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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to               

Commission File Number:   001-39568

Radius Global Infrastructure, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

98-1524226

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3 Bala Plaza East, Suite 502

 

Bala Cynwyd, Pennsylvania

19004

(Address of principal executive offices)

(Zip Code)

(610) 660-4910

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

RADI

Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 8, 2021, there were 75,723,937 shares of Class A Common Stock outstanding.

 

 

 

 


 

 

 

Cautionary Note Regarding Forward-Looking Statements

We make forward-looking statements in this Quarterly Report on Form 10-Q (this “Quarterly Report”) within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, their negative or other variations or comparable terminology.

Forward-looking statements are subject to significant risks and uncertainties and are based on beliefs, assumptions and expectations based upon our historical performance and on our current plans, estimates and expectations in light of information available to us. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this Quarterly Report, whether as a result of new information, future events or otherwise. Forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Actual results may differ materially from those set forth in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Certain important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the ongoing impact of the current outbreak of COVID-19 on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Annual Report”) and in our subsequent filings under the Exchange Act. Other factors besides those listed could also adversely affect us. We operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity, including the availability, distribution, acceptance and efficacy of vaccines (including boosters), and responses to new or mutated strains of COVID-19 (such as the delta variant) or a similar virus (including vaccine-resistant strains).

Other important factors that could cause our actual results to differ materially from those indicated in these statements include, but are not limited to:

 

the extent that wireless carriers or tower companies consolidate their operations, exit the wireless communications business or share site infrastructure to a significant degree;

 

the extent that new technologies reduce demand for wireless infrastructure;

 

competition for assets;

 

whether the Tenant Leases for the wireless communication tower or antennae located on our real property interests are renewed with similar rates or at all;

 

the extent of unexpected lease cancellations, given that substantially all of the Tenant Leases associated with our assets may be terminated upon limited notice by the wireless carrier or tower company and unexpected lease cancellations could materially impact cash flow from operations;

 

economic, political, cultural and other risks to our operations outside the U.S., including risks associated with fluctuations in foreign currency exchange rates and local inflation rates;

 

the effect of foreign currency exchange rates;

 

the effect of the Electronic Communications Code enacted in the United Kingdom, which may limit the amount of lease income we generate in the United Kingdom;

i


 

 

 

the extent that we continue to grow at an accelerated rate, which may prevent us from achieving profitability or positive cash flow at a company level (as determined in accordance with GAAP) for the foreseeable future, particularly given the APW Group’s history of net losses and negative net cash flow;

 

the fact that we have incurred a significant amount of debt and may in the future incur additional indebtedness;  

 

the extent that the terms of our debt agreements limit our flexibility in operating our business;

 

the ongoing COVID-19 pandemic and the response thereto;

 

the extent that unfavorable capital markets environments impair our growth strategy, which requires access to new capital;

 

the adverse effect that increased market interest rates may have on our interest costs, the value of our assets and on the growth of our business;

 

the adverse effect that perceived health risks from radio frequency energy may have on the demand for wireless communication services;

 

our ability to protect and enforce our real property interests in, or contractual rights to, the revenue streams generated by leases on our communications sites;

 

the loss, consolidation or financial instability of any of our limited number of customers;

 

our ability to pay dividends, including dividends we may be required to pay on our Class A Common Stock, or satisfy our financial obligations;

 

whether we are required to issue additional Class A Shares pursuant to the terms of the Series A Founder Preferred Stock or the APW OpCo LLC Agreement or upon the exercise of the Warrants or options to acquire Class A Shares, which would dilute the interests of holders of our Class A Common Stock;

 

the possibility that securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our securities adversely; and

 

the other risks and uncertainties described under “Risk Factors” in Part I, Item 1A. of the Annual Report. 

 

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report, in the “Risk Factors” section of the Annual Report, and in our other filings with the Securities and Exchange Commission. Other sections of this Quarterly Report describe additional factors that could adversely affect our business and financial performance.

References in this Quarterly Report to “Radius”, the “Company,” “we,” “our,” or “us” mean Radius Global Infrastructure, Inc. together with its subsidiaries except where the context otherwise requires. Any capitalized terms not otherwise defined above have been defined elsewhere in this Quarterly Report.

 

 

ii


 

 

 

RADIUS GLOBAL INFRASTRUCTURE, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

2

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

2

 

 

 

 

Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020

2

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021, for the three months ended September 30, 2020, for the period from February 10, 2020 to September 30, 2020 (Successor), and for the period from January 1, 2020 to February 9, 2020 (Predecessor)

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2021, for the three months ended September 30, 2020, for the period from February 10, 2020 to September 30, 2020 (Successor), and for the period from January 1, 2020 to February 9, 2020 (Predecessor)

4

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity/Members’ Deficit for the three and nine months ended September 30, 2021, for the three months ended September 30, 2020, for the period from February 10, 2020 to September 30, 2020 (Successor), and for the period from January 1, 2020 to February 9, 2020 (Predecessor)

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021, for the period from February 10, 2020 to September 30, 2020 (Successor), and for the period from January 1, 2020 to February 9, 2020 (Predecessor)

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

 

 

 

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

43

 

 

 

Item 4.

Controls and Procedures

43

 

 

 

PART II.

OTHER INFORMATION

44

 

 

 

Item 1.

Legal Proceedings

44

 

 

 

Item 1A.

Risk Factors

44

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

 

 

 

Item 5.

Other Information

44

 

 

 

Item 6.

Exhibits

45

 

 

 

Signatures

46

 

1


 

 

 

PART I.

FINANCIAL INFORMATION

ITEM 1.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

374,039

 

 

$

99,896

 

Restricted cash

 

 

1,926

 

 

 

1,614

 

Trade receivables, net

 

 

7,681

 

 

 

7,829

 

Prepaid expenses and other current assets

 

 

21,808

 

 

 

17,352

 

Total current assets

 

 

405,454

 

 

 

126,691

 

Real property interests, net:

 

 

 

 

 

 

 

 

Right-of-use assets - finance leases, net

 

 

279,455

 

 

 

237,862

 

Telecom real property interests, net

 

 

1,094,610

 

 

 

851,529

 

Real property interests, net

 

 

1,374,065

 

 

 

1,089,391

 

Intangible assets, net

 

 

7,447

 

 

 

5,880

 

Property and equipment, net

 

 

1,572

 

 

 

1,382

 

Goodwill

 

 

80,509

 

 

 

80,509

 

Deferred tax asset

 

 

310

 

 

 

1,173

 

Restricted cash, long-term

 

 

38,953

 

 

 

113,938

 

Other long-term assets

 

 

9,038

 

 

 

9,266

 

Total assets

 

$

1,917,348

 

 

$

1,428,230

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

33,969

 

 

$

30,854

 

Rent received in advance

 

 

23,511

 

 

 

19,587

 

Finance lease liabilities, current

 

 

10,465

 

 

 

9,920

 

Telecom real property interest liabilities, current

 

 

4,375

 

 

 

5,749

 

Total current liabilities

 

 

72,320

 

 

 

66,110

 

Finance lease liabilities

 

 

24,206

 

 

 

23,925

 

Telecom real property interest liabilities

 

 

13,066

 

 

 

11,813

 

Long-term debt, net of debt discount and deferred financing costs

 

 

1,123,134

 

 

 

728,473

 

Deferred tax liability

 

 

56,948

 

 

 

57,137

 

Other long-term liabilities

 

 

9,057

 

 

 

8,704

 

Total liabilities

 

 

1,298,731

 

 

 

896,162

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Series A Founder Preferred Stock, $0.0001 par value; 1,600,000 shares authorized; 1,600,000

   shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Series B Founder Preferred Stock, $0.0001 par value; 1,386,033 shares authorized; 1,386,033

   shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Class A Common Stock, $0.0001 par value; 1,590,000,000 shares authorized; 75,703,908 and

  58,425,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

8

 

 

 

 

Class B Common Stock, $0.0001 par value; 200,000,000 shares authorized; 11,596,769 and

   11,414,030 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

846,078

 

 

 

673,955

 

Accumulated other comprehensive income (loss)

 

 

(15,383

)

 

 

15,768

 

Accumulated deficit

 

 

(263,795

)

 

 

(213,237

)

Total stockholders’ equity attributable to Radius Global Infrastructure, Inc.

 

 

566,908

 

 

 

476,486

 

Noncontrolling interest

 

 

51,709

 

 

 

55,582

 

Total liabilities and stockholders’ equity

 

$

1,917,348

 

 

$

1,428,230

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three months

ended

September 30,

2021

 

 

Nine months

ended

September 30,

2021

 

 

Three months

ended

September 30,

2020

 

 

Period from

February 10,

2020 to

September 30,

2020

 

 

 

Period from

January 1,

2020 to

February 9,

2020

 

Revenue

 

$

27,464

 

 

$

74,609

 

 

$

17,861

 

 

$

42,797

 

 

 

$

6,836

 

Cost of service

 

 

549

 

 

 

1,357

 

 

 

200

 

 

 

375

 

 

 

 

34

 

Gross profit

 

 

26,915

 

 

 

73,252

 

 

 

17,661

 

 

 

42,422

 

 

 

 

6,802

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

18,980

 

 

 

53,235

 

 

 

14,231

 

 

 

42,915

 

 

 

 

4,344

 

Share-based compensation

 

 

3,878

 

 

 

11,823

 

 

 

4,072

 

 

 

79,173

 

 

 

 

 

Amortization and depreciation

 

 

16,828

 

 

 

46,483

 

 

 

11,683

 

 

 

30,512

 

 

 

 

2,584

 

Impairment - decommissions

 

 

386

 

 

 

2,780

 

 

 

1,462

 

 

 

2,059

 

 

 

 

530

 

Total operating expenses

 

 

40,072

 

 

 

114,321

 

 

 

31,448

 

 

 

154,659

 

 

 

 

7,458

 

Operating loss

 

 

(13,157

)

 

 

(41,069

)

 

 

(13,787

)

 

 

(112,237

)

 

 

 

(656

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on foreign currency debt

 

 

16,540

 

 

 

27,485

 

 

 

(18,138

)

 

 

(17,408

)

 

 

 

11,500

 

Interest expense, net

 

 

(12,330

)

 

 

(33,584

)

 

 

(7,499

)

 

 

(16,821

)

 

 

 

(3,623

)

Other income (expense), net

 

 

(54

)

 

 

(1,933

)

 

 

987

 

 

 

1,362

 

 

 

 

(277

)

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

1,264

 

 

 

 

 

Total other income (expense), net

 

 

4,156

 

 

 

(8,032

)

 

 

(24,650

)

 

 

(31,603

)

 

 

 

7,600

 

Income (loss) before income tax expense

 

 

(9,001

)

 

 

(49,101

)

 

 

(38,437

)

 

 

(143,840

)

 

 

 

6,944

 

Income tax expense (benefit)

 

 

(92

)

 

 

5,330

 

 

 

3,455

 

 

 

4,884

 

 

 

 

767

 

Net income (loss)

 

 

(8,909

)

 

 

(54,431

)

 

 

(41,892

)

 

 

(148,724

)

 

 

$

6,177

 

Net loss attributable to noncontrolling interest

 

 

(452

)

 

 

(3,873

)

 

 

(3,373

)

 

 

(6,347

)

 

 

 

 

 

Net loss attributable to stockholders

 

 

(8,457

)

 

 

(50,558

)

 

 

(38,519

)

 

 

(142,377

)

 

 

 

 

 

Stock dividend payment to holders of Series A Founders Preferred Stock

 

 

 

 

 

(31,391

)

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(8,457

)

 

$

(81,949

)

 

$

(38,519

)

 

$

(142,377

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.11

)

 

$

(1.21

)

 

$

(0.66

)

 

$

(2.44

)

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

75,595,090

 

 

 

67,992,054

 

 

 

58,425,000

 

 

 

58,425,000

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(in thousands)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Three months

ended

September 30,

2021

 

 

Nine months

ended

September 30,

2021

 

 

Three months

ended

September 30,

2020

 

 

Period from

February 10,

2020 to

September 30,

2020

 

 

 

Period from

January 1,

2020 to

February 9,

2020

 

Net income (loss)

 

$

(8,909

)

 

$

(54,431

)

 

$

(41,892

)

 

$

(148,724

)

 

 

$

6,177

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(21,503

)

 

 

(31,151

)

 

 

8,817

 

 

 

(4,900

)

 

 

 

(7,165

)

Comprehensive loss

 

$

(30,412

)

 

$

(85,582

)

 

$

(33,075

)

 

$

(153,624

)

 

 

$

(988

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

4


 

 

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/MEMBERS’ DEFICIT (Unaudited)

(in thousands, except share and per share amounts)

 

Successor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2021

 

 

 

Series A Founder

Preferred Stock

 

 

Series B Founder

Preferred Stock

 

 

Common Stock

 

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

paid-in

capital

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Accumulated

deficit

 

 

Noncontrolling

interest

 

 

Total

stockholders'

equity

 

Balance at June 30, 2021

 

 

1,600,000

 

 

$

-

 

 

 

1,386,033

 

 

$

-

 

 

 

75,684,862

 

 

$

8

 

 

 

11,611,769

 

 

$

-

 

 

$

875,373

 

 

$

6,120

 

 

$

(255,338

)

 

$

52,161

 

 

$

678,324

 

Purchase of capped call options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(33,221

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(33,221

)

Exercise of warrants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,846

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46

 

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,878

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,878

 

Issuance of shares upon redemption of Series A LTIP Units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,000

 

 

 

-

 

 

 

(15,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,503

)

 

 

-

 

 

 

-

 

 

 

(21,503

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,457

)

 

 

(452

)

 

 

(8,909

)

Balance at September 30, 2021