ATEX

ANTERIX INC

Communication Services | Small Cap

-$0.60

EPS Forecast

$1.62

Revenue Forecast

The company already released most recent quarter's earnings. We will publish our AI's next quarter's forecast around 2024-12-31
EX-99.1 2 atex-20230331xpressrelease.htm EX-99.1 Document


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Anterix Inc. Reports Fourth Quarter and
Full Fiscal Year 2023 Results

Woodland Park, NJ – June 14, 2023 – Anterix (NASDAQ: ATEX) today announced its fiscal 2023 fourth quarter and full fiscal year financial results and filed its 10-K for the year ended March 31, 2023.

Full Year FY2023 Financial Highlights

–Cash and cash equivalents of $43.2 million as of March 31, 2023
–Executed a new spectrum lease agreement with Xcel Energy for a total of $80.0 million, of which $8.0 million was received in December 2022
–Exchanged narrowband for broadband licenses in 84 counties and recorded a gain on exchange of narrowband licenses for broadband licenses of $38.4 million
–Cash used from operations was $27.3 million including customer receipts of $8.2 million
–Incurred spectrum clearing costs of $25.0 million
–Contracted cash proceeds of $100.8 million due to be received in Fiscal 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/Q42023.

Commenting on the Company’s progress, Rob Schwartz, Chief Executive Officer, said, “We continue to see utilities meaningfully demonstrating intent to pursue 900 MHz private wireless broadband networks, further validating the demand for our unique offering, and increasing our confidence in becoming the de facto provider of this critical capability for utilities.”

About Anterix Inc.

At Anterix, we are focused on delivering transformative private broadband that enables the modernization of critical infrastructure for the energy, transportation, logistics and other sectors of our economy. 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 the private LTE solutions that support secure, resilient and customer-controlled operations. For more information, 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
March 31, 2023 and 2022
(Unaudited, thousands, except share data)
March 31, 2023March 31, 2022
ASSETS
Current Assets
Cash and cash equivalents$43,182 $105,624 
Prepaid expenses and other current assets16,277 10,147 
Total current assets59,459 115,771 
Property and equipment, net3,606 2,949 
Right of use assets, net3,371 4,047 
Intangible assets202,044 151,169 
Other assets10,078 4,108 
Total assets$278,558 $278,044 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses$6,624 $6,526 
Due to related parties533 120 
Operating lease liabilities1,725 1,512 
Contingent liability20,249 — 
Deferred revenue2,769 1,478 
Total current liabilities31,900 9,636 
Operating lease liabilities2,922 4,177 
Contingent liability— 20,000 
Deferred revenue57,990 53,200 
Deferred income tax5,440 4,192 
Other liabilities513 541 
Total liabilities98,765 91,746 
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, 2023 and March 31, 2022
— — 
Common stock, $0.0001 par value per share, 100,000,000 shares
authorized and 18,921,999 shares issued and outstanding at March 31, 2023 and 18,377,483 shares issued and outstanding at March 31, 2022
2 2 
Additional paid-in capital518,160 500,125 
Accumulated deficit(338,369)(313,829)
Total stockholders’ equity179,793 186,298 
Total liabilities and stockholders’ equity$278,558 $278,044 












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,
2023202220232022
Spectrum revenue$608 $335 $1,919 $1,084 
Operating expenses
Direct cost of revenue (exclusive of depreciation and amortization)— — — 5 
General and administrative10,306 9,751 45,177 39,525 
Sales and support1,948 1,150 5,733 4,461 
Product development1,427 767 4,439 3,593 
Depreciation and amortization313 454 1,420 1,450 
Operating expenses13,994 12,122 56,769 49,034 
Gain from disposal of intangible assets, net(29,070)(979)(38,399)(11,209)
Loss (gain) from disposal of long-lived assets, net9 (4)10 107 
Gain (loss) from operations15,675 (10,804)(16,461)(36,848)
Interest income470 1 1,140 56 
Other income34 59 266 256 
Income (loss) before income taxes16,179 (10,744)(15,055)(36,536)
Income tax expense637 273 1,262 983 
Net income (loss)$15,542 $(11,017)$(16,317)$(37,519)
Net income (loss) per common share basic and diluted$0.82 $(0.60)$(0.87)$(2.07)
Weighted-average common shares used to compute basic and diluted net loss per share18,846,656 18,391,538 18,841,049 18,142,828 





















Anterix Inc.
Earnings Release Tables
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended March 31,Year Ended March 31,
2023202220232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$15,542 $(11,017)$(16,317)$(37,519)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization313 454 1,420 1,450 
Non-cash compensation expense attributable to stock awards4,463 3,578 17,874 13,625 
Deferred income taxes635 273 1,248 983 
Gain from disposal of intangible assets, net(29,070)(979)(38,399)(11,209)
Loss (gain) from disposal of long-lived assets, net9 (4)10 107 
Changes in operating assets and liabilities
Accounts receivable— — — 4 
Prepaid expenses and other assets(202)(682)464 (797)
Right of use assets196 209 676 1,053 
Accounts payable and accrued expenses58 (258)101 270 
Due to related parties413 (40)413 (32)
Operating lease liabilities(295)(295)(1,042)(1,382)
Contingent liability— — 249 — 
Deferred revenue(608)(335)6,081 51,695 
Other liabilities(28)(28)(28)(335)
Net cash (used in) provided by operating activities(8,574)(9,124)(27,250)17,913 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits(5,935)(10,328)(25,004)(26,358)
Purchases of equipment(583)(801)(2,126)(1,053)
Net cash used in investing activities(6,518)(11,129)(27,130)(27,411)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises854 1,082 1,726 14,004 
Repurchase of common stock— (2,969)(8,223)(14,962)
Payments of withholding tax on net issuance of restricted stock(91)— (1,565)(1,458)
Net cash provided by (used in) financing activities763 (1,887)(8,062)(2,416)
Net change in cash and cash equivalents(14,329)(22,140)(62,442)(11,914)
CASH AND CASH EQUIVALENTS
Beginning of the year57,511 127,764 105,624 117,538 
End of the year$43,182 $105,624 $43,182 $105,624 








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,
2023202220232022
Number of shares repurchased and retired— 52 216 252 
Average price paid per share*$— $57.35 $47.05 $57.50 
Total cost to repurchase$— $2,969 $8,223 $14,962 
* Average price paid per share includes costs associated with the repurchases.
As of March 31, 2023, $26.8 million is remaining under the share repurchase program.