Boingo Wireless (WIFI) 2 Nov 182018 Q3 Earnings call transcript

Ladies and gentlemen, greetings, and welcome to the Boingo Wireless Third Quarter 2018 Earnings Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this program is being recorded. It is now my pleasure to introduce your host, Kim Orlando of ADDO Investor Relations. begin. may you you, Thank

today Thank you, XXXX have Wireless Quarter was the to Eastern o’clock time. welcome Conference Call. to issued which Earnings release, should earnings Boingo approximately By X the p.m. Third press and at now access everyone

earnings our been webcast tab. Investor we about considered and of partners In relationships will addition, for business forward-looking within today, portion securities is laws, our statements on being that venue Relations include are future it made market operations, the This the and is replay. including guidance of plans, the our an meaning In forward-looking Boingo's results potential clicking website on and available Investor and statements growth strategies available of with remarks at supplement has www.boingo.com by call and opportunities.

In response in forward-looking addition, to your additional may management statements make questions.

discussion free to combination for today, of XX, detailed December flow as will that additional results, we as us XXXX with the differ that, Forward-looking tools and with knowledge August our update XX, and results company quarter The adjusted refer filings A with actual the X, the statements expectations obligation when the this EBITDA materially subject other June SEC On measures statements. our SEC operations. risks X, in on current no for to year quarter from understand forward-looking are to on forward-looking such and to and November with such to X, ended management's XXXX, analytical provide May cause in on the undertakes XX, GAAP the the SEC for with filed used call, ended filed the ended XX, certain XXXX; XX-Q recent Form XXXX; Form statements. with are cash Form XXXX, and non-GAAP XXXX; the XXXX, of any on filed our SEC. and March contained based most are may risks XX-Q March XX-K the uncertainties uncertainties

reconciliations in our earnings Relations most And our provided Executive comparable our posted over have which to GAAP hand on to call directly Investor that, the We with Officer, the Boingo.coming. Hagan. at I'll press website and be will section Boingo's release financial David Chief of measures

Thanks, for us results. Kim. discuss financial revenue share consecutive third XXXX I'm our that of double-digit afternoon, Good XXth Boingo's pleased extended everyone, to and and results joining thanks growth to strong continue. to quarter We've streak quarters. momentum Boingo's

acquiring to This the year-over-year million, our our high growth Third of execution venues to network small by guidance mix against explosive strategy above then result our is mobile of those data. of rights unique quarter WiFi those XX% wireless was overlaying growth which was at this long-term consistent revenue overall networks. DAS, cell end the services $XX.X We range. and products building of and venues, up at top monetize leverage line do a and to

for airport. a a spectrum X.X testing Dallas be deployment known a very currently We're business, CBRS major point in at infrastructure Boingo's CBRS the offload, carrier we of pleased trial as exceeded core strength EBITDA the exciting business quarter continued military $XX.X and these and the year-over-year our from new EBITDA part XG In they industry our third the equally to increase wireless high main of of guidance now of Field, We're drivers, of addition also this which was at the guidance reflecting Love of end we're a the ongoing results, nearly technologies, first very reflect buoyed several U.S. revenue was multifamily. DAS, million, high-end our XX%, to at range, momentum including range. exceeding with time.

big STA, era. an ISPs. XG with the SEC. in We operators, launch Boingo, order as has shared demonstration for the operators commercial Wireless deployment, this enables from to think will or We forward accommodate is step in ongoing deployments step SEC incredibly industry, next spectrum now month. be status been the mix expansion. application and CBRS believe initial as positive for commercial of forward an QX, in Temporary it technology Authority, and approved, technical product initial took to with the a a the the broad Boingo deployment an updated filed Federated the For as connectivity market for underway SEC help an Data this granted authority wireless deployment, deployment. could cable wireless this is mobile If Special important

attracts of expansion, more, XX% residents and multifamily a to residents and refer wireless them Elauwit will for multifamily want touch reception crucial want XX% developers fragmented Recent now rent Networks, which to it. also it cell the rents our I without to they as amenity. have the it we Internet top What's can renters The of is highly is acquisition, underserved. XX% their not on and charge. top-notch how say Speaking is both solution market Almost Multifamily. reliable properties know of market of a high-speed for Boingo recent

Our entering they're and they're companies unhappy coverage technology. coast-to-coast, larger that a managers. nationwide the co, less-than-cutting-edge property smaller a well-capitalized Boingo provide builders nationwide either multifamily research the an be or which attribute operators indicates provide is solutions, quality-oriented, with largely tend which REIT as existing operator for wireless developers with and We typically property wireless doesn't management underfunded are that market. important cable providers, to service represents

help big can with few reasons. We for reply a vertical solution. to also this upside their believe We future-proof wireless a there's are technology a proven they leader upon

the layer conversations cell, it by referenced the core believe like products them, the and for research. opportunity this and an accretive had We've of First, about excited on opportunity, we there's monetization. addresses REITs the already for one largest services, they're some small about additional very because to ample issues as of with

builds, of respond the is By terms, To extremely a is opportunity market Elauwit market capital own By with recent attractive we our can very a organic on there business and so we deploy senior significant and our that end, better putting our capital convertible networks. to grow new believe own their win more opportunities pleased XX% increase of wireless to wins. faster by on share there's for prepared of build has month. sale through growth. sheet rapidly were annually, we growing growing we to putting our balance notes opportunity business is raise market to to an last while Second, done share that selective owners This very strengthening we're our to work capital to plenty well basis. think property work, to network funding

let Pete Before I the third quarter me starting over results turn to some highlights take it discuss a review the in to moment DAS. of our drivers key more with our detail, of financial main in to business

very for robust. product proud the years. of DAS been be DAS with believe an and that venues live live, to continues best it's XX currently We venues of stat for from X.X increase average Our very in of We're the an at have X industry. have this carriers venues X QX, least

the we last year. quarter, On X-month contracts this contracts to year, during Tier XX carrier closed XX compares the contracts new for carrier front, period during XX total which the to the carrier brings our X same

We which us DAS up have the of that more we what than now DAS ended So ahead in entire nicely and very provider are year-over-year, We in live, largest deployed have nodes world. backlog. with believe XX the networks DAS makes levels network activity we're high. quarter DAS company our into deployments in XX,XXX third XX,XXX we DAS nodes venues the This and history. means we've us

a offload a continues mobile on military in be cost to record usage of enabled runaway X QX, continued and number WiFi, of We carriers by utilize expensive fact now had at carrier those growth mobile We strong. So of data, offload we believe a us. we grow. a which with continues number growing and have locations is spectrum. airport licensed Carrier all carriers driven the on to believe to lot is that also ahead will per the with bit compared data basis of of growth less that explosive connects bases,

many the a additional connectivity carriers believe as leverage supplemental question said if, a times WiFi past, but we will in when we've solution. of not it's As

Finally, military continues deliver. to broadband

a as to see sales Southeast we summer evacuation, seasonality due numbers to preview the nicely. during which we subscriber Columbia, I'm South have starters, in Fort period X,XXX in October Florence. short another XXX,XXX, impacted This the rebounded launched Many Carolina. as well up and year. time. bases declined built in which For beds the reflects number Jackson quarter-over-quarter, launch of QX, of last from total Military the service brings including hurricane the to our both subscribers slightly XXX,XXX required happy in beds that for unplanned

penetration expect you we in growth modest forward, military to our we As be with deep going levels. shared past, the given

continue expect raise to additional X by ARPU be drive been increasing ARPU. to highest revenue we We've cross-selling out help XX incrementally. products tariff our now subscribers However, service. purchase of to able military also to

it beginning in the and better-than-expected guidance, year. ARPU plan. fact, our business XX% Overall, delivered strategic and strength since against very QX with our revenue of both model as pleased against reflects success nearly In performance is EBITDA up the we're our Boingo's of executing the our results,

financials to walk Pete? in Hovenier, Financial third turn to Officer, I'll over our it Pete Now our Chief quarter through detail. you

performance military financial results advertising ended operating the by Total multifamily, Thanks, in with and a financial Dave. increased retail strong quarter DAS quarter declines year-over-year by third for other record XX, revenue revenue. and partially growth Revenue third to outlook I year our metrics our key was the XX.X% and September and wholesale will in reviewing the XXXX of will year-over-year $XX.X the XXXX. conclude reflected begin for for WiFi, million. full offset and

XX%; revenue As a prior accounted from and across XX%, X%, WiFi retail advertising up represent XX%; diversified quarter, revenue, our the up DAS down was from of from to remaining X%. military of from XX%, was down streams was other for revenue multifamily compared XX% wholesale X%, XX%; down and year from percentage the XX%;

standard, million the In of was over of revenue by prior of revenue. revenue was in the which XX.X% increased year included was terms from million a revenue related was increase revenue monthly per The benefit increases build-out average our $X.X subscriber Elauwit million, as from Networks Military project category multifamily in of DAS projects, revenue an of of $XX.X versus contribution revenue adoption comprised with XX.X% ASC a $XX.X was as total total build-out the prior XXX access million $X.X increased well and partners. total representing DAS recognition DAS driven revenue Growth fee improvement for of subscribers. new as as revenues period. our period. the of from million DAS million, year-over-year primarily and increase primarily revenue operator acquisition from by revenue representing Total year quarter, access revenue telecom military fee $XX.X new multifamily to $X.X well

beds prior the fees, footprint the Retail our the venues. revenue. an decreased was other revenue and number Advertising year the reduced increase network a and representing infrastructure higher revenue During a the bringing to fees network subscribers prior was to XX.X% over beds single-use their revenue to retail period, over due to prior $X.X primarily install, XXX,XXX X,XXX over to a of year retail due decline at period. million, from WiFi was the venue to manage as sold premium XX. military us in managed $X.X our representing during compared added period, pay the the primarily Wholesale decline quarter primarily to of total lesser period, of partner number as quarter, a who million, million, September the XX.X% year the due representing year $XX.X prior service increase usage-based and units of decrease partners, operate extent, ad X.X% to our and we

an a our venue expenses. direct of the of paid and and partners. to in comparable Selling XXXX increases Network over XXXX primarily by X.X% operations comparable expenses. the XXXX, and bad to cost expenses primarily plus in million, cost to consulting, personnel-related was XX.X% stock-based due $X depreciation, the with related comparable revenue quarter, Now to compensation XXXX access prior $X.X costs administrative was debt X.X% totaled maintenance the cost $XX.X an and maintenance were turning partially higher hardware increase expenses. third year XX.X%, higher to $X.X and year million, were of expenses. period. which increase due Gross quarter, our quarter sales increase quarterly increase $XX.X total quarter, operating and in as primarily to to software share expense. XX.X% prior XX.X% expenses technology of primarily to due an to and hardware and revenue software increase totaled increased network defined expenses Network the roughly margin, million, due expense, General decreases is increase offset from personnel-related period, access expenses, primarily an million, decrease depreciation, were an and expenses from of million, in in a Development marketing personnel-related line which

Now common million EBITDA, a the million turning an measures compared comparable $XX.X quarter. loss share per for was net to increase loss or million, $X.XX profitability diluted to or Net XXXX of $X.XX with quarter. share XX.X% the in quarter. to our $X.X year measure, was the $X.X of stockholders attributable diluted Adjusted prior a non-GAAP per

revenue revenue, the total was comparable of from XXXX percent a As EBITDA XX.X% from down of quarter. adjusted XX.X%,

quarter the of contract, quarter not XX,XXX, nodes from of XXXX. the the year DAS turning yet new were X.X% network to up year and DAS key the during DAS X.X% up quarter nodes we the operating third third as active, quarter in prior as nodes for from The of our XXXX, XX.X% down the backlog, of second Now of period but our venues the in of end from the X which launched up prior The number represents quarter XX,XXX, quarter and under from number the were XXXX. second X.X% third of number of metrics.

quarter third end period Our the military the was subscriber versus subscribers base up of of year XXXX. down at X.X% X.X% XXX,XXX from the the second and prior quarter,

the XXX,XXX record of up Connects, X.X% subscribers from up the from usage XXXX. our worldwide and X.X% period quarter end prior from the third XX.X% year Our down quarter, $XX.X of second which a quarter was paid prior down at of the base was the year from retail million, and XXXX. subscriber second network, XX.X% period the on were or

discuss sheet. on our balance Moving to

million, totaled cash $XX.X of million, XXXX. had on was September our As Total available million as equivalents from slightly cash and $XX.X XXXX. and of debt $XX.X XX, at $XX.X XX, XX, million XXXX, down June facility credit we September

we October which million $XX.X revenue highlighted, reimbursed senior by Capital offering for utilized operator successfully were proceeds $XX capital DAS million an notes gross build-out infrastructure have are telecom million partners. over in of X, a projects Dave quarter, the As for XXXX. our through convertible $XXX completed expenditures raise included of that through on primarily third

and new various builds, were and enhancements. Our infrastructure network upgrades primarily capital nonreimbursed expenditures driven and by operated managed and upgrades

non-GAAP we reminder, requirements, annual the a capital $X.X all $X.X to flow, estimate of of negative a million third quarter XXXX. be positive As X% excludes which revenue. our million Free capital, a maintenance was for growth a third versus approximately X% to measure, for quarter cash the

growth. the to XXXX. turn flow plan to free year full cash into we reminder, a invest December As the expansion future now outlook drive XX, of to majority opportunities network will for our I ending the

XX.X% growth we certain expect profitability the be to range of to expense of revenue less synergies to year-over-year In Networks. year to million for the are approximately our of acquisition representing the profitability Elauwit range. primarily million, full regards We our continue our the to outlook at reflect XXXX, increasing to of $XXX related in guidance, $XXX and midpoint

adjusted million As EBITDA a the of net in attributable diluted to of to million, $X.XX of loss million, million per EBITDA expect range. common the of $X.XX be share. the the result, XX.X% of now which to approximately implies stockholders at a we to range midpoint or loss And $XX to in $X to margin an be $XX range $XX

on our tax tax such, material benefits not maintain tax expenses XXXX. do allowance, statement and income our accrue as through or We valuation to will expect

million. of approximately XX to We diluted fully expect shares outstanding continue

addition, approximately of our reiterating venues. nonreimbursed for budget In operated third excellent and annual $XX double-digit network quarter to and integration growth upgrades with XXth we expenditures successful allocated and capital managed recent our with XXXX, quarter consecutive million the of of our a acquisition to majority million delivered DAS summary, of In our Networks. revenue and Elauwit to $XX WiFi I'm results, build support

on financial offering, cell to rights allowing prospects monetize senior our build and to through multifamily are turn with acquiring then We balance addressable strategy of growth convertible our execute high-growth and help the years and our many the Dave over exciting space more to it to networks. look We more With sheet pleased have notes opportunity WiFi into entry to market, to competitive small flexibility forward also expanded venue the our back come. horizon, strengthened DAS, on I'll we market including in expect wireless will remain the for even through closing remarks. many which us for that, infrastructure

Thanks, Pete.

as really well the open incredibly growth. tackle of to infrastructure we're of questions. our that, guidance revenue and Pete mobile both the shared, challenges up the just in Operator? we're As to results, believe end proud range market wireless I'd beat high We for data QX of our we positioned for EBITDA. With like

Thank line now Instructions] Ladies and Craig-Hallum. we question-and-answer Stoss of question [Operator Our you. comes be session. the Anthony first conducting from our gentlemen, will from

now You live. are

for Okay, thanks taking questions. my

guys or that's going more With any the synergy the your to ahead on more plan? just side, of curious XXXX? through love that's cell on thoughts self-funded deals acquisition, view I'd cash, small XG might of lastly, you the on positive the And Any anything of see so thoughts negative. then then, on that on activity, And thoughts I'm or either new updated Or other. hear Dave, far. you how or influx percent in

We're the cell, on ways the the still but small no a same and approvals XG have XX%, XG for the regarding cash opportunities – Regard point. XG. themselves, the standards right. The this do is made stand-alone out, than at forecasting little be real self-funding. we're to still what We're situation, more XX% if sheet, that, the on to balance improved present So that's change the happy there.

be So while starting chips are be gear to starting be to it's chips. manufactured. yet to till manufactured, But is have a handsets going

spring but will still many year, will be beyond. and next the even of So fall the early ones be in

So with more time, there's planning but high interest. clearly

all getting both to we're many is in. going locations the market. stimulate XG seen in that that from in carriers business adding the the DAS of XG lot to You've us, We in on think announcements already of a for

into opportunity. about, densification, you've cells, cells our we've a As will talked strategy. talked requires small plays small as think more XG about. big drive right is we It which

levels, high planning very So at interest P&L stage. a lot very activity not of the impact lot this on, of but a going high levels,

Regarding so conversion. We're the nearly acquisition, completed now. right ERP we're very We've the integration pleased brand system far. doing

North expect we a the America, We as trade talking the We hopefully time a REITs operating quite spent multifamily done had be an bit today on that to there thereafter. and talked learning shows. Multifamily. the Boingo for we I've of X did bought going opportunity January – industry, about, when or effectively. CEO deal about business, the one quite about of in to operating with they're call of I the largest shortly

our think timing is perfect. I

opportunity got like just business our market massive. go to rest is, the we think for the of – I the is We've challenge, and execute.

head So haven't I anything opportunity we I realize going was caused that the market it's happen. to on to my and and say, me didn't seen I – just there's a side, think I would positive go, that oh, scratch think massive

Pete, really did I that anything? news So point, on miss at front. this good all

are And in multifamily progress. highlights. all we're have system on you It's ERP well – – very very, of as have the XXXX. the we're the going you planning beginning to our noted, to going pleased the with think team things I No, and

integration well. going its is very, So very

guys. Thanks,

Thanks, Anthony.

Thank you.

line comes Penney question of the Northland Paul from next from Our Capital.

You are live. now

and Hey Pete. Thank Dave you.

out to the Given multifamily your for more there about external space. at? prepared concavity fragmented you opportunities there guys the look remarks Are in in dynamics

– we've last Yes, our talked when I incredibly the I call, are. It's think it's the guess fragmented. there as announced about, on deal

we companies, somewhat they've and things think struggle most do not trials, demand. they I technology-oriented way where and a on that that as of underfunded, are doing we're, understand They're all with non-cable they XG the technology-oriented CBRS the with typically the co-players participated what's going meeting also in company. so

for opportunity have. see way great were with the there. So I but opportunities We'll in many we'll our We We And we acquisition, dialogues, to moment we've other there. if there's them comes be at We'll relationships think do the we enter at do record, did M&A the selectively, we at to continue in process you of track look tires Elauwit and that many looked wanted that look players. more the could but there time players When they the out those developed we're kicking the we what best thought market. that. companies, market, wanted through there's at on and continue that always always to very more them. obviously if that we

you us can opportunity? give better see small gears, to orders you're switching opportunities in tangible attack do what When the the a then And best here? verticals from standpoint doing you a feel the Great. cell see to what personnel for you near expect term? And

even from when year that our a cell market So on fit the and a ago, perspective, into development about more opportunity the would we personnel started team small dedicated small what from is how understanding we created strategy. a opportunity pursuing it longer, business little was perspective,

pools cities or think we're tie real and to try things to that doing about, like talked it not with we're and our and utility to compete by strategy going deals right? plays we've We to capability, doing don't our As So going that. venues.

zones, the opportunity large chain we of where better So there is of need businesses. think seem externally. deployment have coverage needs acquisition, the we of and to carriers for Those do for the with small in in-store they can retail-type terms for cell be good the coverage zones or pretty lot a fit that a dead kind venue

of bullish as for to working as – move interest pretty levels whole a is it kinds and opportunities. pipeline a deal energy it right incredible we're play carrier the quickly lot Boingo us on for And but are We certain strategy carriers. it, of not does from in. high. the moving that's very There's around pace business degree. at from certainly we're a of those activity – But a we'd perspective, So think that. carrier a on to the like we're It's

So more very but us in in XXXX, big looking all, signs XXXX. a in All good we're we're positive. Not impact ahead. for for

evidenced question. and XXX XX.X% terms points be when Last upwards, What have the would across quarter better segments? margins margins? you this What trend another by your basis the Great. EBITDA in of look in continued drivers of drivers to guidance. your your will biggest be

you that Pete, one? why don't take

Sure.

So as we talked services in we deploy we we reminder the past about our I and business deploy and it's deployments. one about layer love can a top venues of is we the things venue what that of venues, on the do

form think wholesale we're you comes incremental seeing when happening dollars, which WiFi. On is primarily military it WiFi of where the basis, getting about wholesale So there. in our offloading, carrier we're

the grow in seeing to You're numbers military aggregate. subscribers continue

at multifamily margin realize the improvements wholesale we company So than of synergies analyzed a a that there happening is one. see continued saw Elauwit of the do acquisition day see over deals, growth course, and in to while going is Boingo some as really EBITDA which and the bring in time operates And the and growth DAS margins then, lower them of and we WiFi, be helping. by we dominated today, Elauwit we by military,

guys. thanks Great,

Paul. Thanks,

the from Our Roth Capital. next Thank line from Searle Scott comes you. of question Instructions] [Operator

are You live. now

clarifications down in of there I seasonal said offload are trying $X.X confirm the that access wanted questions. And we then events a quarter, sequentially. into for. was in on to couple bit? sequentially Just million go I you the onetime there? looking down Elauwit, bigger of Are I have back wanted Does of little bit Thanks that afternoon. up. the in of And to little a little good network December? bounce taking a just terms my couple quickly Any costs, for that. had questions. magnitude WiFi Hey, we that than financial larger confirm understand bit number I just just step also to seeing macro Pete, come a And know patterns a thought as on utilization.

Great.

this So that first quarter. on a network things of saw access, couple we

As the turn they network, a property to a owner reminder, when actually property when deal, in they or the does particular a sell manager. network Elauwit over

And cost that goes into so network of cost of the goods. the actually

one And access through which so line is higher. our that reasons flow you're of is P&L, our the seeing network

our also We as onetime GAAP. some Elauwit and got really with in we the cycles quarter quarterly took line following really costs in

great more a job on did we annualized accounting, costs took usually basis their quarter but to in and to had was some doing the they So related onetime it an that. we – so in

big costs, Pete? How onetime those were

A revenue the little $X.X did say, Elauwit And over did you're correct, I million. $X of in million quarter.

lastly Okay. in snap expected June And just at And that quarter. the seasonal having just bit capacity time. It's that's this usage of from the point December constraints if little the the back quarter. follow-up any on offload, a down kind patterns, into you're to wondering, there are

above minimums as capacity utilization like if what of network or for not an issue go that's looks your we forward. all you're all think I the at

bit It's not more there seasonality, but that. a and it is little than there issue, little a capacity is a to

So me that. address let

both and of investors traffic, and net that's analysts, what offload carrier WiFi the see carriers challenges on that's are we've past, as carriers with they as think that all talked in is their we about one the on-net of on net, view They that So the put cellular networks DAS them. they I off net. as off deploy on for and about networks and what have their network,

and manage we've where not make a runaway for on how meter, is, meter, net to carrier things with customers if it's old on one, we like them? our they been carriers of a do so And traffic. see the you means like couple you that the working know, control more and of it traffic do things: partners one And kind will, of that

about done the that So I some we've past, in talked we've pricing mechanisms believe.

we So we – have volume a have in individual a an put caps place, so location. get commitments, that some can't in we carrier customer down on upside

$XX business think they ARPU in offload obviously a pay not they good maybe you if a $XX, about Boingo carrier. customer, military $XX and for the have where have model So that's a usage, to

instituted the on And in both side carrier we've on, that we've some thing been and way. route the then, So ability side the a traffic is other to our working caps. on smarter

not it's all all off. So just or on

QX. whole to effect initiatives take so of And series that in started

to think And so had to and us that they they or cellular is incremental good net this like We a it'll as we see core number WiFi you And utilize think a manage X Traffic how making X of supplier allow well. revenue. manage continuing of for our result show kind Overall, partners. nicely. number that little today. to thing. and in offload they as a up Again, their in that's go and is more decline bit go an a WiFi can networks can it's more that way we capacity carrier them on

having I the can not us the network. we're good. that's now all entire And carriers no we So right expand with we've some help think on to any they're – now that built smart issues, tools capacity of locations from number

was wondering some CBRS. asked time And helpful. parallel well in I a from earlier XG about you that Great, as standpoint, were of could, if the big if picture very I you lines, could terms but of with

kind the of or available following similar becoming XXXX. middle the at of some is least chipset think devices I in availability lines of

the all that complexity into areas. bands the new look front. on spectrum particularly a utilization, coming are And level, at higher plays where RF venues in? in mobile and then, from if these thoughts of devices high-traffic environment your you Your of that's and located, How FirstNet

does put XXX%, about look XXXX, you start do existing that XX%, late node next As to you the DAS in the CBRS, XG, revenue opportunity put into increase Does you by over you a years? locations as you for opportunities what X-plus in to venue you have? in put out that those rolling out FirstNet, by XXXX, think the

absolutely we percentage That's a revenue I we'll is, or new out technologies. mean, a answer, should but increased Scott. roll to be shorten yes, per short and forecast long spectrum we be, there as revenue not you question. drive I Hopefully, give what We're my can on will should prepared see, exactly revenue per that more guidance additional venue. answer but the

prepared the parts And Dallas and In to terms well. my the have of of multiple were we as was may clear Federated remarks, the that but we at I second X that is as deployment the codes had CBRS Field Wireless part in really were and one of done One proposal there of part we've not my that cable the remarks. been SEC, Love in which whips. were well. that trial,

licensed to unlicensed So SEC and in in the really they some perspective make you fair that have an the spectrum, manage both a way that a that the locations participants structure. it's way if the that's will, all sure trial regulatory can for industry and from we constructed, that submitted

end-user the Love technology, at what about of test the less market Field. Dallas back-office a it's So technology, doing we're like

of because time, CBRS right? it be license. that. always to have And as mutual can first like SEC spectrum, a an in is So go, carriers own. third-party unlicensed. but We've to that aspects to between. meaning it's really it, again, the see interesting Boingo, can host we has past industry We've on can shared where to really had And so we of their about kind good trial for excited now both, And venues the had operators get has we're deploy outstanding it but something so have always for

enterprise you in coverage better an want and add could building, running to you're if get your you CBRS. So

be approach bottom-up So way has technology unlicensed but licensed market spectrum we way to the the is, that last both think driven side going the WiFi it's a the over a top-down XX traditional also years. the developed on

news excitement around business seen all So even in won't much of impact it business think the still – The a XXXX. will there, of be it. lot I good

lot in So mean that doesn't of not but there's work a XXXX, look forward going on.

thanks. Great,

Scott. Thanks,

Thanks, Scott.

Ladies gentlemen, turn and back further comments. queue questions we to over floor for no like to Dave Hagan at time. closing have this I'd the in

Phoenix presenting you. questions Technology at hope there. you, be Annual Crédit Xth the we see in Thanks, many Alpha you operator. presenting today. be will in also Craig-Hallum's Thank we'll Annual later to Suisse XXnd that like of everyone, Select mention And York to city for Thank your in Conference. in I'd New month, Conference. at mid-November We

and our for does teleconference Thank you, conclude today. This ladies gentlemen.

at Thank your you now wonderful for this and disconnect time. have your a participation, day. You may line