Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three months ended September 30,

Six months ended September 30,

2023

2022

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$              2,073

$          (10,643)

$                 (45)

$          (23,839)

Adjustments to reconcile net income (loss) to net cash used in operating activities

Depreciation and amortization

209

372

455

734

Non-cash compensation expense attributable to stock awards

3,838

4,691

8,103

8,819

Deferred income taxes

645

203

373

403

Gain on disposal of intangible assets, net

(8,513)

(2,905)

(19,298)

(3,553)

Gain on sale of intangible assets, net

(7,332)

—

(7,332)

—

Loss on disposal of long-lived assets, net

67

20

36

22

Changes in operating assets and liabilities

Prepaid expenses and other assets

225

83

788

1,263

Right of use assets

262

280

545

518

Accounts payable and accrued expenses

(795)

328

374

(1,132)

Due to related parties

—

(24)

(533)

—

Operating lease liabilities

(371)

(372)

(759)

(699)

Contingent Liability

—

249

—

249

Deferred revenue

20,114

(398)

19,506

(733)

Net cash provided by (used in) operating activities

10,422

(8,116)

2,213

(17,948)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable deposits

(4,907)

(4,578)

(10,077)

(11,228)

Proceeds from sale of spectrum

25,178

—

25,178

—

Purchases of equipment

(187)

(1,139)

(212)

(1,145)

Net cash provided by (used in) investing activities

20,084

(5,717)

14,889

(12,373)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

—

—

7

872

Repurchase of common stock

(10,735)

(2,000)

(10,735)

(4,725)

Payments of withholding tax on net issuance of restricted stock

(270)

(509)

(1,022)

(1,336)

Net cash used in financing activities

(11,005)

(2,509)

(11,750)

(5,189)

Net change in cash and cash equivalents

19,501

(16,342)

5,352

(35,510)

CASH AND CASH EQUIVALENTS

Beginning of the period

29,033

86,456

43,182

105,624

End of the period

$           48,534

$           70,114

$           48,534

$           70,114

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period:

Taxes paid

$                   —

$                   12

$                     1

$                   12

Non-cash investing activity:

Network equipment provided in exchange for wireless licenses

$                 130

$                   25

$                 568

$                   29

Deferred gain on sale of intangible assets

$              4,889

$                   —

$              4,889

$                   —

Derecognition of contingent liability related to sale of intangible assets

$           18,840

$                   —

$           18,840

$                   —