WOODLAND PARK, N.J.,
Feb. 14,
2024 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today
announced its third quarter fiscal 2024 results and filed its 10-Q
for the three and nine months ended December
31, 2023.
Third quarter fiscal 2024 Financial Highlights
- Cash and cash equivalents of $62.0
million as of December 31,
2023
- Executed a new spectrum lease agreement with a Florida utility for a total of $34.5 million, of which $6.9 million was received in December 2023
- Exchanged narrowband for broadband licenses in 10 counties
and recorded a gain on exchange of narrowband licenses for
broadband licenses of $13.7
million
- Repurchased $8.0 million
of ATEX stock
- Incurred spectrum clearing costs of $4.7
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/Q32024.
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
(in thousands, except share and per share
data)
|
|
|
December 31,
2023
|
|
March 31,
2023
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
62,033
|
|
$
43,182
|
|
Prepaid expenses and
other current assets
|
15,816
|
|
16,277
|
|
Total current
assets
|
77,849
|
|
59,459
|
|
Escrow
deposits
|
7,517
|
|
—
|
|
Property and equipment,
net
|
2,129
|
|
3,606
|
|
Right of use assets,
net
|
4,629
|
|
3,371
|
|
Intangible
assets
|
213,719
|
|
202,044
|
|
Other assets
|
15,037
|
|
10,078
|
|
Total
assets
|
$
320,880
|
|
$
278,558
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
8,212
|
|
$
6,624
|
|
Due to related
parties
|
—
|
|
533
|
|
Operating lease
liabilities
|
1,888
|
|
1,725
|
|
Contingent
liability
|
1,000
|
|
20,249
|
|
Deferred
revenue
|
6,163
|
|
2,769
|
|
Total current
liabilities
|
17,263
|
|
31,900
|
|
Operating lease
liabilities
|
3,700
|
|
2,922
|
|
Contingent
liability
|
15,000
|
|
—
|
|
Deferred
revenue
|
100,897
|
|
57,990
|
|
Deferred gain on sale
of intangible assets
|
4,911
|
|
—
|
|
Deferred income
tax
|
6,332
|
|
5,440
|
|
Other
liabilities
|
513
|
|
513
|
|
Total
liabilities
|
148,616
|
|
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 December 31, 2023 and March 31,
2023
|
—
|
|
—
|
|
Common stock, $0.0001
par value per share, 100,000,000 shares authorized and
18,554,424 shares issued and outstanding at December 31, 2023
and 18,921,999
shares issued and outstanding at March 31, 2023
|
2
|
|
2
|
|
Additional paid-in
capital
|
529,054
|
|
518,160
|
|
Accumulated
deficit
|
(356,792)
|
|
(338,369)
|
|
Total stockholders'
equity
|
172,264
|
|
179,793
|
|
Total liabilities
and stockholders' equity
|
$
320,880
|
|
$
278,558
|
|
Anterix
Inc.
Earnings Release Tables
Consolidated
Statements of Operations
(Unaudited, in thousands,
except share and per share data)
|
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Spectrum
revenues
|
$
1,271
|
|
$
578
|
|
$
2,931
|
|
$
1,311
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
General and
administrative
|
11,252
|
|
12,085
|
|
34,830
|
|
34,871
|
|
Sales and
support
|
1,380
|
|
1,385
|
|
3,965
|
|
3,785
|
|
Product
development
|
1,238
|
|
936
|
|
3,454
|
|
3,012
|
|
Depreciation and
amortization
|
198
|
|
373
|
|
653
|
|
1,107
|
|
Operating
expenses
|
14,068
|
|
14,779
|
|
42,902
|
|
42,775
|
|
Gain on disposal of
intangible assets, net
|
(13,737)
|
|
(5,776)
|
|
(33,035)
|
|
(9,329)
|
|
Gain on sale of
intangible assets, net
|
(32)
|
|
—
|
|
(7,364)
|
|
—
|
|
Loss (gain) on
disposal of long-lived assets, net
|
3
|
|
(21)
|
|
39
|
|
1
|
|
Gain (loss) from
operations
|
969
|
|
(8,404)
|
|
389
|
|
(32,136)
|
|
Interest
income
|
666
|
|
409
|
|
1,448
|
|
670
|
|
Other income
|
31
|
|
185
|
|
189
|
|
232
|
|
Income (loss)
before income taxes
|
1,666
|
|
(7,810)
|
|
2,026
|
|
(31,234)
|
|
Income tax
expense
|
1,338
|
|
210
|
|
1,743
|
|
625
|
|
Net income
(loss)
|
$
328
|
|
$
(8,020)
|
|
$
283
|
|
$
(31,859)
|
|
Net income (loss) per
common share basic
|
$
0.02
|
|
$
(0.42)
|
|
$
0.02
|
|
$
(1.69)
|
|
Net income (loss) per
common share diluted
|
$
0.02
|
|
$
(0.42)
|
|
$
0.01
|
|
$
(1.69)
|
|
Weighted-average common
shares used to compute
basic net income (loss) per share
|
18,704,400
|
|
18,930,594
|
|
18,858,472
|
|
18,834,991
|
|
Weighted-average common
shares used to compute
diluted net income (loss) per share
|
18,916,246
|
|
18,930,594
|
|
19,082,867
|
|
18,834,991
|
|
Anterix
Inc.
Earnings Release Tables
Consolidated
Statements of Cash Flows
(Unaudited, in
thousands)
|
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
328
|
|
$
(8,020)
|
|
$
283
|
|
$
(31,859)
|
|
Adjustments to
reconcile net income (loss) to net cash
provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
198
|
|
373
|
|
653
|
|
1,107
|
|
Non-cash compensation
expense attributable to stock awards
|
3,921
|
|
4,592
|
|
12,024
|
|
13,411
|
|
Deferred income
taxes
|
519
|
|
210
|
|
892
|
|
613
|
|
Gain on disposal of
intangible assets, net
|
(13,737)
|
|
(5,776)
|
|
(33,035)
|
|
(9,329)
|
|
Gain on sale of
intangible assets, net
|
(32)
|
|
—
|
|
(7,364)
|
|
—
|
|
Loss (gain) on
disposal of long-lived assets, net
|
3
|
|
(21)
|
|
39
|
|
1
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Prepaid expenses and
other assets
|
(466)
|
|
(597)
|
|
322
|
|
666
|
|
Right of use
assets
|
(1,803)
|
|
(38)
|
|
(1,258)
|
|
480
|
|
Accounts payable and
accrued expenses
|
1,214
|
|
1,175
|
|
1,588
|
|
43
|
|
Due to related
parties
|
—
|
|
—
|
|
(533)
|
|
—
|
|
Operating lease
liabilities
|
1,700
|
|
(48)
|
|
941
|
|
(747)
|
|
Contingent
Liability
|
15,000
|
|
—
|
|
15,000
|
|
249
|
|
Deferred
revenue
|
26,795
|
|
7,422
|
|
46,301
|
|
6,689
|
|
Net cash provided by
(used in) investing activities
|
33,640
|
|
(728)
|
|
35,853
|
|
(18,676)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases of intangible
assets, including refundable deposits
|
(4,732)
|
|
(7,841)
|
|
(14,809)
|
|
(19,069)
|
|
Proceeds from sale of
spectrum
|
249
|
|
—
|
|
25,427
|
|
—
|
|
Purchases of
equipment
|
(55)
|
|
(398)
|
|
(267)
|
|
(1,543)
|
|
Net cash (used in)
provided by operating activities
|
(4,538)
|
|
(8,239)
|
|
10,351
|
|
(20,612)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
—
|
|
—
|
|
7
|
|
872
|
|
Repurchase of common
stock
|
(7,971)
|
|
(3,498)
|
|
(18,706)
|
|
(8,223)
|
|
Payments of withholding
tax on net issuance of restricted
stock
|
(115)
|
|
(138)
|
|
(1,137)
|
|
(1,474)
|
|
Net cash used in
financing activities
|
(8,086)
|
|
(3,636)
|
|
(19,836)
|
|
(8,825)
|
|
Net change in cash and
cash equivalents and
restricted cash
|
21,016
|
|
(12,603)
|
|
26,368
|
|
(48,113)
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED
CASH
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash at beginning
of the period
|
48,534
|
|
70,114
|
|
43,182
|
|
105,624
|
|
Cash and cash
equivalents and restricted cash at end of the
period
|
$
69,550
|
|
$
57,511
|
|
$
69,550
|
|
$
57,511
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW
INFORMATION
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Taxes paid
|
$
—
|
|
$
—
|
|
$
1
|
|
$
12
|
|
Non-cash investing
activity:
|
|
|
|
|
|
|
|
|
Network equipment
provided in exchange for wireless
licenses
|
$
48
|
|
$
1
|
|
$
616
|
|
$
30
|
|
Deferred gain on sale
of intangible assets
|
$
22
|
|
$
—
|
|
$
4,911
|
|
$
—
|
|
Derecognition of
contingent liability related to sale of
intangible assets
|
$
409
|
|
$
—
|
|
$
19,249
|
|
$
—
|
|
The following tables
provide a reconciliation of cash and cash equivalents and
restricted cash reported on the Consolidated Balance
Sheets that sum to the total of the same such amounts on the
Consolidated Statements of Cash Flows:
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
March 31,
2023
|
|
Cash and cash
equivalents
|
|
$
62,033
|
|
$
48,534
|
|
$
43,182
|
|
Escrow
deposits
|
|
7,517
|
|
—
|
|
—
|
|
Total cash and cash
equivalents and restricted cash
|
|
$
69,550
|
|
$
48,534
|
|
$
43,182
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
March 31,
2022
|
|
Cash and cash
equivalents
|
|
$
57,511
|
|
$
70,114
|
|
$
105,624
|
|
Escrow
deposits
|
|
—
|
|
—
|
|
—
|
|
Total cash and cash
equivalents and restricted cash
|
|
$
57,511
|
|
$
70,114
|
|
$
105,624
|
|
Anterix
Inc.
Earnings Release Tables
Other Financial
Information
(Unaudited, in thousands except per share
data)
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Number of shares
repurchased and retired
|
230
|
|
106
|
|
563
|
|
216
|
|
Average price paid per
share*
|
$
34.77
|
|
$
33.11
|
|
$
33.62
|
|
$
47.05
|
|
Total cost to
repurchase
|
$
7,971
|
|
$
3,498
|
|
$
18,706
|
|
$
8,223
|
|
*
Average price paid per share includes costs associated with the
repurchases.
|
|
|
As of December 31,
2023, $242.0 million is remaining under the share repurchase
program.
|
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SOURCE Anterix Inc.