$ATEX
Anterix Inc.

2022 Q1 Form 10-Q Financial Statement

#000130449222000010 Filed on February 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q3
Revenue $335.0K $385.0K $182.0K
YoY Change 85.08% 63.14% -26.61%
Cost Of Revenue $0.00 $5.000K $0.00
YoY Change -99.08% -100.0%
Gross Profit $335.0K $380.0K $364.0K
YoY Change 85.08% -223.78% -236.33%
Gross Profit Margin 100.0% 98.7% 200.0%
Selling, General & Admin $10.90M $11.48M $10.82M
YoY Change 15.84% 21.09% -26.15%
% of Gross Profit 3254.03% 3021.58% 2971.98%
Research & Development $767.0K $893.0K $930.0K
YoY Change -56.12% -28.22% -5.87%
% of Gross Profit 228.96% 235.0% 255.49%
Depreciation & Amortization $454.0K $461.0K $257.0K
YoY Change 301.77% -54.8% -78.4%
% of Gross Profit 135.52% 121.32% 70.6%
Operating Expenses $12.12M $12.38M $11.75M
YoY Change 7.53% 15.37% -24.87%
Operating Profit -$11.79M -$12.38M -$11.95M
YoY Change 6.27% 2.58% -26.53%
Interest Expense $1.000K $9.000K $46.00K
YoY Change -88.89% -55.0% 130.0%
% of Operating Profit
Other Income/Expense, Net $59.00K $63.00K $62.00K
YoY Change -28.05% -42.73% -45.13%
Pretax Income -$10.74M -$12.30M -$11.87M
YoY Change -3.4% 3.09% -26.44%
Income Tax $273.0K $412.0K $152.0K
% Of Pretax Income
Net Earnings -$11.02M -$12.72M -$12.02M
YoY Change 0.75% 5.18% -26.16%
Net Earnings / Revenue -3288.66% -3302.6% -6604.95%
Basic Earnings Per Share -$0.69 -$0.10
Diluted Earnings Per Share -$600.3K -$694.3K -$757.8K
COMMON SHARES
Basic Shares Outstanding 18.37M 18.37M 18.12M
Diluted Shares Outstanding 18.31M shares 17.88M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.6M $127.8M $100.9M
YoY Change -10.14% 17.75% -13.2%
Cash & Equivalents $105.6M $127.8M $100.9M
Short-Term Investments
Other Short-Term Assets $9.909M $7.165M $5.412M
YoY Change 182.47% 59.22% 125.5%
Inventory
Prepaid Expenses
Receivables $0.00 $104.0K $102.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $115.8M $135.0M $106.4M
YoY Change -4.36% 19.46% -10.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.949M $2.640M $3.049M
YoY Change -17.49% -29.64% -35.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.108M $1.675M $1.657M
YoY Change 238.39% 98.22% 689.05%
Total Long-Term Assets $162.3M $153.0M $140.1M
YoY Change 22.93% 19.47% 9.47%
TOTAL ASSETS
Total Short-Term Assets $115.8M $135.0M $106.4M
Total Long-Term Assets $162.3M $153.0M $140.1M
Total Assets $278.0M $288.1M $246.5M
YoY Change 9.87% 19.47% -0.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.044M $6.784M $4.685M
YoY Change 108.8% -7.07% 17.13%
Accrued Expenses $735.0K $1.450M $1.432M
YoY Change -22.71% -3.33% -4.53%
Deferred Revenue $1.478M $1.478M $737.0K
YoY Change 100.54% 102.74% 1.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.636M $9.872M $6.974M
YoY Change 11.85% 1.13% 7.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $541.0K $569.0K $743.0K
YoY Change -38.24% -15.95% -24.34%
Total Long-Term Liabilities $541.0K $569.0K $743.0K
YoY Change -38.24% -15.95% -24.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.636M $9.872M $6.974M
Total Long-Term Liabilities $541.0K $569.0K $743.0K
Total Liabilities $91.75M $92.43M $43.45M
YoY Change 126.27% 321.13% 124.84%
SHAREHOLDERS EQUITY
Retained Earnings -$313.8M -$299.8M -$284.3M
YoY Change 20.54% 20.22% 19.8%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $186.3M $195.6M $213.2M
YoY Change
Total Liabilities & Shareholders Equity $278.0M $288.1M $246.5M
YoY Change 9.87% 19.47% -0.05%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income -$11.02M -$12.72M -$12.02M
YoY Change 0.75% 5.18% -26.16%
Depreciation, Depletion And Amortization $454.0K $461.0K $257.0K
YoY Change 301.77% -54.8% -78.4%
Cash From Operating Activities -$9.124M $39.63M -$2.929M
YoY Change -185.18% -768.28% -71.09%
INVESTING ACTIVITIES
Capital Expenditures -$11.13M -$4.207M -$5.728M
YoY Change 264.41% 36.15% -640.38%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$11.13M -$4.207M -$5.728M
YoY Change 264.41% 36.15% -640.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.887M -8.525M 2.625M
YoY Change -234.98% -760.85% 414.71%
NET CHANGE
Cash From Operating Activities -9.124M 39.63M -2.929M
Cash From Investing Activities -11.13M -4.207M -5.728M
Cash From Financing Activities -1.887M -8.525M 2.625M
Net Change In Cash -22.14M 26.90M -6.032M
YoY Change -344.51% -447.96% -29.53%
FREE CASH FLOW
Cash From Operating Activities -$9.124M $39.63M -$2.929M
Capital Expenditures -$11.13M -$4.207M -$5.728M
Free Cash Flow $2.005M $43.84M $2.799M
YoY Change -85.43% -1643.52% -125.01%

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1.     Nature of Operations and Basis of Presentation Anterix Inc. (the “Company”) is a wireless communications company focused on commercializing its spectrum assets to enable its targeted utility and critical infrastructure customers to deploy private broadband networks, technologies and solutions. The Company is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. On May 13, 2020, the Federal Communications Commission (the “FCC”) approved the Report and Order to modernize and realign the 900 MHz band to increase its usability and capacity by allowing it to be utilized for the deployment of broadband networks, technologies and solutions (the “Report and Order”). The Report and Order was published in the Federal Register on July 16, 2020 and became effective on August 17, 2020. The Company is now engaged in qualifying for and securing broadband licenses from the FCC. At the same time, the Company is pursuing opportunities to lease the spectrum for which broadband licenses are secured to its targeted utility and critical infrastructure customers. The Company was originally incorporated in California in 1997 and reincorporated in Delaware in 2014. In November 2015, the Company changed its name from Pacific DataVision, Inc. to pdvWireless, Inc. In August 2019, the Company changed its name from pdvWireless, Inc. to Anterix Inc. The Company maintains offices in Woodland Park, New Jersey and McLean, Virginia. Business Developments In December 2020, the Company entered into its first long-term lease agreement of 900 MHz spectrum authorized for broadband use (“900 MHz Broadband Spectrum”), with Ameren Corporation (“Ameren”), (the “Ameren Agreements”). The Ameren Agreements will enable Ameren to deploy a private LTE network in its service territories in Missouri and Illinois, covering approximately 7.5 million people. Each Ameren Agreement is for a term of up to 40 years, consisting of an initial term of 30 years, with a 10-year renewal option for an additional payment. The scheduled prepayments for the 30-year initial terms of the Ameren Agreements total $47.7 million, of which $0.3 million was received by the Company in February 2021, $5.4 million in September 2021 and $17.2 million in October 2021. See Note 2 Revenue for further discussion on the Ameren Agreements. In September 2021, the Company entered into a long-term lease agreement of 900 MHz Broadband Spectrum with Evergy Services, Inc. (“Evergy”), (the “Evergy Agreement”). The Evergy service territories covered by the Evergy Agreement are in Kansas and Missouri with a population of approximately 3.9 million people. The Evergy Agreement is for a term of up to 40 years, comprised of an initial term of 20 years with two 10-year renewal options for additional payments. Prepayment in full of the $30.2 million for the 20-year initial term, which was due and payable within thirty (30) days after execution of the Evergy Agreement, was received by the Company in October 2021. See Note 2 Revenue for further discussion on the Evergy Agreement. Basis of Presentation and Use of Estimates The unaudited consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Because certain information and footnote disclosures have been condensed or omitted, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on June 15, 2021 (the “2021 Annual Report”). In the Company’s opinion all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. The Company believes that the disclosures made in the unaudited consolidated interim financial statements are adequate to make the information not misleading. The results of operations for the interim periods presented are not necessarily indicative of the results for the year. The Company is also required to make certain estimates and assumptions that affect the report amounts. These estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the applicable period. Accordingly, actual results could materially differ from those estimates. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, including PDV Spectrum Holding Company, LLC formed in April 2014. All significant intercompany accounts and transactions have been eliminated in consolidation. Summary of Significant Accounting Policies Retirement of common stock From time to time, the Company may acquire its common stock through share repurchases or option exercise swaps and return these shares to authorized and unissued. If the Company elects to retire these shares, the Company’s policy is to allocate a portion of the repurchase price to par value of common stock with the excess over par value allocated to accumulated deficit. Correction of Immaterial Errors Stock-based compensation In connection with preparing its financial statements for the year ended March 31, 2021, the Company determined that it incorrectly presented stock-based compensation in its Consolidated Statement of Operations for the three and nine months ended December 31, 2020. The Company previously reported stock compensation expense as a separate line item in the Consolidated Statement of Operations. Stock compensation expense should have been included in the same income statement line or lines as the cash compensation paid to the individuals receiving the stock-based awards such as general and administrative costs, product development and sales and support.  The following table is a comparison of the reported results of operations for the three and nine months ended December 31, 2020, as a result of the correction of immaterial errors (in thousands): For the Three months ended December 31, 2020 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Statement of Operations General and administrative* $6,344 $2,462 $8,806Product development 1,098 146 1,244Sales and support 612 64 676Stock compensation expense 2,672 (2,672) — For the Nine months ended December 31, 2020 As Originally Reported Impact of Prior Period Errors As Revised General and administrative* $17,685 $12,641 $30,326Product development 2,595 438 3,033Sales and support 1,904 166 2,070Stock compensation expense 13,245 (13,245) — * General and administrative expense includes the reclassification of restructuring costs. Refer to Reclassifications below for further details. Depreciation, disposals and impairments In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it understated depreciation and overstated loss on disposal of long-lived assets in its Consolidated Statement of Operations for the nine months ended December 31, 2021. In March 2021, the Company classified idled assets as Held for Future Use and suspended the depreciation for these assets. The depreciation should have been recognized evenly over the life of the asset without regard to whether the assets have been placed in service or is in use. Additionally, the Company reported disposals of assets that were in-use and misclassified certain disposals as impairments in the Consolidated Statement of Operations for the nine months ended December 31, 2021. The following table is a comparison of the results of operations for the nine months ended December 31, 2021, as a result of the correction of immaterial errors (in thousands): For the Nine months ended December 31, 2021 Impact of Prior Period ErrorsConsolidated Statement of Operations Depreciation and amortization $ 138Impairment of long-lived assets (127)Loss/(gain) from disposal of long-lived assets 35Net loss 46Net loss per common share basic and diluted — Share retirement In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it incorrectly presented additional paid-in capital and accumulated deficit in its Consolidated Balance Sheets and Consolidated Statement of Stockholders’ Equity for the period ended June 30, 2021. The Company previously reported the retirement of shares from a May 2021 option exercise as a reduction to additional paid-in capital. The retirement of shares should have been reported as an increase to accumulated deficit. This transaction was presented in the stock option exercises line within the Consolidated Statement of Stockholders’ Equity. However, the Company should have reported this transaction in a separate line, retirement of common stock, along with the retirement of shares from the Company’s share repurchase program (refer to Note 7 Stockholders’ Equity for further discussion on the Company’s share repurchase program). Additionally, as a result of this error, the Company incorrectly omitted the shares surrendered from stock option exercises non-cash disclosure. The following table is a comparison of the reported financial position, changes to stockholders’ equity and cash flows as of December 31, 2021, as a result of the correction of immaterial errors (in thousands): For the period ended December 31, 2021 Impact of Prior Period ErrorsConsolidated Balance Sheets Additional paid-in capital $ 1,000Accumulated deficit (1,000) For the period ended December 31, 2021 Impact of Prior Period Errors Number of Shares Common Stock Additional paid-in capital Accumulated deficitConsolidated Statement of Stockholders’ Equity Stock option exercises 20 $ 1,000 $ —Retirement of common stock (20) — (1,000) Reclassifications Certain amounts previously reported in the Company’s Consolidated Statement of Operations for prior periods have been reclassified to conform to the presentation within this Quarterly Report on Form 10-Q. The reclassification includes the consolidation of the restructuring costs line into the general and administrative line within the Company’s Consolidated Statement of Operations. Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Updated (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions and improving the application of existing guidance. The new guidance is effective for annual and interim periods beginning after December 15, 2020. The adoption of ASU 2019-12 on April 1, 2021 did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, and has subsequently modified several areas of Accounting Standards Codification 326, Financial Instruments – Credit Losses (“ASC 326”), in order to provide additional clarity and improvements. The new standard requires entities to use a Current Expected Credit Loss impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost within the scope of the standard. The entity’s estimate would consider relevant information about past events, current conditions and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses. As a smaller reporting company, the standard updates will be effective for the Company’s fiscal year beginning April 2023, including interim reporting periods within that fiscal year, although early adoption is permitted. The Company is evaluating the potential impact that ASC 326 and subsequent modifications may have on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Correction of Immaterial Errors Stock-based compensation In connection with preparing its financial statements for the year ended March 31, 2021, the Company determined that it incorrectly presented stock-based compensation in its Consolidated Statement of Operations for the three and nine months ended December 31, 2020. The Company previously reported stock compensation expense as a separate line item in the Consolidated Statement of Operations. Stock compensation expense should have been included in the same income statement line or lines as the cash compensation paid to the individuals receiving the stock-based awards such as general and administrative costs, product development and sales and support.  The following table is a comparison of the reported results of operations for the three and nine months ended December 31, 2020, as a result of the correction of immaterial errors (in thousands): For the Three months ended December 31, 2020 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Statement of Operations General and administrative* $6,344 $2,462 $8,806Product development 1,098 146 1,244Sales and support 612 64 676Stock compensation expense 2,672 (2,672) — For the Nine months ended December 31, 2020 As Originally Reported Impact of Prior Period Errors As Revised General and administrative* $17,685 $12,641 $30,326Product development 2,595 438 3,033Sales and support 1,904 166 2,070Stock compensation expense 13,245 (13,245) — * General and administrative expense includes the reclassification of restructuring costs. Refer to Reclassifications below for further details. Depreciation, disposals and impairments In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it understated depreciation and overstated loss on disposal of long-lived assets in its Consolidated Statement of Operations for the nine months ended December 31, 2021. In March 2021, the Company classified idled assets as Held for Future Use and suspended the depreciation for these assets. The depreciation should have been recognized evenly over the life of the asset without regard to whether the assets have been placed in service or is in use. Additionally, the Company reported disposals of assets that were in-use and misclassified certain disposals as impairments in the Consolidated Statement of Operations for the nine months ended December 31, 2021. The following table is a comparison of the results of operations for the nine months ended December 31, 2021, as a result of the correction of immaterial errors (in thousands): For the Nine months ended December 31, 2021 Impact of Prior Period ErrorsConsolidated Statement of Operations Depreciation and amortization $ 138Impairment of long-lived assets (127)Loss/(gain) from disposal of long-lived assets 35Net loss 46Net loss per common share basic and diluted — Share retirement In connection with preparing its financial statements for the quarter ended December 31, 2021, the Company determined that it incorrectly presented additional paid-in capital and accumulated deficit in its Consolidated Balance Sheets and Consolidated Statement of Stockholders’ Equity for the period ended June 30, 2021. The Company previously reported the retirement of shares from a May 2021 option exercise as a reduction to additional paid-in capital. The retirement of shares should have been reported as an increase to accumulated deficit. This transaction was presented in the stock option exercises line within the Consolidated Statement of Stockholders’ Equity. However, the Company should have reported this transaction in a separate line, retirement of common stock, along with the retirement of shares from the Company’s share repurchase program (refer to Note 7 Stockholders’ Equity for further discussion on the Company’s share repurchase program). Additionally, as a result of this error, the Company incorrectly omitted the shares surrendered from stock option exercises non-cash disclosure. The following table is a comparison of the reported financial position, changes to stockholders’ equity and cash flows as of December 31, 2021, as a result of the correction of immaterial errors (in thousands): For the period ended December 31, 2021 Impact of Prior Period ErrorsConsolidated Balance Sheets Additional paid-in capital $ 1,000Accumulated deficit (1,000) For the period ended December 31, 2021 Impact of Prior Period Errors Number of Shares Common Stock Additional paid-in capital Accumulated deficitConsolidated Statement of Stockholders’ Equity Stock option exercises 20 $ 1,000 $ —Retirement of common stock (20) — (1,000) Reclassifications Certain amounts previously reported in the Company’s Consolidated Statement of Operations for prior periods have been reclassified to conform to the presentation within this Quarterly Report on Form 10-Q. The reclassification includes the consolidation of the restructuring costs line into the general and administrative line within the Company’s Consolidated Statement of Operations.
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