Anterix Inc. Reports First Quarter Fiscal Year 2024 Results

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

June 30, 2023 and March 31, 2023

(Unaudited, thousands, except share data)

June 30, 2023

March 31, 2023

ASSETS

Current Assets

Cash and cash equivalents

$                 29,033

$                 43,182

Prepaid expenses and other current assets

14,803

16,277

Total current assets

43,836

59,459

Property and equipment, net

2,541

3,606

Right of use assets, net

3,088

3,371

Intangible assets

215,795

202,044

Other assets

14,068

10,078

Total assets

$               279,328

$               278,558

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued expenses

$                   7,793

$                   6,624

Due to related parties

—

533

Operating lease liabilities

1,662

1,725

Contingent liability

20,249

20,249

Deferred revenue

2,896

2,769

Total current liabilities

32,600

31,900

Operating lease liabilities

2,597

2,922

Deferred revenue

57,255

57,990

Deferred income tax

5,168

5,440

Other liabilities

513

513

Total liabilities

98,133

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 June 30, 2023 and March 31, 2023

—

—

Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 19,047,159 shares issued and outstanding at June 30, 2023 and 18,921,999 shares issued and outstanding at March 31, 2023

2

2

Additional paid-in capital

521,680

518,160

Accumulated deficit

(340,487)

(338,369)

Total stockholders' equity

181,195

179,793

Total liabilities and stockholders' equity

$               279,328

$               278,558

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

Three months ended June 30,

Spectrum revenues

$                     608

$                     335

Operating expenses

General and administrative

11,673

11,359

Sales and support

1,275

1,236

Product development

1,069

1,096

Depreciation and amortization

246

362

Operating expenses

14,263

14,053

Gain from disposal of intangible assets, net

(10,785)

(648)

(Gain) loss from disposal of long-lived assets, net

(31)

2

Loss from operations

(2,839)

(13,072)

Interest income

386

17

Other income

95

59

Loss before income taxes

(2,358)

(12,996)

Income tax (benefit) expense

(240)

200

Net loss

$                (2,118)

$              (13,196)

Net loss per common share basic and diluted

$                  (0.11)

$                  (0.71)

Weighted-average common shares used to compute basic and diluted net loss per share

18,951,046

18,619,459

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three months ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$             (2,118)

$           (13,196)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

246

362

Non-cash compensation expense attributable to stock awards

4,265

4,128

Deferred income taxes

(272)

200

Gain from disposal of intangible assets, net

(10,785)

(648)

(Gain) loss on disposal of long-lived assets, net

(31)

2

Changes in operating assets and liabilities

Prepaid expenses and other assets

563

1,180

Right of use assets

283

238

Accounts payable and accrued expenses

1,169

(1,460)

Due to related parties

(533)

24

Operating lease liabilities

(388)

(327)

Deferred revenue

(608)

(335)

Net cash used in operating activities

(8,209)

(9,832)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable deposits

(5,170)

(6,650)

Purchases of equipment

(25)

(6)

Net cash used in investing activities

(5,195)

(6,656)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

7

872

Repurchase of common stock

—

(2,725)

Payments of withholding tax on net issuance of restricted stock

(752)

(827)

Net cash used in financing activities

(745)

(2,680)

Net change in cash and cash equivalents

(14,149)

(19,168)

CASH AND CASH EQUIVALENTS

Beginning of the period

43,182

105,624

End of the period

$              29,033

$              86,456

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period:

Taxes paid

$                       1

$                     —

Non-cash investing activity:

Network equipment provided in exchange for wireless licenses

$                   438

$                       4