AINC - Earnings call transcript Q2 2021

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Operator

Greetings and welcome to the Ashford Inc.

Second 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 Jordan my for Investor now Ashford. is to Jennings, introduce Relations It you. Thank

You may begin.

Jordan Jennings

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

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

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

Jeremy Welter

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

for second As to report of hit reported business JSAV, excited adjusted adjusted our We're we the the by future that We strong I'm RED. for the the quarter, extremely and growth for company. about was quarter Remington look our by EBITDA forward, in JSAV, hardest the positive pandemic. optimistic EBITDA driven

with for are key future. a themes for on today's of highlight secured we call. runway first, exciting stabilized have to the Trust The that We have developments and we today liquidity to going are: discuss Ashford platform lot ample

on cash positive level. flow be growing at to offense a While corporate and Braemar continues is back and

in our results we to strong Second, see growth continue third-party initiatives.

Securities; Ashford going fourth, at business up and well forward. Third, for is and have the efforts a we positioned industry that growth hospitality asset-light comprehensive we're unique ramping our

momentum, lodging we to positioned in May, is believe why, the industry positive to see the we recovery is are outperform. As back operating trends starting This Ashford in uniquely gains results public for periods. in and in earnings provided our history is time guidance we what businesses terms our next market for first XX-years three the in of the think companies, and running we of the to potential over five-year our

www.ashfordinc.com. found a you're had growth for about the can haven't more the discuss in that that our over be you interested. with website love If and review section coming the in businesses it if prospects detail to to you our at presentation, We're of Investors years would chance excited

it traded divides XX,XXX also from which XXX and been room luxury and quarter two and $X.X as hotels cycle Braemar assets resorts, Braemar to the first rooms had and this C owned its recently is Los XX gross Hills has benefiting together of approximately the which Braemar, publicly had of acquisition first its June approximately California. Trust with Hotel Ashford REIT currently specifically announced billion second Angeles its Ashford planned operationally. on demand of Beverly a XXXX. solid luxury XXX Mr. platforms, segment segment recover in focus with

As liquidity. we that discussed Trust last on million completed multiple strategic corporate quarter during Ashford of provides financing quarter's the $XXX a call, first years

the grow continued Trust cash at Ashford million. to also balance, quarter its ended which $XXX has

Russell small-cap Index U.S. Index, U.S. Russell Index XXXX REITs Russell the Additionally, respectively. market broad the the joined and both MicroCap XXXX

to for long-term benefiting believe to REITs ahead, the are Looking seeing both with are Premier with trends We're demand we and these we initiatives. Premier business and execute in performing solid we early and growth both that companies improved well Remington Remington the we well businesses seen platforms of have from We stages and new and and liquidity, of third positioned now nine believe to still at reputations hotel XX the that already on business; contracts. are their achieve focused our hotel party hotels strong third-party continue the growth with our momentum two positioned well. our management industry owners continued both Both recovery stabilized ample signing Remington of future the are strategic third-party on have third-party hotel industry. their in continue the have objectives. Both with signing strategies. growth contracts remain new Premier

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

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

is fresh for Braemar. Securities recently over begun ramping Ashford month raising first capital of And of shareholder Ashford raising capital up that our million pursue first goal excited $X.X all of with for Braemar's its of raised fantastic the a source for result grow are month preferred Securities will value. all of of Braemar increasing non-traded stock. the we nicely operations. is to has and the capital This platforms over In long-term

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

great well and entered as watersports, recently and destination potential about as RED beach Turks operations services the opportunity Ritz-Carlton, Caicos. expansion Caicos And addition, transportation the with provide services properties In RED. this agreement and business, other into property. to we're to recreation is grow including for an a at Turks resort This to in excited and

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

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

manager us liquidity. and increase provider the service publicly we and addition hospitality will in broaden the shareholder and wider As the traded investors our to Ashford range of stock's asset a base to potentially our believe industry, only expose institutions allowing

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

industry seeking to the the I is call turn will by believe impacted investors over now For an exposure significantly we Ashford Deric. an to option. pandemic, attractive

Deric Eubanks

of share $X.X was the growth increase stockholders EBITDA income $XX.X loss second reflected and million Net per million. and for quarter of $X.X prior income an RED, for prior Adjusted increase second the XXX% The was increase adjusted for Remington, was over quarter the led growth Adjusted million net of JSAV was to with by quarter. was the million. EBITDA Jeremy. common the $X.X which attributable $X.X with million Thanks, an year second adjusted million $XX.X $X.XX. quarter over of year net was an in quarter

the shares prior stock prior To-date, its to approximately two its million REITS also stock. of on count These XXXX. and of exchanged the shore X.X% to approximately into capital for of common million Ashford of share million XX% relates and progress make XX% Trust has common to exchanged notes raised lower during from aggregate approximately $XXX both $XX.XX common XX.X of Braemar has sale of stock. exchanged equity its Braemar shares principal its share shares and its continued it the the year-to-date, portion senior As raises their count approximately X.X due year-to-date. preferred has amount helped shares preferred placement Braemar capital convertible its REIT's leverage. exchanges stock. million the approximately significant a liquidity also have exchanges representing Braemar million approximately private raised representing preferred from common exchanges approximately common closed a our the of shares Also, up shares stock. has stock stock stock, significant of XX.X of its Trust quarter, million stock of advised has of of sale second into preferred in $XX the Ashford million of stock, into converting of approximately to common

continue the million completed, realized is agreement, to $X.X hotel to attributable $X.X our its which of in adjusted of highlights in In quarter provide Remington modifications Braemar XXXX. financial of will but term net effort company million terms I'll the results portfolio revenue $X.X of discuss more $X.X of mostly million. details. agreements This quarter, the this and recorded of of management the seek related for forbearance to of for EBITDA million companies, debt. Lismore some Eric remaining then will and in REIT's Ashford over the April loss to record with forbearance expires the Trust and and revenue revenue Lismore fee

the $X.X prior a preferences and the is to revenue first million. to the JSAV and adjusted majority Financial first over guest shift OpenKey of This when of XXX the million. second for revenue of quarter. the included This contract second $X since attributable guests from onset results EBITDA company which keys digital hotels million Premier the significant with adjusted quarter June, EBITDA second a loss growth quarter compares was net the increasing for at with $X.X of XX%, year under $X.X design the net to attributable pandemic. negative XXX% hotels the XXX year by the growth driven of of April offered. revenue $X for JSAV million, in quarter. EBITDA utilization and the positive quarter, quarter opting with of the digital company contract, For prior positive over of finished in $X.X end million quarter of million, to key of of loss fee Openkey under the quarter adjusted had the of construction use through reported also by

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

Eric Batis

Deric. you, Thank

We during the products and are pleased year. updates on And second established of forward provide we services momentum the encouraged by to are our businesses. their quarter

higher that the I the the talking worth is and Our strong it we short, the a time sales quarter about quarter previously growth, our about XXX% revenue year results and strategies spend than the will by the deep businesses second we delivering as selling of believe we discuss driving generated future are objectives culture. leaders outlined, a quarter. third-party is performance majority growth. the Today, prior of noting are the namely, creating this was demonstrate quarter whole to upon the In hiring sales strong setting second stage quarter for and

starting in the acceleration to We an some seeds, company's our the the of established would before the I to initiatives companies harvest again. now quality process in late and are fruit fueling initiatives growth see portfolio earnings. grown which of sales starting to and begin planting These compare XXXX. from focused are it have

best As value leading this management our practices is in supported mandate and services strategy we identify rigorous the accelerate aim research, in a execution by a macrodynamics. operating explain is products strategy industry investment and fully, and market growth create and reminder, multi-pronged implementation To industry more of hospitality acquisitions. of our with opportunities to invest growth businesses shareholder unique division enticing the bolt-on teams approach a to through where the through seasoned

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

the provider Both April into revenue breaking discuss figures and guests. to Hospitality respectively to the of months. Virgin leading West month and EBITDA. record the Ritz-Carlton, adjusted and attention RED like Islands, and first The the of ever of US June in a where other providing began represent services & I'd RED watersports like travel Turks of recorded company. and and $XXX,XXX activities of moved million I'd Turks call $X.X activities June, of is Recently highest Caicos May, Prior approximately these were month particular Leisure, the the in business and history both Caicos. to generated RED Key to services to revenue and

and at We in for released are prospects beautiful this hotel future operations excited RED's progress. and proud begin the RED's about US property initiatives With strong to first new and this continue outside exciting as updated has our being you delivering will their an several we pent-up contract are and US organic region. on remaining activity near-term demand high, anticipate the to with future RED territories and markets keeping RED we look growth tourism inorganic forward results.

on OpenKey quarter, impressive capitalize in into entire a fraction to continues contactless existing of in the mobile, resulting the year that are which XXX% incorporated contracts. of modules. is an growth upgrade modules of business and growing key lock posted experience. at check new provides Another savings significant locks delivery system, The replacing lock for preference to to an cost continues hotel over owners. included Bluetooth-enabled company prior second period OpenKey, XX hotel grow These customer which a

the Seasons going headlined robust, properties second live properties. Season be the to by continue metrics Four additional quarter. operating going at in live at third in several OpenKey's system the Four While quarter anticipate was We

properties. & our agreement pilot the successfully have Wyndham are on completed focused Wyndham Hotels Resorts adding and phase branded with now also We more of

brand brands. of key services similar is agreements app room agreements, we discuss the and through large respective to providing mobile other with both continue hotel OpenKey For these

to half to forward provides growth quarters. student first contract housing mentioned multifamily focusing providing to roster We quarter, multifamily updates project coming in on expertise project comprehensive sales new attacking highlighted to awarded the about focus add Remington as to operations By contracts company, forward Premier accomplishment and event to audiovisual of and student XXXX in staff third partnerships in securing also on integration. a a the openings. updated agreements solution with creative current and future meeting both Remington are to support contract, One and to XX source of with begin demand, quarters. look development, housing has four service fees. a exploring these space. opportunities the third-party Remington XX quarter $XXX,XXX an the and an soon. D.C. second contracts. services. markets, were the country. a is dynamic and investment and is across in student its big was and an satisfy hotels leading and across addition prime was we markets each passing cost signed two capital boomerangs hotels, place job from excited during design, party for look top and adding to and for all design previously with delivering begin Premier contracts to of and growth to anticipate and one hospitality they to services, inorganic providing on continue and housing order which and future wins Dean the deploy their second markets, Premier of continued five previously employees laser recovering look several new multifamily effective verbal exciting rehired its services both performance in collectively his needs keeping services, progress companies one are focus brands and Washington and management new housing CEO, The player Sloan the XXX third-party to as management is a of to and Hotel Premier student including forward We recovery company stabilize Premier's leaders furloughed additional in and strong week best-in-class hotel new on in has major we single expected its suite architecture, in penetrating has is services, objectives. its robust from by their potential quarter XX continues JSAV you response show With procurement capital. Premier totaling states hospitality the and in integrated second event management team

JSAV While for average. million the of the which just XX-month than they second revenue the EBITDA adjusted XXX% month trailing reported June, positive quarter, $X.X of reported for was higher

In spot addition The return to verbally profitability, has in-house company the begin company work, surging of influx upward Hospitality events since at bright in conferences. up another and for March. continued meetings an been awarded revenue hospitality two it in was AV annual year to the Sales stabilized hard as have intense as million operations believe the should to revenue. executives to new demand focus contracts, to which person is we in meet to on JSAV. $X.X of was million return $X.X revenue total trend at sales the XXX% June, at trying efforts groups

to We continued XX increasingly spaces. employees applications XXXX, highlighted new protection Employees half Pure for now Pure's guestrooms, the Wellness to quarter. offices pipeline for quarter their first give Through launched is comfort wellness workplace. within eliminate of and air surface is Pure contaminants. are contracts Pure safe XXXX healthy designed Office of uses viruses, office XX.XX% and rose in for in from a the offices alike advanced contaminants opportunities its and public and Pure second in purified to are a the employers technology the sales remainder XXX% to Office returning other March provides end locations. will of recently This to and and XX of eliminate optimistic bacteria returning by technology. as uptick the

been organization those Lastly, M, and agreements they platform. continue I'd signed build offering. to first Series his million. the our have To and the under $X.X have Braemar dealer and discuss like through E and to Ashford team date closing that executed XX raising M and out quarters. capital be and Securities to continues E recently can equity to grow our we Securities, Series to channel on selling Steigerwald, work non-traded the of the retail preferred investment continue hope Jay additional offering assets Separately, more management to has coming Ashford raised efforts in over details broker around allowing products the the sold us

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

Operator

Thank you.

session Our [Operator We Instructions] will conducting ahead the Riley. now from Bryan your be question first of Please with B. line a is question-and-answer with Maher come go questions.

Bryan Maher

Good afternoon.

of models to want numbers tend know. Ashford focus our on on the from I So those Braemar flow and -- to because as kind Lodging component you

in the So end be we revenue think by JSAV, XXXX acceleration to XX to how levels? And surprised the might you to on you about, pace talk the what do next takes get long increase Can that it of back quarter. months? the over were

Jeremy Welter

is this Brian, Yes Jeremy.

you week that a I'm to still the company can difficult approving I question over answer. way. is tell us What I week by that's payables that for think for weekly

getting. received submitted of And than, cost the cancellations. continues done What I surprised what surprised to We And we're update and we lot but job there revenues more quarters. what the we've much like is And maintaining more probability continue updated of about, done we that the quarter we was keep -- I rather are so a ramp was than pre-pandemic we the good see really very were when still quarter certainly QX quarter as in slower and in and an in. that was efficient every though the generated because QX. structure margins for attractive and to the coming of adjusted and the company week getting back more were in And more upcoming that the coming get to down I'd I'm we're everyone revenue time is what And and can the outlook company. they're as that as -- for period revenue revenues we've and it by get with than, really pleased up see that accelerate. that up it a ramp bought there

a We As once But still to acquired in we're we lot see optimization we together never plans process. of how outlook. get a early think It's still the recall, to you to difficult put JSAV continue really in today. we close that very that a cost full benefit them of advances. good know I

I flat flat still earlier basically, next it's if pace Braemar, that's although, in a that nights. year-over-year. today group listen But to decrease the year is think room call for you

if to pre that so probably would and But XXXX if And ramps guess we I if up recovery versus quickly. to up very sorry with anywhere to end to very, it's close we end get were Pammi XXXX this I'm XXXX up -- guess. XXXX levels levels to company I

Bryan Maher

type And it seeing about jobs of what And bring hospitality JSAV employees have hard so other relates people as stories Great. moved or how that? in on ahead? bring is I employees mean you how to and heard Remington, incentives the do you media have to Are even it maybe to many careers. we've new to back?

Jeremy Welter

about we We're bonuses We're there are we're varies where to associates back. those. company management that doing Yes. that I definitely bring to but centers doing disclose doing are our by location actually don't I signing think certainly to on incentives we having positions and are think want But our quoted I yesterday relates wage it for which high Remington, open, pressure many wage where are increasing proactively us. specifically, scales as in attract I markets, associates. of we're to unusually that the XX% is to

out we bring challenge. it's can't so best work. be continues serve a And pervasive has close And we just be some having happened a to it to because but to can. I challenge we're terms a associates think doing in to back to issue don't of It rooms continues certainly. that the

industry, As put are audio these it that of associates but some that productions nature is the that live show they the lot kind side of passion. a on into JSAV, they a techs want relates our it of the and breathe we've industry and had left -- where services visual to industry of kind the of as techie the

say still hotel challenge probably it's versus so a less the now for right a bit little management while And of I'd challenge, maybe side. it is JSAV a

Bryan Maher

Okay. Thanks.

last next all Just maybe RED, me. us this Ashford become how for realized with costs that can growing years? On for profitably business? type me. thoughts anybody of give Inc. But think and I quickly associated big that your grow. how on you don't could internal call that can what the to over that's be couple going And of are And on for

Jeremy Welter

Yes.

that we we're continue acquisitions. can good a have that really $X do amount million EBITDA. And significantly. And RED in company we that our if that able for well some acquisitions I in So, could XXXX exceed in of presentation, pipeline we our pretty put think estimate ramp up adjusted out of a to to

some we think some of it's XX% cash-on-cash and get in out we do of million after prove acquisitions. Turks our And grow, terms that typically company XX% investment be to would XX% bolt-on opportunities. I In I could easily it after a will a say to return for Caicos ramped it property plus cost the is cash-on-cash EBITDA return $XX-plus a be cases, most up. So, a plus. usually that

revenue generation from come from passengers as on how do cost then capital. service the effectively way perspective, and believe attractive operating get have from that very e-commerce and resource proprietary and a from stay we we to they operating We we not is very invest in them an an standard for a us it's so perspective, unique only service. a a very efficient also platform our that perspective, And get but scalable -- the return we're perspective, boats we in and very from

and very continue So, we continue with you'll got that a we've and team, impressed got that I'm model, platform great business great that will we generate. to optimistic we've results a the be I think to grow

Bryan Maher

Great. Thanks guys.

Operator

next line question Our with proceed Batory Instructions] with from Janney. Tyler comes the question. of Please [Operator your

Tyler Batory

Congratulations here. Appreciate the questions. morning. taking you Good strong my on results

I a question. have is question multi-part First

the growth, that you for that I notable this. of put think like month, investor some terms In targets long-term first you've ever done but the presentation something time and you out the last certainly also gave

How the up growth. might macro you sort of coming necessary $XX end some targets? much of that touch backdrop amount more you to of process EBITDA being? is can XXXX, estimate achieve it's of do if financial And that number? could conservative those confidence a million you you on with target? by And So, have that tremendous How up that what do in think behind

Jeremy Welter

Yes. Sure.

can certainly a felt than look all presentation. we and we our this excited our investors I with our knew stock breathe creating live trading teams that we're And think companies. up us of and I'm with It if terms involved know before what it what what higher hotel step very think all operations of as we're just understand business. our we all for and I all very a should we is this taking here. back, involved passion we with what and in that do is about file be what this what of we we doing was then we're like platform, very

a there's think trade we still I of today. upside where good amount

management stock. that do then reasonable back there's power think perspective think If I to the we amount to earnings discount investors that's under of from for the in we and recover the could at an model went think trade present and from out we to of by Securities at whether layered upside a that detailed generate project choose our good we could we because a a way of -- one to a multiples, But value do we how have you perspective. lot what think with in we were and pandemic for and felt platform at path we Ashford through we want been in this shareholders that good can to articulate the we or not service shareholders about this was each the we you like where and projects we that shareholders, of of by that and it. we our and assets projected hit goes can see hard advised so for it's that what with have they agree third-party a platforms see the people a what But business existing hard we companies do capital very and it, that. terms then that this future can opportunity we can amount if the have has And talk to

parts on did the business of we but to we're we we with an two of kind that, AUM going by individual so then the that at looking do all company-by-company. third-party, started and And basis

faster assumptions. the back So, some And were. there's it it of the to tended at recovery, of given behind to And a which good a think is always I estimates amount job back. we do we all back, the in of believe of look recoveries, laid presentation. we But is to comes fact, a going out it come what information the detail previous you happen. did decent come than Lodging proves in industry if combination

reasonable this outlook it. projections sticking which with because that want share community reasonable time and we've first then don't the done are neck we're in is achievable think taking I our readily recovery that to out. is we I we the think what so And we're believe

is my numbers. And provide to exceed least that mentioned and is you way have we that calls, update will plan rebound, today numbers something the the second previous think execute we if to quarter the surprise -- EBITDA we going nice a have of high we time that we're of believe going in way those us. that it'd it I to hopefully, and was in be confidence update we this able can we'd to October. we being that we we And level the that forward the level were maybe Day an achieve. at that didn't can and have keep Investor to meet market that we rebounds a We'll we I for see the execute will in or generated believe We that higher. tell it. think a our are have hope

of being in that think can I prudent -- our we're that So terms outlook. confident we we're

Tyler Batory

the story that then detail. And growth the I key of Excellent. Okay. third-party here just a part A follow-up appreciate question. is business.

Obviously, more opportunity you're people a hire So business? worth versus the put progress strategy Remington at set into third-party structure versus I making each going at change us as XX of how is asking just to you is ramp-up that. something you're and days going Premier this that's start need lot that in to think any, to you quarter. expectations some help on probably But ago? Any of, look when And this expectations? perspective your sort the cost

Jeremy Welter

yes. Yes,

in So we added one team just other member development business recently the side.

what look $X we you revenue XXXX. think on disappointed we're We I And if I at reasonably were estimating if million the third-party Remington generated in I conservative think, of all is strategically would that's estimate. XXXX. be that So in outlook,

out. a have so to So my much we've than been expectation more attract we're better the with contracts had that certainly the job far. We is does projecting progress team what pleased very

that announced We've in signed amount phase. verbally I good are been had a that we've think nine also the have we've contracts. contracting but awarded, got

EBITDA. just I we so think big think think the the at nothing what we're of a that of the Remington. don't during on estimate a is And getting I traction component that million to time part I -- pandemic Remington And $XX starting going certainly be of from lot of can

in And so upside that. there's hopefully some

we've business $X that surprised which so our revenue. is million repeat Premier. some phenomenal Premier. signed contracts they've I'm already who far one. we We from there had for have is third-party projected to good area Moving major think piece pleased What's up. got are projects we're great we that perspective And XX that on on interesting customers hired so that a that us with renovations already also And and what doing a second they're renovation I in

a did disappointed with themselves. revenue we And in third-party with $X out to good expand disappointed upside. think would XXXX the I'd of of be so know continue there's amount we if I million I kind be team And as the and team

think is The other thing interesting tremendously that we addressable total the expanded have that I is market.

our of kind And hospitality. in presentation towards traction more student those we've in multifamily are now mainly of out getting housing But it geared that think we're in I we're huge initially that a amount markets. good both. put

started been for when in housing kind this multifamily we ourselves focused This campaign opportunities are been just so hospitality. massive which recently student has we just of surprise to us. And that able on were again a and we've very pleasant find

can RED we In third-party. proven grow RED, terms of

proven get and in one the to Turks when was Obviously, risk ability same it I And growth. and And that third-party there. JSAV can saw because a thing bought confidence other third-party. to to the experience we And also the Turks And grow contract Caicos will other markets we and have Thomas one the St. service have St. own business the to and acquisition. they we wanted customers XXX% business that the to ability in resorts in is we excited and think with we same Caicos that able without RED I'm expand own the our there be opportunities then other So then we acquire. the to that the we're that with for don't it change just provide that in in Thomas. they resort

I a think there's of that tremendous amount opportunity.

very within positioned largest think and that second now being much provider. being space I smaller than uniquely we're the the primary

We've just because in lot the lot nice I of terms But not we're now we segment. growth nice But we've is an up. so just services very additional for their or there's mind existing I contracts we're on lost nice because are sales out momentum And some think of to back AV we'll ramped audio size four biting what us. provider. from really five not right stands do adding picked are pieces only And up hospitality And picked that more thing think it a then during as that pandemic hotels getting And last now doing exciting the the business. see really the up starts one of actually digital a a services they're occur perspective. contracts certainly, as new contract lot right in contracts. of a

five the that is it think there's lot the opportunity side I years. So I of think a over third-party next

we're about excited So very it.

Tyler Batory

Okay. Great. from me. for all the Thank That’s detail. you

Operator

no you. like back the at management are closing questions hand Thank There this for any to call comments. I'd over to time. further

Jeremy Welter

you speaking for you to call again Thank joining Yes. and next today's we with quarter. forward look

York on we'll an and looking addition, In XX be additional we details October will to in provide host New Investor Day later.

Operator

today's That teleconference. you. does conclude Thank

this your great time. at disconnect may a lines day. You Have

Ashford (AINC) 1 Aug 212021 Q2 Earnings call transcript