$ATEX
Anterix Inc.

2023 Q1 Form 10-Q Financial Statement

#000130449223000005 Filed on February 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $608.0K $578.0K $385.0K
YoY Change 81.49% 50.13% 63.14%
Cost Of Revenue $0.00 $0.00 $5.000K
YoY Change -100.0% -99.08%
Gross Profit $608.0K $578.0K $380.0K
YoY Change 81.49% 52.11% -223.78%
Gross Profit Margin 100.0% 100.0% 98.7%
Selling, General & Admin $12.25M $13.47M $11.48M
YoY Change 12.41% 17.31% 21.09%
% of Gross Profit 2015.46% 2330.45% 3021.58%
Research & Development $1.427M $936.0K $893.0K
YoY Change 86.05% 4.82% -28.22%
% of Gross Profit 234.7% 161.94% 235.0%
Depreciation & Amortization $313.0K $373.0K $461.0K
YoY Change -31.06% -19.09% -54.8%
% of Gross Profit 51.48% 64.53% 121.32%
Operating Expenses $13.99M $14.41M $12.38M
YoY Change 15.44% 16.41% 15.37%
Operating Profit -$13.39M -$8.404M -$12.38M
YoY Change 13.57% -32.09% 2.58%
Interest Expense $470.0K $409.0K $9.000K
YoY Change 46900.0% 4444.44% -55.0%
% of Operating Profit
Other Income/Expense, Net $34.00K $185.0K $63.00K
YoY Change -42.37% 193.65% -42.73%
Pretax Income $16.18M -$7.810M -$12.30M
YoY Change -250.59% -36.52% 3.09%
Income Tax $637.0K $210.0K $412.0K
% Of Pretax Income 3.94%
Net Earnings $15.54M -$8.020M -$12.72M
YoY Change -241.07% -36.92% 5.18%
Net Earnings / Revenue 2556.25% -1387.54% -3302.6%
Basic Earnings Per Share -$0.42 -$0.69
Diluted Earnings Per Share $0.82 -$0.42 -$694.3K
COMMON SHARES
Basic Shares Outstanding 18.87M shares 18.96M shares 18.37M
Diluted Shares Outstanding 18.93M shares 18.31M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.18M $57.51M $127.8M
YoY Change -59.12% -54.99% 17.75%
Cash & Equivalents $43.18M $57.51M $127.8M
Short-Term Investments
Other Short-Term Assets $15.86M $14.61M $7.165M
YoY Change 60.05% 103.91% 59.22%
Inventory
Prepaid Expenses
Receivables $418.0K $347.0K $104.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.46M $72.47M $135.0M
YoY Change -48.64% -46.33% 19.46%
LONG-TERM ASSETS
Property, Plant & Equipment $3.606M $3.342M $2.640M
YoY Change 22.28% 26.59% -29.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.08M $8.572M $1.675M
YoY Change 145.33% 411.76% 98.22%
Total Long-Term Assets $219.1M $185.1M $153.0M
YoY Change 35.02% 20.99% 19.47%
TOTAL ASSETS
Total Short-Term Assets $59.46M $72.47M $135.0M
Total Long-Term Assets $219.1M $185.1M $153.0M
Total Assets $278.6M $257.6M $288.1M
YoY Change 0.18% -10.57% 19.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $755.0K $6.557M $6.784M
YoY Change -27.68% -3.35% -7.07%
Accrued Expenses $1.267M $1.749M $1.450M
YoY Change 72.38% 20.62% -3.33%
Deferred Revenue $2.769M $2.656M $1.478M
YoY Change 87.35% 79.7% 102.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.90M $31.33M $9.872M
YoY Change 231.05% 217.37% 1.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $513.0K $541.0K $569.0K
YoY Change -5.18% -4.92% -15.95%
Total Long-Term Liabilities $513.0K $541.0K $569.0K
YoY Change -5.18% -4.92% -15.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.90M $31.33M $9.872M
Total Long-Term Liabilities $513.0K $541.0K $569.0K
Total Liabilities $98.77M $98.58M $92.43M
YoY Change 7.65% 6.66% 321.13%
SHAREHOLDERS EQUITY
Retained Earnings -$338.4M -$353.9M -$299.8M
YoY Change 7.82% 18.03% 20.22%
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 $179.8M $159.0M $195.6M
YoY Change
Total Liabilities & Shareholders Equity $278.6M $257.6M $288.1M
YoY Change 0.18% -10.57% 19.47%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $15.54M -$8.020M -$12.72M
YoY Change -241.07% -36.92% 5.18%
Depreciation, Depletion And Amortization $313.0K $373.0K $461.0K
YoY Change -31.06% -19.09% -54.8%
Cash From Operating Activities -$8.574M -$728.0K $39.63M
YoY Change -6.03% -101.84% -768.28%
INVESTING ACTIVITIES
Capital Expenditures $6.518M $8.239M -$4.207M
YoY Change -158.57% -295.84% 36.15%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.518M -$8.239M -$4.207M
YoY Change -41.43% 95.84% 36.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 763.0K -3.636M -8.525M
YoY Change -140.43% -57.35% -760.85%
NET CHANGE
Cash From Operating Activities -8.574M -728.0K 39.63M
Cash From Investing Activities -6.518M -8.239M -4.207M
Cash From Financing Activities 763.0K -3.636M -8.525M
Net Change In Cash -14.33M -12.60M 26.90M
YoY Change -35.28% -146.86% -447.96%
FREE CASH FLOW
Cash From Operating Activities -$8.574M -$728.0K $39.63M
Capital Expenditures $6.518M $8.239M -$4.207M
Free Cash Flow -$15.09M -$8.967M $43.84M
YoY Change -852.72% -120.46% -1643.52%

Facts In Submission

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Nature of Operations and Basis of Presentation<div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 and on offering innovative broadband technologies and solutions to the same target customers. 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 (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 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 broadband spectrum it secures to its targeted utility and critical infrastructure customers.</span></div><div style="padding-left:27pt"><span><br/></span></div><div style="padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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, McLean, Virginia and Abilene, Texas.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Developments</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 28, 2022, the Company entered into an agreement with Xcel Energy Services Inc. (“Xcel Energy”) providing Xcel Energy dedicated long-term usage of the Company’s 900 MHz Broadband Spectrum for a term of 20 years throughout Xcel Energy’s service territory in eight states (the “Xcel Energy Agreement”). The Xcel Energy Agreement also provides Xcel Energy an option to extend the agreement for two 10-year terms for additional payments. The Xcel Energy Agreement allows Xcel Energy to deploy a private LTE network to support its grid modernization initiatives for the benefit of its approximately 3.7 million electricity customers and 2.1 million natural gas customers. The scheduled prepayments for the 20-year initial term of the Xcel Energy Agreement total $80.0 million, of which $8.0 million was received by the Company in December 2022. See Note 2 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion on the Xcel Energy Agreement.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2021, the Company entered into a long-term lease agreement of 900 MHz Broadband Spectrum with Evergy, 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 and two 10-year renewal options for additional payments. The Company received full prepayment of $30.2 million for the initial 20-year term in October 2021. During the nine months ended December 31, 2022, the Company leased to Evergy the first deliverable of 1.4 x 1.4 cleared Broadband Spectrum and the associated broadband licenses for 70 counties. The revenue recognized for the three and nine months ended December 31, 2022 was approximately $0.2 million and $0.3 million, respectively.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, the Company entered into an agreement with San Diego Gas &amp; Electric Company, a subsidiary of Sempra Energy (“SDG&amp;E”), to provide 900 MHz Broadband Spectrum throughout SDG&amp;E’s California service territory, including San Diego and Imperial Counties and portions of Orange County for a total payment of $50.0 million. The total payment of $50.0 million is comprised of an initial payment of $20.0 million received in February 2021 and the remaining $30.0 million payment, which is due through fiscal year 2024 as the Company delivers the associated broadband licenses to SDG&amp;E and the relevant cleared 900 MHz Broadband Spectrum. During the quarter ended September 30, 2022, the Company delivered to SDG&amp;E 1.4 x 1.4 cleared Broadband Spectrum and the associated broadband license related to Imperial County and received a milestone payment of $0.2 million. See Note 9 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Contingencies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2022, the Company issued Motorola 500,000 shares of its common stock (the “Shares”). Motorola received the Shares by electing to convert 500,000 Class B Units (the “Units”) it held in the Company’s subsidiary, PDV Spectrum Holding Company, LLC (the “Subsidiary”). Motorola acquired the Units in September 2014 in connection with a Spectrum Lease Agreement between Motorola and the Subsidiary (the “2014 Motorola Spectrum </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agreement”). Under the 2014 Motorola Spectrum Agreement, Motorola leased a portion of the Company’s narrowband spectrum, which was held by the Subsidiary, in consideration for an upfront, fully-paid leasing fee of $7.5 million and a $10.0 million investment in the Units. Motorola had the right at any time to convert its Units into the Shares, representing a conversion price of $20.00 per share.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation and Use of Estimates</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 2022, filed with the SEC on May 26, 2022 (the “2022 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.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted Accounting Guidance</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Measurement of Credit Losses on Financial Instruments </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(“ASU 2016-13”), and has subsequently modified several areas of the Accounting Standards Codification (“ASC”) 326, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments – Credit Losses</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 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 the Company was previously a smaller reporting company, the standard updates would have been effective beginning April 2023, however, due to the transition to a large accelerated filer during the 2022 fiscal year, the updates were effective for the Company as of the fiscal year end 2022. The Company adopted the new standard effective March 31, 2022, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.</span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Issued Accounting Pronouncements </span></div><div style="margin-top:12pt;padding-left:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While there have been 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, these updates are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.</span></div>
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OperatingLeaseLiabilityCurrent
1512000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3193000 usd
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4177000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
567000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2128000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1661000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
902000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
497000 usd
CY2022Q4 atex Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
174000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5929000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
987000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4942000 usd
CY2022Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
33.11
CY2021Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
60.02
CY2020Q4 us-gaap Deferred Tax Liabilities Deferred Expense
DeferredTaxLiabilitiesDeferredExpense
300000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.05
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
20132 shares
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
20132 shares
CY2021Q2 atex Share Based Compensation Arrangement By Share Based Payment Award Options Shares Repurchased Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSharesRepurchasedValue
1000000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 usd
CY2022Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
106000 shares
CY2021Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
200000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
216000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
200000 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
47.05
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
60.02
CY2022Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3498000 usd
CY2021Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11993000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8223000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11993000 usd
CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
26800000 usd
CY2022Q2 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
500000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
381000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1410000 shares
CY2021Q1 atex Number Of People Covered By Network
NumberOfPeopleCoveredByNetwork
3600000 people
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
20000000 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
20200000 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
20200000 usd
CY2022Q1 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
200000 usd

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