initial Pleadings
Filed - No Inst
Decision
200,000
Whatsapp
3/9/2015
After Markman Opinion

Issued
Filed - Settled
100,000
Location Based Services
Virgin Mobile
4/1/2015
Before Markman
Opinion Issued
Not Filed
600,000
Location Based Services
Sprint Spectrum
4/1/2015
Before Markman
Opinion Issued
Not Filed
600,000
Innovative Display (Rambus)
HP
3/12/2015
Settled Pre-Trial
Filed by LG
1,500,000
Innovative Display (Rambus)
Dell
3/12/2015
Settled Pre-Trial
Filed by LG
1,500,000
Nexus Display
Eizo
2/27/2015
Before Markman
Hearing
Not Filed
300,000
Nexus Display
Panasonic
2/2/2015
Before Markman
Hearing
Not Filed
500,000
Online News Link
Acxiom
1/21/2015
Pre Markman Opinion

Issued
Filed - Settled
100,000
Parallel Seperation
Schlumberger
3/16/2015
Before Markman
Hearing
Not Filed
500,000
Saint Lawrence (Voiceage)
Aradyan Tech
1/26/2015
Not Filed
Not Filed
200,000
Doro AB
3/10/2015
Not Filed
Not Filed
200,000
Huawei
3/11/2015
German Injunction
Not Filed
2,200,000
Sony
3/31/2015
German Injunction
Not Filed
19,000,000
Leica Microsystems
3/26/2015
Pre Markman Hearing
Not Filed
500,000
Cell & Network (SK Telecom)
Intercarrier Communications
Super Resolution
Estimated Amount
July 20 2015
IP HAWK
Redefining Patent Monetization
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Patent Portfolio Break Down
Note: All dates subject to change. All information is public sourced from the US Patent office and PACER databases.
Bonutti Bonutti Skeletal Innovations LLC
Acquired portfolio on June 11, 2012

7 portfolios which includes 150 patents and applications.
Technologies covered include: spine, hip, knee, shoulder, biologics, and sports medicine.
Unlicensed portion currently being asserted had sales of approximately $1.74B in 2014.
Asserted against 50% of partial knee sales, equates to $141M in 2014.
Asserted against 40% of total knee sales, equates to $1.6B in 2014.
Stays to be lifted versus Zimmer, ConforMIS and Wright Medical
Inter Partes Reviews

Petitioner
Patent
Number
Filing Date
Institution
Decision Date
Institution
Decision
Oral Hearing
Date
Final Decision
Smith & Nephew
6702821
9/25/2013
1/17/2014
Not Instituted
Disclaimed
Claim 1
N/A
1/17/2014
Smith & Nephew
7806896
9/26/2013
2/28/2014
Instituted
10/27/2014
Claim 1
unpatentable,
2/18/2015
Zimmer
7806896
1/3/2014
6/3/2014
Instituted
1/9/2015
Claim 42
unpatentable,
5/18/2015
Wright Medical
7806896
1/15/2014
6/2/2014
Instituted
Joinder
Disclaimed
claim 40
Zimmer
7806896
6/30/2014
10/31/2014
Not Instituted
N/A
N/A
Zimmer Holdings
7837736
11/22/2013
6/2/2014
Instituted
1/9/2015
Claims
unpatentable (1)
Zimmer Holdings
7837736
6/30/2014
10/30/2014
Not Instituted
N/A
N/A
Smith & Nephew
7749229
9/25/2013
2/26/2014
Disclaimed
claim 23
N/A
3/24/2014
Arthrex
5921986
9/27/2013
3/3/2014
Disclaimed
claims
N/A
4/30/2014
Smith & Nephew
5980559
9/24/2013
1/17/2014
Settled
N/A
Settled
1/17/2014
Smith & Nephew
8133229
9/25/2013
1/17/2014
Not Instituted
Disclaimed
Claim 1
N/A
1/17/2014
Linvatec
5527343
9/26/2013
3/28/2014
Instituted
N/A
Settled
4/30/2014
Smith & Nephew
7087073
9/24/2013
1/17/2014
Not Instituted
N/A
Settled
1/17/2014
Zimmer Holdings
7959635
12/31/2013
6/4/2014
Not Instituted
N/A
Denied
Institution
Linvatec
6500195
10/2/2013
3/11/2014
Instituted
N/A
Settled
4/30/2014
Arthrex
8147514
9/27/2013
3/3/2014
Instituted
N/A
Disclaimed all
claims
Arthrex
8147514
9/27/2013
3/21/2014
Instituted
N/A
Disclaimed all
claims
(1) Disclaimed claims 15-20 and 26-28. Claims 21,22 and 31-36 found unpatentable
Bonutti Bonutti Skeletal Innovations LLC(continued)

Inter Partes Reviews
Petitioner
Patent Number
Filing Date
Globus Medical
8795363
6/4/2015
Globus Medical
8486066
6/4/2015
Globus Medical
7001385
6/4/2015
Globus Medical
6423063
6/4/2015
Globus Medical
6099531
6/4/2015
Institution
Decision Date
Institution
Decision
Oral Hearing
Date
Final Decision
Bonutti Bonutti Skeletal Innovations LLC (continued)
District Court Litigation

Defendant
Filed
Case
Number
Markman
Hearing
Markman
Opinion
Released
Jury Trial
Venue
Dismissed
Days to
Dismissal
Settled
Settled
Delaware
1/7/2014
484
Scheduling
Delaware
Smith & Nephew
9/10/2012
1:12-cv-01111
Settled
Wright Medical
9/10/2012
1:12-cv-01110
Scheduling
ConforMIS Inc
9/10/2012
1:12-cv-01109
Scheduling
N/A
Scheduling
Delaware
1/5/2015
847
Linvatec Corp
9/10/2012
6:12-cv-01379
1/24/2014
3/25/2014
4/1/2015
MD
Florida
4/9/2014
576
Zimmer Holdings
9/10/2012
1:12-cv-01107
Scheduling
Scheduling
Delaware
Stayed
1/7/2014
Arthrex
9/10/2012
6:12-cv-01380
1/24/2014
3/25/2014
2/2/2015
MD
Florida
7/9/2014
667
Depuy Mitek
9/10/2012
1:12-cv-11667
5/1/2014
5/2/2014
TBD
Mass
10/2/2014
752
Linvatec Corp
11/14/2012
6:12-cv-01709
1/24/2014
3/25/2014
4/1/2015
MD
Florida
4/9/2014
511
Biomet
3/8/2013
3:13-cv-00176
9/24/2014
4/13/2015
Stayed
pending
settlement
Indiana
Arthrex
4/17/2013
6:13-cv-00620
1/24/2014
3/25/2014
2/2/2015
MD
Florida
7/9/2014
448
Biomet
5/3/2013
2:13-cv-00377
Settled
Settled
Settled
EDTX
9/16/2013
136
Covidien
8/2/2013
1:13-cv-01213
12/10/2014
2/25/2015
Settled
DC
6/5/2015
672
MicroPort Orthopedics
8/12/2014
1:14-cv-01040
Not Scheduled
Not
Scheduled
Not
Scheduled
Delaware
Stayed
Pending
IPR
Globus
11/19/2014
2:14-cv-06650
Not Scheduled
Not
Scheduled
Not
Scheduled
EDPA
DePuy Synthes
12/18/2014
1:14-cv-14680
Not Scheduled
Not
Scheduled
Not
Scheduled
Mass
3/31/2015
103
Industrial Print Technologies
Acquired the portfolio on July 1, 2013.

The portfolio relates to ink jet and ink jet printing technologies.
Filed
Case Number
Markman
Hearing
Canon
1/13/2014
1:15-cv-00672
Scheduling
Canon
1/13/2014
2:14-cv-00019
N/A
ONeil Data
Systems / HP
1/29/2014
3:15-cv-01100
Scheduling
ONeil Data
Systems / HP
9/12/2014
2:14-cv-00048
N/A
ONeil Data
Systems / HP
9/12/2014
3:15-cv-01101
Scheduling
ONeil Data
Systems / HP
1/14/2015
2:14-cv-00892
N/A
ONeil Data
Systems / HP
1/14/2015
3:15-cv-01104
Scheduling
ONeil Data
Systems / HP
1/16/2015
2:15-cv-00020
N/A
QuadGraphics /
HP
1/16/2015
3:15-cv-01103
Vistaprint / HP
1/16/2015
Fort Dearborn /
HP
Defendant
Markman
Opinion
Released
Jury Trial
Venue
Scheduling
SDNY
N/A
EDTX
Scheduling
NDTX
N/A
EDTX
Scheduling
NDTX
N/A
EDTX
Scheduling
NDTX
N/A
EDTX
Scheduling
Scheduling
NDTX
3:15-cv-01106
Scheduling
Scheduling
NDTX
1/16/2015
3:15-cv-01195
Scheduling
Scheduling
NDTX
Vistaprint / HP
1/16/2015
1:15-cv-00049
N/A
N/A
N/A
Fort Dearborn /
HP
1/16/2015
1:15-cv-00467
N/A
N/A
3:15-cv-00165
Scheduling
Cenveo Inc / HP
1/16/2015
Quad/Graphics
1/16/2015
2:15-cv-00025
N/A
Punch
International
6/19/2015
6:10-cv-00909
Scheduling
N/A
N/A
N/A
N/A
N/A
Dismissed
Days to
Dismissal
1/30/2015
Transferred to
SDNY
4/8/2015
Transferred to
NDTX
4/8/2015
Transferred to
NDTX
4/8/2015
Transferred to
SDNY
Delaware
4/10/2015
Transferred to
NDTX
N/A
NDIL
4/10/2015
Transferred to
NDTX
Scheduling
NDTX
N/A
EDTX
4/8/2015
Transferred to
NDTX
Scheduling
MDFL
O.S. Security LLC
Acquired the portfolio on October 15, 2013.

The portfolio relates to power managed security system technology.
Defendant
Filed
Case Number
Markman
Hearing
Markman
Opinion
Released
Jury Trial
Venue
Dismissed
Days to
Dismissal
3/5/2014
121
Videx
11/4/2013
1:11-cv-05506
N/A
N/A
N/A
NDIL
First Alert
3/3/2014
8:14-cv-00310
3/3/2015
3/16/2015
1/12/2016
CDCA
Schlage Lock
Company
3/3/2014
8:14-cv-00319
3/3/2015
3/16/2015
2/16/2016
CDCA
Sargent
Manufacturing
3/3/2014
8:14-cv-00318
3/3/2015
3/16/2015
11/13/2015
CDCA
Kaba Ilco
3/3/2014
8:14-cv-00316
N/A
N/A
N/A
CDCA
9/5/2014
186
John Brush &

Co
3/3/2014
8:14-cv-00314
3/3/2015
3/16/2015
N/A
CDCA
5/8/2015
431
Alarm Lock
Systems
3/3/2014
8:14-cv-00312
N/A
N/A
N/A
CDCA
9/23/2014
204
July 20 2015
IP HAWK
Acacia Research Group
David Hoff
David Hoff
iphawk@outlook.com
Founder
@theiphawk
iphawk@outlook.com
Disclosure: I, David Hoff, own stock in ACTG. I have no plans to buy or sell any stock
within the next 72 hours. I wrote this report myself, and it expresses my own opinions. I have no business
relationship with any company whose stock is mentioned in the article.
DISCLOSURE:
The information contained herein is not intended to be investment advice and does not constitute any form of
invitation or inducement by David Hoff to engage in investment activity. Neither the information nor any
opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities, financial
instruments, strategies, or commentary mentioned herein may not be suitable for all investors and this material is
not intended for any specific investor and does not take into account an investors particular investment
objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to
change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any
securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment
lose a portion of, or the entire principal amount invested. Past performance is no guarantee of future results.
Before acting on any recommendation in this material, you should consider whether it is suitable for your
particular circumstances and, if necessary, seek professional advice.
FORWARD-LOOKING STATEMENT
This report may contain certain forward-looking statements and information, as defined within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to
the Safe Harbor created by those sections. This material contains statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward- looking
statements by definition involve risks, uncertainties and other factors, which may cause the actual results,
performance or achievements of mentioned company to be materially different from the statements made.
COMPLIANCE PROCEDURE
Content is researched, written and reviewed on a best-effort basis. However, we are only human and are prone to make
mistakes. If you notice any errors or omissions, please notify me at iphawk@outlook.com.
NO WARRANTY OR LIABILITY ASSUMED
David Hoff is not responsible for any error which may be occasioned at the time of printing of this document or
any error, mistake or shortcoming. David Hoff has not been compensated for this report. No liability is accepted by David
Hoff whatsoever for any direct, indirect or consequential loss arising from the use of this document. David Hoff
expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from
any reliance placed on the information in this document. David Hoff does not (1) guarantee the accuracy, timeliness,
completeness or correct sequencing of the information, or (2) warrant any results from use of the
information. The included information is subject to change without notice.

ACTG - July 20 2015 Report Preview

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

ACTG - July 20 2015 Report Preview

Încărcat de

Drepturi de autor:

Formate disponibile

July 20 2015

An Extremely Unique Situation

Thoughts From the Hawk

Key Facts and Value Drivers

Diversified patent portfolio

Injunction in Germany with VoiceAge portfolio

3 Month Avg. Volume

Company Background and Strategy

North American, Western Europe, and Japanese patents

Source: 2015 Q1 Corporate Presentation

Smart Phone Coverage

Source: 2014 Analyst Day Presentation

Acacia Research (ACTG)

Acacia Research (ACTG)

VoiceAge Saint Lawrence Communications

Current Litigation Status

Key Court Dates Timeline

All dates subject to change

Quarterly Revenue Analysis

Advanced Data Access

Advanced Encoding Solutions

Chalumeau Power Systems

Chalumeau Power Systems

Compression Technology Solutions

Compression Technology Solutions

DRAM Memory Technologies

DRAM Memory Technologies

Anti Pinch Solutions

Internet Communications Solutions

Lighting Ballast Control

Lighting Ballast Control

Program Rewards Solutions

Lambda Optical Solutions

Smart Memory Solutions

Apex Tool Group

Test Rite Products

Lowes Home Centers

Stanley Black & Decker

Summit Data Systems

Summit Data Systems

Unified Messaging Solutions

After Markman Opinion

Credit Card Fraud Control

After Markman Opinion

Location Based Services

Location Based Services

Innovative Display (Rambus)

Innovative Display (Rambus)

Online News Link

Pre Markman Opinion

Saint Lawrence (Voiceage)

Saint Lawrence (Voiceage)

Saint Lawrence (Voiceage)

Saint Lawrence (Voiceage)

Pre Markman Hearing

Cell & Network (SK Telecom)

Patent Portfolio Break Down

Bonutti Bonutti Skeletal Innovations LLC

Acquired portfolio on June 11, 2012

Inter Partes Reviews

Smith & Nephew

Smith & Nephew

Smith & Nephew

Smith & Nephew