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Published: 2023-11-13 17:01:34 ET
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EX-99.1 2 atex-9302023xpressrelease.htm EX-99.1 Document


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Anterix Inc. Reports
Second Quarter Fiscal Year 2024 Results

Woodland Park, NJ – November 13, 2023 – 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
nvecchiarelli@anterix.com



Anterix Inc.
Earnings Release Tables
Consolidated Balance Sheets
(Unaudited, thousands, except share data)

September 30, 2023March 31, 2023
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents$48,534$43,182
Prepaid expenses and other current assets13,57816,277
Total current assets62,11259,459
Property and equipment, net2,3233,606
Right of use assets, net2,8263,371
Intangible assets197,566202,044
Other assets15,04910,078
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 liabilities1,6101,725
Contingent liability1,40920,249
Deferred revenue5,2812,769
Total current liabilities15,29831,900
Operating lease liabilities2,2782,922
Deferred revenue74,98457,990
Deferred gain on sale of intangible assets4,889—
Deferred income tax5,8135,440
Other liabilities513513
Total liabilities103,77598,765
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
22
Additional paid-in capital525,248518,160
Accumulated deficit(349,149)(338,369)
Total stockholders’ equity176,101179,793
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,
2023202220232022
Spectrum revenues$1,052 $398 $1,660 $733 
Operating expenses
General and administrative11,905 11,427 23,578 22,786 
Sales and support1,310 1,164 2,585 2,400 
Product development1,147 980 2,216 2,076 
Depreciation and amortization209 372 455 734 
Operating expenses14,571 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, net67 20 3622 
Gain (loss) from operations2,259 (10,660)(580)(23,732)
Interest income396 244 782 261 
Other income (expense)63 (12)158 47 
Income (loss) before income taxes2,718 (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 share18,921,126 18,953,044 18,935,929 18,786,928 
Weighted-average common shares used to compute diluted net income (loss) per share19,109,394 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,
2023202220232022
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 amortization209 372 455 734 
Non-cash compensation expense attributable to stock awards3,838 4,691 8,103 8,819 
Deferred income taxes645 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, net67 20 36 22 
Changes in operating assets and liabilities
Prepaid expenses and other assets225 83 788 1,263 
Right of use assets262 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 revenue20,114 (398)19,506 (733)
Net cash provided by (used in) operating activities10,422 (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 spectrum25,178 — 25,178 — 
Purchases of equipment(187)(1,139)(212)(1,145)
Net cash provided by (used in) investing activities20,084 (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 equivalents19,501 (16,342)5,352 (35,510)
CASH AND CASH EQUIVALENTS
Beginning of the period29,033 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,
 2023202220232022
Number of shares repurchased and retired333 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.