$ATEX
Anterix Inc.

2023 Q3 Form 10-Q Financial Statement

#000130449223000043 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.052M $608.0K
YoY Change 164.32% 81.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.22M $12.95M
YoY Change 4.96% 2.8%
% of Gross Profit
Research & Development $1.147M $1.069M
YoY Change 17.04% -2.46%
% of Gross Profit
Depreciation & Amortization $210.0K $246.0K
YoY Change -43.55% -32.04%
% of Gross Profit
Operating Expenses $14.36M $14.02M
YoY Change 5.83% 2.38%
Operating Profit $2.259M -$2.839M
YoY Change -121.19% -78.28%
Interest Expense $400.0K $386.0K
YoY Change 63.93% 2170.59%
% of Operating Profit 17.71%
Other Income/Expense, Net $63.00K $95.00K
YoY Change -625.0% 61.02%
Pretax Income $2.718M -$2.358M
YoY Change -126.06% -81.86%
Income Tax $645.0K -$240.0K
% Of Pretax Income 23.73%
Net Earnings $2.073M -$2.118M
YoY Change -119.48% -83.95%
Net Earnings / Revenue 197.05% -348.36%
Basic Earnings Per Share $0.11 -$0.11
Diluted Earnings Per Share $0.11 -$0.11
COMMON SHARES
Basic Shares Outstanding 19.05M shares 19.04M shares
Diluted Shares Outstanding 19.11M shares 18.95M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.50M $29.03M
YoY Change -30.83% -66.42%
Cash & Equivalents $48.53M $29.03M
Short-Term Investments
Other Short-Term Assets $13.20M $14.36M
YoY Change 15.64% 23.93%
Inventory
Prepaid Expenses
Receivables $400.0K $445.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.11M $43.84M
YoY Change -24.1% -55.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.323M $2.541M
YoY Change -30.05% -1.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.05M $14.07M
YoY Change 93.26% 193.94%
Total Long-Term Assets $217.8M $235.5M
YoY Change 25.08% 41.81%
TOTAL ASSETS
Total Short-Term Assets $62.11M $43.84M
Total Long-Term Assets $217.8M $235.5M
Total Assets $279.9M $279.3M
YoY Change 9.35% 5.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $7.793M
YoY Change 29.77% 53.83%
Accrued Expenses $1.600M $1.662M
YoY Change -1.6% 5.79%
Deferred Revenue $5.281M $2.896M
YoY Change 110.06% 32.12%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.30M $32.60M
YoY Change -48.84% 263.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $513.0K $513.0K
YoY Change -7.23% -5.18%
Total Long-Term Liabilities $513.0K $513.0K
YoY Change -7.23% -5.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.30M $32.60M
Total Long-Term Liabilities $513.0K $513.0K
Total Liabilities $103.8M $98.13M
YoY Change 15.5% 9.22%
SHAREHOLDERS EQUITY
Retained Earnings -$349.1M -$340.5M
YoY Change 1.97% 3.26%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $176.1M $181.2M
YoY Change
Total Liabilities & Shareholders Equity $279.9M $279.3M
YoY Change 9.35% 5.65%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $2.073M -$2.118M
YoY Change -119.48% -83.95%
Depreciation, Depletion And Amortization $210.0K $246.0K
YoY Change -43.55% -32.04%
Cash From Operating Activities $10.42M -$8.209M
YoY Change -228.39% -16.51%
INVESTING ACTIVITIES
Capital Expenditures $5.090M $25.00K
YoY Change -189.03% 316.67%
Acquisitions
YoY Change
Other Investing Activities $25.18M
YoY Change
Cash From Investing Activities $20.09M -$5.195M
YoY Change -451.41% -21.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00M -$745.0K
YoY Change 338.42% -72.2%
NET CHANGE
Cash From Operating Activities 10.42M -$8.209M
Cash From Investing Activities 20.09M -$5.195M
Cash From Financing Activities -11.00M -$745.0K
Net Change In Cash 19.51M -$14.15M
YoY Change -219.39% -26.18%
FREE CASH FLOW
Cash From Operating Activities $10.42M -$8.209M
Capital Expenditures $5.090M $25.00K
Free Cash Flow $5.330M -$8.234M
YoY Change -322.18% -16.3%

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CY2023Q2 us-gaap Nature Of Operations
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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 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 monetize the broadband spectrum it secures to its targeted utility and critical infrastructure customers. The Company is also expanding the benefits and solutions it offers to the same targeted customers. As part of the Company’s expanded offerings, the Company launched an integrated platform to accelerate the scale benefits of combining, or networking together, individual private broadband networks, added a public network roaming management solution, and is currently offering CatalyX as a turnkey connectivity management solution that helps utilities realize the benefits of private broadband networks while leveraging commercial broadband during their transition to private LTE (“PLTE”) networks.</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%">In April 2023, the Company entered into an agreement with Lower Colorado River Authority (“LCRA”) to sell 900 MHz Broadband Spectrum covering 68 counties and more than 30 cities in LCRA’s wholesale electric, transmission, and water service area (the “LCRA Agreement”) for total payments of $30.0 million plus the contribution of select LCRA 900 MHz narrowband spectrum. The LCRA Agreement will support LCRA’s deployment of a PLTE network which will provide a host of capabilities including grid awareness, communications and operational intelligence that will enhance resilience and spur innovation at LCRA. The new licenses will enable LCRA to move from narrowband to next generation broadband and provide mission-critical data and voice services within LCRA and to more than 100 external customers such as electric cooperatives, schools and transit authorities across more than 73,000 square miles. The payment of $30.0 million is due through fiscal year 2026 as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses to LCRA. The LCRA Agreement is subject to customary provisions regarding remedies for non-delivery, including refund of amounts paid and termination rights if the Company fails to perform its contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the LCRA Agreement. A gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the cleared 900 MHz Broadband Spectrum and the associated broadband licenses to LCRA in full.</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 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, 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, 2023, filed with the SEC on June 14, 2023 (the “2023 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 </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%">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: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>
CY2023Q2 us-gaap Revenues
Revenues
608000 usd
CY2022Q2 us-gaap Revenues
Revenues
335000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
870000 usd
CY2022Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
638000 usd
CY2023Q2 atex Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
28000 usd
CY2022Q2 atex Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
56000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
10000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
888000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
691000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
445000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
294000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
443000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
397000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
60759000 usd
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
54678000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
608000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
335000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
60151000 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
54343000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2896000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2192000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
57255000 usd
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
52151000 usd
CY2023Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 usd
CY2023Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
5170000 usd
CY2022Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6650000 usd
CY2023Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
9 county
CY2023Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
9 county
CY2023Q2 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
10800000 usd
CY2022Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
11 county
CY2022Q2 atex Broadband Licenses Granted Number Of Counties
BroadbandLicensesGrantedNumberOfCounties
11 county
CY2022Q2 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
600000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M7D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M13D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.13
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
507000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
449000 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
507000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
453000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
574000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
543000 usd
CY2023Q2 atex Operating Lease Liabilities Reduction
OperatingLeaseLiabilitiesReduction
388000 usd
CY2022Q2 atex Operating Lease Liabilities Reduction
OperatingLeaseLiabilitiesReduction
327000 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
65000 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3088000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3371000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1662000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1725000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2597000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2922000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1585000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1715000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
958000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
536000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
172000 usd
CY2023Q2 atex Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
38000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5004000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
745000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4259000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 usd
CY2023Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2022Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
56000 shares
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
49.70
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 usd
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2725000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
26800000 usd
CY2022Q2 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
500000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
194000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
503000 shares
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
20000000 usd
CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
20200000 usd
CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
20200000 usd

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