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Anterix Inc. Reports Second Quarter Fiscal Year 2024 Results
[November 13, 2023]

Anterix Inc. Reports Second Quarter Fiscal Year 2024 Results


WOODLAND PARK, N.J., Nov. 13, 2023 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced its second quarter fiscal 2024 results and filed its 10-Q for the three and six months ended September 30, 2023.

Second quarter fiscal 2024 Financial Highlights

  • Cash and cash equivalents of $48.5 million as of September 30, 2023
  • Transferred the San Diego County broadband license to San Diego Gas & Electric Company and recorded a $7.3 million gain on sale of intangible assets
  • Exchanged narrowband for broadband licenses in 5 counties and recorded a gain on exchange of narrowband licenses for broadband licenses of $8.5 million
  • Repurchased $10.7 million of ATEX stock
  • Incurred spectrum clearing costs of $4.9 million

The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix's website at
https://www.investors.anterix.com/Q22024.

About Anterix Inc. 

At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto Rico, we are uniquely positioned to enable private LTE solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

Forward-Looking Statements 

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix's business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix's actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix's ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix's ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect the company's financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact 

Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
[email protected] 

 





Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

(Unaudited, thousands, except share data)



September 30, 2023


March 31, 2023


(Unaudited)



ASSETS




Current Assets




Cash and cash equivalents

$                 48,534


$                 43,182

Prepaid expenses and other current assets

13,578


16,277

Total current assets

62,112


59,459

Property and equipment, net

2,323


3,606

Right of use assets, net

2,826


3,371

Intangible assets

197,566


202,044

Other assets

15,049


10,078

Total assets

$               279,876


$               278,558

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$                   6,998


$                   6,624

Due to related parties


533

Operating lease liabilities

1,610


1,725

Contingent liability

1,409


20,249

Deferred revenue

5,281


2,769

Total current liabilities

15,298


31,900

Operating lease liabilities

2,278


2,922

Deferred revenue

74,984


57,990

Deferred gain on sale of intangible assets

4,889


Deferred income tax

5,813


5,440

Other liabilities

513


513

Total liabilities

103,775


98,765

Commitments and contingencies




Stockholders' equity




Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at September 30, 2023 and March 31, 2023


Common stock, $0.0001 par value per share, 100,000,000 shares authorized and
18,768,491 shares issued and outstanding at September 30, 2023 and 18,921,999
shares issued and outstanding at March 31, 2023

2


2

Additional paid-in capital

525,248


518,160

Accumulated deficit

(349,149)


(338,369)

Total stockholders' equity

176,101


179,793

Total liabilities and stockholders' equity

$               279,876


$               278,558


 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)



Three months ended September 30,


Six months ended September 30,


2023


2022


2023


2022

Spectrum revenues

$              1,052


$                 398


$              1,660


$                 733









Operating expenses








General and administrative

11,905


11,427


23,578


22,786

Sales and support

1,310


1,164


2,585


2,400

Product development

1,147


980


2,216


2,076

Depreciation and amortization

209


372


455


734

Operating expenses

14,571


13,943


28,834


27,996

Gain on disposal of intangible assets, net

(8,513)


(2,905)


(19,298)


(3,553)

Gain on sale of intangible assets, net

(7,332)



(7,332)


Loss on disposal of long-lived assets, net

67


20


36


22

Gain (loss) from operations

2,259


(10,660)


(580)


(23,732)

Interest income

396


244


782


261

Other income (expense)

63


(12)


158


47

Income (loss) before income taxes

2,718


(10,428)


360


(23,424)

Income tax expense

645


215


405


415

Net income (loss)

$              2,073


$          (10,643)


$                 (45)


$          (23,839)

Net income (loss) per common share basic

$                0.11


$              (0.56)


$                   —


$              (1.27)

Net income (loss) per common share diluted

$                0.11


$              (0.56)


$                   —


$              (1.27)

Weighted-average common shares used to compute basic net income (loss) per share

18,921,126


18,953,044


18,935,929


18,786,928

Weighted-average common shares used to compute diluted net income (loss) per share

19,109,394


18,953,044


18,935,929


18,786,928

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Three months ended September 30,


Six months ended September 30,


2023


2022


2023


2022

CASH FLOWS FROM OPERATING ACTIVITIES








Net income (loss)

$              2,073


$          (10,643)


$                 (45)


$          (23,839)

Adjustments to reconcile net income (loss) to net cash used in operating activities








Depreciation and amortization

209


372


455


734

Non-cash compensation expense attributable to stock awards

3,838


4,691


8,103


8,819

Deferred income taxes

645


203


373


403

Gain on disposal of intangible assets, net

(8,513)


(2,905)


(19,298)


(3,553)

Gain on sale of intangible assets, net

(7,332)



(7,332)


Loss on disposal of long-lived assets, net

67


20


36


22

Changes in operating assets and liabilities








Prepaid expenses and other assets

225


83


788


1,263

Right of use assets

262


280


545


518

Accounts payable and accrued expenses

(795)


328


374


(1,132)

Due to related parties


(24)


(533)


Operating lease liabilities

(371)


(372)


(759)


(699)

Contingent Liability


249



249

Deferred revenue

20,114


(398)


19,506


(733)

Net cash provided by (used in) operating activities

10,422


(8,116)


2,213


(17,948)

CASH FLOWS FROM INVESTING ACTIVITIES








Purchases of intangible assets, including refundable deposits

(4,907)


(4,578)


(10,077)


(11,228)

Proceeds from sale of spectrum

25,178



25,178


Purchases of equipment

(187)


(1,139)


(212)


(1,145)

Net cash provided by (used in) investing activities

20,084


(5,717)


14,889


(12,373)

CASH FLOWS FROM FINANCING ACTIVITIES








Proceeds from stock option exercises



7


872

Repurchase of common stock

(10,735)


(2,000)


(10,735)


(4,725)

Payments of withholding tax on net issuance of restricted stock

(270)


(509)


(1,022)


(1,336)

Net cash used in financing activities

(11,005)


(2,509)


(11,750)


(5,189)

Net change in cash and cash equivalents

19,501


(16,342)


5,352


(35,510)

CASH AND CASH EQUIVALENTS








Beginning of the period

29,033


86,456


43,182


105,624

End of the period

$           48,534


$           70,114


$           48,534


$           70,114

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION








Cash paid during the period:








Taxes paid

$                   —


$                   12


$                     1


$                   12

Non-cash investing activity:








Network equipment provided in exchange for wireless licenses

$                 130


$                   25


$                 568


$                   29

Deferred gain on sale of intangible assets

$              4,889


$                   —


$              4,889


$                   —

Derecognition of contingent liability related to sale of intangible assets

$           18,840


$                   —


$           18,840


$                   —

 

Anterix Inc.

Earnings Release Tables

Other Financial Information

(Unaudited, in thousands except per share data)



Three Months Ended September 30,


Six Months Ended September 30,


2023


2022


2023


2022

Number of shares repurchased and retired

333


54


333


110

Average price paid per share*

$              32.69


$              36.73


$             32.69


$              48.42

Total cost to repurchase

$            10,735


$              2,000


$           10,735


$              4,725


*         Average price paid per share includes costs associated with the repurchases.


          As of September 30, 2023, $250.0 million is remaining under the share repurchase program.

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SOURCE Anterix Inc.


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