Anterix Inc. Common Stock Oppenheimer 29th Annual Technology, Internet & Communications Conference

Yeah, no, absolutely. Tim, thank you very much for having us both. We are very happy to be here, and thank you for setting up the conversation in such a great way. We completely agree with you that being a spectrum holder in the current environment is just absolutely terrific. I want to start with things that we did control over the last few years, which is an incredible regulatory effort that Chris led that came to culmination in February, where we were able to expand our band capacity from previously 6 MHz to now 10. Folks like you can completely appreciate what 10 MHz of low-band spectrum means. It is certainly more of a standard band, but also we own spectrum in 900 MHz band, and it is a very scarce asset currently.

Our spectrum is licensed, which makes it quite unique also in this environment, and there is not a lot of it left. With all of the current, just over the last few months, activity on the spectrum acquisition front. Companies like SpaceX acquired spectrum from EchoStar. The most recent transaction was Rocket Lab and Iridium, and many others. There is just so much validation to the demand for spectrum, but the supply is fixed. It is an incredible position to be in for Anterix. As you know, we historically have monetized our spectrum geography by geography to utilities. Interestingly, we have been very actively messaging the scarcity and the increase in value of spectrum and its appreciation through public forums and certainly to our prospective utility customers. We see that they are really very actively coming to the table with us.

A lot of the discussions with about a dozen different opportunities currently are all about pricing, and a lot of them are renegotiating pricing. I also wanted to highlight really, I think, all of the above themes, I am sure we will unpack them further throughout this conversation. One of the things that even with our current very significant run-up in stock price over the last few months, we still believe that there is a significant disconnect between how the market values us and the value of the underlying asset, again, given all of the public comparables available out there, including the most current and recent auction that just closed, Auction 113.

Yeah. We have about 85% of our nationwide MHz-pops still remaining after the 11 utilities that we transacted with, which equal about 3 billion MHz-pops. If we take our market cap at, call it, $1.8 billion today and divide it by the 3 billion MHz-pops, that is only $0.60 versus the Auction 113 that just concluded at about $2.50 average nationwide. That would have put us at about $7.5 billion gross asset value. We remain very excited about the upside opportunity that exists for us.

Yeah, no, appreciate that prompt, Tim Moran. Our spectrum is low-band, and there's almost none left out there versus AWS-3, of course, is more of mid-band spectrum that doesn't have the same incredible propagation and penetration qualities as low-band spectrum does. Again, there's just not a lot of it on the shelf, and we're excited to be one of the holders.

Yeah, just really a lot of the same. Interestingly, and I know that would be a topic that we go into probably next, is SpaceX's filing to the FCC with some optionality for fulfilling our potential build-out requirements, not only with terrestrial that we already have in our rules, but also potentially with satellite coverage. That was very exciting. That, I think, helps validate the message around great and growing demand for low-band spectrum and its scarcity, and being mentioned as one of the three bands in that filing was certainly very exciting and very validating for us and our message.

Yeah. Chris, do you want to take over?

Sure. Sure. And hey, Tim.