WOODLAND PARK, N.J.,
June 26,
2024 /PRNewswire/ -- Anterix (NASDAQ: ATEX)
today announced its fiscal 2024 fourth quarter and full fiscal year
financial results and filed its 10-K for the year ended
March 31, 2024. The Company also issued an update on its
Demonstrated Intent metric which can be found on Anterix's website
at http://www.investors.anterix.com/Q42024.
Full Year FY2024 Financial Highlights
- Yielded positive cash flows primarily due to $106.5 million received in contracted cash
proceeds from our customers
- 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
- Entered into a $30.0 million
spectrum sale agreement with Lower Colorado River Authority, of
which $15.0 million was received
during the year ended March 31,
2024
- Transferred the San Diego County and Imperial County broadband
licenses to San Diego Gas & Electric Company and recorded a
$7.4 million gain on sale of
intangible assets
- Exchanged narrowband for broadband licenses in 28 counties and
recorded a $35.0 million gain
- Cash and cash equivalents of $60.6
million as of March 31,
2024
- Returned $24.7 million to
stockholders through share repurchases
- Spectrum clearing investment of $17.0
million
Fourth Quarter FY2024 Financial Highlights
- Received a $16.8 million
milestone payment from Xcel Energy
- Exchanged narrowband for broadband licenses in 4 counties and
recorded a $2.0 million gain
- Returned $6.0 million to
stockholders through share repurchases
- Spectrum clearing investment of $2.2
million
Conference Call Information
Anterix senior management will hold an analyst and investor
conference call to provide a business update and discuss the
company’s recently announced agreement with Oncor Electric Delivery
Company at 9:00 A.M. ET on Thursday,
June 27, 2024. Interested parties can participate in the call by
dialing 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
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 http://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 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
March 31,
2024 and 2023
(Unaudited,
thousands, except share data)
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
ASSETS
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
60,578
|
|
$
43,182
|
|
Spectrum receivable
costs
|
8,521
|
|
13,834
|
|
Prepaid expenses and
other current assets
|
3,912
|
|
2,443
|
|
Total current
assets
|
73,011
|
|
59,459
|
|
Escrow
deposits
|
7,546
|
|
—
|
|
Property and equipment,
net
|
2,062
|
|
3,606
|
|
Right of use assets,
net
|
4,432
|
|
3,371
|
|
Intangible
assets
|
216,743
|
|
202,044
|
|
Deferred broadband
costs
|
19,772
|
|
8,853
|
|
Other assets
|
1,328
|
|
1,225
|
|
Total
assets
|
$
324,894
|
|
$
278,558
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
8,631
|
|
$
6,624
|
|
Due to related
parties
|
—
|
|
533
|
|
Operating lease
liabilities
|
1,850
|
|
1,725
|
|
Contingent
liability
|
1,000
|
|
20,249
|
|
Deferred
revenue
|
6,470
|
|
2,769
|
|
Total current
liabilities
|
17,951
|
|
31,900
|
|
Operating lease
liabilities
|
3,446
|
|
2,922
|
|
Contingent
liability
|
15,000
|
|
—
|
|
Deferred
revenue
|
115,742
|
|
57,990
|
|
Deferred gain on sale
of intangible assets
|
4,911
|
|
—
|
|
Deferred income
tax
|
6,281
|
|
5,440
|
|
Other
liabilities
|
531
|
|
513
|
|
Total
liabilities
|
163,862
|
|
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 March 31, 2024 and March 31,
2023
|
—
|
|
—
|
|
Common stock, $0.0001
par value per share, 100,000,000 shares
authorized and
18,452,892 shares issued and outstanding at March 31, 2024 and
18,921,999 shares issued and outstanding at March 31,
2023
|
2
|
|
2
|
|
Additional paid-in
capital
|
533,203
|
|
518,160
|
|
Accumulated
deficit
|
(372,173)
|
|
(338,369)
|
|
Total stockholders'
equity
|
161,032
|
|
179,793
|
|
Total liabilities
and stockholders' equity
|
$
324,894
|
|
$
278,558
|
|
Anterix
Inc.
Earnings Release
Tables
Consolidated
Statements of Operations
(Unaudited, in
thousands, except share and per share data)
|
|
|
Three Months Ended
March 31,
|
|
Year Ended March
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Spectrum
revenue
|
$
1,260
|
|
$
608
|
|
$
4,191
|
|
$
1,919
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
General and
administrative
|
9,593
|
|
10,306
|
|
44,423
|
|
45,177
|
|
Sales and
support
|
1,728
|
|
1,948
|
|
5,693
|
|
5,733
|
|
Product
development
|
2,243
|
|
1,427
|
|
5,697
|
|
4,439
|
|
Depreciation and
amortization
|
191
|
|
313
|
|
844
|
|
1,420
|
|
Operating
expenses
|
13,755
|
|
13,994
|
|
56,657
|
|
56,769
|
|
Gain from disposal of
intangible assets, net
|
(1,989)
|
|
(29,070)
|
|
(35,024)
|
|
(38,399)
|
|
Gain on sale of
intangible assets, net
|
—
|
|
—
|
|
(7,364)
|
|
—
|
|
Loss from disposal of
long-lived assets, net
|
5
|
|
9
|
|
44
|
|
10
|
|
(Loss) gain from
operations
|
(10,511)
|
|
15,675
|
|
(10,122)
|
|
(16,461)
|
|
Interest
income
|
926
|
|
470
|
|
2,374
|
|
1,140
|
|
Other income
|
44
|
|
34
|
|
233
|
|
266
|
|
(Loss) income before
income taxes
|
(9,541)
|
|
16,179
|
|
(7,515)
|
|
(15,055)
|
|
Income tax (benefit)
expense
|
(130)
|
|
637
|
|
1,613
|
|
1,262
|
|
Net (loss)
income
|
$
(9,411)
|
|
$
15,542
|
|
$
(9,128)
|
|
$
(16,317)
|
|
Net (loss) income per
common share basic
|
$
(0.51)
|
|
$
0.82
|
|
$
(0.49)
|
|
$
(0.87)
|
|
Net (loss) income per
common share diluted
|
$
(0.51)
|
|
$
0.82
|
|
$
(0.49)
|
|
$
(0.87)
|
|
Weighted-average common
shares used to compute basic net (loss) income per share
|
18,483,292
|
|
18,846,656
|
|
18,765,190
|
|
18,841,049
|
|
Weighted-average common
shares used to compute diluted net (loss) income per
share
|
18,483,292
|
|
19,062,466
|
|
18,765,190
|
|
18,841,049
|
|
Anterix
Inc.
|
|
Earnings Release
Tables
|
|
Consolidated
Statements of Cash Flows
|
|
(Unaudited, in
thousands)
|
|
Three Months Ended
March 31,
|
|
Year Ended March
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(9,411)
|
|
$
15,542
|
|
$
(9,128)
|
|
$
(16,317)
|
|
Adjustments to
reconcile net (loss) income to net cash provided by (used in)
operating activities
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
191
|
|
313
|
|
844
|
|
1,420
|
|
Stock compensation
expense
|
3,483
|
|
4,463
|
|
15,507
|
|
17,874
|
|
Deferred income
taxes
|
(51)
|
|
635
|
|
841
|
|
1,248
|
|
Rights of use
assets
|
2,770
|
|
196
|
|
1,512
|
|
676
|
|
Gain from disposal of
intangible assets, net
|
(1,989)
|
|
(29,070)
|
|
(35,024)
|
|
(38,399)
|
|
Gain on sale of
intangible assets, net
|
—
|
|
—
|
|
(7,364)
|
|
—
|
|
Loss from disposal of
long-lived assets, net
|
5
|
|
9
|
|
44
|
|
10
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
Prepaid expenses and
other assets
|
(1,493)
|
|
(202)
|
|
(1,171)
|
|
464
|
|
Accounts payable and
accrued expenses
|
348
|
|
58
|
|
1,936
|
|
101
|
|
Due to related
parties
|
—
|
|
413
|
|
-533
|
|
413
|
|
Operating lease
liabilities
|
(2,865)
|
|
(295)
|
|
(1,924)
|
|
(1,042)
|
|
Contingent
liability
|
—
|
|
—
|
|
15,000
|
|
249
|
|
Deferred
revenue
|
15,152
|
|
-608
|
|
61,453
|
|
6,081
|
|
Other
liabilities
|
—
|
|
(28)
|
|
—
|
|
(28)
|
|
Net cash provided by
(used in) operating activities
|
6,140
|
|
(8,574)
|
|
41,993
|
|
(27,250)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases of intangible
assets, including refundable deposits, retuning costs and
swaps
|
(2,222)
|
|
(5,935)
|
|
(17,031)
|
|
(25,004)
|
|
Proceeds from sale of
spectrum
|
—
|
|
—
|
|
25,427
|
|
—
|
|
Purchases of
equipment
|
(40)
|
|
(583)
|
|
(307)
|
|
(2,126)
|
|
Net cash (used in)
provided by investing activities
|
(2,262)
|
|
(6,518)
|
|
8,089
|
|
(27,130)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from stock
option exercises
|
770
|
|
854
|
|
777
|
|
1,726
|
|
Repurchase of common
stock
|
(5,970)
|
|
—
|
|
(24,676)
|
|
(8,223)
|
|
Payments of withholding
tax on net issuance of restricted stock
|
(104)
|
|
(91)
|
|
(1,241)
|
|
(1,565)
|
|
Net cash (used in)
provided by financing activities
|
(5,304)
|
|
763
|
|
(25,140)
|
|
(8,062)
|
|
Net change in cash and
cash equivalents
|
(1,426)
|
|
(14,329)
|
|
24,942
|
|
(62,442)
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash at beginning of the year
|
69,550
|
|
57,511
|
|
43,182
|
|
105,624
|
|
Cash and cash
equivalents and restricted cash at end of the year
|
$
68,124
|
|
$
43,182
|
|
$
68,124
|
|
$
43,182
|
|
|
|
|
|
|
|
|
|
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:
|
|
March 31,
2024
|
|
March 31,
2023
|
|
March 31,
2022
|
|
|
|
Cash and cash
equivalents
|
$
60,578
|
|
$
43,182
|
|
$
105,624
|
|
|
|
Escrow
deposits
|
7,546
|
|
—
|
|
—
|
|
|
|
Total cash and cash
equivalents and restricted cash
|
$
68,124
|
|
$
43,182
|
|
$
105,624
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
Cash and cash
equivalents
|
$
62,033
|
|
$
57,511
|
|
|
|
|
|
Escrow
deposits
|
7,517
|
|
—
|
|
|
|
|
|
Total cash and cash
equivalents and restricted cash
|
$
69,550
|
|
$
57,511
|
|
|
|
|
|
Anterix
Inc.
Earnings Release
Tables
Other Financial
Information
(Unaudited, in
thousands except per share data)
|
|
|
Share Repurchase
Program
|
Three Months Ended
March 31,
|
|
Year Ended March
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Number of shares
repurchased and retired
|
173
|
|
—
|
|
736
|
|
216
|
|
Average price paid per
share*
|
$
33.80
|
|
$
—
|
|
$
33.72
|
|
$
47.05
|
|
Total cost to
repurchase
|
$
5,970
|
|
$
—
|
|
$
24,676
|
|
$
8,223
|
|
|
* Average price paid
per share includes costs associated with the
repurchases.
|
|
As of March 31,
2024, $236.1 million is remaining under the share repurchase
program.
|
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SOURCE Anterix Inc.