Press Releases

Anterix Reports Fourth Quarter and Full Fiscal Year 2024 Results

By Anterix Inc.
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

[email protected] 

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)

Avatar photo

As your daily newspaper, we are committed to providing you with important local news coverage for Sullivan County and the surrounding areas.