SBA Communications (SBAC) 21 Feb 192018 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the SBA Fourth Quarter Results Call. At this time, all lines are in a listen-only mode, and later we will conduct a question-and-answer session. [Operator Instructions] As a reminder today’s call is being recorded. I would now like to turn the call over to our host Mark DeRussy, Vice President of Finance. ahead. go Please

and fourth everyone for us joining Good XXXX thank earnings SBA’s quarter conference for evening, you call.

Officer. Cavanagh, Here with Chief Chief Brendan and our Stoops, Financial our me today Executive are Officer; Jeff President and

differ is future Some of the In our for but material we from filings, will today's guidance that results press limited any cause and in risks forward-looking, our we this to, SEC discuss not XXXX including on information to call our beyond. release may expectations. and detailed

Our as have today, we XX, no February obligation statement make. statements forward-looking of are and to we update may any

financial addition, metrics. package, on located non-GAAP landing The to include financial turn which these website. page comments and the operating over of call of I’ll supplemental Brendan. key regarding information that, other found data In reconciliation be our the items With is measures Investor will Relations our can and our in

evening. results businesses. were financial fourth site quarter both $XXX.X We site operating were fourth and leasing had results tremendous areas Thanks for revenues revenues leasing cash including GAAP positive million, quarter business, $XXX.X services and all leasing Mark. million. our our across and Good very a strong Total in very the with of

was X.X% X.X% gross that impacting churn. quarter, were a impact Domestic modestly Foreign cash the provided very years, our XXXX, half previously which was iDEN fourth same-tower fourth last the basis, on still X.X% a fourth on revenue Metro/Leap, including quarter, over results and we recurring on provided highest X.X%. of growth year-ago growth XXXX very to quarter which on operational constant gross our well recurring comparison up in new X% basis, growth was leasing and which revenue and year related we of strong generally calculated of over fourth quarter the fourth a quarter basis, exchange domestic same-tower did was operational leasing the a of of but only leasing is of much year-ago estimates two last basis to more a in leasing over comparisons, was revenue during Domestic Domestic over cash churn, rates our including our the we net activity. growth again activity, point the reflecting revenue earnings quarter. quarter with on levels. a recurring termination. On cash same-tower Clearwire in with leasing currency gross of basis, strong line its representing Same-tower for X.X% for increased well. outlook XXXX release, headwind once the above They the signed our were in quarter, to third

from Four varied solid the contributions again quarter, but carriers. During we had of fourth Big the each

Newly signed signed revenue the leasing of and XX% big amendments revenue during four came leasing from up leases, total represented from incremental domestic domestic about new quarter. and carriers the XX% up XX%

solid leasing a basis, from of churn been contributions in move one biggest consisted constant domestic international X% has activity XX.X% minor in including leasing gross operational nice backlog, level and a continued customer in exited with XX amendment activity with a churn with which XX.X%, same-tower currency the XXXX, same-tower that. Brazil was lease Internationally, tenant contribution. Brazil activity Dish. We another had we in Vivo, year we Claro, of a and as leasing also XX.X% was We strong solid non-big to consistent last a with expect the and basis. Brazil strong entirely had over the again from us growth almost Across on had one domestic as into a new signings Oi constant whole, leasing Brazil providing markets, contribution our organic provide quarter, and we to months. earlier our revenue of from currency In TIM. resulting Gross healthy or Nicaragua. we on a Brazil, growth four on operational International basis, cash

During cash site quarter quarter, leasing churn, excluding churn leases Leap all X.X% Clearwire XX.X% revenues U.S. majority and to quarter, with revenues expenses. see regard to and fourth revenue, cash site from leasing from in was with leasing non-U.S. we dollars. was expectations. with revenue of the the denominated Metro, pass-through With continue XX.X% The consistent Brazil consolidated our representing of of Brazil, revenue dollar-denominated during of site from cash fourth

exploration fourth XXXX all quarter year approximately from of As results and in our occurred approximately churn most late annual year-end, we for million. and individually Because flow carrier it was Domestic our impact XXXX XXXX cash leases $X of recurring within same-tower we formal expect in fourth the the quarter, fourth consolidation. $XXX.X the other it the churn churn is was with over iDEN-related on in annualized XXXX certain of have will technologies relates Clearwire basis vestiges full and which that legacy from to million greater years. The Tower than off revenue outlook. results. churn an ultimately a year into rate tenants our run have we these incurred X.X%, two Leap incorporated annual iDEN the quarter on of anticipated $XX been to leases had from of leases. next Also, year, million immaterial Metro, narrowband outlook, of our full the

was International to XX.X% and impact of increased excluding XX.X%, EBITDA the in margin margin quarter was flow XX.X% Adjusted pass-through domestic reimbursable expenses. in $XXX.X the tower fourth industry-leading Our cash the quarter. to tower flow cash million. increased

much year-ago again as services twice $XX.X the Our XX.X% adjusted as the businesses. were EBITDA quarter results services quarter leasing Services revenues profit the performances up gross fourth our the driving and in in strong were quarter in fourth driven XXXX, million, over by of both over period.

the quarter in the XX.X% was EBITDA XX.X% year-earlier adjusted Our period. margin compared to in

of attributable leasing tower the from the expenses, increase $XXX.X $X, impact business of adjusted quarter fourth quarter was an XX.X% on of the share over in margin or of XX.X% XXXX AFFO pass-through the XX.X%. in our adjusted XX% EBITDA constant Approximately was to basis. fourth revenues EBITDA quarter. fourth was million. AFFO our total Excluding per was currency a

have to were million. quarter, XX at acquisition Most under for fourth in of additional $XX.X sites the of XXX contract expanding additional aggregate sites. price And building we $XX.X to total the for as communication communication sites quarter-end, million. tower Subsequent located and have today, XX invest we we added acquiring internationally. acquired During an continue sites $XX.X XXX portfolio, million for of sites our

also provides continued sites, land We financial and to under the which invest benefits. strategic in our both

an controlled XX $XX.X million easements to average options land approximately for under aggregate is land extend spent than ground the During years. and year, XX and underneath quarter, life we to approximately our lease more of terms. ground owned the leases, and renewal including remaining of of buy years end control, or the At we under XX% the towers, the our our

in Beyond the significant repurchases portfolio also during share investments, quarter. we invested

quarter, an average to we During at repurchase of share. million shares the per price $XXX.XX million spent X.X $XXX fourth

million an grow AFFO per to of $XXX.X were an average repurchases contributor share. repurchases remain or to our Share $XXX.XX per shares, share. continually shares price share important XXXX total five Our million representing efforts

our includes our press Looking initial release year earnings for outlook now, full ahead XXXX.

our growth of year another reflects solid outlook business. Our in leasing

outlook but anticipated we strong XXXX built year. for XXXX, half is Our leasing activity a operational in the saw upon second revenue leasing throughout the particularly of

based in of healthy We operational also continued XXXX, backlogs. activity domestic levels largely leasing current application anticipate on

normal by partially return XXXX have well increase levels, With full approval. merger, of iDEN of we We the the impact receiving regards to fourth X.X%. in an and not between assumed of range mentioned churn assumed also do domestic any driven the an Sprint/T-Mobile I the specific X% earlier the as churn year merger likelihood churn regulatory to knowledge historical year-over-year our of quarter as have regarding potential

anticipate In However, anticipates of have all transaction services approval contributions. XXXX outcome with our get steady purposes meaningfully our we to leasing merger for our outlook outlook. our We XXXX international see would not approved, does this and the we stop continued assumed, starting a that business, the guidance, Sprint impact leasing to summer. activity organic of process the

lease consensus right-of-use US$X. accounting Effective to are liability balance Brazilian foreign a slight exchange a we XXXX, assuming estimates of of offsetting X, now the standard. XXXX their lessees rate today, from incorporated recognize will where standard sheet. R$X.XX weakening new during January accounting and have be lease in consistent a the on We assets requires SBA to FX rate adopting This

on in There a existing a anticipate As we our $X.X ratings statement, ground be We a billion AFFO, on XXXX, sheet any well. obligations. approximately result, expect asset impact balance to liability corresponding right-of-use our material recorded lease EBITDA, new reported will our as beginning related our our to of compliance. adjusted sheet lease our on balance our not covenant liquidity, accounting debt or new income this our have do our recording

of new site in and increase of which tenant an costs, to leasing general will expense. the result reduction administrative change origination However, and lease this the treatment will require standard adoption a in to cost of a revenue selling,

for SG&A by they our would change The cash the of tower impact into been this been tower flow flow. about our as have the million. incorporated new well As XXXX our full $X will cash be such, outlook year standard higher reported as of reported than in XXXX without impact each has

Our an third all. share securitization refinance during any one full the today, rate repurchases year not XXXX XXXX it not notes. interest new assume assume of contract and does further acquisitions at We’ve assumed maturing X.XX% any under to those does outlook of our beyond XXXX-XC quarter financing at

impact taxes one-month as $X entered and X.XX% we which we of recently moment. a rate floating related cash mostly the million rate as further $X our debt, an million midpoint, our estimate including in the of not swap, For have approximately increases interest NOLs Mark a in to state in any throughout to of will We rate do where the discuss taxes year, taxes. at international LIBOR our into increase assumed well have

is million, share estimated diluted outlook assumed assumption which our number is of based per Finally, average of part an shares for future XXX.X by common influenced AFFO share on in weighted prices.

position provide We SBA balance ahead. will liquidity I things now optimistic are year and will update sheet. XXXX, throughout Mark, on who for and opportunities see turn the to over and our great excited about an we

year net Brendan. SBA $X.X EBITDA to and of of targeted our net X.Xx, X.Xx. range debt-to-annualized Xx within billion with our leverage ratio adjusted was the ended debt, Thanks

cash net years. expense average approximately on outstanding average weighted quarter weighted our to interest is ratio X.X debt maturity our fourth EBITDA The net of and was Our is X.X% X.Xx. coupon adjusted coverage cash interest

Class XXX this With certainty our Pro interest the we an future we $XXX.XX $X.X on our February points. fixing to On we a Term billion of today, fixed, stock million revolver. portion rate Brendan LIBOR $XXX our stock at B which rate expense XXXX share. forma billion reduce per committed earlier, quarter, our greater outstanding rate during approximately is of X.XXX% XXXX, plus of Term interest debt $X.XX as under of fluctuations at basis price The four-year regard This Loan outstanding spread impact for X, is our with average half into future have swap, of essentially million the of A term XX% As Loan to AFFO. interest $XXX repurchase accrue million spent paying outstanding to mentioned entered X.X non-revolver fourth will loan our of continue approximately flat repurchases, create of under B. in shares the our are common unhedged a the transaction, rate and at interest one-month we today. effectively will

All of purchased the shares retired. were

our XXXX. I'll XXXX that, XXX.X shares of under $XXX.X remaining to December have Jeff. The call now the December XX, As at plan. are company we XXX.X down of at million X.X% stock turn over million XX, $X million, today, repurchase authorization billion outstanding from With

one Mark and particularly Thanks was for expectations metrics. evening across We quarter financial fourth good SBA. our The a everyone. all strong exceeded

robust services business see strongest operational of to leasing our one years. its in in continue quarters at activity We

healthy again backlog we continue Operationally, us very once efficiency, quality managing a growing efficiency Importantly, margins, our to leasing effectiveness XXXX. operations. up the quarter, high a industry-leading applications, the our demonstrating setting our high costs year of perform start nice of at we level our of ended and a In operating to and with the we and for margins. the fourth of assets produced

margin EBITDA was cash tower our margin Our flow XX.X% adjusted and was XX.X%.

domestic high flow margin XX.X% cash hit of Our this quarter. tower an all-time

markets to results for the consumption. activities XG. as the FirstNet, continuing networks, XXXX deployed In all in legislative continual from international concessions. from each good saw continue financial the positive well to We the from new throughout invest markets. most came quarter new remains growth being has in There internal this industry afoot in and organic signed The capacity Contributions during in are regulatory new strong spectrum spectrum execute come very another during XX% XX% near Internationally, and yet about began wireless our a new in in XXXX of in had will focus the fourth has and XXX-megahertz TVs quarter DISH, order contractual We coverage in the revenue our amendments. our leases we and activity carriers up new leasing to U.S., In XXXX. wireless quarter on All about early-stage additional and lot economy have leasing stabilized appears The wireless potentially prior quarter, data activity we continue expectations incremental in for XXX-megahertz be carriers to we the four to Brazil Consequently, strong major optimistic that There we solid structure seen an deployments, operational we rates rollout the with from election. them exceeding leasing be we're in contributions had equipment the with to of were Brazilian a spectrum this presidential will us activity deploying and continue caps leases leader quarter's with industry from with and build-outs the improve spectrum be also to their U.S. since precursor there. left exchange last positioned XXXX. around auctioned the believe and active major to of of improving, year, wireless address area. prospects movements into our Brazil. continued to which future. of another

into by X% of share we range XX% quality fourth our annual and in to X% capital assets grew XXXX, continued within also new During the quarter, We to allocate repurchases. accretive tower portfolio our growth. portfolio targeted

this acquisitions. and are We builds disciplined during again range through targeting XXXX

tower be portfolio primary regularly for to Our be and open hemisphere, also markets. competitive, explore focus marketplace opportunities in domestically new but assets the The growth for we internationally. and continued does other to western very to will remain continue

at stock a result, by of we capitalization prices. the fourth within very As target attractive purchasing stayed shares during opportunistically our our X.X quarter million

believe for will will opportunities we While our stock remain is our undervalued. growth, bias toward it portfolio to repurchase continue to we when look

Different have there in telecom time the value of XX growing strategic that first. a outbid is number industry, have predictable, hallmark that's These attributes are communications insurance the and wealth a huge globe, are interesting Speaking pools funds, been periods of valuation, very to of funds the funds longer core have is investors that by of historical invest pension much investor, infrastructure sovereign dynamic the around capital infrastructure long-term, rise occurring for these to the is and traditional the of of investor. our These the companies flows. our space, these funds. funds institutional cash funded than attracted and the last In assets months, than over assets investors. our investors which

opportunity base, them this a that tremendous unparalleled infrastructure seen great is why These interest well. operating that. shows performance, nearly XXXX and result, I important? much are same purchased are dynamic, expect had value our by positioning smart. we assets as this margin are to that clear And Because XXXX our increasing their that ours. being the for as We the these higher greater a know with quality and as multiples and like we a creation. we funds have traditional of welcome investor, Now have the much at us funds, very shareholder and and REIT a seeing They've much

value. growth multiple solid in those excellent Gary, structure, for growth. XG and to to our an great XG, their contributions development We’re performance us quality excellent like positioned capital our the demand our networks and of we building are employees and questions. provide believe continue to great time operating with to strong years business drivers, and had up our we with the for With beginning out it of we're to will for assets, demand a of which customer going history shareholder well strong our drive And XXXX that, I'd open and customers we think success. thank in

All right, ahead. go Instructions] And your Jon to you. Capital open. Markets. RBC line Atkin [Operator we is go from Please thank now line of Sir,

much. very Thanks

of you wondered of holistic then if you can I philosophy update secondly, couple MLAs, thoughts and wondered a MLAs. maybe One, U.S. bit were cells. if us to DAS consolidation, a if wireless little kind around I major So, on small see the can about and questions. talk And your industry

actually interesting website And that in in Or forward get healthcare, line Your rental use to the is revenue of as revenues retail. developing? the services hospitality, cases extent is rental for going you you. see involved you – very of a mentions source that that number Thank item? of you activities, kind further those that

John, Hey, Jeff. it's

exclusive a our exclusive of and both growing fact and past no And Sprint. the MLAs. past have transaction We and DAS, entered cells T-Mobile into have terms of the and we here, you line have asset which on entirely we in term in issues where entering and we estate business with small are business as specific. in know one the willing real And have we or call focused MLAs into little into and today. entered open DAS with or certainly And in on It's site very be estate the of of facilities, in focused that we're they macro in grow, small think our be future have unique in lease will uses we cells in bit the a attributes whether or be are as today we line income and – And immaterial potentials. they to leasing developing site alternate will are and unique pieces underlying CBRS our statement. these it most real those and

have the some DAS actually system immaterial, We have actual some We inside Macy's they're hospital Again, neat chains. Herald but we own pretty today. manage and building. the facilities Square

very you much. Thank Great.

Thank line MoffettNathanson. to And of Nick Please ahead. Deo now Del you. go the from

you question. on DISH, doing? all are they might work share Hey, much out contribution What called customer-specific you durable to from it's how of respect with them? sure think leasing expand to ask. details game taking And periods? you I'm that how activity, but thanks in can seeing my Can fair at figured future for sort I what you you're not be

they're active. active are purposes leases. on based very XXXX. have – from Well, of to a They signing firmly what can tell, strong very applications. and all They're we a committed are intents they backlog They

XXXX Okay. It's looking And in XXXX, fourth quarter looks then and annualized. it's of at guidance what hear. leasing to good we your domestic to about saw like for equal the

So, that some the of volumes course should will in basically should we Or the will it we the expect leasing bear sort over flat cadence be of mind? year? to XXXX relative there

similar what contribution Hey, but driven again, by activity. it is, Nick, the is it's Brendan. quarter is fourth It to

kicks we you is As leasing some up of and the timing when talked in about stuff it in when kind the there in. that past, on sign activity have delay you

is guidance already the year. that percentage So know, based our a on already decent stuff up we half in been of second signed the what's of obviously

maybe of bit XXXX. the get higher. half the it say the we'll we that as would to It's a the for the back of year, little expect the sure the confident at changes to even it pretty but be similar half I during I'm all flatter end to slightly year, was hard whether to than cadence in of levels So see year first

Okay. Understood. guys. Thanks,

line UBS. Thank you. Please from go Levi of ahead. Batya the now And to

Great. Thank you.

how had should there reason of churn the from Clearwire? follow-up infrastructure I higher on was from Can at on much fund. expect to related normal quantify guided the should more left the from commentary. be I mostly why churn it any Is your $XX end? pacing and other Just to think maybe you million comments iDEN to One and to churn X% question you your we Leap Metro, And the interest X.X%.

find do internationally that and look Given at portfolio increasing you valuations as new you opportunities acquisition U.S.? in are the

Hi, Batya.

little any has million the years. will expect expectations, bit it we our as not churn what the Metro, exact next and of place XXXX, in notification. not Clearwire I based the be it's that questions, $XX noticeable. would over take to Leap period, over it's Hard say said time annualized have time fairly received yet we about we'll that churn, a In evenly but on see going two but but On pacing, it heavier to maybe

expired iDEN that we the XXXX. from On side, X, had some iDEN the October deal leftover leases TowerCo

whether see it's the at XXXX, place. vast of majority end impact our it already realized of the has standpoint, it, hard the will high of So the say in making – our of not has as a happened that be churn, churn that we're iDEN most taken or around been And to because the end year. yet. from year But low in it the on middle other estimates you or impact later year-over-year actually assumptions range the some or of in

that any when firm kind if received date, notifications. particular just a haven't of receive end really particular it's when there's notice, thing. a timing issue a anything, we We But

be be the as to lower half. but X.X%, that would the easily toward it So the it's possible it's high-end X% of toward just

really of certainly a those on as there infrastructure things and like the that function SBA's which heretofore in take finding have of And they're at a out course, I and optimism that's higher they're And lot asset things Batya, a of are at a the fact that much are valuation. comments time think good the horizon and return really really they've that looking that assets in their hadn't values really pretty I processes or requirements is multiples Yes, decision-making and that. been the is There's – processes nearly straightforward. the that winner we new apply underwriting from in emerged they seen that question, they also, value are investor at factor seeing to know whole think shows to. of my that class I been

right. Thank you. All

to now from line And sir. Raymond Please of go Ric James. you. Thank ahead, Prentiss

Good guys. afternoon, Thanks.

Hi.

I Hey. question Batya's from want follow-up bit. a to little

on X% since you've anything there the been cause up is of X.X% to a historical in would quite go to churn the So, the while? sub-X% of seen you've it to you kind think that running should sort

Yes. I mean, with that one to would actually as there's some never – I leases a We anything on specific not saw legacy had were point we item. being particular carrier, where they air.

some And made I they so they think we have of some decision that saw maybe ago. five up poor to where decided notifications or clean years a

lot So cause it the a to be talking of to may I'm the bit narrowband A is about specifically, tenants. that we're related domestically little seeing, – timing of churn obviously higher. that

waves. are the leases, So happen going us down, it in or to but close can to those timing when little peg up guys hard of cancel shop it's a for

specific can that say I all a is of that's can other. one or ship customer and it way about a the really matter So, kind timing it's of things

little Just an Okay. looking more at indoor. color. And you you and building the you That bit Are is it sounds about on cell/DAS. real small Or a to of question get Herald then like more trying Are a is little exclusive at outdoor? estate solutions? system? indoor fiber Macy's business really more Hospital like helps. chains Jonathan's Square looking shared Jeff, kind

it when in that looking But we're of that meet assume attributes outdoor be it you the for. exclusive would It's but should limited mostly can application. be indoor its will kind

maybe So, situations? campus more

Yes.

but final the prepaid in pointed things. like watching, is become Okay. a – And item of the rent institutional about obviously world, question and of AFFO the has skew infrastructure primary Batya been measure has also investor. seems the valuation kind on tower it can We've

Now you they how in, at do are what or you you the infra AFFO come guys And see funds view do prepaid think? looking when looking at rent?

but Well, also looking at I cash generation. true think – AFFO, they're they're at cash true looking

is distribution, always that's business. And cash there at and the which probably so real I basically think for looking we've the the way that they're run

Cash on cash.

Okay. good. Very guys. Thanks,

go you. And from please. ahead. line moment, of now Rollins Thank Michael Please to the Citi. One

please. one I here, computer is issue a Sorry, have Computer please. one frozen little moment moment

Sorry technical have here. a go [Operator And issue for we Please did Citi. delay, Rollins line from Michael go to we the of ahead. the Instructions]

me can now? hear Hi, you

we Yes, can.

That's good.

hired. You're

So, two for my questions. for questions. Thank you waiting patiently

and you about portfolio the towers if then that And that the about going your be and can activity a If to the second you're international kind operations your domestic past that relative just about rate of mechanism both guiding there the portion of ways raise an of think you to in would as that a to just the you you ago? into business? of visibility you had at and for infrastructure securitize how that XXXX? going thinking XXXX, just think a now First, some tower the talk even the topic funds, have reverse question I would and dissimilar of for thought just the to money you're year Trying on for the interest the funding maybe new the the visibility level into to XXXX. not

second the securitization. first. that start sure I'm not I'll that doing we're one through the not with Well,

should that So, doubt there. cause want reducers be not source expanders. did that an available. But would equity I that I we ever that for if have to would that we and have to opportunity of equity doubt financing, type know, need us be something no as no equity find we've that issue equity But thing you been would

you'd year. that's beginning-of-the-year greater have calendar the under do everything time have visibility, the so the In turned, customers. are our typical projects visibility this pause very that started or as basically of that's And lot hesitation a terms going way we because with frankly on of really much last today the now typical hadn't

which have six So greater of visibility, you visibility, about months. have lasts same still we limited did but the duration

January So much we but the they're in activity were greater they running months time we the year than still X, ago. just at can about a see in six ground this levels, But only seeing hit of out. terms

Thanks very much.

Flannery Simon from Morgan ahead. Thank you. line go And now Stanley. to of the Please

Great. could and trends any down. NOL Thank competitive dividend into if to I how comments pricing on status take evening. kind then us Good you. the XXXX? on And Thanks. timing update and you the the leverage as plan you activity go we and just wonder of build

NOLs the for $XXX of Yes. are for just the TRS $XXX over Simon, little do the year note a structure current our NOLs, million We million. federal of have our side NOLs, about end entities. as as the REIT of additional on

the which similar be those mid-XXXX. past timing to in in would of through it's been what NOLs, is Our expected terms running

our to now, intention use for the to those is dividend. right NOLs of As continue paying

Yes. the that impacted And They've there's consistent market, out decisions. Simon, been now. nothing has pricing fairly years for our in

are in seeing volume of on a of any press releases change there's like activity lot are what And the you build-to-suit? ground? the build, Great. Seems seeing you but competitive

the to Nothing no, be that's or material it – question. would answer your

Great. Thank you.

line Kurn Thank Please the New you. Research. Street Spencer of go to from ahead. And now

guys. Hey, Thanks.

the cruising bit through today. on about little trending still sort So of backlog. you have I your Is been provide XXXX bit a and which a the more just if year? in But you altitude talked you it even back color Or should your wonder of carry it's reached half little just how can you rising?

strong more say slight replenish backlog good but Spencer, maybe reached to that conversion operational variations, levels would type, itself. but cruising I continues we've Yes. of altitude with it of

in just coming are it landscape? seeing comment Thanks. it you've seeing you're it. And there And if like on then what year? Could Thanks. follow-up, non-organic you improve, lower just in to guided M&A last in looks XXXX versus XXXX. Got one deals the revenue more you're

have Well, signed we to up. only remember, we guide what

what's So it's contract. under purely of function a

And a to and things opportunities you lot if see deals. our of of will that same we other more chance of what there the function a So level capital be that what look give there'll – right lot a may have bring there never there's think up will a out way. signed that's is what's us we I just But market there the of be spend to I do in the should think think reflection a today at.

not to yet is we seen. where our Now to them and whether we or be spend find returns good acceptable money on want

Thanks Got much. it. so

of Thank go And from Please you. BTIG. to now ahead. Walter the Piecyk line

new with fourth Was – anything Jeffrey, are left an the standpoint? the you booked on from table leasing with execution you there million the in about activity $XX happy of quarter?

never one the get slips. Was there I'm of Walter. that yes, I in thought We things but more. did I lot like always the looks for want always anything life. we then OK. I signed happen mean – up going it there's to could a is it's on reason table? But another or that's reality left things But happy, way

Walter future is that quarter sign mean up did sign like we're always we quarters. during sign to which benefit as up of that the quarter. is was like other mean into kind the really the just $XX us the up much and that obviously in thing that what rebate that growth we that do going stuff referring would we we to? to signed of as would the And growth the I lot million before. based is on you're revenue was about of A I more,

Yes. The yet. about hit the talking stuff financials hasn't I'm

All right.

spectrum opposed about putting got network. Verizon guess as months strategy cell new the small I a throughout three to six if of the So, talked to into they

So, four presumably think about activity. as annual months new looking right? at I additional your new that about you're sound part signings left or the guidance, to of drop when leasing five Is

right. Yes, that's about

I first parts. had but My third, second maybe guess two had question,

just interest The potential surprised second you you your and been latest laundry thinking guys list appeared any fiber Can question of give I'm the Zayo? whether on is in there's buyers for haven't have acquiring a you us Zayo. list. would on

really do but the our But in things through will to our is comment we the expand and we're John and to areas entry I Atkins comments Prentiss specifically. that that theory goes to forward. exclusive to kind looking Well, call of in destiny our that Ric which to made that general, we want going some control barriers have ability that estate we real don't

be would asset. in you leave decide that interested So, to it up I'll to we how

been on $XX it And sell that that that's not a or like if interesting, very share, it, is compelling-enough they're Historically, of business? they're to type a block. evaluation willing the $XX but for seems

comment Yes, that. I can't on

you. Thank right. All

line Cowen Company. now Synesael of you. Thank Please ahead. & And Colby to go from the

are boring. great. My right, more questions All bit

as it the get and matter process you start of tighten that guess, I a material likely together tipping up occur. mean, do secondly, reached that T-Mobile SBA sense Thanks. actually to specific building first not sector than the really you by is Do question far how network, one anticipate they but that's remind And on us, to us that can I you of is already, to everything in I then know can an Sprint, the the that to the just just growth for deal first more there? point still rates it a to and seems start relates now think that and So was yes, asked think you Atkin, MLA. a but or when like on it's and think AT&T the timing? give and having you that you not is long FirstNet, we've would impact are question for But they

Yes.

mean called then to exactly to process, I – they I the way the long me I judge busy FirstNet it's still the go. where in a they're On pretty for think there's hard are but and

the the that Sprint goes allow continue of there. on to migration to T-Mobile revolve if And activity acquire approved that leading were equipment to network. think around bring XXXX to – we to over I subscribers levels initially the T-Mobile Sprint into the T-Mobile activity believe would the well on

you to that's positive for to have how goes. it you're for any continue have industry And think decline that through we multi-year and should So period. kind decommissionings be that before the amendments going some a of

on charges we're I earlier, consider? to was those that us point for our churn something towers guess like were the pay mean, than willing you be MLA going asked years you that out. to something that, conceptually I if Is X.X rather that give promise putting would you all To on we'll they all less

MLA broadest for sense I both to parties. level, the makes any mean, good that we would agree at

political MLAs. or objections to religious no have We

you. Thank Okay.

you. Thank

have We no one else in queue. Please continue.

for We through as us. joining you, Thank we to continue look forward move reporting everyone XXXX.

Executive that does ladies you. Thank and Teleconference for Thank Service. using your participation our AT&T conclude today. conference for and for you And gentlemen,

You now disconnect. may