WOODLAND PARK, N.J.,
Nov. 13,
2024 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today
announced its second quarter fiscal 2025 results and filed its Form
10-Q for the three and six months ended September 30, 2024.
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/Q22025/.
"Our results in the second quarter of fiscal 2025 reflect
Anterix's strong market positioning and continued progress in our
journey to drive 900 MHz private wireless broadband networks
throughout the utility sector. In my first month as President and
CEO at Anterix, I have been impressed by our team and the upcoming
opportunities for our group. I see an incredible runway for Anterix
to grow, with the value of private broadband networks to utilities
being stronger than I have ever seen across my 30-year career,"
commented Scott Lang, Anterix
President and CEO.
"Looking ahead, I am extremely encouraged by our active customer
pipeline and the discussions ongoing with prospective clients. In
the coming months, we plan to have a dedicated focus on a number of
key objectives from enhancing pipeline relationships and innovating
our customer approach. The future is bright at Anterix, and I look
forward to updating the market on our progress in the quarters
ahead."
Financial and Operational Highlights
- Cash and cash equivalents of $43.1
million as of September 30,
2024
- Received a $7.5 million milestone
payment from Ameren Corporation
- Approximately $168 million of
contracted proceeds due to be received with $110 million expected through fiscal 2026
- Spectrum clearing costs of $5.5
million
- Approximately $3 billion pipeline
of prospective contract opportunities across 60+ potential
customers
Liquidity and Balance Sheet
At September 30, 2024, Anterix had no debt and cash and
cash equivalents of $43.1 million. In
addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.
The Company has an authorized share repurchase program for up to
$250.0 million of the Company's
common stock on or before September 21,
2026. In the fiscal second quarter of 2025, Anterix did not
have any share repurchase activity and approximately $234.0 million remains under the current share
repurchase program as of September 30, 2024.
Conference Call Information
Anterix senior management will hold an analyst and investor
conference call to provide a business update at 9:00 A.M. ET on
Thursday November 14, 2024.
Interested parties can participate in the call by dialing
1-833-816-1120 and asking the operator to be joined into the
Anterix call. International callers should dial 1-412-317-1861. A
replay of the call will be accessible on the Investor Relations
section of Anterix's website at
https://www.anterix.com/events/.
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 Alaska,
Hawaii, and Puerto Rico, we are uniquely positioned to
enable private wireless broadband 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)
|
|
|
September 30,
2024
|
|
March 31,
2024
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
43,129
|
|
$
60,578
|
|
Spectrum
receivable
|
12,063
|
|
8,521
|
|
Prepaid expenses and
other current assets
|
1,582
|
|
3,912
|
|
Total current
assets
|
56,774
|
|
73,011
|
|
Escrow
deposits
|
7,608
|
|
7,546
|
|
Property and equipment,
net
|
1,726
|
|
2,062
|
|
Right of use assets,
net
|
4,987
|
|
4,432
|
|
Intangible
assets
|
221,863
|
|
216,743
|
|
Deferred broadband
costs
|
23,759
|
|
19,772
|
|
Other assets
|
520
|
|
1,328
|
|
Total
assets
|
$
317,237
|
|
$
324,894
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
7,086
|
|
$
8,631
|
|
Operating lease
liabilities
|
1,806
|
|
1,850
|
|
Contingent
liability
|
1,000
|
|
1,000
|
|
Deferred
revenue
|
5,915
|
|
6,470
|
|
Total current
liabilities
|
15,807
|
|
17,951
|
|
Operating lease
liabilities
|
3,845
|
|
3,446
|
|
Contingent
liability
|
25,000
|
|
15,000
|
|
Deferred
revenue
|
120,712
|
|
115,742
|
|
Deferred gain on sale
of intangible assets
|
4,911
|
|
4,911
|
|
Deferred income
tax
|
7,670
|
|
6,281
|
|
Other
liabilities
|
229
|
|
531
|
|
Total
liabilities
|
178,174
|
|
163,862
|
|
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, 2024 and March 31,
2024
|
—
|
|
—
|
|
Common stock, $0.0001
par value per share, 100,000,000 shares authorized and
18,618,271 shares issued and outstanding at September 30, 2024
and 18,452,892
shares issued and outstanding at March 31, 2024
|
2
|
|
2
|
|
Additional paid-in
capital
|
541,551
|
|
533,203
|
|
Accumulated
deficit
|
(402,490)
|
|
(372,173)
|
|
Total stockholders'
equity
|
139,063
|
|
161,032
|
|
Total liabilities
and stockholders' equity
|
$
317,237
|
|
$
324,894
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Spectrum
revenue
|
$
1,551
|
|
$
1,052
|
|
$
3,076
|
|
$
1,660
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
General and
administrative
|
11,397
|
|
11,905
|
|
24,248
|
|
23,578
|
|
Sales and
support
|
1,357
|
|
1,310
|
|
3,207
|
|
2,585
|
|
Product
development
|
1,776
|
|
1,147
|
|
3,526
|
|
2,216
|
|
Depreciation and
amortization
|
151
|
|
209
|
|
330
|
|
455
|
|
Operating
expenses
|
14,681
|
|
14,571
|
|
31,311
|
|
28,834
|
|
Gain on disposal of
intangible assets, net
|
—
|
|
(8,513)
|
|
(93)
|
|
(19,298)
|
|
Gain on sale of
intangible assets, net
|
—
|
|
(7,332)
|
|
—
|
|
(7,332)
|
|
Loss from disposal of
long-lived assets, net
|
—
|
|
67
|
|
—
|
|
36
|
|
(Loss) gain from
operations
|
(13,130)
|
|
2,259
|
|
(28,142)
|
|
(580)
|
|
Interest
income
|
585
|
|
396
|
|
1,279
|
|
782
|
|
Other income
|
9
|
|
63
|
|
25
|
|
158
|
|
(Loss) income
before income taxes
|
(12,536)
|
|
2,718
|
|
(26,838)
|
|
360
|
|
Income tax
expense
|
230
|
|
645
|
|
1,452
|
|
405
|
|
Net (loss)
income
|
$
(12,766)
|
|
$
2,073
|
|
$
(28,290)
|
|
$
(45)
|
|
Net (loss) income per
common share basic
|
$
(0.69)
|
|
$
0.11
|
|
$
(1.53)
|
|
$
—
|
|
Net (loss) income per
common share diluted
|
$
(0.69)
|
|
$
0.11
|
|
$
(1.53)
|
|
$
—
|
|
Weighted-average common
shares used to compute
basic net (loss) income per share
|
18,586,075
|
|
18,921,126
|
|
18,531,169
|
|
18,935,929
|
|
Weighted-average common
shares used to compute
diluted net (loss) income per share
|
18,586,075
|
|
19,109,394
|
|
18,531,169
|
|
18,935,929
|
|
Anterix Inc.
|
|
|
Earnings Release
Tables
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
(Unaudited, in
thousands)
|
|
|
|
|
Three months ended
September 30,
|
|
Six months ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net loss
(income)
|
$
(12,766)
|
|
$
2,073
|
|
$
(28,290)
|
|
$
(45)
|
|
Adjustments to
reconcile net loss to net cash (used in)
provided by operating activities
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
151
|
|
209
|
|
330
|
|
455
|
|
Stock compensation
expense
|
3,408
|
|
3,838
|
|
7,754
|
|
8,103
|
|
Deferred income
taxes
|
332
|
|
645
|
|
1,389
|
|
373
|
|
Right of use
assets
|
398
|
|
262
|
|
832
|
|
545
|
|
Gain on disposal of
intangible assets, net
|
—
|
|
(8,513)
|
|
(93)
|
|
(19,298)
|
|
Gain on sale of
intangible assets, net
|
—
|
|
(7,332)
|
|
—
|
|
(7,332)
|
|
Loss from disposal of
long-lived assets, net
|
—
|
|
67
|
|
—
|
|
36
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Prepaid expenses and
other assets
|
551
|
|
225
|
|
1,525
|
|
788
|
|
Accounts payable and
accrued expenses
|
21
|
|
(795)
|
|
(1,537)
|
|
374
|
|
Due to related
parties
|
—
|
|
—
|
|
—
|
|
(533)
|
|
Operating lease
liabilities
|
(501)
|
|
(371)
|
|
(1,032)
|
|
(759)
|
|
Contingent
liability
|
—
|
|
—
|
|
10,000
|
|
—
|
|
Deferred
revenue
|
5,940
|
|
20,114
|
|
4,415
|
|
19,506
|
|
Other
liabilities
|
(182)
|
|
—
|
|
(302)
|
|
—
|
|
Net cash (used in)
provided by operating
activities
|
(2,648)
|
|
10,422
|
|
(5,009)
|
|
2,213
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases of intangible
assets, including refundable
deposits, retuning costs and swaps
|
(5,504)
|
|
(4,907)
|
|
(10,904)
|
|
(10,077)
|
|
Proceeds from sale of
spectrum
|
—
|
|
25,178
|
|
—
|
|
25,178
|
|
Purchases of
equipment
|
(41)
|
|
(187)
|
|
(41)
|
|
(212)
|
|
Net cash (used in)
provided by investing
activities
|
(5,545)
|
|
20,084
|
|
(10,945)
|
|
14,889
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
343
|
|
—
|
|
1,960
|
|
7
|
|
Repurchases of common
stock
|
—
|
|
(10,735)
|
|
(2,027)
|
|
(10,735)
|
|
Payments of withholding
tax on net issuance of
restricted stock
|
(705)
|
|
(270)
|
|
(1,366)
|
|
(1,022)
|
|
Net cash used in
financing activities
|
(362)
|
|
(11,005)
|
|
(1,433)
|
|
(11,750)
|
|
Net change in cash and
cash equivalents
and restricted cash
|
(8,555)
|
|
19,501
|
|
(17,387)
|
|
5,352
|
|
CASH AND CASH
EQUIVALENTS AND
RESTRICTED CASH
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash at
beginning of the period
|
59,292
|
|
29,033
|
|
68,124
|
|
43,182
|
|
Cash and cash
equivalents and restricted cash at
end of the period
|
$
50,737
|
|
$
48,534
|
|
$
50,737
|
|
$
48,534
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH
FLOW INFORMATION
|
|
|
|
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
|
|
|
|
Taxes paid
|
$
885
|
|
$
1
|
|
$
885
|
|
$
1
|
|
Operating leases
paid
|
$
606
|
|
$
578
|
|
$
1,199
|
|
$
1,152
|
|
Non-cash investing
activity:
|
|
|
|
|
|
|
|
|
Network equipment
provided in exchange for
wireless licenses
|
$
—
|
|
$
130
|
|
$
47
|
|
$
568
|
|
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
|
|
Right of use assets
new leases
|
$
42
|
|
$
41
|
|
$
290
|
|
$
106
|
|
Right of use assets
modifications and renewals
|
$
850
|
|
$
55
|
|
$
1,097
|
|
$
55
|
|
|
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:
|
|
September 30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
|
Cash and cash
equivalents
|
$
43,129
|
|
$
51,715
|
|
$
60,578
|
|
|
Escrow
deposits
|
7,608
|
|
7,577
|
|
7,546
|
|
|
Total cash and cash
equivalents and restricted cash
|
$
50,737
|
|
$
59,292
|
|
$
68,124
|
|
|
|
|
|
|
|
|
|
September 30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
|
Cash and cash
equivalents
|
$
48,534
|
|
$
29,033
|
|
$
43,182
|
|
|
Escrow
deposits
|
—
|
|
—
|
|
—
|
|
|
Total cash and cash
equivalents and restricted cash
|
$
48,534
|
|
$
29,033
|
|
$
43,182
|
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Number of shares
repurchased and retired
|
—
|
|
333
|
|
63
|
|
333
|
|
Average price paid per
share*
|
$
—
|
|
$
32.69
|
|
$
32.47
|
|
$
32.69
|
|
Total cost to
repurchase
|
$
—
|
|
$
10,735
|
|
$
2,027
|
|
$
10,735
|
|
|
|
*
|
Average price paid per
share includes costs associated with the repurchases.
|
|
As of
September 30, 2024, $234.0 million is remaining under the
share repurchase program.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/anterix-inc-reports-second-quarter-fiscal-year-2025-results-302304749.html
SOURCE Anterix Inc.