EX-99.1 2 atex-20240331xpressrelease.htm EX-99.1 Document

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Anterix Reports Fourth Quarter and
Full Fiscal Year 2024 Results

Woodland Park, NJ – June 26, 2024 – 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 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 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, 2024March 31, 2023
ASSETS
Current assets
Cash and cash equivalents$60,578 $43,182 
Spectrum receivable costs8,521 13,834 
Prepaid expenses and other current assets3,912 2,443 
Total current assets73,011 59,459 
Escrow deposits7,546 — 
Property and equipment, net2,062 3,606 
Right of use assets, net4,432 3,371 
Intangible assets216,743 202,044 
Deferred broadband costs19,772 8,853 
Other assets1,328 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 liabilities1,850 1,725 
Contingent liability1,000 20,249 
Deferred revenue6,470 2,769 
Total current liabilities17,951 31,900 
Operating lease liabilities3,446 2,922 
Contingent liability15,000 — 
Deferred revenue115,742 57,990 
Deferred gain on sale of intangible assets4,911 — 
Deferred income tax6,281 5,440 
Other liabilities531 513 
Total liabilities163,862 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 capital533,203 518,160 
Accumulated deficit(372,173)(338,369)
Total stockholders’ equity161,032 179,793 
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,
2024202320242023
Spectrum revenue$1,260 $608 $4,191 $1,919 
Operating expenses
General and administrative9,593 10,306 44,423 45,177 
Sales and support1,728 1,948 5,693 5,733 
Product development2,243 1,427 5,697 4,439 
Depreciation and amortization191 313 844 1,420 
Operating expenses13,755 13,994 56,657 56,769 
Gain from disposal of intangible assets, net(1,989)(29,070)(35,024)(38,399)
Gain on sale of intangible assets, net— — (7,364)— 
Loss from disposal of long-lived assets, net5 9 44 10 
(Loss) gain from operations(10,511)15,675 (10,122)(16,461)
Interest income926 470 2,374 1,140 
Other income44 34 233 266 
(Loss) income before income taxes(9,541)16,179 (7,515)(15,055)
Income tax (benefit) expense(130)637 1,613 1,262 
Net (loss) income$(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 share18,483,292 18,846,656 18,765,190 18,841,049 
Weighted-average common shares used to compute diluted net (loss) income per share18,483,292 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,
2024202320242023
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 amortization191 313 844 1,420 
Stock compensation expense3,483 4,463 15,507 17,874 
Deferred income taxes(51)635 841 1,248 
Rights of use assets2,770 196 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, net5 9 44 10 
Changes in operating assets and liabilities
Prepaid expenses and other assets(1,493)(202)(1,171)464 
Accounts payable and accrued expenses348 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 revenue15,152 (608)61,453 6,081 
Other liabilities— (28)— (28)
Net cash provided by (used in) operating activities6,140 (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 exercises770 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 year69,550 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, 2024March 31, 2023March 31, 2022
Cash and cash equivalents$60,578$43,182$105,624
Escrow deposits7,546 ——
Total cash and cash equivalents and restricted cash$68,124$43,182$105,624
December 31, 2023December 31, 2022
Cash and cash equivalents$62,033$57,511
Escrow deposits7,517 —
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,
2024202320242023
Number of shares repurchased and retired173 — 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.