Boingo Wireless (WIFI) 4 Aug 192019 Q2 Earnings call transcript

Greetings. Welcome to Boingo Wireless, Inc.'s Second Quarter 2019 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to your host, Kimberly Orlando, investor relations. Thank you, you may begin.

to Wireless welcome earnings quarter and call. conference you the second Boingo XXXX Thank should to p.m. have release, everyone now, By access issued at which the today approximately X:XX was press earnings Eastern Time.

of been In an on Relations boingo.com tab. the earnings clicking has Boingo's addition, made at website supplement the available Investor on Investor by portion

forward-looking considered our we and will including include call webcast it about growth and securities today, This statements the opportunities. is available of that with potential venue future remarks operations, are forward-looking venue and is being for within meaning contracts replay. plans, partners, new and results In strategies business guidance statements our our laws, market of relationships and

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

knowledge on current and such our and for are the the cause XX, The XX, the materially X, XX, company XXXX March no on most for filed Form to recent XX-K the management's the and on with any forward-looking December expectations XXXX of the differ A XX-Q August SEC with uncertainties based of contained SEC are quarter to actual filed update detailed XXXX, XXXX, ended obligation year XXXX, other statements subject the March statements. filings risks with Form May ended undertakes that today, in and SEC. from forward-looking our uncertainties statements. risks are X, certain and may to as results Forward-looking discussion

additional to as our EBITDA that used GAAP when On us results, with this refer flow analytical cash understand call, and in free measures, tools we non-GAAP with adjusted will operations. to combination such provide

our press of will and on which Investor be financial at most measures section the We have release to provided directly website Relations earnings the boingo.com. posted in our comparable reconciliations GAAP

over chief call Boingo's And officer, Finley. the to executive Mike I'll hand with that,

for Kim, to thank you today. Thanks, and joining everyone

saying begin great it's quarter. been me a by Let

the $XX.X over highest our company's XX% to consecutive with streak Our history. quarter revenue XX quarterly continue our to growth That strong results in second year revenue up extends million, quarters. year and momentum double-digit revenue of

was Adjusted carrier leverage top-line result wireless mobile growth wholesale the at was services. explosive with against the at acquiring and venues, Among our loading then to data at products military/multifamily. strategy growth revenue venues guidance quarter grade a of EBITDA primary WiFi those networks and which carrier by includes and of for products of the rights $XX.X unique which offload midpoint consistent and our are range. the our of those three DAS, monetizing drivers execution This was million, mix the networks services, long-term

So let's take a into each. deeper dive

For starters, robust. DAS remains incredibly

and because set a when significant, XX. may launches increase launch is quarter to with quarter. As for we well our a in live carriers from launched carriers We network. number the XX then period, of announcement, to venues DAS a one revenue carriers total in for access DAS record-setting drive additional fee recent a as venues are to add you these typically had network time. margin our DAS expansion new press the each additional over DAS This venues added the We DAS. have bringing stage XX% two future immediately, in seen That's single as

these Our three business. launches carriers DAS We of future and within years. both networks average believe great X.X current are indicators

year. quarter for revenue fee access significantly, over was up DAS XX% year

benefit, fees networks DAS than one-time benefit and more access this operator amendment to is to excluding country. our this indoor customers, major due more an year. we one extension of with increase a grew was carrier XX% even of tied year While half contract Today of over DAS in backlog, XX,XXX nodes Boingo the nodes deployed DAS than and XX,XXX in with the another largest believe

backlog. be to continues venues in In addition, runway DAS our with strong XX another

MTA Sales like multiyear and for construction in DAS venues progressing Grand Central projects construction new we New nicely. are carriers their Both to includes and of the in Long major is Eastside activity networks approach a any DAS backlog strong Terminal York Island Railroad DAS to opportunities, capacity continue rollout. neutral What's City. access technology closer densify Our positions to add remains have and to take as and invest end our of more, Boingo kind venues advantage robust of pipeline host consumer.

upgrade will path, sense CBRS other that that's for evolves. private each whether LTE, a with the LTE that venue, technology XG or wireless Wi-Fi We makes technology deploy XG, X, XG

not a are We company. WiFi

to we infrastructure rights wireless are We potential company which wireless is the which not technology every is a long-term in us. means a of Boingo opportunity with operate, a wireless venues for company. cellular type

includes offload. let's carrier which to turn wholesale WiFi Now

have Second on the traffic our of all meet data of it continued mobile order in AT&T to to demands traffic initiatives both help year to part over majority network, see we up is the need strategic well. on utilize growth, grow to in networks. that now that network continues across year, as live traffic. sequentially quarter and offload accommodate data usage the their as growth XX% data cellular well fact will their mobile the with we the believe rising Sprint was This as due to carriers and traffic as unrelenting mobile customer We drive their to down WiFi

of the in question many a believe said we've past, not times but when. if, we it's As

let's to Now turn product. our military/multifamily

to XX.X% year. addressable of the we new X,XXX Military due bases. the in period packages we've to quarter for was beds. an and out market quarter revenue is new up a same majority military, ARPU XXX,XXX of was higher-priced XX.X% for faster, the rolled added the For This over to year, beds quarter last for year the compared the up

footprint see season. entire by a movement period first complete in is change dipped which QX the typically Military end. to from have permanent troop XX.X%. or we to expect penetration to quarter We subscriber year station higher the due bit of PCS the

it. for plan and movement that expect We

than two quarters, we're experienced next the fact home deployment in those returns seeing We to of some higher and also QX. we quarter. return expected those already the within in in deployments troop However, anticipate

space. well expand into years to the military Our prepared the has over multifamily experience last us X

overall While growing believe years. growth deals that we with contract. coming we a a with our opportunity under taking do. expanding currently vertical property steady, the properties thoughtful we improve this business another for always XX tremendous a have represents on expect live, We're new We're takes We Boingo XXX on multifamily portfolio time, focused to in margins. the types approach new

longer-term longer-term continue several to goals. us the While work we believe we to are new which growth our REITs, projects, enable we agreements of strategic in top actively will engaging with on meet

be military DAS, our core business performing With carrier drivers, very offload lot a there's excited summary, to about. and In well.

Wi-Fi the greater private to new XG over wireless at Boingo strategic than growth. we data that's LTE, history. I've I lead Tier be of Beyond XX the Boingo, Boingo's is the opportunities of last time very the upgrades, perhaps CBRS, the incredibly X about believe the with bullish any had leadership or carriers. whether DAS me launch of with mobile believe executive market carriers opportunities infrastructure meetings challenges well-positioned the for in These that, technology to each X; tackle days is to ahead partner in of like discussions

quarter walk to through over let detail With it you will who me the Pete, turn more Pete? in that,

our Thanks, key quarter XX, with June the outlook second and our quarter XXXX operating metrics Mike. ended for I for will of full-year results will begin by the financial XXXX. and conclude financial and reviewing third

partially and and for an in was strong reflected the DAS quarter declines million, wholesale year revenue military/multifamily performance XX% revenue. second $XX.X other year. and Total advertising was in WiFi, year-over-year offset and over of increase Revenue retail growth by

percentage from from was streams DAS X%, other Retail XX%, down from XX%. and the was the Wholesale WiFi was revenue a XX%, advertising compared from total up of up XX%. our diversified XX%. was X%, and across from As XX%, Military/multifamily revenue X%. was down prior-year down to X%; quarter,

by category million DAS $XX.X In terms total of build-out increased million revenue Total of fee project revenue revenue. access year. the $XX.X of DAS year comprised was revenue of $XX.X million by quarter, XX.X% revenue over and for of contribution

over $X.X Importantly, representing from year XX.X% double-digit revenue our million, third DAS fee growth. quarter consecutive access year of increased

like from this of and a to increase X.X%, we the Elauwit quarter added sequential cycles million. increased Networks per over from acquisition multifamily longer was an Growth XX.X% revenue strong I'd subscriber. $XX.X multifamily DAS. quarter. revenue also $X.X carrier growth increase which for million the customers that second was experience deployment a multifamily note a from and included monthly year with the very primarily opportunities. sales military our are that extension our benefit On to continue from basis, and down revenue due benefit, by to average amendment in access and we Even without year with primarily driven to of fee million for revenue one the $X contract to DAS revenue one-time pleased Military/multifamily

beds, we As with growth military to Mike we footprint note June increases success result this XXX,XXX continue multifamily and Growing this military total and second to of the strategy we historically and vertical philosophy to quarter, the Throughout mentioned, as the growth is are business during same X,XXX remain great opportunity. our ARPU long-term in while it's potential that price our military, regard the to of we about time from and additional speed and XX. network cover we to takes year. offerings excited as built presents, we important higher multifamily the applying have service our a military done out a benefit the beds to implemented DAS. an in bringing In

usage to was usage over partially partners fees primarily an decrease venues. fees, was of program. service fees base partner Wholesale Comes $XX.X carrier to offset decreases The in increase manage offload revenue base primarily from and infrastructure in partner pay million, venue year and our XX.X% their from network operate decrease our managed due in who WiFi us lower a year-over-year fees year, by at with driven by Boingo install,

to As the traction expected Express said, be increases offload and recurring from last continue to cash That Boingo the call, flow. mentioned expect wholesale American our we with program strong carrier by Comes to decline phased expect year, with the WiFi over remainder a usage encouraged remain our of continue out. driver and is of to we to as in our be

and a $X.X other decrease decline Advertising sold. subscribers Retail year, ad over primarily year single-use to to year over year primarily revenue. retail million, XX.X% a $X XX.X%, number a due the in decline decrease revenue in revenue premium retail million, of due of was and units of a was

multifamily to second turning of $XX.X equipment were over access increase partners. to direct decrease venue by of quarterly our cost quarter network the depreciation the and operating cost XX.X% Now sales, to XXXX, our million, higher a expenses, costs costs related primarily were to paid expense. share well deployments; includes a These revenue installed in offset higher as which increases as partially in

Gross expenses depreciation expenses. Development were and of and fee and revenue. an driven to increases period, in reflects margin, higher was XXX DAS increases diversified primarily to revenue and from the our increase over which period, XX.X%, down build gross the points is offset prior-year multifamily network the an less and primarily maintenance access as prior-year software in due the operations technology were military primarily due expenses in partially approximately margin personnel, XX% decline increase revenue shift million, basis streams, period. $XX.X access The maintenance revenue, DAS cost, higher personnel-related $X.X margin the of defined the million, lower by hardware margin XX.X% and by prior-year increase Network expenses. in from in network

personnel-related Selling to increase expenses primarily higher over were primarily of year and personnel-related administrative also increase due $X.X marketing an over expenses X.X% General were expenses. due $X an and expenses. of year higher year, year XX.X% to million, million,

measures the of the quarter million, decrease $X.XX common Now is turning compared share profitability quarter, EBITDA, XXXX. near a in diluted X.X% year diluted breakeven to $XXX,XXX was $X.X for to per income which million measure, Adjusted to stockholders per of a non-GAAP our attributable year. or $XX.X share, net was or second over

EBITDA in down quarter. As the XX.X% of was XX.X%, from revenue prior-year of a adjusted total percentage revenue,

X% up the the second Turning first metrics, represents nodes now number for XX.X% were DAS XX,XXX, our our new of nodes XX% DAS quarter DAS nodes XX.X% and of end during XXXX. from number quarter. XXXX, contract deployment The of the from to quarter period the quarter which yet second venues as the up first down key from in of from XX,XXX, active, the the prior-year the but period not of to prior-year up XX number of our of the quarter due and in of were network under second the DAS backlog

from the line short-term quarter, trends, during prior-year X.X% XXX,XXX which primarily seasonal due the down end Our from of military subscriber subscribers in XXXX. X.X% decline typically movement. first at troop subscribers to of The is subscribers months, with the our the was in the second period, base reduction in anticipated and summer down quarter reflect higher

military expect rebound to in the our the back half year. We base subscriber of

quarter, Our or XX.X% prior-year base the was network, approximately second $XX.X of first at down the of XX.X% worldwide which X.X% and Connects up and XXXX. paid first period were retail million, uses subscriber the down the prior-year end was of XX.X% quarter our up XX,XXX quarter from XXXX. in from period from from the the

due XXXX. to our down as and cash, capital. of $XX.X in from million XXXX XX, reduction sheet; marketable balance March balance timing million June working Moving $XX.X on The million, cash of cash receivables to totaled and the equivalents our at $XXX.X primarily XX, discuss was securities

we out as primarily was $XX.X venues, our accounts had launched a million and in $XXX.X of networks credit facility During increase million on XXXX. invested building debt March our XX. XX as million new receivable June balances available in our drove DAS XX, we and quarter, the Total cash which of $XXX

second are primarily partners. infrastructure for projects our for the through reimbursed which revenue $XX.X utilized buildout DAS by Capital $XX.X included quarter, operator expenditures were that telecom million million

Our and mainly and builds, enhancements. non-reimbursed by capital operated upgrades network new expenditures infrastructure and upgrades were various network driven managed

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

We announce confidence long-term high our of directors program the team the to repurchase our and on pleased a authorized have up level to board am July I that million, XX, board in stock management of underscoring that of $XX to potential or not to share in growth. current share be price long-term repurchase plan of relates activity. as Boingo's prospects We is value. strongly the for believe our current approach, opportunistic indicative intrinsic it

building allocation strategy capital sustainable long-term believe we capital decision networks our and share drive The as growth. of remains monetizing to is neutral continued implement fundamentally our opportunistic. repurchase and largely a in best investing unchanged, Our use wireless plan the host to is

ended Turning September to we outlook, our for quarter initiating the XX, XXXX, follows. as third guidance are

expect is $X.XX $XX loss We $X million. $XX of to to diluted in be $X be to in attributable a $XX range $XX million, in net the revenue or adjusted to common of stockholders $X.XX range to range total million be million million of share. per expected of to EBITDA the to to loss million And is expected the

revenue forecast a we in are to Our softness assumes multifamily sales. sequential anticipating decline, due near-term primarily

sales relates selective been we to return our mentioned high-quality, highly As has executing remain multifamily it in earlier, while deals. longer, taking approach as high cycle

multifamily view as great We long-term continue opportunity. to a

December ended reiterating are year XXXX, as guidance full the For XX, we follows. our

important $XXX reduction midpoint year-over-year range. million, note It's represent to be to at in revenue deferred X.X the points million total equal growth X.X% the to reamortization contract extensions approximately of of revenue $XXX XXXX the the expect range We a representing to from of growth. in of the of year-over-year that

an impact will cash XX.X year-over-year XX.X% a revenue on will flow equal amortization $XX EBITDA to impact our $XX of revenue, Similar range the in growth, and result Net adjusted to attributable $XX the EBITDA $XX be per in of at to reduction EBITDA or expected midpoint term expected the implies million, though will $X.XX margin near points to not future stockholders loss the million common pressure diluted of to which a in to is be share. to generation. period deferred is the of loss range. adjusted million the of And range to million $X.XX it of the extended in

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

to as continue full-year diluted expect We rate, million. approximately a tax of well as XX outstanding nominal fully shares

to upgrades to majority be annual million non-DAS venues. and new XXXX, expenditures the operated and am managed $XX capital in support $XX with our network allocated million to In our reiterating addition, guidance for I approximately builds

upgrades $XX for $XX operated million. our be expect deployment expenditures at managed to annual We capital the DAS in continue networks and the to range venues our to and of million

virtually all have meaning commitments carrier and we deployments As guaranteed our success-based of DAS reminder, builds, payments from a our network are customers.

result a operational consistent, with as delivered revenue execution; history. strong in closing, of excellent we In quarter, our second highest company's quarterly an the

of Our quarter. first quarter strong a deploying momentum achievement XXXX, in fee access DAS for venues and continued in the a record new single revenue XX the significant growth posting new over with of

offload driver perform growth. we carrier growth toward a to multifamily. We making continued on good and near-term strong progress expect by some capitalizing presented be DAS are well, despite of also softness, long-term opportunity long-term will Military sustainable and anticipated the

strong we meet key look Looking will for see under ahead, to network the with value well-positioned on wholesale key have We we forward improved remain carriers, XG drivers investments and to believe in our DAS, connectivity. make only further the venues growth win demands long-term to which to growth growing opportunity of in are strategic wireless WiFi leveraging our addition we military/multifamily. creation. By focused and leadership, the trajectory to to in continue incremental relationships Mike's we provide,

back closing With remarks. for to over turn that, I'll Mike it

and Thanks, ever. strong had and the excellent in Pete. summary, operational second the delivered the quarter results, quarterly delivered we by marked company best financial of In execution. quarter solid our performance history revenue highest DAS We

business to product growth. great is double-digit continues produce revenue results offload our driving and military Our

advantage of we longer of the we major While are to by the us. we're We we're front take several opportunities with the expansion in of our having encouraged multifamily REITs. taking business strategic expected, discussions is well-positioned than believe

Boingo's including chief executive president most strategy he Verizon's appointment for responsible Verizon Communications, excited of of board where recently announce officer to Roy vice directors. and will the also and corporate strategic Roy for Roy's Chestnutt thrilled and to to greatly to I'm was development direction, was record into welcome M&A. industry insight overall him Boingo's the the strategy, we're business wireless track and board. proven contribute global to

it let's up that, With questions. open Operator? for

question Mark [Operator Argento Markets. Street Instructions] is from first Our with Lake Capital

kind Just a densifying of out. with relative starting remain there here the terms additional I relative in the bit access with to the a happening of better terms rollouts? understand seems with on and of a dynamic I network? dynamic to But there's Do lag also know little effort of that background. the big carriers that, be think Do factor couple juxtaposing well. think at of the wanted you to just in bit just the now overall roll rollouts densification the of for a quick work kind obviously of XG preoccupied a a questions, as there they of that's one but they in are some as terms kind to fiber the in of to rollout, -- in gaining well; terms with that little XG you the

start, I'll doing They're is XG moving by both. really yes. ahead. Yes. full way. steam Thanks, the Mark,

announce of good coming pretty connectivity, continues You a growing indication But to at. XG XG And of supporting. pretty enhanced. what's and us gave they're they're where we saw network, today since is Verizon rapidly. is all Hans so rest and the the for provide be great

good it's it's for us, steam this So I them point. pretty at but full for think ahead

on little fiber question, a color Mark. Yes. just And the

venues and traffic reminder, in readily operate overall strategic we at fiber we as high tends a just the key the and are where operate. consumption, to terms know, be of primarily that available venues You volume

allocation; this in you know out capital cash, bunch terms have just or any terms put thought the follow-up, one And obviously to you I to cash you. buyback Thank here got guys a in putting work you year? of there. of then But more capital of quick access

wireless that shares. we an And long-term we is can building We we majority continues our absolutely to in use capital the be continues this wireless think capital announced. of just plan building of place, of But we repurchase So to the use. absolutely for our buyback networks monetize that's going to many believe years. infrastructure best and capital best really opportunistic which time vast investing be the use have and to be the some of

question from Company. is with next Our Blair James & Breen William

the applicable? you next the some in range. high it came the midpoint around ramp growing a you at guidance that midpoint of can about you a pretty you year, timing overall timing And for Elauwit? to issue? the million it just fourth of were business? then the half for talk in around still about the it you Is guys guidance What range just Originally look implies talking quarter it quarter is quarter. good weakness confidence Is relative gives where in back move to year. that the the guide down a get the it's be of full-year if back seems Just the the and of Thanks. line that of for XX% trying feel I'm we It half as to the revenue to of sort through the full in going now. to numbers, the just $XX this the year

Yes. I'll will on Thanks, and is Mike one Elauwit. first I take Jim. This the touch Pete. think

seeing as revenue million you of seeing multifamily, end out, we're And dip has called which primarily. in to repeat confidence is guide still down encouraged, be step-down of the $XX a to do for the are QX and it range DAS, in we're high really a contribution. what which with in sequentially the is the terms implied carrier the business, million $XX tends And why have the core at our low and we're you're drivers QX. offloads QX, did end definitely So forecasting, while what

at here didn't so anticipated timing. also and come in some make that of here multifamily We to DAS different that XX up over year. that's And weighing. is for piece is to is starting it we've it finally -- reamortization about our The throughout have call low due contracts that worth noting been reality to all reamortized points it talking just their we now QX. The point the now QX, other some low --

that's student multifamily conventional just is the the side side, little anticipated. that and a the Yes, By than was a but call there in in what we Elauwit occurring and getting housing new about But great. the growth excited Jim, we're way, going is taken the working of is for Lots very primarily also question. just which thanks we slower regarding longer. little buildings, piece that of kind that's

to you wholesale it's turning in side, a bit follow-up was Just fourth on quarter. since the the of anticipate WiFi number do little basically sequentially, those which a what anniversary down that quarter. some changes that flat, is third When been revenue the corner? We should contract

You segment. pretty in are bottom for talk volumes there about puts line is of that significantly the the the sort being revenue up that takes What this and item? and

Yes.

is. this So think we

good So talked commitments They the offloading. I And past, usage, year. seeing, with two significantly volume commitments. seeing we up we're the work, straight-line we volumes year year. commitments think have as we're have, the the way given the volume they're carrier customers our And volume we've the over in live over

frame. sales We here, in expect QX and but in probably time late that to the do translate time additional QX some primarily also the into revenue frame,

Our from next Anthony Stoss with Craig-Hallum. question is

sequentially. expected any is this what or the color the in are can to ones housing you the business to be side, lose not, down? down more QX? you be Just If the on any down? did line Pete, away walk from step-down other that's expected dip hence only us student on give Also properties

Sure.

I win and And meet away, for walk we're high-margin no-margin when going bidder. doesn't yields. to very say high-quality, won't we want -- the And we mean not something if we always necessarily I project we our I thresholds, won't there's but bid walk we business. if lower-cost say a fight away, we So thoughtfully --

step-down about and it's our going stands, to it That and be to the but to pretty we was down multifamily. a partial showing really the grow is were year. expected is one XXXX where sequentially much was quarter, XXXX, we flat that forecast in As for revenue the

we get anything market. it's that than it's cannot So as be else, rectified. into timing really that traditional more believe nothing the But we

continue some declines. As is it seeing. retail picked decline bit, We bit. expect up the that mean stands starting based and advertising upon of we're a QX what we other lines, the to to slow probably But some slowing. rate on I we think a obviously have think it's of

growth. to was led good up. expect we It military to step up Wholesale which dipped military, slightly ARPU in and up continues nicely, step but to

DAS overall, traction softness offload, and is performing is rest little offload, We're expect. the in of a incredibly what with bit well. good seeing the we So of near-term business

to REIT it the weakness student question to that about How talked in you're second part say And fair largely Is you in are to attractive that is getting get housing? is pricing the that them? of the pricing going closer potential deals. confident from you

Yes, Student competitive housing business. I'll take very is the first part. a

monitoring things, well there, the with and it's but the lot we and very basis, side, that. a to and global conventional things connectivity, things and buildings that our very on do of and the and On because there like reasons. national better also be a we'll the networks be need high-speed big apartment of security a REITs obviously lot for able NOC that different really obvious do the And we believe big the margins will

appreciate is they that. So and there they it that get to value

you again talked then you'll number have question, QX in in the big QX. help QX. have and confidence that live Maybe about in last you venues in a That's you Then of DAS you us it. quarter can understand think

is hit And scheduled to XX it's feel by by to now, right quite We're the tend really We we'll look bit. because launch be, expect that quarter, a in confident year. not the timeframe. would September-October the I end handful slip going there to in -- for give the launches more QX a then sometimes handful DAS if to at it a a deals and going of few to very QX. I tend exact

quarter, very, by XX end the either And confident the of they very but at year. be we'll could so go that

is next Tim from Our Oppenheimer & question Horan with Company.

have And just probability your construction? outside. We us So timing Or issues? bag Can to fourth Pete, a Are I have before. on have Because are the XX% talk and you just midpoint, the in going hitting It's or XX%, back Do obviously revenues then are down But the X% at these in But mean this fourth in XX% revenues at contracts of the about we basically don't going up this contracts come what's the a ramp, talking you on about point? well you've hit? visibility issue? between anywhere you recontracts? some quarter? that do you breakdown these quarter. a XX% just almost give it the the recontracts the increase basically never can is and numbers. don't you're timing [indiscernible], in know that then services near just

Sure.

a QX of is one things. Typically bigger it's quarters. advertising our So handful of

We we offload. quarter and launched which we expect strong some venues very helps. getting very, the comes recently, that the piece also we venues penetration, be sales here to multifamily new of biggest carrier really launch additional some QX. line in we and bigger as revenue XX additional then But And DAS of into carrier get think some can in in a advertising continues then

strong in we'll that bag? it's when see look level I Not would growth. it, at in is we we So confidence it say all But bag. of have the the a the of all of

we be just more seems guidance? the full-year I But such mean we're talking end million like we incredible we so dollar-wise. low about of an should -- for you're talking $XX at mean growth I It thinking -- should be the number. incremental about thinking

in QX range we'd given in out where we expect come is now, between right know, million $XX-XX QX. You the

QX we a the step-up, in under it's midpoint of So just range the in where million. $XX.X QX. are at the $XX million meaningful came for given

carrier projects which we the in good achievable. believe the So along delivering execution, continue with are pipeline, very to with usage multifamily on that think these of some that are strong offload we see, we

question Gibas next Northland Our is from Greg with Securities.

of respect to backlog. in first a expectations compare and the self-funded? with the First, these of pacing lot and internal of your do How how were XX in of half these then that the runway many deployment, of DAS terms to still year

and intents expectations purposes, so say expectations, versus internal they're pretty Yes, always bit for aligned. internal. But well to compared a all little we external haircut I'd

We have in visibility great venue DAS launches.

never scheduled something And probably you're It's a will and construction not of put something us into It's that's talking months. But XX, can they the before. to carrier about at times the at not. really a matter shift very that's timing. very the -- actually few access get pacing, or levels more we've when huge. something that long-term And better helped activity pacing we is Mike in if The well. risk. unprecedented in many has see December, it's So launch activity cycles talked carrier is coming we're with of carriers here levels. is going seen launch the not Boingo because us to and at going is

could just been have I secondly, three carriers And thanks. quarter? Has guess with things carrier you color with I progressing if then wondering and since four last how was Great, to offload? on some provide anything respect changed

here Yes, But on in stuff there. little I shape teams with meet their been great we're last and the a plate T-Mobile other days. mean the -- members, had in these I XX senior has

I we've confident I a in statement. said feel it's times, And of think but not if, matter when. that many as

quarter last one Wi-Fi about on the me just that an you last was provide Perfect, if X. talking with from could and you were commercial trials update

I any think Airport. testing Wayne started other at Have you you done since then? John

you'll as the I bit quite and it's for well public activity a well. of for us. But well. get and certainly entities good see Airport trial us. and device been you you're go that us, for want been hasn't having went being Dallas sort. on the very to The think of to There a on And trial well makers to where and on very vendors, it's in this through Wi-Fi more a more in CBRS news that happening, and you'll these connectivity, as X CBRS very activity infrastructure Obviously great deployments side well, quarter, start XXXX went of again that I start into to and continues lot from Love neutral side CBRS. from any going think see coverage lot trials venues more commercially the see That

Our question ROTH Scott Capital. next from is with Searle

the is just like It certainly big sounds was the outcomes really apologize fourth the at on horse of beating Pete, range looking this a bigger-picture Because I just variable well a biggest there then of on continued But is a or quarter, a that. I there. as opportunity MDU execution And for there. follow-up. the signing front? REIT it DAS Elauwit had wide of But component the it's one. with dead range

Yes.

we absolutely It's some So are something can believe that's and to upon this say we wouldn't all here REIT highly and will Then execute. encouraged happen. a REIT we the are focus it helps it's about But is take dependent business. I is mainly pieces. win execution a that deal. key of combination opportunity time. things A continue

of of standpoint, And backlog and translating per a couple level relates that around like, going on well. we it that well stronger a Have relates I deploy engaged? to look carrier? expect Okay. There's Dish coming nodes lot with you been kind those starting combination in four a carrier to was early are discussions questions And making talking? dollars in in a Mike, could throw as industry. the of as you number the as looks the venues of discussion kind macro you're you address three Have three to curious Networks. the number there and as concerns get number the customers the lot it to and business. maybe number that if four per is having, of as terms as In the just of into what the XG. you part in, to And that, financial new a wondering of to referenced more impact, see you the in been that it the and as of your as in into terms tenor that, venue number been from deployments what CBRS maybe certainly the like, higher but the XXXX. out conversations pile

add people say wants if to Yes, maybe connecting continue I've can. and And start. things. I'll is on, think then to I what he and we're Pete said Yes, T-Mo would I and Sprint,

T-Mo places we XXX-plus the connectivity and million wanting have. in So that Sprint those Together million. customers things have expect are the customers. separate And are and they're we XXX-plus

the that that's think out, will, next years, a And and we're about be comes grand if that astutely together, of evolve for And on I meeting them it So you seems own big consistent basically they pointed does picture. it I've opportunistic over way with MVNO it -- from could as network. a which in a ambitions number us create the basis. had relationship with in talking They evolving like have positive It that's long they're fourth. -- that, the an their to Dish. does

case. carriers be today. the what places feverishly they're that and think early that on would all or to locations four working helpful launching best deployments, XG think we and announced connectivity and very I I they're when coverage And So yes, comment for it's more Verizon The launching. in they're the cities

working we're on our So them obviously in venues. with that

to to more we And will connectivity. And start capable move us. as this applications, think as toward And deployed. And being that. guys I of another and grow app types on do continue that then thing. end the kind the that type qualified that it's we CBRS, these as we Again, same be start that's gets Again, for sure. various that all and connectivity to and see just developers; interesting happening developing and great of then the the have, deploy of of it board really year for going neutral, Again, XXXX are can venues in form all into across opportunity types you'll capability. of an just allows that

excited about we're all that. So

neutral look to the DAS solutions? provider are to going you you host supplier the for to continue basically or CBRS maybe Mike, a CBRS follow-up, just quickly will be on on be full a

Yes, no. be butter. on Cup. this and like -- Peanut think question. I'd of kind peanut said I Reese's That's and a some it's chocolate Butter was I quoted I great didn't It's a some

do aspects and So is we of we like actually. bit can that forward. them it The is both, think DAS. evolve be very be that like we'll some of reality WiFi. there's little will aspects of I much and both go that very And CBRS I much think will as it a are There drive

Our next from Kyle Jefferies. is McNealy question with

the quick, you Just venues housekeeping in if us couple And DAS if a did said the nodes, second them. items backlog. But thing, said first, gave I not think revenue Elauwit for give them the quarter? you but missed maybe you of I'm sure I you

Yes.

XX? in the venues in -- And nodes. nodes So we XX,XXX am backlog, backlog, I believe -- it in XX. I was yes, sorry

Yes.

sorry, I'm And first your question? Kyle,

in the Elauwit revenue quarter.

quarter the So for at in multifamily million. came $X.X

going lump to that trickle adds discussions be many big was are a think Okay, dependent be having these But backlog the going in Or quarter? question sum certain adds progress? might way in? then I Elauwit, just some different on along earlier. we there how able trickle wanted how to know a we're backlog going will can Are they with forward this And you I about REITs particular a Thanks. asked to the how And where many some to with to going get see great. deals same for discussions. in Are sense additions in? players REIT with adds lines backlog should be big

to early bit comment all that, a probably It's Kyle. on

So we their significant doing to around say we REIT will A venues what plus But XX also REIT to backlog about continue numbers. is that today will add a expect be deployment. deal And grow. does to need I time, think too take you is a that it's think launched. deal

new as the really You And properties. those. it's timing retrofitting construction, existing of all have well as

nice it in as step and time opportunity but it to we backlog develop. do as some see we up see massive it will take a a So

REIT I your and have mean discussions highly the you a should Or dependent types think do about business, it about I big cycle of sales we build to time on backlog discussions? -- the Can taking given REIT longer is of that? it it's the other or take the comments how balance and additions

faster at, both whether can having that's your they're ways, they We're obviously, depending with built. to a it would great all Pete is decision a almost some closed. they're no. longer some said, Yes, REITs start stage difficult are timing on actually which question. as which just it. retro that the can as happens, of new But because make tend walls once more The in little discussions take retros to be the you and actually It's if and filling they have in

thanks. it's to quarter particular revenue gears that ratable this to quarter; made that fee access over in and or can step-up just in one-times comment this we about that's mean any you still Great, does it one-time there's can the to a it's ratable what fee that? access And switching if that be think the additional if we a the you and I add helpful. could to quarters? about over guess add was would any that was, step-up one-time And as should How detail you detail the coming that, be expect

Yes.

amendment So it some it was which get paid extension was truly rendered. allowed a so for to a contract us were services -- that previously

of XXXX. step-up quarter, was result recognized so million unique nature result, is access in we going of in a aggregate. also did additional fees revenue access June forward that and recurring. part the in and not fee in the But the as $X in quarter, fees onetime truly access So in contract QX and of That

us, So expect fees growth the we and and But for when we're to increase increase encouraged of XX%, over also that by grew we XX%. big was rate one-time, year. levels pull out haven't to worth that's the still year-over-year noting, before something seen you fee it up access but it's over over which at continue access

So a fees. of access to lot we going see growth

DAS Okay, it's higher that DAS? pipeline? have related is projects that it projects on? Is it associated Is in there anything the kind of related completed or quarter. to with thanks, to helpful. And Was XX ongoing concentrated you all other the CapEx completion the that the you quarter this of in was

DAS, absolutely. primarily It's

and was DAS-related. quarter, So of if million you look CapEx $XX for $XX million that was at the the over it

and CapEx as DAS. on launched, majority concentrated venues But XX the to building in other that big A was portion that of launched. of the absolutely there going say so on well. is So quarter it, related the spending the venues I'd the

XXXX to don't we We And are MTA projects two we which time large contribute continuing frame. pace. have rapid revenues work to expect the a until that the on at

So will we remains as pipeline The it's acquisition, that venues incredibly the strongly both launch that venues projects then launched, already as as that cycle. increases. DAS building we did We in out of an well continue these join strong, with new typically launch the one the And new XX believe two. like carrier the penetration not venue in have. we to ongoing who we carriers

So we enthusiastic. couldn't more be

from is question Jon Our Hickman next Ladenburg with Thalmann.

Thanks guys for question. ask my answered and last giving the a you it me last quarter. congratulations asked and the the on opportunity guy just to question, But so thanks

this remarks. I Mike time, hand back the [Operator Instructions] At to for over will closing conference Finley

thanks And questions. operator. to Thanks, everyone for the

& As a thanks us. in there. day, a you joining for see Boston; we to reminder, of next Oppenheimer week hope Internet and we will at many Conference Have great Technology Communications the be presenting

concludes Thank conference. This you. today's

day. You may lines disconnect have great and your a time, this at