XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
As of March 31, 2025, the Company operates and reports its results in four reportable segments: Intellectual Property Operations, Industrial Operations, Energy Operations and Manufacturing Operations.
The Company reports segment information based on the management approach and organizes its businesses based on products and services. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, and the management approach designates the internal reporting used by the Chief Executive Officer for decision making, allocating resources and performance assessment as the basis for determining the Company’s reportable segments. The performance measure of the Company’s reportable segments is primarily income or (loss) from operations. Income or (loss) from operations for each segment includes all revenues, cost of revenues, gross profit and other operating expenses directly attributable to the segment. Specific asset information is not included in management’s review at this time.
The Company’s Intellectual Property Operations segment invests in IP and engages in the licensing and enforcement of patented technologies. Through our Patent Licensing, Enforcement and Technologies Business we are a principal in the licensing and enforcement of patent portfolios, with our operating subsidiaries obtaining the rights in the patent portfolio or purchasing the patent portfolio outright. While we, from time to time, partner with inventors and patent owners, from small entities to large corporations, we assume all responsibility for advancing operational expenses while pursuing a patent licensing and enforcement program. When applicable, we share net licensing revenue with our patent partners as that program matures, on a prearranged and negotiated basis. We may also provide upfront capital to patent owners as an advance against future licensing revenue. Currently, on a consolidated basis, our operating subsidiaries own or control the rights to multiple patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a variety of industries. We generate revenues and related cash flows from the granting of IP rights for the use of patented technologies that our operating subsidiaries control or own.
The Company’s Industrial Operations segment generates operating income by designing and manufacturing printers and consumable products for various industrial printing applications. Printers consist of hardware and embedded software and may be sold with maintenance service agreements. Consumable products include inked ribbons which are used in
Printronix’s printers. Printronix’s products are primarily sold through channel partners, such as dealers and distributors, to end-users.
The Company’s Energy Operations segment generates operating income from its wells and engages in the acquisition, exploration, development, and production of oil and natural gas resources located in Texas and Oklahoma. Benchmark seeks to acquire predictable and shallow decline, cash flowing oil and gas properties whose value can be enhanced via a disciplined, field optimization strategy, with risk managed through robust commodity hedges and low leverage.
The Company’s Manufacturing Operations segment generates operating income by serving a broad range of wholesale and retail markets within the highly-fragmented specialty plastics industry. Deflecto primarily designs and manufactures (i) “take-one” point of purchase brochure, folder and applications display holders, (ii) plastic injection-molded office supply and arts, crafts and education products, (iii) plastic and aluminum air venting and air control products, (iv) extruded vinyl chair mats, (v) safety reflectors for bicycles and (vi) mud flaps and splash guards for the heavy duty truck market. The Manufacturing Operations reporting segment did not exist prior to the acquisition of Deflecto in October 2024.
March 31, 2025December 31, 2024
(In thousands)
Total parent assets137,414 150,033 
Segment total assets:
Intellectual property operations277,546 213,854 
Industrial operations48,881 48,438 
Energy operations203,693 209,355 
Manufacturing operations134,072 134,714 
Total assets$801,606 $756,394 
The Company’s revenues and long-lived tangible assets by geographic area are presented below. Intellectual Property Operations revenues are attributed to licensees domiciled in foreign jurisdictions. Printronix’s net sales to external customers are attributed to geographic areas based upon the final destination of products shipped. The Company, primarily through its Printronix and Deflecto subsidiary, has identified three global regions for marketing its products and services: Americas, Europe, Middle East and Africa, and Asia-Pacific. Assets are summarized based on the location of held assets. Benchmark’s sales are only attributed to the United States of America.
Three Months Ended March 31, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
Revenues by geographic area:
United States$69,903 $2,938 $18,306 $17,799 $108,946 
Canada and Latin America— 290 — 6,069 6,359 
Total Americas69,903 3,228 18,306 23,868 115,305 
Europe, Middle East and Africa— 2,330 — 1,124 3,454 
China— 372 — 3,543 3,915 
India— 624 — — 624 
Asia-Pacific, excluding China and India2 1,122 — — 1,124 
Total Asia-Pacific2 2,118 — 3,543 5,663 
Total revenues$69,905 $7,676 $18,306 $28,535 $124,422 
Three Months Ended March 31, 2024
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
Revenues by geographic area:
United States$2,064 $3,159 $1,856 $— $7,079 
Canada and Latin America1 266 — — 267 
Total Americas2,065 3,425 1,856 — 7,346 
Europe, Middle East and Africa— 2,478 — — 2,478 
China4,650 518 — — 5,168 
India— 918 — — 918 
Asia-Pacific, excluding China and India6,908 1,502 — — 8,410 
Total Asia-Pacific11,558 2,938 — — 14,496 
Total revenues$13,623 $8,841 $1,856 $— $24,320 

March 31, 2025
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Long-lived tangible assets by geographic area:
United States$111 $209 $190,245 $7,219 $197,784 
Canada— — — 7,069 7,069 
Europe— 224 — 4,172 4,396 
Asia-Pacific— 698 — 2,511 3,209 
Total$111 $1,131 $190,245 $20,971 $212,458 

December 31, 2024
Intellectual Property OperationsIndustrial OperationsEnergy OperationsManufacturing OperationsTotal
(In thousands)
Long-lived tangible assets by geographic area:
United States$126 $220 $192,435 $7,685 $200,466 
Canada— — — 7,225 7,225 
Europe— 99 — 4,257 4,356 
Asia-Pacific— 925 — 2,573 3,498 
Total$126 $1,244 $192,435 $21,740 $215,545