Anterix Inc. Reports First Quarter Fiscal Year 2024 Results

August 02, 2023

WOODLAND PARK, N.J., Aug. 2, 2023 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today announced its first quarter fiscal 2024 results and filed its 10-Q for the three months ended June 30, 2023.

First quarter fiscal 2024 Financial Highlights

  • Cash and cash equivalents of $29.0 million as of June 30, 2023
  • Entered into a $30.0 million spectrum sale agreement with Lower Colorado River Authority
  • Exchanged narrowband for broadband licenses in 9 counties and recorded a gain on exchange of narrowband licenses for broadband licenses of $10.8 million
  • Cash used in operations was $8.2 million
  • Incurred spectrum clearing costs of $5.2 million

The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix's website at https://investors.anterix.com/Q12024.

About Anterix Inc. 

At Anterix, we are focused on delivering transformative private broadband that enables the modernization of critical infrastructure for the energy, transportation, logistics and other sectors of our economy. 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 the private LTE solutions that support secure, resilient and customer-controlled operations. For more information, 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
nvecchiarelli@anterix.com 

 

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

June 30, 2023 and March 31, 2023

(Unaudited, thousands, except share data)



June 30, 2023


March 31, 2023





ASSETS




Current Assets




Cash and cash equivalents

$                 29,033


$                 43,182

Prepaid expenses and other current assets

14,803


16,277

Total current assets

43,836


59,459

Property and equipment, net

2,541


3,606

Right of use assets, net

3,088


3,371

Intangible assets

215,795


202,044

Other assets

14,068


10,078

Total assets

$               279,328


$               278,558

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable and accrued expenses

$                   7,793


$                   6,624

Due to related parties


533

Operating lease liabilities

1,662


1,725

Contingent liability

20,249


20,249

Deferred revenue

2,896


2,769

Total current liabilities

32,600


31,900

Operating lease liabilities

2,597


2,922

Deferred revenue

57,255


57,990

Deferred income tax

5,168


5,440

Other liabilities

513


513

Total liabilities

98,133


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 June 30, 2023 and March 31, 2023


Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 19,047,159 shares issued and outstanding at June 30, 2023 and 18,921,999 shares issued and outstanding at March 31, 2023

2


2

Additional paid-in capital

521,680


518,160

Accumulated deficit

(340,487)


(338,369)

Total stockholders' equity

181,195


179,793

Total liabilities and stockholders' equity

$               279,328


$               278,558

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

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



Three months ended June 30,


2023


2022

Spectrum revenues

$                     608


$                     335





Operating expenses




General and administrative

11,673


11,359

Sales and support

1,275


1,236

Product development

1,069


1,096

Depreciation and amortization

246


362

Operating expenses

14,263


14,053

Gain from disposal of intangible assets, net

(10,785)


(648)

(Gain) loss from disposal of long-lived assets, net

(31)


2

Loss from operations

(2,839)


(13,072)

Interest income

386


17

Other income

95


59

Loss before income taxes

(2,358)


(12,996)

Income tax (benefit) expense

(240)


200

Net loss

$                (2,118)


$              (13,196)





Net loss per common share basic and diluted

$                  (0.11)


$                  (0.71)

Weighted-average common shares used to compute basic and diluted net loss per share

18,951,046


18,619,459

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Three months ended June 30,


2023


2022

CASH FLOWS FROM OPERATING ACTIVITIES




Net loss

$             (2,118)


$           (13,196)

Adjustments to reconcile net loss to net cash used in operating activities




Depreciation and amortization

246


362

Non-cash compensation expense attributable to stock awards

4,265


4,128

Deferred income taxes

(272)


200

Gain from disposal of intangible assets, net

(10,785)


(648)

(Gain) loss on disposal of long-lived assets, net

(31)


2

Changes in operating assets and liabilities




Prepaid expenses and other assets

563


1,180

Right of use assets

283


238

Accounts payable and accrued expenses

1,169


(1,460)

Due to related parties

(533)


24

Operating lease liabilities

(388)


(327)

Deferred revenue

(608)


(335)

Net cash used in operating activities

(8,209)


(9,832)

CASH FLOWS FROM INVESTING ACTIVITIES




Purchases of intangible assets, including refundable deposits

(5,170)


(6,650)

Purchases of equipment

(25)


(6)

Net cash used in investing activities

(5,195)


(6,656)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from stock option exercises

7


872

Repurchase of common stock


(2,725)

Payments of withholding tax on net issuance of restricted stock

(752)


(827)

Net cash used in financing activities

(745)


(2,680)

Net change in cash and cash equivalents

(14,149)


(19,168)

CASH AND CASH EQUIVALENTS




Beginning of the period

43,182


105,624

End of the period

$              29,033


$              86,456

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION




Cash paid during the period:




Taxes paid

$                       1


$                     —

Non-cash investing activity:




Network equipment provided in exchange for wireless licenses

$                   438


$                       4

 

 

 

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SOURCE Anterix Inc.