Surpassed $100 Million of Annualized In-Place Rents
Revenue Increased 54% YoY
NEW YORK–(BUSINESS WIRE)–Radius Global Infrastructure, Inc. (NASDAQ: RADI) (“Radius” or the “Company”), one of the largest global owners and acquirors of real property interests and contractual rights underlying essential telecommunications digital infrastructure, today reported results for the second quarter ended June 30, 2021.
Bill Berkman, Co-Chairman and CEO of Radius Global Infrastructure, commented on the financial results:
“We maintained robust quarter-over-quarter growth and exceeded $100 million in Annualized In-Place Rents in the second quarter, generating revenue growth of 54% year-over-year through disciplined capital deployment and organic growth from the portfolio. We remain optimistic about our ability to continue acquiring durable cash flow streams generated from real property interests at the current pace through the remainder of 2021.
During the quarter, we raised $275 million of capital to support our acquisition strategy, which has continued to broaden from wireless-only sites into adjacent digital infrastructure assets with similar characteristics. Although we have seen increased competition to acquire assets in certain markets, we expect our recent acquisitions to generate mid-teen levered returns.
In June, Radius Global Infrastructure was added to the broad-market Russell 3000 ® Index, the small-cap Russell 2000® Index, and the Russell Microcap® Index. We are pleased to be included in these indices, which we expect to increase our visibility in the investment community.”
QUARTERLY RESULTS
Revenue increased 54% to $25.0 million for the three months ended June 30, 2021, as compared to revenue of $16.2 million for the three months ended June 30, 2020.
Gross Profit rose 52% to $24.5 million in Q2 2021, as compared to gross profit of $16.1 million in the corresponding prior year period, while the Company generated a gross profit margin of approximately 98% in Q2 2021.
Annualized In-Place Rents increased to $102.4 million as of June 30, 2021, an increase of $38.2 million or 60% over the Annualized In-Place Rents of $64.2 million as of June 30, 2020.
YEAR-TO-DATE RESULTS
Revenue increased 48% to $47.1 million for the six months ended June 30, 2021, as compared to revenue of $31.8 million for the six months ended June 30, 2020.
Gross Profit rose 47% to $46.3 million in the first half of 2021, as compared to gross profit of $31.6 million in the corresponding prior year period.
Investments in Real Property Interests and Related Intangible Assets, as identified in the Company’s Consolidated Statements of Cash Flows, was $223.2 million and $50.8 million for the six months ended June 30, 2021 and 2020, respectively. This represented an increase of $172.4 million, or 340%, for the six months ended June 30, 2021 over the corresponding prior year period.
Acquisition Capex was $233.2 million and $63.4 million for the six months ended June 30, 2021 and 2020 respectively, or an increase of $169.8 million or 268% for the six months ended June 30, 2021 over the six months ended June 30, 2020.
Please refer to the GAAP financial disclosures and reconciliations to non-GAAP financial measurement set forth below and in the Company’s Form 10-Q for the quarter ended June 30, 2021. The Company pays for its acquisitions of real property interests either with a one-time payment at the time of acquisition or, under certain circumstances, with a combination of upfront payments and future contractually committed payments over a period of time, in each case pursuant to the individual acquisition agreement. In the Consolidated Statements of Cash Flows, the one-time and upfront cash payments are reported as Investments in Real Property Interests and Related Intangible Assets. The total cash spent and the commitment for future payments in any given period for the acquisition of real property interests, adjusted for changes in foreign currency, is our Acquisition Capex. Acquisition Capex is a non-GAAP metric, albeit one the Company believes is valuable to readers of the Company’s financial statements. Please refer to the table below for a full reconciliation of Acquisition Capex.
LIQUIDITY
As of June 30, 2021, the Company had $336.8 million of total cash and cash equivalents and restricted cash.
2021 FINANCING TRANSACTIONS
On April 15, 2021, the Company issued $75 million junior secured debt on its domestic rental streams at 98.25, with a 6% cash pay interest-only note that matures in April 2023.
On May 14, 2021, Radius issued $200 million or 14,336,918 shares of Class A common stock in a private investment in public equity (PIPE) transaction with various investors for $13.95 per share, representing the volume weighted average price (VWAP) for the 5-day trading period ending on May 11, 2021 of $14.68 per share, less a 5% discount. Total net offering proceeds to the Company were approximately $191.5 million after deducting placement agent fees and offering expenses.
The proceeds of all financing transactions (debt and equity) will be used to fund continued growth. Goldman Sachs & Co. LLC acted as placement agent for the Company in connection with the PIPE transaction.
CONFERENCE CALL INFORMATION
Management will host a webcast and conference call on Wednesday, August 11, 2021 at 8:30 A.M. Eastern Time to review the Company’s second quarter financial results, discuss recent events and conduct a question-and-answer session.
The live webcast and supplemental materials with additional details regarding the Company’s operating results, financial position and investment portfolio will be available through the “News & Events” section of the Company’s website: https://www.radiusglobal.com/news-events/events-presentations.
Participants are advised to go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-877-407-0789 or 1-201-689-8562, respectively. Upon dialing in, please request to join the Radius Global Infrastructure Second Quarter 2021 Earnings Conference Call.
A replay of the webcast and access to the presentation slides will be available on the Company’s website until Wednesday, August 25, 2021.
About the Company
Radius Global Infrastructure, Inc., through its subsidiary AP WIP Investments, LLC (“APW”), is a multinational owner of a growing, diversified portfolio of primarily triple net rental streams from wireless operators and tower companies for properties underlying their mission critical digital infrastructure. APW’s proven lease origination engine drives attractive yields on capital invested and maintains a broad pipeline of acquisition opportunities.
For further information see https://www.radiusglobal.com.
FORWARD-LOOKING STATEMENTS AND DISCLAIMERS
Certain matters discussed in this press release, including the attachments, contain forward-looking statements 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, 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 those expressed in or contemplated by the forward-looking statements 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 timing of the successful distribution of an effective vaccine.
Important factors that could cause our actual results to differ materially from those expressed in or contemplated by the forward-looking statements include, but are not limited to, the extent to which wireless carriers or tower companies consolidate their operations, exit the wireless communications business or share site infrastructure to a significant degree; the extent to which 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; any regulatory uncertainty; the extent to which 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; the fact that we have incurred a significant amount of debt and may in the future incur additional indebtedness; the extent to which the terms of our debt agreements limit our flexibility in operating our business; and the other factors, risks and uncertainties described in the Annual Report.
|
RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES |
|||||||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||||||||
|
(in USD thousands, except share and per share amounts) |
|||||||||||||||||||||
|
|
|
Successor |
|
|
|
Predecessor |
|
||||||||||||||
|
|
|
Three months |
|
|
Six months |
|
|
Three months |
|
|
Period from |
|
|
|
Period from |
|
|||||
|
Revenue |
|
$ |
24,973 |
|
|
$ |
47,145 |
|
|
$ |
16,181 |
|
|
$ |
24,936 |
|
|
|
$ |
6,836 |
|
|
Cost of service |
|
|
513 |
|
|
|
808 |
|
|
|
104 |
|
|
|
175 |
|
|
|
|
34 |
|
|
Gross profit |
|
|
24,460 |
|
|
|
46,337 |
|
|
|
16,077 |
|
|
|
24,761 |
|
|
|
|
6,802 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
18,866 |
|
|
|
34,255 |
|
|
|
20,017 |
|
|
|
28,684 |
|
|
|
|
4,344 |
|
|
Share-based compensation |
|
|
3,842 |
|
|
|
7,945 |
|
|
|
3,738 |
|
|
|
75,101 |
|
|
|
|
— |
|
|
Amortization and depreciation |
|
|
15,575 |
|
|
|
29,655 |
|
|
|
11,714 |
|
|
|
18,829 |
|
|
|
|
2,584 |
|
|
Impairment – decommissions |
|
|
1,707 |
|
|
|
2,394 |
|
|
|
76 |
|
|
|
597 |
|
|
|
|
530 |
|
|
Total operating expenses |
|
|
39,990 |
|
|
|
74,249 |
|
|
|
35,545 |
|
|
|
123,211 |
|
|
|
|
7,458 |
|
|
Operating loss |
|
|
(15,530 |
) |
|
|
(27,912 |
) |
|
|
(19,468 |
) |
|
|
(98,450 |
) |
|
|
|
(656 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) on foreign currency debt |
|
|
(3,662 |
) |
|
|
10,945 |
|
|
|
(3,539 |
) |
|
|
730 |
|
|
|
|
11,500 |
|
|
Interest expense, net |
|
|
(12,267 |
) |
|
|
(21,254 |
) |
|
|
(5,788 |
) |
|
|
(9,322 |
) |
|
|
|
(3,623 |
) |
|
Other income (expense), net |
|
|
266 |
|
|
|
(1,879 |
) |
|
|
222 |
|
|
|
375 |
|
|
|
|
(277 |
) |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
1,264 |
|
|
|
1,264 |
|
|
|
|
— |
|
|
Total other income (expense), net |
|
|
(15,663 |
) |
|
|
(12,188 |
) |
|
|
(7,841 |
) |
|
|
(6,953 |
) |
|
|
|
7,600 |
|
|
Income (loss) before income tax expense |
|
|
(31,193 |
) |
|
|
(40,100 |
) |
|
|
(27,309 |
) |
|
|
(105,403 |
) |
|
|
|
6,944 |
|
|
Income tax expense |
|
|
6,144 |
|
|
|
5,422 |
|
|
|
442 |
|
|
|
1,429 |
|
|
|
|
767 |
|
|
Net income (loss) |
|
|
(37,337 |
) |
|
|
(45,522 |
) |
|
|
(27,751 |
) |
|
|
(106,832 |
) |
|
|
$ |
6,177 |
|
|
Net loss attributable to noncontrolling interest |
|
|
(2,815 |
) |
|
|
(3,421 |
) |
|
|
(2,203 |
) |
|
|
(2,974 |
) |
|
|
|
|
|
|
Net loss attributable to stockholders |
|
|
(34,522 |
) |
|
|
(42,101 |
) |
|
|
(25,548 |
) |
|
|
(103,858 |
) |
|
|
|
|
|
|
Stock dividend payment to holders of Series A Founders Preferred Stock |
|
|
— |
|
|
|
(31,391 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
$ |
(34,522 |
) |
|
$ |
(73,492 |
) |
|
$ |
(25,548 |
) |
|
$ |
(103,858 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.50 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.78 |
) |
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
68,724,275 |
|
|
|
64,127,528 |
|
|
|
58,425,000 |
|
|
|
58,425,000 |
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial statements. |
|||||||||||||||||||||
|
RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES |
||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
(in USD thousands, except share and per share amounts) |
||||||||
|
|
|
June 30, |
|
|
December 31, |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
281,809 |
|
|
$ |
99,896 |
|
|
Restricted cash |
|
|
1,848 |
|
|
|
1,614 |
|
|
Trade receivables, net |
|
|
6,693 |
|
|
|
7,829 |
|
|
Prepaid expenses and other current assets |
|
|
18,191 |
|
|
|
17,352 |
|
|
Total current assets |
|
|
308,541 |
|
|
|
126,691 |
|
|
Real property interests, net: |
|
|
|
|
|
|
|
|
|
Right-of-use assets – finance leases, net |
|
|
277,377 |
|
|
|
237,862 |
|
|
Telecom real property interests, net |
|
|
1,004,288 |
|
|
|
851,529 |
|
|
Real property interests, net |
|
|
1,281,665 |
|
|
|
1,089,391 |
|
|
Intangible assets, net |
|
|
6,974 |
|
|
|
5,880 |
|
|
Property and equipment, net |
|
|
1,318 |
|
|
|
1,382 |
|
|
Goodwill |
|
|
80,509 |
|
|
|
80,509 |
|
|
Deferred tax asset |
|
|
605 |
|
|
|
1,173 |
|
|
Restricted cash, long-term |
|
|
53,151 |
|
|
|
113,938 |
|
|
Other long-term assets |
|
|
8,598 |
|
|
|
9,266 |
|
|
Total assets |
|
$ |
1,741,361 |
|
|
$ |
1,428,230 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
33,162 |
|
|
$ |
30,854 |
|
|
Rent received in advance |
|
|
23,855 |
|
|
|
19,587 |
|
|
Finance lease liabilities, current |
|
|
10,661 |
|
|
|
9,920 |
|
|
Telecom real property interest liabilities, current |
|
|
4,902 |
|
|
|
5,749 |
|
|
Total current liabilities |
|
|
72,580 |
|
|
|
66,110 |
|
|
Finance lease liabilities |
|
|
24,495 |
|
|
|
23,925 |
|
|
Telecom real property interest liabilities |
|
|
13,642 |
|
|
|
11,813 |
|
|
Long-term debt, net of debt discount and deferred financing costs |
|
|
883,510 |
|
|
|
728,473 |
|
|
Deferred tax liability |
|
|
60,448 |
|
|
|
57,137 |
|
|
Other long-term liabilities |
|
|
8,362 |
|
|
|
8,704 |
|
|
Total liabilities |
|
|
1,063,037 |
|
|
|
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 June 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 June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
|
Class A Common Stock, $0.0001 par value; 1,590,000,000 shares authorized; 75,684,862 and 58,425,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively |
|
|
8 |
|
|
|
— |
|
|
Class B Common Stock, $0.0001 par value; 200,000,000 shares authorized; 11,611,769 and 11,414,030 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
875,373 |
|
|
|
673,955 |
|
|
Accumulated other comprehensive income |
|
|
6,120 |
|
|
|
15,768 |
|
|
Accumulated deficit |
|
|
(255,338 |
) |
|
|
(213,237 |
) |
|
Total stockholders’ equity attributable to Radius Global Infrastructure, Inc. |
|
|
626,163 |
|
|
|
476,486 |
|
|
Noncontrolling interest |
|
|
52,161 |
|
|
|
55,582 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
1,741,361 |
|
|
$ |
1,428,230 |
|
|
See accompanying notes to condensed consolidated financial statements. |
||||||||
|
RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES |
|||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||||||||
|
(in USD thousands, except share and per share amounts) |
|||||||||||||
|
|
|
Successor |
|
|
|
Predecessor |
|
||||||
|
|
|
Six months |
|
|
Period from |
|
|
|
Period from |
|
|||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(45,522 |
) |
|
$ |
(106,832 |
) |
|
|
$ |
6,177 |
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and depreciation |
|
|
29,655 |
|
|
|
18,829 |
|
|
|
|
2,584 |
|
|
Amortization of finance lease and telecom real property interest liabilities discount |
|
|
649 |
|
|
|
803 |
|
|
|
|
213 |
|
|
Impairment – decommissions |
|
|
2,394 |
|
|
|
597 |
|
|
|
|
530 |
|
|
Realized and unrealized gain on foreign currency debt |
|
|
(10,945 |
) |
|
|
(730 |
) |
|
|
|
(11,500 |
) |
|
Amortization of debt discount and deferred financing costs |
|
|
514 |
|
|
|
28 |
|
|
|
|
280 |
|
|
Provision for bad debt expense |
|
|
2 |
|
|
|
167 |
|
|
|
|
26 |
|
|
Share-based compensation |
|
|
7,945 |
|
|
|
75,101 |
|
|
|
|
— |
|
|
Deferred income taxes |
|
|
3,453 |
|
|
|
(336 |
) |
|
|
|
339 |
|
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
(1,264 |
) |
|
|
|
— |
|
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
|
296 |
|
|
|
3,024 |
|
|
|
|
(682 |
) |
|
Prepaid expenses and other assets |
|
|
(531 |
) |
|
|
164 |
|
|
|
|
935 |
|
|
Accounts payable, accrued expenses and other long-term liabilities |
|
|
3,620 |
|
|
|
(18,018 |
) |
|
|
|
(4,605 |
) |
|
Rent received in advance |
|
|
5,241 |
|
|
|
292 |
|
|
|
|
2,251 |
|
|
Net cash used in operating activities |
|
|
(3,229 |
) |
|
|
(28,175 |
) |
|
|
|
(3,452 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid in APW Acquisition, net of cash acquired |
|
|
— |
|
|
|
(277,065 |
) |
|
|
|
— |
|
|
Investments in real property interests and related intangible assets |
|
|
(223,239 |
) |
|
|
(45,729 |
) |
|
|
|
(5,064 |
) |
|
Advances on note receivable |
|
|
— |
|
|
|
(2,500 |
) |
|
|
|
(17,500 |
) |
|
Payment received on note receivable |
|
|
— |
|
|
|
20,000 |
|
|
|
|
— |
|
|
Purchases of property and equipment |
|
|
(338 |
) |
|
|
(189 |
) |
|
|
|
(40 |
) |
|
Net cash used in investing activities |
|
|
(223,577 |
) |
|
|
(305,483 |
) |
|
|
|
(22,604 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under loan agreements |
|
|
168,940 |
|
|
|
— |
|
|
|
|
— |
|
|
Repayments of term loans and other debt |
|
|
(95 |
) |
|
|
(48,025 |
) |
|
|
|
(250 |
) |
|
Debt issuance costs |
|
|
(3,852 |
) |
|
|
— |
|
|
|
|
— |
|
|
Proceeds from issuance of common stock, net of issuance costs |
|
|
191,461 |
|
|
|
— |
|
|
|
|
— |
|
|
Proceeds from exercises of stock options and warrants |
|
|
139 |
|
|
|
— |
|
|
|
|
— |
|
|
Repayments of finance lease and telecom real property interest liabilities |
|
|
(7,687 |
) |
|
|
(4,760 |
) |
|
|
|
(3,149 |
) |
|
Net cash provided by (used in) financing activities |
|
|
348,906 |
|
|
|
(52,785 |
) |
|
|
|
(3,399 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents and restricted cash |
|
|
122,100 |
|
|
|
(386,443 |
) |
|
|
|
(29,455 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of change in foreign currency exchange rates on cash, cash equivalents and restricted cash |
|
|
(740 |
) |
|
|
310 |
|
|
|
|
(232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at beginning of period |
|
|
215,448 |
|
|
|
588,628 |
|
|
|
|
78,046 |
|
|
Cash and cash equivalents and restricted cash at end of period |
|
$ |
336,808 |
|
|
$ |
202,495 |
|
|
|
$ |
48,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash and non-cash transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
19,567 |
|
|
$ |
15,939 |
|
|
|
$ |
4,684 |
|
|
Cash paid for income taxes |
|
$ |
1,449 |
|
|
$ |
2,713 |
|
|
|
$ |
1,112 |
|
|
See accompanying notes to condensed consolidated financial statements. |
|||||||||||||
Non-GAAP Financial Measures
We identify certain additional financial measures not defined by GAAP that provide supplemental information we believe is useful to analysts and investors to evaluate our financial performance and ongoing results of operations, when considered alongside other GAAP measures such as net income, operating income, gross profit and net cash provided by operating activities. These non-GAAP measures exclude the financial impact of items management does not consider in assessing our ongoing operating performance, and thereby facilitate review of our operating performance on a period-to-period basis.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as net income (loss) before net interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and further adjusting for non-cash impairment—decommissions expense, realized and unrealized gains and losses on foreign currency debt, realized and unrealized foreign exchange gains/losses associated with non-debt transactions and balances denominated in a currency other than the functional currency, share-based compensation expense, nonrecurring expenses incurred in connection with the Domestication, transaction-related costs recorded in selling, general and administrative expenses incurred for incremental business acquisition pursuit (successful and unsuccessful) and related financing and integration activities, and nonrecurring severance costs included in selling, general and administrative expenses. Management believes the presentation of EBITDA and Adjusted EBITDA provides valuable additional information for users of the financial statements in assessing our financial condition and results of operations. Each of EBITDA and Adjusted EBITDA has important limitations as analytical tools because they exclude some, but not all, items that affect net income, therefore the calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. You should not consider EBITDA, Adjusted EBITDA or any of our other non-GAAP financial measures as an alternative or substitute for our results.
The following are reconciliations of EBITDA and Adjusted EBITDA to net income (loss), the
Contacts
Investor Relations:
Jason Harbes, CFA
Email: investorrelations@radiusglobal.com
Phone: 1-484-278-2667
Media:
Sard Verbinnen & Co
Jim Barron/Jared Levy
Email: Radius-SVC@sardverb.com
212-687-8080
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