Anterix Inc. Files 2024 10-K

Ticker: ATEX · Form: 10-K · Filed: Jun 26, 2024 · CIK: 1304492

Sentiment: neutral

Topics: 10-K, telecommunications, financials

TL;DR

Anterix filed its 2024 10-K. Check financials for the year ending March 31.

AI Summary

Anterix Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in the telecommunications sector. The company, formerly known as pdvWireless, Inc., is based in Woodland Park, NJ. The filing covers the period from April 1, 2023, to March 31, 2024, and includes financial data from previous fiscal years for comparison.

Why It Matters

This filing provides a comprehensive overview of Anterix Inc.'s financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company operates in the highly competitive and rapidly evolving telecommunications industry, which presents inherent risks.

Key Numbers

Key Players & Entities

FAQ

What was Anterix Inc.'s former name?

Anterix Inc. was formerly known as pdvWireless, Inc., and prior to that, Pacific DataVision, Inc.

What is the primary business of Anterix Inc. according to the SIC code?

The Standard Industrial Classification (SIC) code for Anterix Inc. is 4813, which corresponds to TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE).

Where is Anterix Inc. headquartered?

Anterix Inc. is headquartered at 3 GARRET MOUNTAIN PLAZA, SUITE 401, WOODLAND PARK, NJ 07424.

What is the SEC file number for Anterix Inc.'s 10-K filing?

The SEC file number for Anterix Inc.'s 10-K filing is 001-36827.

For which fiscal year is this 10-K filing?

This 10-K filing is for the fiscal year ending March 31, 2024.

Filing Stats: 4,523 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-06-26 16:46:31

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A.

Controls and Procedures

Controls and Procedures 42 Item 9B. Other Information 43 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III. Item 10. Directors, Executive Officers and Corporate Governance 44 Item 11.

Executive Compensation

Executive Compensation 44 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 Item 13. Certain Relationships and Related Transactions, and Director Independence 44 Item 14. Principal Accountant Fees and Services 44 PART IV. Item 15. Exhibit and Financial Statement Schedules 45 Item 16. Form 10-K Summary 47

SIGNATURES

SIGNATURES 48 Glossary of Selected Terms Unless otherwise noted or indicated by context, the following selected terms used in this Annual Report on Form 10-K have the following meanings: 240 Channels: Equals 6 MHz of 900 MHz spectrum whether the individual 25 kHz channels are scattered throughout the 5 x 5 or 10 MHz 900 MHz band or are contained within the contiguous 3 x 3 or 6 MHz broadband segment created by the Report and Order. 3 x 3 or 6 MHz: The broadband segment of the 900 MHz band (897.5 - 900.5 / 936.5 - 939.5) is authorized for a total of 6 MHz of spectrum, with 3 MHz designated for uplink transmissions and 3 MHz for downlink transmissions. 5 x 5 or 10 MHz: The broadband segment of the 900 MHz band (896 - 901 / 935 - 940) is authorized for a total of 10 MHz of spectrum, with 5 MHz designated for uplink transmissions and 5 MHz for downlink transmissions. 3GPP : The 3rd Generation Partnership Project is the standards organization that develops protocols for mobile telecommunications, such as Radio Access Networks, Services and Systems Aspects, and Core Network and Terminals. 4G: 4th generation of long-term evolution of radio system architecture. 5G: 5th generation of long-term evolution of radio system architecture. 600 MHz Auction: The Federal Communications Commission's (the "FCC") 2016 "incentive auction" in which licensees of television broadcast channels were incentivized to relinquish their spectrum for defined payments so the spectrum could be repurposed for licensed wireless services. 900 MHz: The 900 MHz band frequency ranges between 896 - 901 / 935 - 940. 900 MHz Broadband Spectrum or 900 MHz Broadband Segment: The 900 MHz band authorized for broadband (897.5 - 900.5 / 936.5 - 939.5). Anti-Windfall Payment: A payment to the U.S. Treasury from a 900 MHz broadband applicant, if the applicant relinquishes less than 6 MHz (or 240 channels) of spectrum for any full or fractional MHz less than 6 MHz. The payment is based on the 600 MHz Auct

Business

Item 1. Business Overview Anterix Inc ("Anterix," "we," "our," or the "Company") is the utility industry's partner, empowering enhanced visibility, control and security for a modern grid. Our vision is to deliver secure, scalable solutions enabled by private wireless broadband connectivity, for the benefit of utilities and the communities that they serve. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska and Puerto Rico, we are uniquely positioned to deliver solutions that support secure, resilient and customer-controlled operations. We are focused on commercializing our spectrum assets and expanding the benefits and solutions we offer to enable our targeted utility and critical infrastructure customers to deploy private broadband networks. Fiscal 2024 Highlights and Accomplishments Yielded positive cash flows primarily due to $106.5 million received in contracted cash proceeds from our customers Entered into a $30.0 million spectrum sale agreement with Lower Colorado River Authority ("LCRA") Entered into a $34.5 million spectrum lease agreement with Tampa Electric Company ("TECO") 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 Repurchased 735,646 shares of our stock to return capital to our stockholders for a total of $24.7 million Successfully led and completed initiatives in 3GPP to secure enhancements to the US 900 MHz Broadband Spectrum to benefit our customers, including the designation of a new Band 106 and n106, both for long-term evolution ("LTE") and 5G Initiated a petition with the FCC aimed at expanding the current paired 3 x 3 MHz broadband segment to a paired 5 x 5 MHz broadband segment within the 900 MHz band Our Business Strategy O

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