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Hi xxx,
I’ve answered your questions below. Please let me know if you need additional details.
1. TAKEOVER ANNOUNCEMENT
We reported an announcement 12th. DEC 2017 on:
www.iam-media.com/blog/...4ac73322-2403-4089-9f41-8e665108764aabout an offer of a private groupr to take over RPX.
What happened with that? Was that a rumour or is that considered seriously? What
is your position to that and will you communicate sth. about that officially to
the press or shareholders?
This was a rumor and the company does not comment on rumors.
2. ANALYST COVERAGE
Are there any analysts/ investors who cover the current share price or forecast
any prices in future? We cannot find anything in US Discussion Boards or stock blogs, etc.
Can you recommend any blogs, discussion boards who discuss your business (-model)
There are two analysts covering the company – one at Barclays and one at Sidoti. Unfortunately Baird just dropped Coverage due to reallocation of resources. RPX is not widely held by individual investors so there isn’t a lot Of chatter on blogs, etc. There have been notes on Seeking Alpha, if you look at that service
3. FINANCE MARKET COMMUNICATION
So far - we do not recognize any active financial market communication by your IR-Department.
Are any more strategic and structured communication acitivitites planned in future?
We see that as really beneficial to be attractive for current investors.
RPX is limited by what it can say about new customers, etc. as many customers do not want to announce The relationship. We try to communicate what he can, and have hosted an investor day (the replay is available on The IR site), have done conferences, etc. So I agree it’s not the most active communication program but it’s the nature of RPX’s business. Recently we have been able to announce some new customers so we’ll continue to share what we can.
4. MARKET VALUE
We do recognize that RPX does not have a significant organic growth but
creates a high cas flow in the current business model. In addition to Question
3 - why do you not communicate this advantage (cash flow generation) more actively
to the market to attact more investors and in result to incrase market-cap of RPX?
We do talk a lot about the cash generation, and in fact the dividend that was put in place last quarter, and The continued share buyback program both highlight the cash generation. Plus we have always highlighted That the best way to evaluate the company is to look at EBITDA (effectively cash flow) minus net patent spend. Most of my conversations with new, potential investors are people that invest in cash flow stories, as looking at RPX on a P/E basis makes no sense since net income is negatively impacted by patent amortization, which is effectively
COGS. All of our outreach to new investors is focused on cash flow/value investors since they are the most likely to Be interested in the stock.
5. STRATEGIC OBJECTIVE
Are there any strategic objective planned to strengthen the business model, to create
more cash flow or new business models to guarantee more value? What do you expect
in the context of effects of the US-Tax Reform and will you communicate that also
more actively to the marjet=
We have talked in general that US tax reform will benefit RPX as the company is a full tax payer. When we announce Q4 results and the 2018 outlook we will be more definitive about the impact of tax reform.
Management has discussed at length at the Investor Day and on recent earnings calls about the move To new initiatives. It is early days for these new opportunities to impact revenues but we will continue to update on progress on these new areas, as well as discussing the industry trends that are driving the core business.
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