Acacia Research Corporation

Good morning everyone. Thank you for joining Acacia Research's fourth quarter and full year 2025 earnings conference call. My name is Jenny and I will be your conference facilitator today. All lines are currently muted to prevent any background noise. I would like to remind you today's conference call is being recorded and is also available through audio webcast on Acacia's website. Following the speaker's remark, there will be time for questions. Questions can also be directed at any time to acacia at IR at acaciares, that's IR at A-C-A-C-I-A-R-E-S dot com. I would now like to turn the conference over to Elizabeth Chaconas of Gagne Communications. Elizabeth, you may begin the conference.

Thank you, Operator. Leading today's call are MJ McNulty, Acacia's Chief Executive Officer. and Michael Zambito, Acacia's Chief Financial Officer. Before MJ and Mike begin their prepared remarks, please be reminded that certain 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 operations and are based on current estimates and projections, future results and 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 described in Acacia's most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. Earlier this morning, Acacia issued a press release disclosing its fourth quarter and year-end 2025 financial results. The press release may be accessed on the company's website under the Press Releases section of the Investor Relations tab at acaciaresearch.com. The company also posted its Q4 2025 earnings presentation, as well as its year-end 2025 corporate presentation, to its website, both of which can be found under the Quarterly Results section of the Investor Relations tab. On today's call, the team will discuss certain non-GAAP financial measures, including adjusted EBITDA for the company and each of its operating segments. Information regarding the comparable gap metrics along with required definitions and reconciliations can be found in the press release disclosing fourth quarter and year-end 2025 financial results available under the press releases section of the investor relations tab at acaciaresearch.com. I will now turn the call over to Acacia's Chief Executive Officer, MJ McNulty.

Thank you, Lizzie, and thank you all for joining us this morning.