Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.0001 par value | |
Trading Symbol | ATEX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 19,047,159 | |
Entity Central Index Key | 0001304492 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
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 |
Current liabilities | ||
Accounts payable and accrued expenses | 7,793 | 6,624 |
Due to related parties | 0 | 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 | 0 | 0 |
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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
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) | 19,047,159 | 18,921,999 |
Common stock, shares outstanding (in shares) | 19,047,159 | 18,921,999 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
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 (in dollars per share) | $ (0.11) | $ (0.71) |
Net loss per common share diluted (in dollars per share) | $ (0.11) | $ (0.71) |
Weighted-average common shares used to compute basic net loss per share (in shares) | 18,951,046 | 18,619,459 |
Weighted-average common shares used to compute diluted net loss per share (in shares) | 18,951,046 | 18,619,459 |
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, 2022 | 18,378,000 | |||
Beginning balance at Mar. 31, 2022 | $ 186,298 | $ 2 | $ 500,125 | $ (313,829) |
Equity based compensation | 4,128 | 4,128 | ||
Restricted shares issued (in shares) | 104,000 | |||
Stock option exercises (in shares) | 37,000 | |||
Stock option exercises | 872 | 872 | ||
Motorola shares (in shares) | 500,000 | |||
Shares withheld for taxes (in shares) | (19,000) | |||
Shares withheld for taxes | (827) | (827) | ||
Retirement of common stock (in shares) | (56,000) | |||
Retirement of common stock | (2,725) | (2,725) | ||
Net loss | (13,196) | (13,196) | ||
Ending balance (in shares) at Jun. 30, 2022 | 18,944,000 | |||
Ending balance at Jun. 30, 2022 | 174,550 | $ 2 | 504,298 | (329,750) |
Beginning balance (in shares) at Mar. 31, 2023 | 18,922,000 | |||
Beginning balance at Mar. 31, 2023 | 179,793 | $ 2 | 518,160 | (338,369) |
Equity based compensation | 4,265 | 4,265 | ||
Restricted shares issued (in shares) | 148,000 | |||
Stock option exercises | 7 | 7 | ||
Shares withheld for taxes (in shares) | (23,000) | |||
Shares withheld for taxes | (752) | (752) | ||
Net loss | (2,118) | (2,118) | ||
Ending balance (in shares) at Jun. 30, 2023 | 19,047,000 | |||
Ending balance at Jun. 30, 2023 | $ 181,195 | $ 2 | $ 521,680 | $ (340,487) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
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 | 0 | (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 |
Cash paid during the period: | ||
Taxes paid | 1 | 0 |
Non-cash investing activity: | ||
Network equipment provided in exchange for wireless licenses | $ 438 | $ 4 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Jun. 30, 2023 | |
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 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. Business Developments 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. Basis of Presentation and Use of Estimates 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 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 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 | 3 Months Ended |
Jun. 30, 2023 | |
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 months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Spectrum revenues 900 MHz Broadband Spectrum Revenue Ameren $ 152 $ 153 Evergy (1) 274 — Narrowband Spectrum Revenue Motorola 182 182 Total spectrum revenue (2) $ 608 $ 335 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy, Inc. (“Evergy”) during the three months ended September 2022. 2. Revenue recognized during the three months ended June 30, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods. Spectrum Revenue Agreements Refer to the Company’s 2023 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2023. Contract Assets and Liabilities The Company recognizes a contract asset for the incremental costs of obtaining a contract with a customer. 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. The Company’s contract assets consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Balance at the beginning of the period $ 870 $ 638 Additions 28 56 Amortization (10) (3) Balance at the end of the period 888 691 Less amount classified as current assets - prepaid expenses and other current assets (445) (294) Noncurrent assets (1) $ 443 $ 397 1. Recorded as other assets on the Company’s Consolidated Balance Sheets. The Company’s contract liabilities consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Balance at the beginning of the period $ 60,759 $ 54,678 Revenue recognized (608) (335) Balance at the end of the period 60,151 54,343 Less amount classified as current liabilities (2,896) (2,192) Noncurrent liabilities (1) $ 57,255 $ 52,151 1. Recorded as deferred revenue on the Company’s Consolidated Balance Sheets. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jun. 30, 2023 | |
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 impairment charges related to the Company’s indefinite-lived intangible assets during the three months ended June 30, 2023. Intangible assets consist of the following activity for the three months ended June 30, 2023 (in thousands): Wireless Licenses Balance at March 31, 2023 $ 202,044 Acquisitions 2,966 Exchanges – licenses received 13,292 Exchanges – licenses surrendered (2,507) Balance at June 30, 2023 $ 215,795 Purchases of intangible assets, including refundable deposits During the three months ended June 30, 2023 and 2022, the Company entered into agreements with several third parties in multiple U.S. markets to acquire, retune or swap wireless licenses for cash consideration (“deals”) and made Anti-Windfall Payments to the U.S. Treasury Department. The initial deposits to incumbents are recorded as prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets and are refundable if the FCC does not approve the sale, retuning or swap of the spectrum. The initial deposits are transferred to other assets or intangible assets in the Company’s Consolidated Balance Sheets, as applicable, upon meeting the relevant deal milestones. The final payments related to closed retuning or swap deals are recorded as other assets on the Company’s Consolidated Balance Sheets. The final payments for license purchases or Anti-Windfall Payments are recorded as intangible assets on the Company’s Consolidated Balance Sheets. The purchases of intangible assets, including refundable deposits, consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Refundable deposits $ 1,436 $ 2,686 Retuning cost and Swaps 768 901 Purchases and Anti-Windfall Payments 2,966 3,063 Total $ 5,170 $ 6,650 Broadband License Exchanges During the three months ended June 30, 2023, the Company was granted by the FCC, broadband licenses for 9 counties. The Company recorded the new broadband licenses at their estimated accounting cost basis of approximately $13.3 million. In connection with receiving the broadband licenses, the Company disposed of $2.5 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 9 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 exchange of narrowband licenses for broadband licenses, the Company recorded a gain on disposal of intangible assets of $10.8 million, for the three months ended June 30, 2023. During the three months ended June 30, 2022, the Company was granted by the FCC, broadband licenses for 11 counties. The Company recorded the new broadband licenses at their estimated accounting cost basis of approximately $0.9 million. In connection with receiving the broadband licenses, the Company disposed of $0.2 million, related to the value ascribed to the narrowband licenses it relinquished to the FCC for the same 11 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 exchange of narrowband licenses for broadband licenses, the Company recorded a gain on disposal of intangible assets of $0.6 million, for the three months ended June 30, 2022. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Refer to the Company’s 2023 Annual Report for a more complete description of the nature of its related party transactions prior to March 31, 2023. The following reflects the related party activity during the three months ended June 30, 2023 and 2022. In connection with the transfer of its TeamConnect business and support for its pdvConnect business, the Company entered into a memorandum of understanding (“MOU”) with the principals of Goosetown on December 31, 2018. Under the MOU, the Company agreed to assign the intellectual property rights to its pdvConnect application to TeamConnect LLC (“LLC”), a new entity formed by the principals of Goosetown, in exchange for a 19.5% ownership interest in the LLC, effective April 30, 2019. The Company was obligated to pay the LLC a monthly service fee for a 24-month period ending on January 7, 2021 for its assumption of the Company’s support obligations under the A BEEP and Goosetown Agreements. The Company was also obligated to pay the LLC a certain portion of the billed revenue received by the Company from pdvConnect customers for a 48-month period. On February 22, 2023, the Company amended the LLC agreement to withdraw as a member of the LLC for no consideration and did not incur payments during the three months ended June 30, 2023. For the three months ended June 30, 2022, the Company incurred payments of $15,000 to the parties associated with the transferred business. As of June 30, 2023 and March 31, 2023, the Company did not have outstanding liabilities to the related parties associated with the transferred business. |
Leases
Leases | 3 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | LeasesSubstantially all the 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 Substantially all of the Company’s leases are classified as operating leases. Operating lease agreements are required to be recognized on the Company’s 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: Three months ended June 30, 2023 2022 Weighted average term - operating lease liabilities 2.77 years 3.37 years Weighted average incremental borrowing rate - operating lease liabilities 12% 13% Rent expense amounted to approximately $0.5 million and $0.5 million, respectively, for the three months ended June 30, 2023 and 2022, which is included in general and administrative expenses on the Company’s Consolidated Statements of Operations. The following table presents net lease cost for the three months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Lease cost Operating lease cost (cost resulting from lease payments) $ 507 $ 449 Short term lease cost — 4 Net lease cost $ 507 $ 453 The following table presents supplemental cash flow and non-cash activity information for the three months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Cash paid activity: Operating lease - operating cash flows (fixed payments) $ 574 $ 543 Operating lease - operating cash flows (liability reduction) $ 388 $ 327 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 65 $ 50 The following table presents supplemental balance sheet information as of June 30, 2023 and March 31, 2023 (in thousands): June 30, 2023 March 31, 2023 Non-current assets - right of use assets, net $ 3,088 $ 3,371 Current liabilities - operating lease liabilities $ 1,662 $ 1,725 Non-current liabilities - operating lease liabilities $ 2,597 $ 2,922 Future minimum payments under existing 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 three months ended June 30, 2023, are as follows (in thousands): Fiscal Year Operating Leases 2024 (excluding the three months ended June 30, 2023) $ 1,585 2025 1,715 2026 958 2027 536 2028 172 After 2028 38 Total future minimum lease payments 5,004 Amount representing interest (745) Present value of net future minimum lease payments $ 4,259 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company used a discrete effective tax rate method to calculate taxes for the three months ended June 30, 2023 and 2022, which were a result of its inability to use some portion of its federal and state net operating losses (“NOLs”) carryforwards against the deferred tax liability created by the amortization of indefinite-lived intangible assets and the change in the state effective tax rate. 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 months ended June 30, 2023, the Company recorded a total deferred tax benefit of $0.2 million. For the three months ended June 30, 2022, the Company recorded a total deferred tax expense of $0.2 million. The Company’s NOL 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 June 30, 2023 are approximately $2.9 million for federal and $2.3 million for state. The deferred tax liabilities as of March 31, 2023 are approximately $2.7 million for federal and $2.7 million for state. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Jun. 30, 2023 | |
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 and as of June 30, 2023, 489,638 shares are available for future issuance, including up to 142,549 shares which may be granted upon meeting certain performance levels above 100% for performance stock unit awards. During the three months ended June 30, 2023 and the year ended March 31, 2023, a total of 125,160 and 260,370 shares, respectively, were issued in connection with the vesting, conversion and or exercise of grants under the Company’s 2014 Stock Plan. 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 months ended June 30, 2023 and 2022 (in thousands, except per share data): Three months ended June 30, 2023 2022 Number of shares repurchased and retired — 56 Average price paid per share* $ — $ 49.70 Total cost to repurchase $ — $ 2,725 * Average price paid per share includes costs associated with the repurchases. As of June 30, 2023, $26.8 million is remaining under the share repurchase program. Motorola Investment In September 2014, Motorola Solutions, Inc. (“Motorola”) invested $10.0 million to purchase 500,000 Class B Units of the Company’s subsidiary, PDV Spectrum Holding Company, LLC (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 | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock Basic 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 months ended June 30, 2023 and 2022, 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 194,000 and 503,000 at June 30, 2023 and 2022, 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 | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Guaranty | Contingencies and Guaranty Contingent Liabilities SDG&E Refund Obligations In February 2021, the Company entered into an agreement with San Diego Gas & Electric Company, a subsidiary of Sempra Energy (“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 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. In September 2022, the Company delivered to SDG&E 1.4 x 1.4 cleared 900 MHz Broadband Spectrum and the associated broadband license related to Imperial County and received a milestone payment of $0.2 million. 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 a contingent liability on the Company’s Consolidated Balance Sheets. As of June 30, 2023, the $20.2 million payments from SDG&E remain recorded as a short-term liability due to the expected timing of delivery. SDG&E Broadband License Delivery Delay Adjustment The Company has all necessary FCC approvals and is ready to transfer the San Diego County broadband license to SDG&E pending one final arrangement. The Company is anticipating a delivery delay adjustment between $0.8 million and $1.3 million dependent upon final closing date. This is an isolated event related specifically to the unique aspects of this complicated spectrum market including a complex system. Xcel Energy Guaranty In October 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”). 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 Anterix has performed any obligations, the Company’s liability and remaining obligations under the Xcel Energy Agreement will extend only to the remaining unperformed obligations. The Company recorded $8.0 million in deferred revenue in connection with the prepayment received as the delivery of the relevant cleared 900 MHz Broadband Spectrum and the associated broadband licenses commenced in the first quarter of fiscal year 2024 and will continue through 2029. As of June 30, 2023, 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. Pandemic and Macroeconomic Conditions Recent macroeconomic events, including the outbreak of COVID-19, inflation, and geopolitical matters, have increased operating costs and could increase production costs or result in delays in customer contracting or the availability of equipment necessary for the deployment of our target customers’ planned PLTE projects. The Company continues to closely monitor these risks. Although difficult to quantify, the Company believes 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 and liquidity. 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. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Jun. 30, 2023 | |
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 months ended June 30, 2023 and 2022, the Company’s operating revenue was entirely from upfront, fully paid fees received from Motorola, Ameren Corporation (“Ameren”) and Evergy, as discussed in Note 2 Revenue . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Xcel Energy Agreement In July 2023, the Company delivered the cleared 3 x 3 900 MHz Broadband Spectrum and the associated broadband licenses for 14 counties in Xcel service territory and received the full milestone payment of $21.2 million. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates 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 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 Issued Accounting Pronouncements | 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) | 3 Months Ended |
Jun. 30, 2023 | |
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 months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Spectrum revenues 900 MHz Broadband Spectrum Revenue Ameren $ 152 $ 153 Evergy (1) 274 — Narrowband Spectrum Revenue Motorola 182 182 Total spectrum revenue (2) $ 608 $ 335 1. The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Evergy, Inc. (“Evergy”) during the three months ended September 2022. 2. Revenue recognized during the three months ended June 30, 2023 and 2022 was included in deferred revenue at the beginning of the respective periods. |
Schedule of Contract Assets | The Company’s contract assets consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Balance at the beginning of the period $ 870 $ 638 Additions 28 56 Amortization (10) (3) Balance at the end of the period 888 691 Less amount classified as current assets - prepaid expenses and other current assets (445) (294) Noncurrent assets (1) $ 443 $ 397 1. Recorded as other assets on the Company’s Consolidated Balance Sheets. |
Schedule of Contract Liabilities | The Company’s contract liabilities consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Balance at the beginning of the period $ 60,759 $ 54,678 Revenue recognized (608) (335) Balance at the end of the period 60,151 54,343 Less amount classified as current liabilities (2,896) (2,192) Noncurrent liabilities (1) $ 57,255 $ 52,151 1. Recorded as deferred revenue on the Company’s Consolidated Balance Sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consist of the following activity for the three months ended June 30, 2023 (in thousands): Wireless Licenses Balance at March 31, 2023 $ 202,044 Acquisitions 2,966 Exchanges – licenses received 13,292 Exchanges – licenses surrendered (2,507) Balance at June 30, 2023 $ 215,795 The purchases of intangible assets, including refundable deposits, consisted of the following activity during the three months ended June 30, 2023 and 2022 (in thousands): 2023 2022 Refundable deposits $ 1,436 $ 2,686 Retuning cost and Swaps 768 901 Purchases and Anti-Windfall Payments 2,966 3,063 Total $ 5,170 $ 6,650 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Additional Lease Cost Information | Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows: Three months ended June 30, 2023 2022 Weighted average term - operating lease liabilities 2.77 years 3.37 years Weighted average incremental borrowing rate - operating lease liabilities 12% 13% |
Lease Cost | The following table presents net lease cost for the three months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Lease cost Operating lease cost (cost resulting from lease payments) $ 507 $ 449 Short term lease cost — 4 Net lease cost $ 507 $ 453 |
Supplemental Lease Information | The following table presents supplemental cash flow and non-cash activity information for the three months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, 2023 2022 Cash paid activity: Operating lease - operating cash flows (fixed payments) $ 574 $ 543 Operating lease - operating cash flows (liability reduction) $ 388 $ 327 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 65 $ 50 The following table presents supplemental balance sheet information as of June 30, 2023 and March 31, 2023 (in thousands): June 30, 2023 March 31, 2023 Non-current assets - right of use assets, net $ 3,088 $ 3,371 Current liabilities - operating lease liabilities $ 1,662 $ 1,725 Non-current liabilities - operating lease liabilities $ 2,597 $ 2,922 |
Future Minimum Payments | Future minimum payments under existing 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 three months ended June 30, 2023, are as follows (in thousands): Fiscal Year Operating Leases 2024 (excluding the three months ended June 30, 2023) $ 1,585 2025 1,715 2026 958 2027 536 2028 172 After 2028 38 Total future minimum lease payments 5,004 Amount representing interest (745) Present value of net future minimum lease payments $ 4,259 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Repurchase Program | The following table presents the share repurchase activity for the three months ended June 30, 2023 and 2022 (in thousands, except per share data): Three months ended June 30, 2023 2022 Number of shares repurchased and retired — 56 Average price paid per share* $ — $ 49.70 Total cost to repurchase $ — $ 2,725 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 45 Months Ended | |
Apr. 30, 2023 mi² people county city | Jun. 30, 2023 USD ($) county | Jun. 30, 2022 USD ($) county | Dec. 31, 2026 USD ($) | |
Conversion of Stock [Line Items] | ||||
Broadband licenses granted, number of counties | county | 9 | 11 | ||
Payments to acquire intangible assets | $ | $ 5,170 | $ 6,650 | ||
Lower Colorado River Authority (LCRA) | Wireless Licenses | ||||
Conversion of Stock [Line Items] | ||||
Broadband licenses granted, number of counties | county | 68 | |||
Broadband licenses granted, number of cities | city | 30 | |||
Broadband licenses granted, number of customers | people | 100 | |||
Broadband licenses granted, service area | mi² | 73,000 | |||
Lower Colorado River Authority (LCRA) | Wireless Licenses | Forecast | ||||
Conversion of Stock [Line Items] | ||||
Payments to acquire intangible assets | $ | $ 30,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Spectrum revenues | $ 608 | $ 335 |
Spectrum revenue | Ameren | ||
Disaggregation of Revenue [Line Items] | ||
Spectrum revenues | 152 | 153 |
Spectrum revenue | Evergy(1) | ||
Disaggregation of Revenue [Line Items] | ||
Spectrum revenues | 274 | 0 |
Spectrum revenue | Motorola | ||
Disaggregation of Revenue [Line Items] | ||
Spectrum revenues | $ 182 | $ 182 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Roll Forward] | ||
Beginning balance | $ 870 | $ 638 |
Additions | 28 | 56 |
Amortization | (10) | (3) |
Ending balance | 888 | 691 |
Capitalized Contract Cost, Net, Classified [Abstract] | ||
Balance | 888 | 691 |
Less amount classified as current assets - prepaid expenses and other current assets | (445) | (294) |
Noncurrent assets | $ 443 | $ 397 |
Revenue - Schedule of Contrac_2
Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Roll Forward] | |||
Beginning balance | $ 60,759 | $ 54,678 | |
Revenue recognized | (608) | (335) | |
Ending balance | 60,151 | 54,343 | |
Contract with Customer, Liability [Abstract] | |||
Balance | 60,151 | 54,343 | $ 60,759 |
Less amount classified as current liabilities | (2,896) | (2,192) | (2,769) |
Noncurrent liabilities | $ 57,255 | $ 52,151 | $ 57,990 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) | 3 Months Ended | |
Jun. 30, 2023 USD ($) county | Jun. 30, 2022 USD ($) county | |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Impairment | $ 0 | |
Broadband licenses granted, number of counties | county | 9 | 11 |
Gain from disposal of intangible assets, net | $ (10,785,000) | $ (648,000) |
Wireless Licenses | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Exchanges – licenses received | 13,292,000 | 900,000 |
Licenses exchanged | $ 2,507,000 | $ 200,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Indefinite-Lived Intangible Assets [Roll Forward] | ||
Beginning balance | $ 202,044 | |
Ending balance | 215,795 | |
Wireless Licenses | ||
Indefinite-Lived Intangible Assets [Roll Forward] | ||
Beginning balance | 202,044 | |
Acquisitions | 2,966 | |
Exchanges – licenses received | 13,292 | $ 900 |
Exchanges – licenses surrendered | (2,507) | $ (200) |
Ending balance | $ 215,795 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Payments to acquire intangible assets | $ 5,170 | $ 6,650 |
Refundable Deposits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Payments to acquire intangible assets | 1,436 | 2,686 |
Returnable Costs and Swaps | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Payments to acquire intangible assets | 768 | 901 |
Purchases and Anti-Windfall Payments | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Payments to acquire intangible assets | $ 2,966 | $ 3,063 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 30, 2019 | |
Related Party Transaction [Line Items] | |||||
Contract liability | $ 60,151,000 | $ 54,343,000 | $ 60,759,000 | $ 54,678,000 | |
Due to related parties | 0 | 533,000 | |||
Teamconnect Llc | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 19.50% | ||||
TeamConnect LLC | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Contract liability | 0 | $ 0 | |||
Goosetown And A BEEP | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees | $ 0 | $ 15,000 | |||
Teamconnect Llc | |||||
Related Party Transaction [Line Items] | |||||
Service fee term | 24 months | ||||
Teamconnect Llc | PDVConnect | |||||
Related Party Transaction [Line Items] | |||||
Service fee term | 48 months |
Leases - Additional Lease Cost
Leases - Additional Lease Cost Information (Details) | Jun. 30, 2023 | Jun. 30, 2022 |
Lease, Cost [Abstract] | ||
Weighted average term - operating lease liabilities | 2 years 9 months 7 days | 3 years 4 months 13 days |
Weighted average incremental borrowing rate - operating lease liabilities | 12% | 13% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Lease [Line Items] | ||
Rent expense | $ 0.5 | $ 0.5 |
Minimum | ||
Lease [Line Items] | ||
Lease extension | 3 years | |
Maximum | ||
Lease [Line Items] | ||
Lease extension | 10 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease cost (cost resulting from lease payments) | $ 507 | $ 449 |
Short term lease cost | 0 | 4 |
Net lease cost | $ 507 | $ 453 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Operating lease - operating cash flows (fixed payments) | $ 574 | $ 543 |
Operating lease - operating cash flows (liability reduction) | 388 | 327 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 65 | $ 50 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
Non-current assets - right of use assets, net | $ 3,088 | $ 3,371 |
Current liabilities - operating lease liabilities | 1,662 | 1,725 |
Non-current liabilities - operating lease liabilities | $ 2,597 | $ 2,922 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
2024 (excluding the three months ended June 30, 2023) | $ 1,585 |
2025 | 1,715 |
2026 | 958 |
2027 | 536 |
2028 | 172 |
After 2028 | 38 |
Total future minimum lease payments | 5,004 |
Amount representing interest | (745) |
Present value of net future minimum lease payments | $ 4,259 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Income Tax Disclosure [Line Items] | |||
Deferred income taxes | $ (272) | $ 200 | |
Income Tax Expense (Benefit) | (240) | 200 | |
Federal and State | |||
Income Tax Disclosure [Line Items] | |||
Deferred income taxes | (200) | $ 200 | |
Federal | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liability | 2,900 | $ 2,700 | |
State | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liability | $ 2,300 | $ 2,700 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
May 30, 2022 | Sep. 30, 2014 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares repurchased (in shares) | 0 | 56,000 | ||||
Stock repurchase program, authorized amount | $ 50 | |||||
Stock repurchase program, remaining repurchase amount | $ 26.8 | |||||
Shares issued on conversion (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 | |||||
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 | |||||
Shares available (in shares) | 489,638 | |||||
Awards issued (in shares) | 125,160 | 260,370 | ||||
2014 Stock Plan | Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock authorized and reserved for issuance (in shares) | 142,549 |
Stockholders_ Equity - Share Re
Stockholders’ Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Number of shares repurchased (in shares) | 0 | 56 |
Average price paid per share (in dollars per share) | $ 0 | $ 49.70 |
Total cost to repurchase | $ 0 | $ 2,725 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Details) - shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 194,000 | 503,000 |
Contingencies and Guaranty (Det
Contingencies and Guaranty (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Oct. 31, 2022 | Sep. 30, 2022 | Feb. 28, 2021 | Sep. 30, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Commitments And Contingencies [Line Items] | |||||||||
Contingent liability | $ 20,000 | ||||||||
Contingent liability | $ 20,249 | $ 20,249 | |||||||
Prepayments received | 60,151 | $ 60,759 | $ 54,343 | $ 54,678 | |||||
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] | |||||||||
Agreement term | 20 years | ||||||||
Prepayments received | $ 8,000 | ||||||||
SDG&E | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Consideration transferred | $ 50,000 | ||||||||
Forecast | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contingent liability | $ 30,000 | ||||||||
Forecast | Minimum | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Change in amount of contingent consideration, liability | $ 800 | ||||||||
Forecast | Maximum | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Change in amount of contingent consideration, liability | $ 1,300 |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Narrative (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Accounts receivable | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2023 USD ($) county | Jun. 30, 2023 county | Jun. 30, 2022 county | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Broadband licenses granted, number of counties | 9 | 11 | |
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Xcel Energy Services Inc. | Subsequent Event | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Broadband licenses granted, number of counties | 14 | ||
Milestone payment received | $ | $ 21.2 |