Anterix (ATEX) 10-Q 9 Feb 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2022	Feb. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-36827
Entity Registrant Name	Anterix Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0745043
Entity Address, Address Line One	3 Garret Mountain Plaza
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Woodland Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07424
City Area Code	973
Local Phone Number	771-0300
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ATEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,868,860
Entity Central Index Key	0001304492
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current Assets
Cash and cash equivalents	$ 57,511	$ 105,624
Prepaid expenses and other current assets	14,957	10,147
Total current assets	72,468	115,771
Property and equipment, net	3,342	2,949
Right of use assets, net	3,567	4,047
Intangible assets	169,657	151,169
Other assets	8,572	4,108
Total assets	257,606	278,044
Current liabilities
Accounts payable and accrued expenses	6,557	6,526
Due to related parties	120	120
Operating lease liabilities	1,749	1,512
Contingent liability	20,249	0
Deferred revenue	2,656	1,478
Total current liabilities	31,331	9,636
Operating lease liabilities	3,193	4,177
Contingent liability	0	20,000
Deferred revenue	58,711	53,200
Deferred income tax	4,805	4,192
Other liabilities	541	541
Total liabilities	98,581	91,746
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2022 and March 31, 2022	0	0
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 18,868,860 shares issued and outstanding at December 31, 2022 and 18,377,483 shares issued and outstanding at March 31, 2022	2	2
Additional paid-in capital	512,934	500,125
Accumulated deficit	(353,911)	(313,829)
Total stockholders’ equity	159,025	186,298
Total liabilities and stockholders’ equity	$ 257,606	$ 278,044

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	18,868,860	18,377,483
Common stock, shares outstanding (in shares)	18,868,860	18,377,483

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Spectrum revenues	$ 578	$ 385	$ 1,311	$ 749
Operating expenses
Direct cost of revenue (exclusive of depreciation and amortization)	0	5	0	5
General and administrative	12,085	10,219	34,871	29,774
Sales and support	1,385	1,263	3,785	3,311
Product development	936	893	3,012	2,826
Depreciation and amortization	373	323	1,107	996
Operating expenses	14,779	12,703	42,775	36,912
Gain from disposal of intangible assets, net	(5,776)	0	(9,329)	(10,230)
(Gain) loss from disposal of long-lived assets, net	(21)	57	1	111
Loss from operations	(8,404)	(12,375)	(32,136)	(26,044)
Interest income	409	9	670	55
Other income	185	63	232	197
Loss before income taxes	(7,810)	(12,303)	(31,234)	(25,792)
Income tax expense	210	412	625	710
Net loss	$ (8,020)	$ (12,715)	$ (31,859)	$ (26,502)
Net loss per common share basic (in dollars per share)	$ (0.42)	$ (0.69)	$ (1.69)	$ (1.47)
Net loss per common share diluted (in dollars per share)	$ (0.42)	$ (0.69)	$ (1.69)	$ (1.47)
Weighted-average common shares used to compute basic net loss per share (in shares)	18,930,594	18,313,193	18,834,991	18,072,904
Weighted-average common shares used to compute diluted net loss per share (in shares)	18,930,594	18,313,193	18,834,991	18,072,904

Consolidated Statement of Stock

Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands		Total	Common ‎stock	Additional ‎paid-in ‎capital	Accumulated ‎deficit
Beginning balance (in shares) at Mar. 31, 2021			17,670,000
Beginning balance at Mar. 31, 2021		$ 212,508	$ 2	$ 472,854	$ (260,348)
Equity based compensation		10,147		10,147
Restricted shares issued (in shares)			207,000
Stock option exercises (in shares)	[1]		732,000
Stock option exercises	[1]	13,922		13,922
Shares withheld for taxes (in shares)			(24,000)
Shares withheld for taxes		(1,458)		(1,458)
Retirement of common stock (in shares)	[1]		(220,000)
Retirement of common stock	[1]	(12,993)			(12,993)
Net loss		(26,502)			(26,502)
Ending balance (in shares) at Dec. 31, 2021			18,365,000
Ending balance at Dec. 31, 2021		195,624	$ 2	495,465	(299,843)
Beginning balance (in shares) at Sep. 30, 2021			18,334,000
Beginning balance at Sep. 30, 2021		213,233	$ 2	488,366	(275,135)
Equity based compensation		3,631		3,631
Restricted shares issued (in shares)			22,000
Stock option exercises (in shares)			211,000
Stock option exercises		3,618		3,618
Shares withheld for taxes (in shares)			(2,000)
Shares withheld for taxes		(150)		(150)
Retirement of common stock (in shares)			(200,000)
Retirement of common stock		(11,993)			(11,993)
Net loss		(12,715)			(12,715)
Ending balance (in shares) at Dec. 31, 2021			18,365,000
Ending balance at Dec. 31, 2021		195,624	$ 2	495,465	(299,843)
Beginning balance (in shares) at Mar. 31, 2022			18,378,000
Beginning balance at Mar. 31, 2022		186,298	$ 2	500,125	(313,829)
Equity based compensation		13,411		13,411
Restricted shares issued (in shares)			203,000
Stock option exercises (in shares)			37,000
Stock option exercises		872		872
Motorola shares (in shares)			500,000
Shares withheld for taxes (in shares)			(33,000)
Shares withheld for taxes		(1,474)		(1,474)
Retirement of common stock (in shares)			(216,000)
Retirement of common stock		(8,223)			(8,223)
Net loss		(31,859)			(31,859)
Ending balance (in shares) at Dec. 31, 2022			18,869,000
Ending balance at Dec. 31, 2022		159,025	$ 2	512,934	(353,911)
Beginning balance (in shares) at Sep. 30, 2022			18,960,000
Beginning balance at Sep. 30, 2022		166,089	$ 2	508,480	(342,393)
Equity based compensation		4,592		4,592
Restricted shares issued (in shares)			18,000
Shares withheld for taxes (in shares)			(3,000)
Shares withheld for taxes		(138)		(138)
Retirement of common stock (in shares)			(106,000)
Retirement of common stock		(3,498)			(3,498)
Net loss		(8,020)			(8,020)
Ending balance (in shares) at Dec. 31, 2022			18,869,000
Ending balance at Dec. 31, 2022		$ 159,025	$ 2	$ 512,934	$ (353,911)
[1] Includes approximately $1.0 million, or 20,132 shares, received associated with a non-cash exercise of stock options and subsequent retirement. See Note 7 Stockholders ’ Equity .

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Shares repurchased	$ 1,000
Number of shares repurchased (in shares)	20,132	106,000	200,000	216,000	200,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (31,859)	$ (26,502)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,107	996
Non-cash compensation expense attributable to stock awards	13,411	10,047
Deferred income taxes	613	710
Gain from disposal of intangible assets, net	(9,329)	(10,230)
Loss on disposal of long-lived assets, net	1	111
Changes in operating assets and liabilities
Accounts receivable	0	4
Prepaid expenses and other assets	666	(115)
Right of use assets	480	844
Accounts payable and accrued expenses	43	528
Due to related parties	0	8
Operating lease liabilities	(747)	(1,087)
Contingent Liability	249	0
Deferred revenue	6,689	52,030
Other liabilities	0	(307)
Net cash (used in) provided by operating activities	(18,676)	27,037
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets, including refundable deposits	(19,069)	(16,030)
Purchases of equipment	(1,543)	(252)
Net cash used in investing activities	(20,612)	(16,282)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	872	12,922
Repurchase of common stock	(8,223)	(11,993)
Payments of withholding tax on net issuance of restricted stock	(1,474)	(1,458)
Net cash used in financing activities	(8,825)	(529)
Net change in cash and cash equivalents	(48,113)	10,226
CASH AND CASH EQUIVALENTS
Beginning of the period	105,624	117,538
End of the period	57,511	127,764
Cash paid during the period:
Taxes paid	12	7
Non-cash investing activity:
Network equipment provided in exchange for wireless licenses	30	79
Non-cash financing activities:
Shares surrendered from stock option exercises	$ 0	$ 1,000

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation 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. 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. Business Developments 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 Revenue for further discussion on the Xcel Energy Agreement. 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. In February 2021, the Company entered into an agreement with San Diego Gas & Electric Company, a subsidiary of Sempra Energy (“SDG&E”), to provide 900 MHz Broadband Spectrum throughout SDG&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&E and the relevant cleared 900 MHz Broadband Spectrum. During the quarter ended September 30, 2022, the Company delivered to SDG&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 Contingencies for further discussion. 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 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. Basis of Presentation and Use of Estimates 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. 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. 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. Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), and has subsequently modified several areas of the Accounting Standards Codification (“ASC”) 326, Financial Instruments – Credit Losses , 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. Recently Issued Accounting Pronouncements 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.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and nine months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Spectrum revenues 900 MHz Broadband Spectrum Revenue Ameren $ 152 $ 202 $ 457 $ 202 Evergy (1) 244 — 308 — Narrowband Spectrum Revenue Motorola 182 183 546 547 Total spectrum revenue (2) $ 578 $ 385 $ 1,311 $ 749 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy for 70 counties. 2. Revenue recognized during the three and nine months ended December 31, 2022 and 2021 was included in deferred revenue at the beginning of the respective periods. Spectrum Revenue Agreements Refer to the Company’s 2022 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2022. The following reflects agreements entered into during the nine months ended December 31, 2022. On October 28, 2022, the Company entered into an agreement with 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 including Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. 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 terms of the Xcel Energy Agreement total $80.0 million, of which $8.0 million was received by the Company in December 2022. The remaining prepayments for the 20-year initial term are due by mid-2028, per the terms of the Xcel Energy Agreement and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses. The Company is working with incumbents to clear the 900 MHz Broadband Spectrum allocation in Xcel Energy service territories. In accordance with ASC 606 Revenue from Contracts with Customers, the payments of prepaid fees under the Xcel Energy Agreement will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue will be recognized over time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband licenses are delivered by respective county, over the contractual term of approximately 20 years. Contract Assets The Company recognizes a contract asset for the incremental costs of obtaining a contract with a customer. These costs include sales commissions and stock compensation. These costs are amortized ratably using the portfolio approach over the estimated customer contract period. The Company will review the contract asset on a periodic basis to determine if an impairment exists, and subsequent to the Company’s adoption of ASU 2016-13, will review the contract assets for potential credit loss exposure. If it is determined that there is an impairment, or a potential credit loss, the Company will expense the contract asset. For the nine months ended December 31, 2022 and 2021, the Company incurred and capitalized commission costs and stock compensation related to activities to obtain its long-term 900 MHz Broadband Spectrum lease agreements amounting to approximately $109,000 and $129,000, respectively. These capitalized costs will be amortized over the contractual term upon the commencement of the associated agreements. The following table presents the activity for the Company’s contract assets (in thousands): Contract Assets Balance at March 31, 2022 $ 638 Additions 109 Amortization (11) Balance at December 31, 2022 736 Less amount classified as current assets - prepaid expenses and other current assets (347) Noncurrent assets - included in other assets $ 389 Contract liabilities Contract liabilities primarily relate to advance consideration received from customers for spectrum services, for which revenue is recognized over time, as the services are performed. These contract liabilities are recorded as deferred revenue on the balance sheet. For the nine months ended December 31, 2022, deferred revenue increased by $8.0 million as a result of prepayments received in connection with the Xcel Energy Agreement. For the nine months ended December 31, 2021, deferred revenue increased by $52.8 million as a result of prepayments received in connection with the Ameren Corporation (“Ameren”) and Evergy lease agreements. The following table presents the activity for the Company’s contract liabilities (in thousands): Contract Liabilities Balance at March 31, 2022 $ 54,678 Additions 8,000 Revenue recognized (1,311) Balance at December 31, 2022 61,367 Less amount classified as current liabilities (2,656) Noncurrent liabilities $ 58,711

Intangible Assets

Intangible Assets	9 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no triggering events indicating impairment during the nine months ended December 31, 2022. During the nine months ended December 31, 2022, the Company acquired wireless licenses for cash consideration of $9.2 million, after receiving FCC approval, of which $7.0 million was spent on licenses acquired, including costs associated with license swaps, by entering into agreements with several third parties in multiple U.S. markets and $2.2 million was paid to the U.S. Treasury for Anti-Windfall payments, i.e. payments to cover any shortfall of channels needed in a given county to reach the requisite 240 channels required to be surrendered to secure a broadband license for such county. As of December 31, 2022 and March 31, 2022, the Company recorded initial deposits to incumbents amounting to approximately $13.3 million and $8.0 million, respectively, that are refundable if the FCC does not approve the sale, swap or retuning of the spectrum. Of the $13.3 million initial refundable deposit balance as of December 31, 2022, $12.7 million was included in prepaid expenses and other current assets and the remaining $0.6 million in other assets in the Consolidated Balance Sheets. Of the $8.0 million initial refundable deposit balance as of March 31, 2022, $7.6 million was included in prepaid expenses and other current assets and the remaining $0.4 million in other assets in the Consolidated Balance Sheets. As of December 31, 2022 and March 31, 2022, the Company recorded deferred charges of $8.0 million and $3.4 million, respectively, related to closed retuning deals, of which $0.6 million and $0.2 million, respectively, was recorded in prepaid expenses and other current assets and $7.4 million and $3.1 million, respectively, was recorded in other assets. During the nine months ended December 31, 2022, the Company applied for, and was granted by the FCC, broadband licenses for 70 counties in connection with the long-term lease agreement with Evergy. The Company recorded the new broadband licenses collectively at their estimated accounting cost basis of approximately $13.1 million. In connection with receiving the broadband licenses, the Company disposed of $3.8 million of the value ascribed to the narrowband licenses it relinquished to the FCC for the same 70 counties. The total carrying value of narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall payments paid to cover the shortfall in each county and the clearing costs. As a result of the exchanges of narrowband licenses for broadband licenses, the Company recorded a non-monetary gain on the disposal of intangible assets of $5.8 million and $9.3 million, for the three and nine months ended December 31, 2022, respectively. Intangible assets consist of the following activity for the nine months ended December 31, 2022 (in thousands): Wireless Licenses Balance at March 31, 2022 $ 151,169 Acquisitions 9,159 Exchanges – broadband licenses received 13,107 Exchanges – narrowband licenses surrendered (3,778) Balance at December 31, 2022 $ 169,657

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Refer to the Company’s 2022 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2022. The following reflects the related party activity during the three and nine months ended December 31, 2022 and 2021. In connection with the Service Revenue Transfer, the Company was obligated to pay a monthly service fee for a 24-month period that ended on January 7, 2021, for its assumption of support obligations under the transfer agreements. The Company is also obligated to pay a certain portion of the billed revenue received by the Company from pdvConnect customers for a 48-month period. For the three and nine months ended December 31, 2022 and 2021, the Company incurred payments of $15,000 and $45,000, respectively. As of December 31, 2022 and March 31, 2022, the Company did not have outstanding liabilities to the related parties associated with the service transfer. During the nine months ended December 31, 2022, the Company purchased equipment from Motorola in the amount of $910,000. In addition, the Company entered into a Frequency Relocation Agreement with Motorola for a total amount of $967,000, of which the Company paid $97,000 during the quarter ended December 31, 2022. As of December 31, 2022 and March 31, 2022, the Company owed $120,000 to Motorola, unrelated to the Frequency Relocation Agreement. During 2020, the Company entered into a consulting agreement with Rachelle B. Chong under which Ms. Chong serves as a Senior Advisor to the Company’s management team, subsequent to her resignation from the Company’s Board and as a member of the Board’s Nominating and Corporate Governance Committee. In July 2022, the Company extended the agreement by an additional 12 months with a new termination date of May 14, 2023. For the three and nine months ended December 31, 2022 and 2021, the Company incurred $36,000 and $108,000 in consulting fees to Ms. Chong, respectively. As of December 31, 2022 and March 31, 2022, the Company did not have any outstanding liabilities to Ms. Chong. During 2020, the Company entered into an annual consulting agreement with Brian D. McAuley under which Mr. McAuley serves as a Senior Advisor to the Company’s management team and provide strategic, corporate governance and Board advisory services, subsequent to his resignation as Executive Chairman of the Board. In July 2022, the Company extended the agreement by an additional 12 months with a new termination date of September 1, 2023. For the three and nine months ended December 31, 2022 and 2021, the Company incurred $10,000 and $30,000 in consulting fees to Mr. McAuley, respectively. As of December 31, 2022 and March 31, 2022, the Company did not have any outstanding liabilities to Mr. McAuley.

Leases

Leases	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases All leases in which the Company is the lessee are comprised of corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from October 31, 2023 through June 30, 2027, which includes lease extensions for its corporate headquarters ranging from three All of the Company’s leases are classified as operating leases, and as such, were previously not recognized on the Company’s Consolidated Balance Sheet. With the adoption of ASC 842 Leases, operating lease agreements are required to be recognized on the Consolidated Balance Sheet as right of use (“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows: Nine months ended December 31, 2022 2021 Weighted average term - operating lease liabilities 3.01 years 3.78 years Weighted average incremental borrowing rate - operating lease liabilities 12% 13% Rent expense amounted to approximately $0.5 million and $1.4 million, respectively, for the three and nine months ended December 31, 2022, which is included in general and administrative expenses in the Consolidated Statement of Operations. Rent expense amounted to approximately $0.5 million and $1.5 million, respectively, for the three and nine months ended December 31, 2021, which is included in general and administrative expenses in the Consolidated Statement of Operations. The following table presents net lease cost for the three and nine months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Lease cost Operating lease cost (cost resulting from lease payments) $ 461 $ 485 $ 1,355 $ 1,493 Short term lease cost — 3 7 13 Net lease cost $ 461 $ 488 $ 1,362 $ 1,506 The following table presents supplemental cash flow and non-cash activity information for the nine months ended December 31, 2022 and 2021 (in thousands): Nine months ended December 31, 2022 2021 Cash paid activity: Operating lease - operating cash flows (fixed payments) $ 1,634 $ 1,719 Operating lease - operating cash flows (liability reduction) $ 747 $ 1,087 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 165 $ 78 The following table presents supplemental balance sheet information as of December 31, 2022 and March 31, 2022 (in thousands): December 31, 2022 March 31, 2022 Non-current assets - right of use assets, net $ 3,567 $ 4,047 Current liabilities - operating lease liabilities $ 1,749 $ 1,512 Non-current liabilities - operating lease liabilities $ 3,193 $ 4,177 Future minimum payments under non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the nine months ended December 31, 2022, are as follows (in thousands): Fiscal Year Operating Leases 2023 (excluding the nine months ended December 31, 2022) $ 567 2024 2,128 2025 1,661 2026 902 2027 497 After 2027 174 Total future minimum lease payments 5,929 Amount representing interest (987) Present value of net future minimum lease payments $ 4,942

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company used a discrete effective tax rate method to calculate taxes for the three and nine months ended December 31, 2022. The Company determined that applying an estimate of the annual effective tax rate would not provide a reasonable estimate as small changes in estimated “ordinary” loss could result in significant changes in the estimated annual effective tax rate. Accordingly, for the three and nine months ended December 31, 2022, the Company recorded a total deferred tax expense of $0.2 million and $0.6 million, respectively, due to the inability to use some portion of its federal and state NOL carryforwards against the deferred tax liability created by the amortization of indefinite-lived intangibles. The Company’s net operating losses (“NOLs”) generated after March 31, 2018 may be used as an indefinite-lived asset to offset its deferred tax liability but are limited to 80% of future taxable income. The deferred tax liabilities as of December 31, 2022 are approximately $2.6 million for federal and $2.2 million for state.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company established the 2014 Stock Plan (the “2014 Stock Plan”) to attract, retain and reward individuals who contribute to the achievement of the Company’s goals and objectives. This 2014 Stock Plan superseded previous stock plans. The Board has reserved 5,027,201 shares of common stock for issuance under the 2014 Stock Plan as of December 31, 2022, of which 490,704 shares are available for future issuance. Historically, the number of shares reserved under the 2014 Stock Plan were increased, based on Board approval, each January 1 by an amount equal to the lesser of (i) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or (ii) a lesser amount determined by the Board (the “evergreen provision”). Effective January 1, 2021, the Board elected to increase the shares authorized under the 2014 Stock Plan by 879,216 shares, which represented 5% of the of the Company’s common stock issued and outstanding as of December 31, 2020. On June 14, 2021, the Compensation Committee of the Board approved Amendment No. 1 to 2014 Stock Plan to eliminate the evergreen provision for all future years (i.e., January 1, 2022 through January 1, 2024). During the nine months ended December 31, 2022 and the year ended March 31, 2022, a total of 207,231 and 979,320 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the Company’s 2014 Stock Plan. Share retirement In May 2021, the Company reacquired 20,132 shares when a participant surrendered already-owned shares of the Company’s common stock to cover the exercise price of an outstanding stock option exercised by the participant. The 20,132 shares surrendered were constructively retired by the Company as of June 30, 2021, which resulted in the non-cash reduction of approximately $1.0 million in accumulated deficit in the Consolidated Statement of Stockholders’ Equity. As discussed in Note 1 Nature of Operations and Basis of Presentation , the Company has reclassified the reduction to additional paid in capital to accumulated deficit and presented this as a correction of an error. Share repurchase program In September 2021, the Board authorized a share repurchase program (the “share repurchase program”) pursuant to which the Company may repurchase up to $50.0 million of the Company’s common stock on or before September 29, 2023. The manner, timing and amount of any share repurchases will be determined by the Company based on a variety of factors, including price, general business and market conditions and alternative investment opportunities. The share repurchase program authorization does not obligate the Company to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The following table presents the share repurchase activity for the three and nine months ended December 31, 2022 and 2021 (in thousands, except per share data): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Number of shares repurchased and retired 106 200 216 200 Average price paid per share* $ 33.11 $ 60.02 $ 47.05 $ 60.02 Total cost to repurchase $ 3,498 $ 11,993 $ 8,223 $ 11,993 * Average price paid per share includes costs associated with the repurchase. As of December 31, 2022, $26.8 million is remaining under the share repurchase program. Motorola Shares In September 2014, Motorola invested $10.0 million to purchase 500,000 Class B Units of the Company’s Subsidiary (at a price equal to $20.00 per unit). The Company owns 100% of the Class A Units in the Subsidiary. Motorola had the right at any time to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock and in May 2022, Motorola exercised such right to convert its 500,000 Class B Units into 500,000 shares of the Company’s common stock. In June 2022, the Company filed a Registration Statement on Form S-3 to register the 500,000 shares of the Company’s Common Stock held by Motorola for the resale or other disposition of such shares by Motorola (the “Resale Registration Statement”). The Resale Registration Statement was declared effective by the SEC on July 15, 2022.

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	9 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share of Common Stock	Net Loss Per Share of Common StockBasic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. For purposes of the diluted net loss per share calculation, preferred stock, stock options, restricted stock and warrants are considered to be potentially dilutive securities. Because the Company has reported a net loss for the three and nine months ended December 31, 2022 and 2021, respectively, diluted net loss per common share is the same as basic net loss per common share for those periods.Common stock equivalents resulting from potentially dilutive securities approximated 381,000 and 1,410,000 at December 31, 2022 and 2021, respectively, and have not been included in the dilutive weighted average shares of common stock outstanding, as their effects are anti-dilutive.

Contingencies and Guaranty

Contingencies and Guaranty	9 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Guaranty	Contingencies and Guaranty Contingent Liability In February 2021, the Company entered into an agreement with SDG&E to sell 900 MHz Broadband Spectrum throughout SDG&E’s California service territory, including San Diego and Imperial Counties and portions of Orange County (the “SDG&E Agreement”), for a total payment of $50.0 million. The SDG&E Agreement will support SDG&E’s deployment of a private LTE network for its California service territory, with a population of approximately 3.6 million people. Delivery of the relevant 900 MHz Broadband Spectrum and the associated broadband licenses by county to SDG&E commenced in fiscal year 2023 and is scheduled for completion before the end of fiscal year 2024. 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 relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses to SDG&E. During the quarter ended September 30, 2022, the Company delivered to SDG&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. The SDG&E Agreement is subject to customary provisions regarding remedies, including reduced payment amounts and/or refund of amounts paid, and termination rights, if a party fails to perform its contractual obligations. 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 SDG&E in full. As the Company is required to refund payments it has received in the event of termination or non-delivery of the specific county’s 900 MHz Broadband Spectrum, it recorded the $20.2 million received from SDG&E as contingent liability in the Consolidated Balance Sheet. As of December 31, 2022, the Company recorded the $20.2 million payments from SDG&E as a short-term liability due to the expected timing of delivery. Xcel Energy Guaranty In connection with Xcel Energy Agreement, the Company entered into a guaranty agreement, under which the Company guaranteed the delivery of the relevant 900 MHz Broadband Spectrum and the associated broadband licenses in Xcel Energy’s service territory in eight states along with other commercial obligations. In the event of default or non-delivery of the specific territory’s 900 MHz Broadband Spectrum, the Company is required to refund payments it has received. In addition, to the extent it has performed its obligations, the Company’s liability and obligations under the Xcel Energy Agreement will extend only to the remaining unperformed obligations. The Company has not recorded a liability for these guarantees as delivery of the relevant cleared 900 MHz Broadband licenses or counties is expected to commence in the first quarter of Fiscal 2024 through 2028. As of December 31, 2022, the maximum potential liability of future undiscounted payments under this agreement is approximately $8.0 million. Litigation From time to time, the Company may be involved in litigation that arises from the ordinary operations of the business, such as contractual or employment disputes or other general actions. The Company is not involved in any material legal proceedings at this time. COVID-19 Pandemic and Macroeconomic Conditions In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic and COVID-19 continues to cause significant disruptions throughout the world. The ultimate extent of the impact of COVID-19 on the future financial performance of the Company will depend on ongoing developments, all of which remain uncertain and cannot be predicted. The Company continues to closely monitor the risks posed by COVID-19 and adjusts its practices accordingly. Additionally, although difficult to quantify, the Company believes that the current macroeconomic environment, including inflation, may have an adverse effect on the Company’s target customers’ businesses, which may harm the Company’s commercialization efforts and negatively impact the Company’s revenues. If the Company is not able to control its higher operating costs or if the Company’s commercialization efforts are slowed or negatively impacted, continued periods of high inflation could have a material adverse effect on the Company’s business, operating results and financial condition. In December 2020, the Company deferred payroll taxes under the Coronavirus Aid Relief and Economic Security Act, which was signed into law on March 27, 2020. The deferral amounted to approximately $0.3 million, which has assisted the Company in managing the financial impact caused by the pandemic. Of the total deferred, approximately $0.2 million was remitted to the IRS during Fiscal 2022, with the remaining amount remitted during the three months ended December 31, 2022.

Concentrations of Credit Risk

Concentrations of Credit Risk	9 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The cash balance at times may exceed federally insured limits, however, the Company places its cash and temporary cash investments with financial institutions for which credit loss is not anticipated. For the three and nine months ended December 31, 2022 and 2021, the Company’s operating revenue was entirely from upfront, fully paid fees received from Motorola, Ameren and Evergy, as discussed in Note 2 Revenue .

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates 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. 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. 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.
Recently Adopted Accounting Guidance and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), and has subsequently modified several areas of the Accounting Standards Codification (“ASC”) 326, Financial Instruments – Credit Losses , 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. Recently Issued Accounting Pronouncements 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.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and nine months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Spectrum revenues 900 MHz Broadband Spectrum Revenue Ameren $ 152 $ 202 $ 457 $ 202 Evergy (1) 244 — 308 — Narrowband Spectrum Revenue Motorola 182 183 546 547 Total spectrum revenue (2) $ 578 $ 385 $ 1,311 $ 749 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy for 70 counties.
Schedule of Contract Assets	The following table presents the activity for the Company’s contract assets (in thousands): Contract Assets Balance at March 31, 2022 $ 638 Additions 109 Amortization (11) Balance at December 31, 2022 736 Less amount classified as current assets - prepaid expenses and other current assets (347) Noncurrent assets - included in other assets $ 389
Schedule of Contract Liabilities	The following table presents the activity for the Company’s contract liabilities (in thousands): Contract Liabilities Balance at March 31, 2022 $ 54,678 Additions 8,000 Revenue recognized (1,311) Balance at December 31, 2022 61,367 Less amount classified as current liabilities (2,656) Noncurrent liabilities $ 58,711

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following activity for the nine months ended December 31, 2022 (in thousands): Wireless Licenses Balance at March 31, 2022 $ 151,169 Acquisitions 9,159 Exchanges – broadband licenses received 13,107 Exchanges – narrowband licenses surrendered (3,778) Balance at December 31, 2022 $ 169,657

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Additional Lease Cost Information	Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows: Nine months ended December 31, 2022 2021 Weighted average term - operating lease liabilities 3.01 years 3.78 years Weighted average incremental borrowing rate - operating lease liabilities 12% 13%
Lease Cost	The following table presents net lease cost for the three and nine months ended December 31, 2022 and 2021 (in thousands): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Lease cost Operating lease cost (cost resulting from lease payments) $ 461 $ 485 $ 1,355 $ 1,493 Short term lease cost — 3 7 13 Net lease cost $ 461 $ 488 $ 1,362 $ 1,506
Supplemental Lease Information	The following table presents supplemental cash flow and non-cash activity information for the nine months ended December 31, 2022 and 2021 (in thousands): Nine months ended December 31, 2022 2021 Cash paid activity: Operating lease - operating cash flows (fixed payments) $ 1,634 $ 1,719 Operating lease - operating cash flows (liability reduction) $ 747 $ 1,087 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 165 $ 78 The following table presents supplemental balance sheet information as of December 31, 2022 and March 31, 2022 (in thousands): December 31, 2022 March 31, 2022 Non-current assets - right of use assets, net $ 3,567 $ 4,047 Current liabilities - operating lease liabilities $ 1,749 $ 1,512 Non-current liabilities - operating lease liabilities $ 3,193 $ 4,177
Future Minimum Payments	Future minimum payments under non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the nine months ended December 31, 2022, are as follows (in thousands): Fiscal Year Operating Leases 2023 (excluding the nine months ended December 31, 2022) $ 567 2024 2,128 2025 1,661 2026 902 2027 497 After 2027 174 Total future minimum lease payments 5,929 Amount representing interest (987) Present value of net future minimum lease payments $ 4,942

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Share Repurchase Program	The following table presents the share repurchase activity for the three and nine months ended December 31, 2022 and 2021 (in thousands, except per share data): Three months ended December 31, Nine months ended December 31, 2022 2021 2022 2021 Number of shares repurchased and retired 106 200 216 200 Average price paid per share* $ 33.11 $ 60.02 $ 47.05 $ 60.02 Total cost to repurchase $ 3,498 $ 11,993 $ 8,223 $ 11,993

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands, people in Millions, customer in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 28, 2022 USD ($) term customer

May 30, 2022 shares

May 18, 2022 $ / shares shares

Sep. 30, 2014 USD ($)

Sep. 15, 2014 USD ($)

Sep. 30, 2021 USD ($) term people

Feb. 28, 2021 USD ($) people

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2022 USD ($) county

Dec. 31, 2021 USD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2022 USD ($)

Conversion of Stock [Line Items]

Prepayments received

$ 61,367

$ 61,367

$ 54,678

Number of people covered by network | people

3.6

Lease extension

10 years

Broadband licenses granted, number of counties | county

70

Spectrum revenues

578

$ 385

$ 1,311

$ 749

Contingent liability

$ 20,000

0

0

20,000

Shares issued on conversion (in shares) | shares

500,000

500,000

Shares converted (in shares) | shares

500,000

Prepaid expenses and other current assets

$ 14,957

$ 14,957

$ 10,147

Conversion price (in dollars per share) | $ / shares

$ 20

Forecast

Conversion of Stock [Line Items]

Contingent liability

$ 30,000

SDG&E

Conversion of Stock [Line Items]

Consideration transferred

$ 50,000

Minimum

Conversion of Stock [Line Items]

Term of contract

40 years

Lease extension

3 years

3 years

Evergy

Conversion of Stock [Line Items]

Number of people covered by network | people

3.9

Number of renewal terms | term

2

Term of contract

20 years

Scheduled prepayments

$ 30,200

Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement

Conversion of Stock [Line Items]

Agreement term

20 years

Number of agreement extensions | term

2

Agreement extension term

10 years

Total scheduled prepayments

$ 80,000

Prepayments received

$ 8,000

$ 8,000

Common Class B | Pdv Spectrum Holding Company Llc

Conversion of Stock [Line Items]

Equity method investee, cumulative proceeds received on all transactions

$ 10,000

$ 10,000

Spectrum revenue

Conversion of Stock [Line Items]

Prepaid expenses and other current assets

$ 7,500

Spectrum revenue | Evergy

Conversion of Stock [Line Items]

Spectrum revenues

$ 244

$ 0

$ 308

$ 0

Electricity | Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement

Conversion of Stock [Line Items]

Number of customers | customer

3.7

Natural Gas | Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement

Conversion of Stock [Line Items]

Number of customers | customer

2.1

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) county	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Spectrum revenues	$ 578	$ 385	$ 1,311	$ 749
Broadband licenses granted, number of counties | county			70
Spectrum revenue | Ameren
Disaggregation of Revenue [Line Items]
Spectrum revenues	152	202	$ 457	202
Spectrum revenue | Evergy
Disaggregation of Revenue [Line Items]
Spectrum revenues	244	0	308	0
Spectrum revenue | Motorola
Disaggregation of Revenue [Line Items]
Spectrum revenues	$ 182	$ 183	$ 546	$ 547

Revenue - Narrative (Details)

Revenue - Narrative (Details) customer in Millions		9 Months Ended
	Oct. 28, 2022 USD ($) term customer	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Prepayments received		$ 61,367,000		$ 54,678,000
Contract and contract acquisition costs		109,000	$ 129,000
Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Disaggregation of Revenue [Line Items]
Agreement term	20 years
Number of agreement extensions | term	2
Agreement extension term	10 years
Total scheduled prepayments	$ 80,000,000
Prepayments received		$ 8,000,000
Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Electricity
Disaggregation of Revenue [Line Items]
Number of customers | customer	3.7
Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Natural Gas
Disaggregation of Revenue [Line Items]
Number of customers | customer	2.1

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 638
Additions	109
Amortization	(11)
Ending balance	736
Capitalized Contract Cost, Net, Classified [Abstract]
Balance	736
Less amount classified as current assets - prepaid expenses and other current assets	(347)
Noncurrent assets - included in other assets	$ 389

Revenue - Schedule of Contrac_2

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 54,678
Additions	8,000	$ 52,800
Revenue recognized	(1,311)
Ending balance	61,367
Contract with Customer, Liability [Abstract]
Balance	61,367		$ 54,678
Less amount classified as current liabilities	(2,656)		(1,478)
Noncurrent liabilities	$ 58,711		$ 53,200

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) county channel	Mar. 31, 2022 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment		$ 0
Channels to surrender | channel		240
Initial deposits	$ 13,300,000	$ 13,300,000	$ 8,000,000
Prepaid expenses and other current assets	14,957,000	14,957,000	10,147,000
Other assets	8,572,000	$ 8,572,000	4,108,000
Broadband licenses granted, number of counties | county		70
Gain (loss) from disposal of intangible assets, net	(5,800,000)	$ (9,300,000)
In-Process Deals
Acquired Indefinite-lived Intangible Assets [Line Items]
Prepaid expense and other assets	8,000,000	8,000,000	3,400,000
Prepaid expenses and other current assets	600,000	600,000	200,000
Other assets	7,400,000	7,400,000	3,100,000
Wireless Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Consideration transferred		9,200,000
Wireless Licenses | Third Parties
Acquired Indefinite-lived Intangible Assets [Line Items]
Consideration transferred		7,000,000
Wireless Licenses | Anti-Windfall
Acquired Indefinite-lived Intangible Assets [Line Items]
Consideration transferred		2,200,000
Prepaid Expenses and Other Current Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Initial deposits	12,700,000	12,700,000	7,600,000
Other Assets
Acquired Indefinite-lived Intangible Assets [Line Items]
Initial deposits	600,000	600,000	$ 400,000
New Wireless Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets fair value disclosure	$ 13,100,000	13,100,000
Narrowband Licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Amount disposed		$ 3,800,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 151,169
Ending balance	169,657
Wireless Licenses
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning balance	151,169
Acquisitions	9,159
Exchanges – broadband licenses received	13,107
Exchanges – narrowband licenses surrendered	(3,778)
Ending balance	$ 169,657

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Revenue recognized			$ 1,311,000
Contract liability	$ 61,367,000		61,367,000		$ 54,678,000
Equipment Supplier
Related Party Transaction [Line Items]
Purchase of equipment			910,000
Payable to related parties	120,000		120,000		120,000
Equipment Supplier | Frequency Relocation Agreement
Related Party Transaction [Line Items]
Related party transaction agreement amount	967,000		967,000
Paid during period	97,000
Rachelle B. Chong
Related Party Transaction [Line Items]
Payable to related parties	0		$ 0		0
Extension term			12 months
Consulting fees	36,000	$ 36,000	$ 108,000	$ 108,000
Brian D. McAuley
Related Party Transaction [Line Items]
Payable to related parties	0		$ 0		0
Extension term			12 months
Consulting fees	10,000	10,000	$ 30,000	30,000
TeamConnect LLC
Related Party Transaction [Line Items]
Service fee term			24 months
TeamConnect LLC | PDVConnect
Related Party Transaction [Line Items]
Recurring revenue term			48 months
Contract liability	0		$ 0		$ 0
Goosetown And A BEEP | PDVConnect
Related Party Transaction [Line Items]
Revenue recognized	$ 15,000	$ 15,000	$ 45,000	$ 45,000

Leases - Additional Lease Cost

Leases - Additional Lease Cost Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Weighted average term - operating lease liabilities	3 years 3 days	3 years 9 months 10 days
Weighted average incremental borrowing rate - operating lease liabilities	12%	13%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Lease [Line Items]
Lease extension					10 years
Rent expense	$ 0.5	$ 0.5	$ 1.4	$ 1.5
Minimum
Lease [Line Items]
Lease extension	3 years		3 years
Maximum
Lease [Line Items]
Lease extension	10 years		10 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Operating lease cost (cost resulting from lease payments)	$ 461	$ 485	$ 1,355	$ 1,493
Short term lease cost	0	3	7	13
Net lease cost	$ 461	$ 488	$ 1,362	$ 1,506

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease - operating cash flows (fixed payments)	$ 1,634	$ 1,719
Operating lease - operating cash flows (liability reduction)	747	1,087
Right of use assets obtained in exchange for new operating lease liabilities	$ 165	$ 78

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
Non-current assets - right of use assets, net	$ 3,567	$ 4,047
Current liabilities - operating lease liabilities	1,749	1,512
Non-current liabilities - operating lease liabilities	$ 3,193	$ 4,177

Leases - Future Minimum Payment

Leases - Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023 (excluding the nine months ended December 31, 2022)	$ 567
2024	2,128
2025	1,661
2026	902
2027	497
After 2027	174
Total future minimum lease payments	5,929
Amount representing interest	(987)
Present value of net future minimum lease payments	$ 4,942

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Federal and State
Income Tax Disclosure [Line Items]
Deferred tax expenses	$ 0.2	$ 0.6
Federal
Income Tax Disclosure [Line Items]
Deferred tax liability	2.6	2.6
State
Income Tax Disclosure [Line Items]
Deferred tax liability	$ 2.2	$ 2.2

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

May 30, 2022

May 18, 2022

Jan. 01, 2021

Sep. 30, 2014

Sep. 15, 2014

May 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Mar. 31, 2022

Jun. 30, 2022

Sep. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of increase in number of shares of common stock issued and outstanding

5%

Number of shares repurchased (in shares)

20,132

106,000

200,000

216,000

200,000

Shares repurchased

$ 1,000

Stock repurchase program, authorized amount

$ 50,000

Stock repurchase program, remaining repurchase amount

$ 26,800

$ 26,800

Shares issued on conversion (in shares)

500,000

500,000

Shares converted (in shares)

500,000

Common Class B | Pdv Spectrum Holding Company Llc

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity method investee, cumulative proceeds received on all transactions

$ 10,000

$ 10,000

Sale of stock (in shares)

500,000

Sale of stock (in dollars per share)

$ 20

Common Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of units owned

100%

Shares registered for resale (in shares)

500,000

Common Class A | Pdv Spectrum Holding Company Llc

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Subsidiary equity units for which investor has right to convert to common stock (in shares)

500,000

2014 Stock Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock authorized and reserved for issuance (in shares)

5,027,201

5,027,201

Shares available (in shares)

490,704

490,704

Percentage of increase in number of shares of common stock issued and outstanding

5%

Additional common stock authorized and reserved for future issuance (in shares)

879,216

Awards issued (in shares)

207,231

979,320

Stockholders_ Equity - Share Re

Stockholders’ Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of shares repurchased (in shares)	20,132	106,000	200,000	216,000	200,000
Average price paid per share (in dollars per share)		$ 33.11	$ 60.02	$ 47.05	$ 60.02
Total cost to repurchase		$ 3,498	$ 11,993	$ 8,223	$ 11,993

Net Loss Per Share of Common _2

Net Loss Per Share of Common Stock (Details) - shares	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	381,000	1,410,000

Contingencies and Guaranty (Det

Contingencies and Guaranty (Details) $ in Thousands, people in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021 USD ($) people	Sep. 30, 2022 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Commitments And Contingencies [Line Items]
Number of people | people	3.6
Contingent liability	$ 20,000			$ 0	$ 20,000
Contingent liability				20,249	0
Deferred expense						$ 300
Accrued payroll taxes					$ 200
SDG&E | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Milestone payment received		$ 200
Xcel Energy Services Inc. | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments And Contingencies [Line Items]
Potential maximum liability of future undiscounted payments				$ 8,000
SDG&E
Commitments And Contingencies [Line Items]
Consideration transferred	$ 50,000
Forecast
Commitments And Contingencies [Line Items]
Contingent liability			$ 30,000

Concentrations of Credit Risk -

Concentrations of Credit Risk - Narrative (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Accounts receivable	$ 0	$ 0