Radius Global Infrastructure, Inc.

CIK:0001810739|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 42,475	$ 32,568	$ 83,689	$ 63,167
Cost of service	2,421	2,027	4,313	2,868
Gross profit	40,054	30,541	79,376	60,299
Operating expenses:
Selling, general and administrative	25,486	21,205	54,950	43,892
Share-based compensation	5,389	5,496	10,573	10,088
Amortization and depreciation	23,950	19,324	47,035	38,075
Impairment - decommissions	1,500	1,272	2,550	2,037
Total operating expenses	56,325	47,297	115,108	94,092
Operating loss	(16,271)	(16,756)	(35,732)	(33,793)
Other income (expense):
Realized and unrealized gain (loss) on foreign currency debt	(11,982)	58,667	(27,461)	82,899
Interest expense	(18,957)	(16,714)	(36,628)	(32,812)
Other income (expense), net	3,751	(3,164)	6,966	(2,072)
Gain on extinguishment of debt		942		942
Total other income (expense), net	(27,188)	39,731	(57,123)	48,957
Income (loss) before income tax expense (benefit)	(43,459)	22,975	(92,855)	15,164
Income tax expense (benefit)	(201)	(577)	(1,785)	(3,743)
Net income (loss)	(43,258)	23,552	(91,070)	18,907
Net income (loss) attributable to noncontrolling interest	(1,402)	1,385	(3,629)	1,177
Net income (loss) attributable to stockholders	(41,856)	22,167	(87,441)	17,730
Stock dividend payment to holders of Series A Founders Preferred Stock		(40,832)		(40,832)
Net loss attributable to common stockholders	$ (41,856)	$ (18,665)	$ (87,441)	$ (23,102)
Loss per common share:
Basic	$ (0.43)	$ (0.20)	$ (0.9)	$ (0.25)
Diluted	$ (0.43)	$ (0.20)	$ (0.9)	$ (0.25)
Weighted average common shares outstanding:
Basic	98,315,969	93,506,412	97,075,883	92,809,563
Diluted	98,315,969	93,506,412	97,075,883	92,809,563

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (91,070)	$ 18,907
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization and depreciation	47,035	38,075
Amortization of finance lease and telecom real property interest liabilities discount	917	733
Impairment - decommissions	2,550	2,037
Realized and unrealized loss (gain) on foreign currency debt	27,461	(82,899)
Amortization of debt discount and deferred financing costs	3,504	2,715
Provision for bad debt expense	303	207
Share-based compensation	10,573	10,088
Deferred income taxes	(5,632)	(5,626)
Gain on extinguishment of debt		(942)
Change in assets and liabilities:
Trade receivables, net	(2,232)	(881)
Prepaid expenses and other assets	3,123	(507)
Accounts payable, accrued expenses and other long-term liabilities	9,265	5,483
Rent received in advance	6,318	2,414
Net cash provided by (used in) operating activities	12,115	(10,196)
Cash flows from investing activities:
Investments in real property interests and related intangible assets	(150,402)	(259,721)
Advance deposits made for real property interest investments	(138)	(22,686)
Proceeds from sales of real property interests	262
Proceeds from maturities of short-term investments	20,000
Purchases of property and equipment	(348)	(195)
Net cash used in investing activities	(130,626)	(282,602)
Cash flows from financing activities:
Proceeds from borrowings under debt agreements	158,760	427,003
Repayments of term loans and other debt		(112,129)
Debt issuance costs	(2,933)	(12,571)
Proceeds from exercises of stock options	257	260
Repayments of finance lease and telecom real property interest liabilities	(16,408)	(7,407)
Net cash provided by financing activities	139,676	295,156
Effect of change in foreign currency exchange rates on cash, cash equivalents and restricted cash	3,147	(19,208)
Net change in cash and cash equivalents and restricted cash	24,312	(16,850)
Cash and cash equivalents and restricted cash at beginning of period	314,283	632,193
Cash and cash equivalents and restricted cash at end of period	338,595	615,343
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest	32,793	30,063
Cash paid for income taxes	$ 2,684	$ 1,371

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 282,012	$ 224,258
Restricted cash	2,817	1,971
Short Term Investments	19,914	39,205
Total cash, cash equivalents, restricted cash, and short-term investments	304,743	265,434
Trade receivables, net	10,496	8,200
Prepaid expenses and other current assets	29,091	28,773
Total current assets	344,330	302,407
Real property interests, net:
Right-of-use assets - finance leases, net	458,401	379,052
Telecom real property interests, net	1,651,931	1,569,676
Real property interests, net	2,110,332	1,948,728
Intangible assets, net	12,239	12,121
Property and equipment, net	1,222	1,241
Goodwill	80,509	80,509
Deferred tax asset	1,636	306
Restricted cash, long-term	53,766	88,054
Other long-term assets	18,552	20,124
Total assets	2,622,586	2,453,490
Current liabilities:
Accounts payable and accrued expenses	55,383	48,767
Rent received in advance	33,781	26,551
Finance lease liabilities, current	13,355	15,589
Telecom real property interest liabilities, current	6,549	7,975
Total current liabilities	109,068	98,882
Finance lease liabilities	22,766	22,277
Telecom real property interest liabilities	1,252	4,483
Long-term debt, net of debt discount and deferred financing costs	1,692,943	1,503,352
Deferred tax liability	147,073	131,229
Other long-term liabilities	12,318	10,473
Total liabilities	1,985,420	1,770,696
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	1,088,385	1,060,055
Accumulated other comprehensive loss	(51,324)	(85,936)
Accumulated deficit	(426,260)	(338,819)
Total stockholders’ equity attributable to Radius Global Infrastructure, Inc.	610,811	635,310
Noncontrolling interest	26,355	47,484
Total liabilities and stockholders’ equity	2,622,586	2,453,490
Series A Founder Preferred Stock
Stockholders’ equity:
Preferred Stock
Series B Founder Preferred Stock
Stockholders’ equity:
Preferred Stock
Class A Common Stock
Stockholders’ equity:
Common Stock	$ 10	$ 10