AINC - Earnings call transcript Q1 2021

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Operator

Greetings and welcome to Ashford Inc.

First Quarter 2021 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and–answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure Ashford your Inc. my Investor Jordan now for Relations is to host introduce Jennings, It Thank you.

begin. may You

Jordan Jennings

Good day, of everyone, review and developments. welcome to today's Ashford update on the to results conference for first and quarter XXXX you recent for call to

will on me a Internet and distributed Senior that listen-only call Welter, provisions the actual securities subject company filings or to the the update fully cause information call basis, Jeremy only could conference over Portfolio to were to the differ factors forward-looking are as discussed The Securities At anticipated. statements Vice upon conference and are Deric President in assumptions, more These yesterday the release. Such today made Operating press Eric are Batis, being unknown contain this in well based uncertainties President numerous pursuant or Officer; of of them. or Harbor of results and assumptions certain of Exchange this and Chief remind of call, forward-looking known materially statements from Financial results a Commission. with obligated included in this call in as company's On the and date call this are time, Chief are accessibility as is let Managing Officer; you forward-looking The be made the and Eubanks, Director of which notice and statements Management. not those this Safe federal to the conference risks, regulations. and revise publicly

first and provided accompanying been with also website on or be release. Each in other through measures, with in now XXXX. first at company's non-GAAP to of the listener with used Also, schedules this which earnings all www.ashfordinc.com. XXXX, reported Jeremy. earnings on in release X-K accessed turn may terms quarter together and are the provided certain is review tables financial addition, company's encouraged reconciliations stated, Form SEC information release, X, call are of which the unless call results the May the in in the the of have will the filed In this those all to over otherwise compare XXXX I discussed provided reconciliations quarter call

Jeremy Welter

and throughout businesses. results work recovery begin been the Eric to associates in demand associates we want to the for our by morning, quarter hospitality Good this country. seeing thanking welcome our call hard relentless team, you will then for the back After our I and our I and as will that, discuss for products proud We're will of for leadership a update it results to well begin industry. our come can't during as am long year of time. their tell here. executive our and now operations by unprecedented quarter strategy. Ashford's I It's is the those how XXXX. services then regarding our the us open financial provide and Deric financial will Q&A. discussing review for of I first an up

to portfolio As Ashford stabilized future platform cash are: today liquidity years for Trust highlight at corporate and Braemar optimistic The ample we we positive already forward, the that of runway, has going to gotten themes extremely flow the of company. I'm level. key we the about while look secured are our with back

results seeing growth in strong are initiatives. We already third-party our

our developments for news is to we're operating comprehensive industry created well up distribution We and the continued positive trends starting And our around in and positioned unique our the business We believe has growth have and hospitality are in we that Securities optimism for asset-light Ashford ramping see going results. at positive efforts vaccine a industry. forward.

and is owned gross Trust benefiting XXXX. been recover. Ashford billion Ashford Braemar XXX XX,XXX luxury as resorts, XX devices from segment and with assets approximately hotels which March of together to REIT first rooms have currently the the which two of properties $X.X specifically its traded platforms, its Braemar, approximately publicly on and luxury focus

$XXX the have During Ashford strategic liquidity. financing REIT million Both of multiple quarter, years corporate provides platforms Trust closed a liquidity. now that ample

hotel continued forward their Looking the on the focused to are believe and companies continue positioned well with XX and third-party have new signing long-term future owners and growth the strategies. third-party stages their stabilized contracts. we third-party and both demand on positioned achieve and Both reputations with Premier with focused hotels strategic we remain our neither this at have are we industry benefiting are initiatives. business. are believe businesses seeing to growth Remington REITs momentum, performing Remington effort, objectives. solid in for historically early Premier still with we trends the we on has well We're contracts strong hotel third-party of both already business their and hotel seven Remington and well, of two management recovery but these Premier from new improved seen to Both execute that signing

platform existing are about through and at intermediaries platforms. the order in for third-party raise opportunity we long-term excited both extremely Remington and broker-dealer Securities retail formed XXXX, and our capital be grow a We future growth to channel, ahead, the in to Ashford financial to dedicated Premier. Looking

may Securities investment convertible equity to and non-traded are Ashford future non-traded not alternative provide to, equity Types REIT raised Our capital limited non-traded products. for the market for common with preferred preferred goal include, differentiated of but equity is platforms. highly

with year. value. fresh beginning of us grow a will that over help fundraising and pursue all capital nicely source shareholder platforms all Ashford of our the the long-term We're and is Securities up sometime this anticipate of increasing ramping to excited goal we

these seeing growth in Hospitality One its other & and leading of travel watersports quarter, leisure the by of strong the Hospitality. businesses activities the markets coming continue in in provider RED a RED months. where is will transportation we had performance very are their strong strong that is Islands Leisure strong Key Virgin driven a RED demand in and and US anticipates RED services West, Florida. markets.

continue by and OpenKey to in Pure Wellness environment. offered products this the Additionally, thrive

As achieve industry seeking will also measures purification is and standards and desk to hotel strives offer are automatic keyless Pure front hotels nationwide. and guests enhanced allowing secured and provide them believe the and accelerated the bypass hotels implement and seeking We air well rooms. the adoption industry sanitation entry to the safe key that growth Wellness them guest of OpenKey The with benefits our position a many environment, check-ins clean capabilities. to digital within to

we our structure There revenues; the pandemic. within ways unlevered and and We're hospitality in an that our recovery additional and that increase acquisition is the growth did see have in industry third not with the seeing Looking attractive returns industry incubation are starting under business hospitality ahead, also superior the investment strategy we very of unique opportunities recovery of higher or see pre are space. can believe, to and we a our party hotel businesses. four management; from grow here: assets of the our business

is impacted industry to we investors by Ashford believe For pandemic, exposure attractive an the significantly option. an seeking

businesses outlines with and investors. look the that for is our to turn coming We the the years. story investor to will plan perspective over our growth believe call In to growth forward sharing the presentation weeks, compelling fact, I the we prospects coming we for now an publish over in see Ashford Deric.

Deric Eubanks

was quarter Net quarter Thanks, adjusted quarter $XX.X for EBITDA Adjusted first common the $X.X net income per the was share stockholders $X.XX. to $X.X the was was for and loss first first first Adjusted income Jeremy. attributable net million. for the quarter for million million.

of I'll Eric discuss highlights for terms provide results more financial portfolio of will our details. In companies, and some then

$XXX Trust corporate financing completed million drawing During quarter, million. $XXX the Ashford strategic a

stock, the Lismore completed, million record debt. fee of also the quarter for the make and in to shares to stock leverage. significant count quarter expires representing of loss common prior the subsequent $X.X count end forbearance shore of and but representing and approximately have XX% approximately common of Also the EBITDA approximately million. and raises shares stock of the its converting of April the capital to into lower agreements continued common exchanged first stock, quarter. share subsequent shares million XXXX. approximately approximately up for preferred XX some $X.X the over has the will mostly quarter, has and million sale seek of the and into This to continue has Lismore These its its $X.X the Ashford Trust of has modifications to Trust Trust shares approximately of shares its the the revenue effort Ashford REIT's of of its million XX% during revenue also hotel first approximately net of to quarter, the to million raised Braemar also the in which X.X XX Remington the stock. of helped the attributable this management date, progress term of share during shares forbearance with of common agreement, exchanged exchanges quarter exchanged into end from liquidity its Ashford $X.X in exchanges X.X preferred of Braemar million their its of remaining and million in capital Braemar stock stock million $XX.X $XX sale Braemar adjusted of exchanges stock. prior and approximately of revenue recorded million realized is related common To the company to REITs' stock. from raised to equity common both of preferred stock. preferred

results quarter, million, contract. of to finished attributable the EBITDA was prior the first first digital and with to $X.X through EBITDA shift first quarter guests' over loss million. under when key in preferences of million, of negative the for use quarter digital with net by This year attributable million of XXX% XXX to with a the income $X.X in utilization January of and fee keys, by management negative $X.X million Financial company revenue For had OpenKey the the growth Premier March for increasing hotels of driven the the million. project from of revenue quarter company net quarter significant offered. opting $X.X of adjusted adjusted guests a included JSAV majority $X.X $X.X

Series million had common associated restricted convertible under had balance XXXX, stock. shares diluted of of I stock. fully our some shares XX, issued and D X.X over relates earmarked call the included turn common to preferred now plan. X.X And compensation which X.X We will million X.X units, shares our million with stock million the issuance for As common to and March outstanding, shares we deferred Eric. common

Eric Batis

Deric. you, Thank

from to are many new There sales including and businesses with penetration from products generation record opportunity. on an markets We first third are our to their massive year. and positive excited and the new quarter, personnel start services party give takeaways into update performances, impressive business the

We whole, momentum of will each talking and February. the experiencing within over the spend higher time momentum is March a most XX% January was The growing of noting Cumulative average but it our are than quarter itself. revenue worth as the quarter palpable week. the about and we is

across provided to first Associates do expect job the recovery significant jumpstart the we and our a incredible platforms in an XXXX. to quarter continue

businesses mode focus daily pursue demand. our Our as increasing on has a hire business to growth new basis and been shifted support to aggressively

implementation rigorous acquisitions. a with by to and to approach, teams industry and multi-pronged macro is accelerate attractive market best growth bolt-on and of the create supported opportunities a As our through aim strategy management execution leading Through invest the research talented core reminder, operating dynamics. practices we shareholder in growth of value businesses

also with are service world-class our these and extensive ensuring attractive pricing. advised to relationships able hotels businesses their utilize We REITs, refer receive to our

RED Virgin travel & history has an The inorganic initiatives quarter, tourism and amazing congratulate for a expectations the and first the terms company activity growth the his second best business several like to provider Batchelor and we in thank in the for you an and of activities islands other in to in is their progress. and West. leading as March in and keeping RED we the exciting water to team organic term and a month updated discuss year. future CEO, forward US, high, Hospitality strong near with on Chris would start of revenue Key like Leisure, RED's remained look sports RED With I'd to EBITDA. had of services markets

the lock Another business Bluetooth-enabled modules that at provides satisfying check-in replacing added upgrade their an which clients locks OpenKey, of to contactless are existing experience. money guest fraction These modules. continues while demand system saving to is for of grow a a cost entire

major some to announce. also have While OpenKey's be operating strong, metrics developments we continue to

signed forward OpenKey OpenKey in agreement call, of mentioned makes quarter. the master major our on fourth provider key preferred we As brand hardware a a hotel services than X,XXX last able in the services being pilot mobile for quarters. and room worldwide. agreement This the to with phase the more in brands' The this agreement and MSA details more properties look on to future we is provide

heads major OpenKey preferred room Four second agreement with services the key Hotels room to announcement worldwide. that brands hotel be also mobile recently luxury and a is key The provider services. mobile of well-known Seasons most Four of signed their Resorts is Seasons master one --

We developments are to openings. previously in team job best-in-class a excited CEO, two continue and agreement future hotels demand. verbal in to its with at is of about Remington service country. dynamic sharing two Remington and operations look one ramp details than signed management expertise of Hotel hotel current forward to and awarded these furloughed company across were recent and the quarter Dean OpenKey begin are satisfy quarters. employees more has to which nearly providing expected XXX third-party soon. to his management first Sloan more the and rehired half

and as Premier and third-party XX management brands focus expect response employers travel quarter hotel highlighted recent order with Wellness spaces. continues XXXX picking and has give purified which to new a multifamily momentum is the including Office viruses, to Premier's The Remington, opportunities DC. two rooms, Pure's on applications bacteria in their source to adding offices. needs eliminate increasingly show business services management new its launched with to a fees. on This technology aggressively virtual hotel from protection we integration. and and expect and of XX one is JSAV JSAV in-house states of event hospitality XX XX Premier services. year. totaling their meetings. more sales services, Premier up. and contaminants. growing XXXX expands his safe capital contracts event wellness investment awarded meeting and two its support comfort comprehensive addition across verbally new previous large the and is sales meaningfully available added million pipeline, in add these is multifamily January. growth country. team and Chuck of we already solution $X.X These designed And anticipate rebounce. as a design, procurement We roster contaminants are Pure of suite JSAV new penetrating services the of design and integrated the growing guests contracts architecture, staff showrooms a navigating and offices established penetrate have new recovery and month generated air project a visual new was it an Pure group last alike over project been virtual With as virtual recently contracts focus million strong over to contracts multifamily workplace. to its performance XX% for job and CEO, March a average. virtual two travel $X.X pursues provides of leaders within and robust across leading other than focus addition alongside and which Pure successfully will in creative efforts three leaders in uses cost-effective surface hotels its month are revenue, public tremendous highlighted fantastic of to meetings single increase the shifted to business. a for done XX.XX% the the with Bauman contract The technology. hospitality development, returning to Office returning contracts XX to market, services, AV Employees JSAV to difficult and company by they Washington a In augmenting to and continue slower large audio events advanced including job by healthy an scope market, new its eliminate to doing employees first and of provides to proactively business numerous its year initiative

and like continue I'd platform. team Ashford as senior with well retail Securities, first to account out quarter our build and Lastly, executives capital his Steigerwald to organization of two operations hires compliance as Jay raising the national discuss personnel.

to in continuing sales expects Braemar's April its progress through continue the is preferred ramping an non-traded The on dealer amended Securities make to and efforts perpetual Ashford updated SX recently effort documents filing. through signup launched broker second quarter. security the and offering company

help investors. offer retail excited a retail continue Ashford fresh We a will Q&A. long-term we're the concludes us of for to prepared short, product to increasing substantial open is capital strategies with over will the we That for our differentiated grow to opportunity source to shareholder In up call that platforms the And now there and structures value. securities of pursue all remarks. goal believe our

Operator

question Instructions] question. proceed from Tyler Thank comes with Please with Markets. Batory of you. Capital [Operator Janney the Our your line first

Tyler Batory

Good you. morning. Thank

questions of Just here. me a for couple

nice some Remington And making think and on you're progress I businesses that third-party at Premier. the

that some And anticipated think versus opportunities Just things do you just disruptions originally there your are to third-party gone interested, potential than pandemic? out of expectations. has you had the side from there how grow given that more

Jeremy Welter

maybe that was thought when transactions. portfolio think we many property that Jeremy. which today. we it, as Yes, Tyler. Yes, happens because this seven definitely our pandemic could developments, if What that to but decent the just percentage Appreciate say Remington developments contracts. we management probably largely more you believe Premier, opportunity in third-party then bought would is further bought haven't be that stimulate gain stand already just I'd today go we a total our stand along -- recent of at is like with that and there But as third-party hotels we're of is back I more that driven transactions have given I that obviously. do been And we'd

I we're going we're recently very I got think we've pipeline. proud accomplished robust a we we've mean and of see forward. optimistic of what what very

business an development incredible have probably got leadership we've team think Remington anyone was I would as at over a flown. else and good as

that is what successful -- optimistic couple be be and on do look prove I'd think over we think Remington. maybe another achieve we in And as it will of at years back. initiative I an very to look we that So, very be can

Premier part think and were Premier we tremendous management think argument times our sit to market would where a can a be second I if amount able might down Premier businesses a that the a just with landscape. argument bit a business. share by I is we and that lot of to gain opportunity The And But the way. wins an the as think there's it's we one we make Premier of for each such of team because fragmented little say most of just have

gained so contract And think we And we've I XXXX. XX that think we're first recall think our if contracts. up of March was reported -- I I to

progress been in our think to pleased Premier through those I we've so and things we at have very play don't hospitality. And of with the one that is pandemic just

there's multifamily. our in demand As quarters services strong previous we've mentioned for a that and

that argument each management, service some of management, the is believe we of with architecture to real a each huge engineering you looked other always expand make it at design opportunity best project it's construction the to I market market we And verticals within share landscapes. have Premier of so one providers within within estate the forms hospitality bought of corporate when those and Premier and sector. potential. then do an one the you And can we've an purchasing just then and which But our be when

a see offering the have a leadership And I'm very we're the optimistic effort. to and potential that very and growth so development really we've it got. created is excited that we've unique we right just business

on in this we think I folks brought January year. two

was we're sales team. a our of to that business able without So, get most

business that as And some we've seeing so the as we're from is big and they're transactions getting recurring doing that -- one we're those things owners. recent development new and of other got a well that

group and now And sized talking ownership so that there's a renovation nice third we're them. of one about it's a three project, already all

with we even different guys platform that many of And believe -- a going we're Remington we don't of and just at our so our there's good third-party compelling within get forward Ashford businesses. if that optimism get is ways this is each opportunity is we Inc. you these investment and just we the XXXX to on growth something Premier grow back to can And there going is news so with that and one levels pretty highlight

you our when so, on potential very third-party prospects. add it we're And the about excited growth of of top

Tyler Batory

growth for And opportunities you quite then the at Hospitality, potential well? new expansion there result the well as and as business bit talk obviously, in about RED little strong. as geographies that Can a more the

Jeremy Welter

Yes. Yes.

lot of me about you've the business some this think back Let But offer fully the that unique don't calls is seen experience you talk agree don't US Would peers really we you that? the agree that it and your a pin what to because I US Virgin I luxury pretty a in the and and been Islands. with would is. there. think understand -- you've we question offering investors and you it to on Virgin Islands of I these

Tyler Batory

Yes absolutely.

think in operations not but certainly as terms to role expansion have business I his well. also a Chris person the of in is only for great

Jeremy Welter

he's our he that. developed fantastic. appreciate well mine good to I Chris part not of and only just is be Well, but and friend an team leadership, of a important as is

Key month at that widely RED's Sebago. It's I we really look And win. March, and I at with to and the accretive a and in if already company. have history think been what certainly most you because entered record Key we so that we practices RED profitable Remington Sebago on that with compete is the acquisition. Premier and we bought and can into best think West US go what history in We've that the West's utilized transform proven any in have our and is was market And we

have optimistic it's And services just It's think very boating. And just we at what control over And really I all RED in fantastic Thomas. concierge everything Carlton it not the so can different which on And to in great do oversees of out unique we're to you just any you offering. for services well a commissions it's limited as guest But of doing the very market. be guest the job the because you a if is it's our for get business anything And refer Virgin touchpoint concierge Islands the of like and that know Ritz-Carlton not well. model don't unique high-impact Ritz they want in interactions. and a to do kind just they're in St. to a add-on they concierge you us outsource can have ability as gives you touchpoint. initial types US as does all is services to because

So we got into Key West.

nice expanded have in awarded verbally a that we've contract towards hotels. today, Caicos and in we're as And that's other Turks penciling. been sit we We looking

a market be as in be well. be Thomas, we'll at more RED a share And Cabana in we'll details but opportunity. upcoming because we'll we offer will be it believe overseeing we essentially near-term but business same thing you new sales that more with that's the that even So, St. the quarter, so able the to

certainly markets, of lot a the there's think but I the US, in Caribbean. then in also domestically So,

Tyler Batory

help to various think terms businesses, first could return around others? return out playing And services XXXX your of know, of the to guidance that. couple me. specific normal can't those here, your to you the poised of over which Excellent. last businesses products versus and are just years about do I we quarters first? Okay. which curious, then numbers question But or next thoughts levels you at just in us give When think recovery look for

Jeremy Welter

just to on them. I'm I'm through piece each Yes. of going writing one talk a them out paper. of

me give second as just this. I do here a So

Okay.

that. let's to with to think going are And exceed two levels are So and RED going that going to XXXX be the start that's I think this do OpenKey year. I

news. that's fantastic So

vertical very returns. And high we're acquisitions have about a two we platforms. so, lot optimistic and that RED are have integrations And of those cash-on-cash have that there also that at we accretive

will be already of little there is businesses going that bit to I slower those we see both in a of think So, and Premier a exceeding to we're continue couple the of I that great businesses. ramp to because a REITs. growth of rebound from on be XXXX hotel hope efforts. revenue profitability we perspective, third-party at cut we've we spend capital our at should Premier, up would the as back to levels because But

So a Premier, only back at to two at just go which that have basically XXXX customers time. level

within because If to that we same in should stated because are some efforts And you contracts the again going going we or state wanted it whatever some then hopefully have one deals the there clearly steady to fast where believe third-party then potentially, go profitability deploy to recovery control get is companies we exceed think opportunities more that's case, the some other with XXXX. continue Remington, continue be they to that's lag. acquire, And capital you And going owners. of can XXXX industry. to hopefully sense the more and forward to there that premier get once we XXXX, back a to that. pandemic do say, to should you And an make than that may the to to in that JSAV. be be you we I analyst, if as equity greater management

we be probably it's So because, are to after numbers year just to of that JSAV slowly. if from that, what Most business I to third-party see against so going will meetings because businesses a argue lot And XXXX hard numbers But our hotels sales and business its back to leadership where a we I group going Ashford. business. XXXX we of both we've Ashford. maybe would the meetings do across incredible recover definitely that to is should another got. bit a that demand think little going we're and outside That's outside board team is a I is or get events lag we be growth back there effort perspective a to But grow that of continue to that from a the in have know of believe an group pent-up think it's effort from perspective. largest that

January it just don't so $XX in we I growth outside see XXXX so, head will very highest probably we back pick XXXX you up maybe $X.X to bought February I this, of well million on optimistic previous recover XXXX of the it I to would on I know basis. north it think that forma will XX% have third-party think believe hotel could look platform reported look it, how of that the But believe late my again with a that me like go necessarily year-over-year had. obviously to you that EBITDA we low. contracts, and was grow in to be were off don't of as is, We we been new because to JSAV million. EBITDA you what necessarily of can and February. January industry growth and And but quote closer and I pro we're dipped Ashford. can perspective. was because And a March back and we growth I saw cycle And of what we growth And the doing don't levels because, EBITDA. for top and the from potential posted say growth outsized we the in think, would much need numbers

period triple within looking were of that a of to growth the time, we basically short company. So

them of outsized make So a to they're going I case think all growth. have that you

Deric Eubanks

Hey Tyler, it's Deric.

adjusted million closed if should Remington on XXXX results, XXXX. we XXXX. reported Remington we included EBITDA look other that months we November of of in that, our two The $XX of think But point in because about thing is at only I you transaction actual the out

so to And that include they acquisition. that Remington did had that would that not million forma $XX have would be the pro of of closing about EBITDA prior

our to So, which for XXXX about have the at results. have add year because entire you look results for would Remington you it at forma if million $XX our did look not really having pro to reported we XXXX it

Tyler Batory

all you. That’s that. me. all appreciate I Okay, very detail. for good Thank

Operator

your B. [Operator Maher line Instructions] question of next The Bryan Please Riley. with with from comes question. proceed the

Bryan Maher

Good afternoon.

that, but Is unclear interest is much in to missing it not just nonredeemable us position acquiring OpenKey? ownership you we're Is Can XXX%? it it of So maybe What clarify couple. it. Is XX%? left little your higher? Inc. now the OpenKey I got the On a now? a noncontrolling after -- Ashford and is stake

Deric Eubanks

XX% It's Bryan. Yes.

Bryan Maher

Four Okay. does And all globally? the span Four Seasons that of Seasons the deal hotels

Jeremy Welter

big opportunity OpenKey. back I it believe it's development. to new on It want was But I just get you a for a that. does. to recent yes

Bryan Maher

past with seeing to then And the over What we hear are of all of employees been this furloughed you is relates extended and for to that as labor employment our costs covered the government Ashford it doling out. has difficult across year? REITs Okay. reonboarding How the benefits continue enhanced kind and that Remington?

Jeremy Welter

certain challenge markets. difficult. difficult been and and been to certainly It's in people it definitely has definitely a It's work back get to

been Key actually It's West. struggle a struggle a at Remington. for in RED been particularly it's So,

economy access And that Just benefits our put wouldn't folks be rate to wrong the unemployment been the the given unemployment just to for incentives in premium that would have but labor difficult. by general created case and back has government come the were state it's of just work because you the unfortunately. to think

as level. doing already want more this because resources But all Bryan of at thing I a little teams They're something as of issue. is continue we creative But say very that over very is like just been the with. hopeful address have with to I'd we've it to less We've only a access are the to all said, can this hopefully and are year. is working. our only but been we'll team's granular them that, October dissected it's supervisors the of each we Unfortunately, -- a short-term deal management short-term one quickly and a we're any at It's dealing September it's year through something until positive the on hands for much But little of possible really they've bit with. employees course our So labor. last issue. we're our or a how draining just businesses levels tied so

than a uncovered had of do lower staffing staffing as appropriate we've the last a over once only we the to those what level, levels efficiencies appropriate levels not basically so we through were we get at part to pandemic lot of believe being be a will And they being challenges because forced of year.

And so good benefits hopefully be long-term there'll some from it.

Bryan Maher

quarter Great. given that Tyler be painful. it of the think is been decent to a of that, you're truly ramped? do comments what say out early And return measured the JSAV going have had as then been importance and much on there last to just I business to numbers, that year has to impressed last And heard shoots pretty lag grew pulse of revenue the that by so and how there and it's to into thinking really do JSAV that through hearing is maybe its EBITDA I in to as business ability should first any for market Are and quarters transient? dramatic a would And me. And get post-acquisition via you we lag. we it about? But of your

Jeremy Welter

of wasn't that we Yes. put well. what if through -- right and went I the through. anything, in say enough. team that terrible on it's had listen here have But we that team I'll comment to a week take we I them been as has and go -- associates think Eric hell. we XXX down he'll and mean to mean, then course XX the from has

the the year And team I going it's incredible sure. versus definitely tight will going seeing shoots And see don't -- would our is we revenue then because I most to approve quarters forward I was it's tell proud revenue where the was competitive a advantage strongest out pipeline. for transient actually certainly great And for incredible, and -- falling I'm the to we for going not because there's future quarters. just as actually be place. it I very asked the course and pre-pandemic certainly of what a week-over-week or at next today. was down we to transient right that, I Investor that would proud the that showcase it's acquisition do it we probability not of it demand. weeks be we're good got gets give the have last them every lag is And six it in JSAV. a in of challenged within the levels and optimistic. really when our went right, love that But pandemic. of week-over-week the it back we -- are XX. is maybe incredibly week next March. to you -- before in the have flow payables It's the But turned crazy four cash change incredibly during probably And revenue. very so or the over company back I'm to time to can So until And think I pandemic. week we a stand change if of is so green gets was adjusted business mean, on you're we're I because I that the months. been me And just businesses, But I prospects. of put one if that be that know weekly just to maybe organization. we growth at Day it's leadership able them think to the they've in because leadership talking we've it a within got great down

we're forecasted quarter, revenue and weeks our next the pipeline. quarters. So and a last two but to in which fantastic. the the And that's quarter six And pipeline, more over next is the every more single adding week, --

over week. So our forecast continue to go up week

still bit again because you a landscape, is grow think before will grows do of hotel walk a run. whether to industry good got competitive proven more because offering be It's green a we've business we've believe and that going But the shoots. it. or So the there really of we regardless definitely of little we not there

Eric Batis

is March Jeremy add talked Yes, we've of the little mentioning growth is One I'll thing about and a growth. bit is in this the pipeline Eric. some

to about guys we've then really One a as folks more they space in seeing, in and would to they're and having of for which of which renting it you come speakers, XXX the are more thing getting talked group to do more many in-person of to these they interesting having meetings that want one person screens, is started projectors. more a back, that announcing larger meetings as want comes we because meetings, things the show cases size social is than that virtual JSAV component. practice But hybrid we're because actually potentially hybrid been otherwise groups actually leads have distancing, then where back

show was And cost higher the actually so it the short-term in might be prior. than

pre-COVID opportunities hybrid cost there distancing. to social needs then for additional those catch both us are space, because So per by back for our additional show up the of increasing to offerings levels expanded and

Jeremy Welter

through And and our segment, of They a bread revenue that surprised not or butter and just screens a do board ability Bryan, it small little of we that. really by by understand the we even the talking and is your the think to per at were when of team. too through we because talking clarity way for projectors, thing group, more But add to the it went do you're group a size was Yes. as diligence setup. you But hospitality we events. give and our and well. hotel restructuring to big They I'll groups lot great our lot went went and per just one a rentals JSAV our small through restructured I we bit meetings that the really have you're loan own it's certainly

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Bryan Maher

That’s Thanks. for Great. me. all

Operator

concludes That participation. concludes call. our Q&A session. your our also This you Thank for

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

Ashford (AINC) 9 May 212021 Q1 Earnings call transcript