WOODLAND PARK, N.J.,
Aug. 6,
2024 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today
announced its first quarter fiscal 2025 results and filed its Form
10-Q for the three months ended June 30, 2024. The Company
also issued an update on its Demonstrated Intent metric which can
be found on Anterix's website at
www.investors.anterix.com/Q12025.
First quarter fiscal 2025 Financial Highlights
- Executed a new spectrum sale agreement with Oncor Electric
Delivery Company for a total of $102.5 million, of which $10 million
was received in June 2024
- Cash and cash equivalents of $51.7
million as of June 30,
2024
- Returned $2.0 million to
stockholders through share repurchases
- Spectrum clearing investment of $5.4
million
- Exchanged narrowband for a broadband license in 1 county
and recorded a gain on exchange of a narrowband license for a
broadband license of $0.1
million
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
Wednesday, August 7, 2024. Interested
parties can participate in the call by dialing 1-888-999-6281 and
asking the operator to be joined into the Anterix call.
International callers should dial 1-848-280-6550. 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 work 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)
|
|
|
June 30,
2024
|
|
March 31,
2024
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
51,715
|
|
$
60,578
|
|
Spectrum
receivable
|
10,999
|
|
8,521
|
|
Prepaid expenses and
other current assets
|
2,972
|
|
3,912
|
|
Total current
assets
|
65,686
|
|
73,011
|
|
Escrow
deposits
|
7,577
|
|
7,546
|
|
Property and equipment,
net
|
1,836
|
|
2,062
|
|
Right of use assets,
net
|
4,493
|
|
4,432
|
|
Intangible
assets
|
219,776
|
|
216,743
|
|
Deferred broadband
costs
|
20,458
|
|
19,772
|
|
Other assets
|
1,312
|
|
1,328
|
|
Total
assets
|
$
321,138
|
|
$
324,894
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
7,748
|
|
$
8,631
|
|
Operating lease
liabilities
|
1,807
|
|
1,850
|
|
Contingent
liability
|
1,000
|
|
1,000
|
|
Deferred
revenue
|
5,968
|
|
6,470
|
|
Total current
liabilities
|
16,523
|
|
17,951
|
|
Operating lease
liabilities
|
3,453
|
|
3,446
|
|
Contingent
liability
|
25,000
|
|
15,000
|
|
Deferred
revenue
|
114,719
|
|
115,742
|
|
Deferred gain on sale
of intangible assets
|
4,911
|
|
4,911
|
|
Deferred income
tax
|
7,338
|
|
6,281
|
|
Other
liabilities
|
411
|
|
531
|
|
Total
liabilities
|
172,355
|
|
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 June 30, 2024 and March 31, 2024
|
—
|
|
—
|
|
Common stock, $0.0001
par value per share, 100,000,000 shares authorized and
18,581,297 shares
issued and outstanding at June 30, 2024 and 18,452,892
shares
issued and outstanding
at March 31, 2024
|
2
|
|
2
|
|
Additional paid-in
capital
|
538,505
|
|
533,203
|
|
Accumulated
deficit
|
(389,724)
|
|
(372,173)
|
|
Total stockholders'
equity
|
148,783
|
|
161,032
|
|
Total liabilities
and stockholders' equity
|
$
321,138
|
|
$
324,894
|
|
Anterix
Inc.
Earnings Release
Tables
Consolidated
Statements of Operations
(Unaudited, in
thousands, except share and per share data)
|
|
|
Three months ended
June 30,
|
|
2024
|
|
2023
|
|
Spectrum
revenue
|
$
1,525
|
|
$
608
|
|
Operating
expenses
|
|
|
|
|
General and
administrative
|
12,851
|
|
11,673
|
|
Sales and
support
|
1,850
|
|
1,275
|
|
Product
development
|
1,750
|
|
1,069
|
|
Depreciation and
amortization
|
179
|
|
246
|
|
Operating
expenses
|
16,630
|
|
14,263
|
|
Gain from disposal of
intangible assets, net
|
(93)
|
|
(10,785)
|
|
Gain from disposal of
long-lived assets, net
|
—
|
|
(31)
|
|
Loss from
operations
|
(15,012)
|
|
(2,839)
|
|
Interest
income
|
694
|
|
386
|
|
Other income
|
16
|
|
95
|
|
Loss before income
taxes
|
(14,302)
|
|
(2,358)
|
|
Income tax expense
(benefit)
|
1,222
|
|
(240)
|
|
Net
loss
|
$
(15,524)
|
|
$
(2,118)
|
|
Net loss per common
share basic and diluted
|
$
(0.84)
|
|
$
(0.11)
|
|
Weighted-average common
shares used to compute basic and diluted net loss per
share
|
18,486,964
|
|
18,951,046
|
|
Anterix
Inc.
Earnings Release
Tables
Consolidated
Statements of Cash Flows
(Unaudited, in
thousands)
|
|
|
Three months ended
June 30,
|
|
2024
|
|
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net loss
|
$
(15,524)
|
|
$
(2,118)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
|
Depreciation and
amortization
|
179
|
|
246
|
|
Stock compensation
expense
|
4,346
|
|
4,265
|
|
Deferred income
taxes
|
1,057
|
|
(272)
|
|
Right of use
assets
|
434
|
|
283
|
|
Gain on disposal of
intangible assets, net
|
(93)
|
|
(10,785)
|
|
Gain on disposal of
long-lived assets, net
|
—
|
|
(31)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
Prepaid expenses and
other assets
|
974
|
|
563
|
|
Accounts payable and
accrued expenses
|
(1,558)
|
|
1,169
|
|
Due to related
parties
|
—
|
|
(533)
|
|
Operating lease
liabilities
|
(531)
|
|
(388)
|
|
Contingent
liability
|
10,000
|
|
—
|
|
Deferred
revenue
|
(1,525)
|
|
(608)
|
|
Other
liabilities
|
(120)
|
|
—
|
|
Net cash used in
operating activities
|
(2,361)
|
|
(8,209)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Purchases of intangible
assets, including refundable deposits, retuning costs and
swaps
|
(5,400)
|
|
(5,170)
|
|
Purchases of
equipment
|
—
|
|
(25)
|
|
Net cash used in
investing activities
|
(5,400)
|
|
(5,195)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from stock
option exercises
|
1,617
|
|
7
|
|
Repurchases of common
stock
|
(2,027)
|
|
—
|
|
Payments of withholding
tax on net issuance of restricted stock
|
(661)
|
|
(752)
|
|
Net cash used in
financing activities
|
(1,071)
|
|
(745)
|
|
Net change in cash and
cash equivalents and restricted cash
|
(8,832)
|
|
(14,149)
|
|
CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
Cash and cash
equivalents and restricted cash at beginning of the
period
|
68,124
|
|
43,182
|
|
Cash and cash
equivalents and restricted cash at end of the period
|
$
59,292
|
|
$
29,033
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
Cash paid during the
period:
|
|
|
|
|
Taxes paid
|
$
—
|
|
$
1
|
|
Operating leases
paid
|
$
593
|
|
$
574
|
|
Non-cash investing
activity:
|
|
|
|
|
Network equipment
provided in exchange for wireless licenses
|
$
47
|
|
$
438
|
|
Right of use assets
new leases
|
$
248
|
|
$
65
|
|
Right of use assets
modifications and renewals
|
$
247
|
|
$
—
|
|
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:
|
|
|
June 30,
2024
|
|
March 31,
2024
|
|
Cash and cash
equivalents
|
|
$
51,715
|
|
$
60,578
|
|
Escrow
deposits
|
|
7,577
|
|
7,546
|
|
Total cash and cash
equivalents and restricted cash
|
|
$
59,292
|
|
$
68,124
|
|
|
|
|
|
|
|
June 30,
2023
|
|
March 31,
2023
|
|
Cash and cash
equivalents
|
|
$
29,033
|
|
$
43,182
|
|
Escrow
deposits
|
|
—
|
|
—
|
|
Total cash and cash
equivalents and restricted cash
|
|
$
29,033
|
|
$
43,182
|
|
Anterix
Inc.
Earnings Release
Tables
Other Financial
Information
(Unaudited, in
thousands except per share data)
|
|
|
Three months ended
June 30,
|
|
2024
|
|
2023
|
|
Number of shares
repurchased and retired
|
63
|
|
—
|
|
Average price paid per
share*
|
$
32.47
|
|
$
—
|
|
Total cost to
repurchase
|
$
2,027
|
|
$
—
|
|
|
*
Average price paid per share includes costs associated with the
repurchases.
|
|
As of June 30,
2024, $234.0 million is remaining under the share repurchase
program.
|
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SOURCE Anterix Inc.