Good afternoon, and welcome to the Digital Torturbing Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask Please note this event is being recorded. I would now like to turn the conference over to the speakers. Please go ahead, sir.
Yes. Thanks, Greg. Good afternoon, and welcome to the Digital Turbine fiscal 2021 Q1 earnings conference call. Joining me on the call today to discuss our results are CEO, Bill Stone and CFO, Barrett Garrison. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward looking statements.
These forward looking statements are based on our current assumptions, expectations and beliefs, including projected operating metrics, future products and services, anticipated market demand and other forward looking topics. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. Except as required by law, we undertake no obligation to update any forward looking statements. For a discussion of the risk factors that could cause our actual results to differ materially from those contemplated by our forward looking statements, please refer to the documents we file with the Securities and Exchange Commission. Also, during this call, we will discuss certain non GAAP measures of our performance.
Non GAAP measures are not substitutes for GAAP measures. Please refer to today's press release for important information about the limitations of using non GAAP measures as well as reconciliations of these non GAAP financial results to the most comparable GAAP measures. Now, I'd like to turn the call over to our Chief Executive Officer, Mr. Bill Stone.
Thanks, Brian, and thank you all for joining our call tonight. I'm going to break out my prepared remarks into 3 areas. First, I want to provide a summary of our Q1 results. Secondly, is some operational commentary on the present businesses, including some new partnership announcements. And finally, I'll conclude with some commentary about the future.
To close out the June quarter, we finished with $59,000,000 in revenue, $14,000,000 in EBITDA and $0.13 of non GAAP earnings per share. To highlight our progress over the past year, last June quarter, we reported $30,600,000 in revenue, dollars 4,200,000 in EBITDA and $0.05 of non GAAP earnings per share. Our as reported results represent nearly 100% growth in revenues, a 2 50% increase in EBITDA and over 150% growth in non GAAP earnings per share, which showcased the inherent operating leverage of our platform. Barrett will take you through more detail on the numbers, but we have had many solid quarters over the past few years, But this quarter was a true breakout quarter for the company against our expectations. It was the best performance in the history of Digital Turbine.
Specifically, the revenue growth of our application business grew 45% year over year. And our content business, which had a 12% revenue decline year over year for the month of March, had nearly a 20% growth rate in the month of June year over year as the combination of our swapping out the legacy mobile POSSE content platform during the April May months to a new and improved content platform is beginning to show encouraging daily active user results, plus improving advertiser rates. For the application business, we saw year over year revenue per device or RPD increases of over 25% here in the U. S. And over 50% for international.
Demand remains strong, driven by our social media, gaming, streaming audio and streaming video verticals. We continue to see improving conversion rates on our applications, which leads to higher bid rates as consumers are increasingly engaging in the applications we deliver. We are also starting to see new device growth, especially here in the U. S. Rebound in growth from earlier in the year.
The dynamic that our sequential device penetration grew to over 43,000,000 devices in the quarter, while the broader smartphone market declined by approximately 20%, showcases how much room we have as a penetration story against the broader opportunity. Turning to the operations, our growth levers of devices, products and media are accelerating their growth rates across the board. Regarding devices, I'm excited to announce the expansion of our platform to power over the top TV streaming. Specifically, we anticipate launching our software platform across all the major U. S.
Mobile operators, including T Mobile, AT and T and Verizon. As many of you know, the U. S. Operators are launching over the top TV offerings to complement their existing offerings. We anticipate that our software will be assisting in powering the applications and management of the content on these devices, ranging from delivering the content, advertising, notifications and ultimately may include cross device integration in the living room.
These launches should deepen our existing relationships with AT and T and Verizon and also should represent our first device launching with our Ignite software on the combined T Mobile Sprint entity. Launch dates will vary depending upon operator, but we expect the 1st operator to launch this calendar year with our software and then we'll be expanding with others into 2021. This is a nice proof point of the value add of our mission, which is to connect the dots between all the people who want to be on the devices to the devices themselves. I want to emphasize that this is not just about the TV opportunity and new device types, but more importantly, as a proof point of the depth and breadth of the relationships we have with our U. S.
Operator partners. We have also made additional international progress. Our Samsung relationship continues to scale with 13,000,000 devices added in the June quarter. This compares to 130,000 devices in the June quarter of a year ago. We are also pleased to announce new supply relationships with both Telecom Italia and Nokia that will launch later this calendar year to complement our recently announced relationships with Telefonica, Xiaomi, LG and AT and T Mexico that are all in various launch phases right now.
Our international device momentum is accelerating and combined with the television opportunity and 5 gs U. S. Launches make us bullish on our ability to continue to grow device volumes. On the product front, our diversification efforts continue to showcase momentum. Our dynamic install business grew by over 40% year over year, but today is approximately 60% of the revenues, which compares to 85% a year ago.
Our content business is now over 35% of our revenues, and I'm pleased to announce our first of hopefully many cross selling wins from our Mobile Posse acquisition as we launch our first content media offerings with TracPhone and Blue here in the United States and Latin America. We expect continued revenue synergies in the future as global momentum is strong. I'm really excited about the total addressable market for our content business. Today, we're generating approximately $15,000,000 a quarter across over 8,000,000 daily active users or DAOs. And as we grow DAOs with our existing partners and expand the DAOs to our other distribution partners, that growth should be a catalyst to continued top line growth for years to come, given the recurring nature of these revenue streams.
And today, our overall recurring revenues are now over 35% compared to 5% a year ago. Turning to other products, as recently as March, over 90% of our Single Tap revenues were derived from our social media platform integration with 1 of our Tier 1 U. S. Operators. That revenue has been relatively consistent over time, but is now roughly only half of our Single Tap revenues as we've begun scaling Single Tap with many other partners as well as scaling our own Single Tap demand side platform.
As a result of these efforts, our Single Tap revenues have doubled since the March quarter and for our non social media platform integration, Single Tap revenues have already surpassed in the September quarter what they were achieved in the June quarter. It's still not as material as we believe it can be, but the trajectory is becoming more meaningful each day with some very strong momentum behind it. On the media side, we have signed a master service agreement with T Mobile's advertising team and anticipate distributing their brand relationships with names like Shell, Nike, Walgreens and so on onto our platform. And as you've heard me say on prior calls, continuing to diversify our channel relationships on the demand side of our business is a key driver of growth. And this is a nice proof point of our expanding T Mobile relationship and our expanding channel reach, which scales our global demand.
We continue to leverage our other global relationships as showcased in our results. For example, we are seeing Asian demand growing on U. S. Supply and LatAm supply and are seeing our U. S.
Demand grow on our LatAm and Asian devices and so on. Global scale brings more global scale and the global scale of these deeper media relationships with global companies like Alibaba, TikTok, Pandora, King, Snap, Zynga and so on is paying dividends against our global supply. Turning to the future, I've never been more optimistic about our prospects. We have the right products to the right customers at the right time. And equally important, as a mobile cloud software company, the global scale and operating leverage flywheel is now in full effect.
We're laser focused on increasing our device footprint, product diversity and global media expansion. The combination of all three of these things is what creates platform network effects that we are seeing evolve real time in our results. We'll look to continue to horizontally expand to additional supply partners and also look for opportunities in our content business to vertically integrate our offerings that should create additional margin enhancements and increased recurring revenues. And last, but probably should be first, is a shout out to our DT team. The past few months have been traumatic at a macro level for all of us.
Lives are being disrupted, but our team remains focused, committed and is hustling to deliver results in a virtual environment. Sometimes when we hear people are the difference, many here may roll their eyes, sounds like a platitude or cliche, but in this case, it's a fact. The global team is a team I've never been prouder of in these challenging times. And for investors, I can't emphasize enough the power of having an all in team that's busting their tails to execute on a vision. Esteem's lean in delivering approximately $1,000,000 of revenue per employee per year, which is world class performance with very few companies anywhere that can claim that kind of efficiency.
And with that, let me turn it over to Barrett to take you through the numbers.
Thanks, Bill, and good afternoon, everyone. We're very pleased with the results delivered in the quarter and off to a great start to our fiscal year. First of all, we are excited to be reporting our first full quarterly results of our content business now included from our recent acquisition of Mobile Posse. To help provide additional insight into the underlying trends of our business when comparing current performance against prior periods, I'll be occasionally referencing results on a pro form a basis where appropriate. In the quarter, revenue of $59,000,000 was up 93% as reported and 28% on a pro form a basis.
This accelerated rate of growth is driven primarily by our applications media business, which revenues of 44,200,000 represented 45% growth in the quarter. Revenue growth in our apps business continues to be driven by strong demand on the platform. As RPD on our U. S.-based partners increased 27% year on year and revenues 20 to $26,700,000 in the quarter, which was up 36% on a pro form a basis. Gross margin on the platform was 45 percent in Q1, up from 40% in the prior year.
This impressive margin expansion was largely driven by 3 factors: the integration of our high margin content media business, continued margin improvement on our apps business, and lastly, we received a one time positive benefit related to a revenue share partner on our apps business, which had a nonrecurring benefit to gross margin and gross profit of about 200 basis points. While gross margin rates can fluctuate from quarter to quarter, we anticipate further margin expansion as we continue to execute on our product and partner diversification strategy. We experienced continued impressive expense scale in the platform as cash expenses excluding one time transaction costs were $12,600,000 in Q1 or 21 percent of revenue, down from 26% of revenues in the prior year and increased only 2% year on year on a pro form a basis. Total operating expenses were $15,500,000 which included one time transaction costs of 0 point $3,000,000 compared to total operating expenses of $8,900,000 in the prior year. I will note that our operating leverage is being achieved even as we make a number of focused investments, primarily within our sales force and technology teams to support new partners and products to drive future incremental revenues on the platform.
These growth investments are being partially offset by cost synergies realized from the integration of our recent Mobile Posse acquisition and other realized cost efficiencies. I'm especially pleased with our non GAAP adjusted net income or cash earnings in the quarter of $12,500,000 or $0.13 per share as compared to a $4,200,000 or 0.05 dollars per share in the Q1 of last year. Our GAAP net income was $9,900,000 or $0.11 per share based on 93,000,000 diluted shares outstanding, compared to a Q1 of 2020 net loss of $1,800,000 or $0.02 per share. Moving to the balance sheet. We exited the quarter with $18,700,000 in cash and generated $4,000,000 in free cash flow from operations in the quarter.
As I discussed in the March quarter, we were positively impacted in that quarter by the timing of certain partner payments and also the timing of these working capital areas partially reduced our cash balance and free cash flow on a sequential basis, and we expect these to be at normalized levels in the September quarter. Also, as a reminder, the June quarter includes our first of 4 quarterly earn out payments, which was approximately $6,800,000 paid in Q1. We exited with a $20,000,000 balance on our recent term loan facility. Now let me turn to our outlook. We currently expect revenue for Q2 to grow to between $59,000,000 61,000,000 dollars expect adjusted EBITDA to grow to between $11,000,000 $12,000,000 and adjusted net income per share diluted share to be between $0.11 $0.12 With that, let me hand it back to the operator to open the call for questions.
Operator?
Our first question comes from Tim Horan with Oppenheimer.
Thanks guys and congratulations. Can you give us a little bit more color on the growth in revenue per device? Maybe what drove that, which is pretty phenomenal and how sustainable is that? And then secondly on Mobile POSSE, only 8,000,000 subscribers here. Any aspirational goals, what it can be in a couple of years?
And maybe just a little bit more color how those conversations are going? Thank you.
Yes. Thanks, Tim. Let me start on the second question and then we'll hit the RPD one. On the Mobile Potti side, when we talk about daily active users north of 8,000,000, if we look at monthly active users, it's many, many tens of millions. We're using daily active users as a metric, just as something that's synonymous with industry names that many of us are familiar with.
But with that being said, we're very optimistic about the broader total addressable market here, just given the recurring nature of those revenues. And we announced TracFone with our very first product here today and are optimistic about more to come. And so that will be something that we really think will expand the DAO opportunity for us in the content business for years to come. So, we're really excited about that. On the RPD front, yes, there were really kind of 2 drivers for RPD.
The first one is really around just media partners spending more money and bid rates going up as a result of consumers engaging more with applications. And so we continue to see really strong engagement with the applications that we put on customers' phones And that's encouraging and having better conversion rates leads to higher bid rates, leads to more people coming on the platform and all those things melt up. So that's a very good thing. And then secondly is new product growth. In the app business, we also are seeing revenue per device grow up from things like single tap and notifications and our out of the box wizard experience and so on.
And so our actual revenues on those new products in the app business actually doubled year over year. So we're pleased with that growth. We think we've got a lot more gas in the tank on those new products. We are putting a lot of energy into those Single Tap in particular. But those are the two drivers of the improvements in RPD.
Thank you.
Our next question comes from Barry Rafiki with ROTH Capital Partners.
Hey guys, thanks for taking my questions. Nice quarter and nice outlook. A few things here. Bill, can you talk a little bit about kind of the what you did under the hood, both on the ad side and then just structurally with Mobile Posse? It sounds like you changed some things in June.
So within that question, kind of 1, what do you actually do? And then 2, if you kind of compare ad rates maybe exiting the quarter, I'm curious how those compare on the programmatic side relative to maybe February rates with Mobile Posse even though you didn't own it the full quarter? And then I've got a couple of follow ups.
Yes, sure. So on the content business side, I want to first give a shout out to the Mobile Posse legacy team here and then John Jackson, the Founder. They had begun basically a lift and replace of their platform a year ago. And now we are getting the benefit of that and the hard work that team has done over the past year and we basically spent the June quarter getting into place. And the specific benefits of that are improved viewability metrics, improved engagement and opt ins on driving daily active user growth and all those things contribute the revenue comps I referenced of comparing our June results in that business this year to last year showing nearly 20% growth compared to March and earlier months where you were double digit declines.
So, that's partially due to the hard work to do a lift and replace in a platform. So great job by the team there to make that happen. And then secondly is we are seeing a broader rebound in programmatic rates. So I think we hit a real trough there at the height of the pandemic in March April. We weren't as impacted as perhaps some other names out there were, but nevertheless in the content business, there was a little bit of that.
We're starting to see that rebound and come back to more normalized levels. So the combination of good execution and rebounding in advertising rates is driving nice double digit growth in that business.
And then on the opportunity for cross selling the content business in the other carriers,
The TracFone
news is great. I'm just kind of curious where your confidence level lies with some of your other legacy carrier partners and whether you feel like you can get any of those partners across the finish line before the year is up?
Yes. So I'd say that overall kind of taking a broad brush view, we're extremely optimistic. And one of the things I really wanted to highlight in my comments and I'll do it again here in the Q and A, is I think a lot of investors had thought about the Mobile Posse acquisition in terms about us getting our technology on to their distribution and obviously that's important and we're working that. But I think the other opportunity perhaps hasn't gotten the same amount of focus is what's the total addressable market, given that we're on 400,000,000 or 500,000,000 devices to expand those content offerings onto the other side. And so, I wanted to highlight some proof points of getting some traction there.
They're not going to make any commentary of, hey, this is going to show up in the September quarter or December quarter or anything like that here. But I'm saying that we are pretty optimistic about getting some traction on to additional distribution partners.
Great. And then, I guess lastly for me on Single Tap, it sounded like that was pretty strong. I'm just kind of curious beyond kind of your social media and carrier platform you've worked with that's driven a lot of the revenue. What other partners kind of helped lift that number sequentially? Was it some of your attribution partners, new direct customers?
And kind of how do you feel about the outlook going forward into the rest of the year? Thanks.
Yes, great. Thanks, Darren. Yes, so on the Single Tap side, it's across the board. So we're going to continue to expand our relationship with our MMPs. We're going to continue to expand with other third parties.
And we talked about many of those on prior calls of the Pinterest and Twitters and names like that as well as many others. But I think the real thing that we've figured out here is having Single Tap Air on DSP, in other words, vertically integrating Single Tap and taking it direct. So, for example, if we've got a great relationship with Pandora and you're listening to Pandora on your phone from something that we put on your device, now enabling Single Tap with the advertising that we actually buy now on Pandora and then we monetize the app itself through Single Tap because that's a real differentiator that other people in the marketplace can't provide, other DSPs can't. So I think that's something that we're seeing some really nice growth from. And because we actually control the whole stack, we can also work a lot of the operational issues and scale issues that are behind it.
So, that's really been a big driver for us and something that we're going to, look to continue to invest in.
Great. Thank you.
The next question comes from Anthony Stoss with Craig Hallum.
Hi, guys. My congrats as well on just outstanding execution and momentum. Bill, maybe can you go to further detail on the over the top streaming platform you talked about T Mobile, Verizon, AT and T? How big of opportunity that is for you if you've engaged with some of your international customers on that so far as well? And just any view you have on that in terms of either hardware partners or what else you need to expand into that business aggressively?
Yes. So there's a couple of points I want to make around the television business. Obviously, one is that what's the opportunity of these devices themselves. And I don't necessarily see that being a material opportunity for our business in the September or December quarter. I think it's going to be more of a 2021 thing as those things begin to ramp in scale.
But in a world where I hear concern around declining smartphone growth rates, I think it's important to showcase the dimension of our platform to be able to support additional device types and additional types of screens as growth catalysts. So that's kind of one bucket. The second bucket though is one I really want to highlight in my remarks and again here is talking about the breadth and depth of our relationship with our U. S. Mobile operator partners.
And we talk about how high the barriers to entry and sometimes time to revenue is to get going with these guys. But once you're in there and you establish credibility and you build trust, the breadth and depth of those continue to grow and expand. And I think this today is really about highlighting how much they put trust in us on very high profile things to manage some things that are going on behind the scenes with all the applications and content that they're delivering on these devices. Then we'll continue to work our pipeline. We don't think we're done here with just these announcements today.
There's plenty of other things and conversations that we're having, but nothing that we want to discuss in detail today.
And as a follow-up, if you wouldn't mind talking about the international RPD versus U. S. RPD, where you see international going and I guess longer term where you think it caps out if it does for your business?
Yes. One thing about our international RPD is I was really, really pleased to see the strong growth rate year over year, but it's not where it needs to be. We are behind if I look at if I were to think like kind of percentage of GDP of Brazil or India or Europe compared to the United States, we should see that similar in RPD. We're not there yet. We've got a long ways to go and that's an execution issue on our side.
We're highly focused on it. Right now in terms of more channel relationships, more direct sales force, more self serve and automation to really drive improved performance. So I don't want to throw the baby out with the bathwater here. We're seeing really nice kind of 2x, 3x plus growth in international business year over year, but I want to see 7x or 8x. And we've got some work to do.
The opportunity is there. We just got to go execute on it.
Thanks Bill. Congrats again.
Thanks.
The next question comes from Austin Motto with Canaccord.
Hi, thanks for taking my questions. Can you dig more into the revenue growth you saw in the quarter? Where primarily did the upside come from versus what you were originally expecting?
Yes. So Bill touched on a few points more in his remarks. 1, we introduced some new tech in the platform on our content business that we've been working on related to mobile posse. That had better than expected performance in the June quarter or in the month of June towards the back end. And then I would say we saw some rebounding and continued steepening in the trajectory of our RPD, really across all regions on our apps business.
So, as we felt comfortable with the early part of the quarter, we saw it really exit with strength, Austin, and that kind of clicking on all levels.
Okay. Got it. Thank you. And the second question is, in the press release, you mentioned benefiting from shifting spend towards performance marketing channels. I guess you being one of them.
Where is the spend coming from primarily competitors, different sort of ad formats? Do you have any kind of read on where you're taking some of that spend from?
Yes, I don't know if I've got any commentary on specific other ad formats or other platforms. What I would say though is that because we have less exposure to some of the macroeconomic that's something insulates. So, we're seeing growth in that's something that insulates. So we're seeing growth in things that people are doing on phones, listening to music, watching videos, doing social media, playing games. Those are all things that their people do.
And given also in the macro world, there's a lot of concern from advertisers around things like editorial adjacency in terms of where your ads show up. Everything we do is direct. There's also concerns about fraud. There's 0 fraud on our platform. Those are all important selling points.
And in a world where many people are getting marketing budgets cut to be able to show direct results of the advertising spend that are putting on our app platform is something that's highly attractive to advertisers. So I think those are really the things that we're seeing coalescing around the improved performance.
Got it. And last question is, can you just give an update on your Telefonica rollout?
Yes, we're just in flight right now. It's been a little bit slower, Austin, than I would have liked. We are just getting right now started in the UK. We expect to start in Latin America here imminently and then expand to some other countries throughout the calendar year. I would say that a combination of just digital turbine, Telefonica, the local Telefonica, the global Telefonica and Samsung all trying to coordinate a lot of moving parts in a COVID environment It's taken us a little longer, but we're now getting out, we're getting live and starting to see some positive things happen.
The next question comes from Lee Krowl with B. Riley FBR.
Great. Thanks for taking the questions and echo similar thoughts. Congrats on a really well executed quarter. Two questions. First one, as it relates to the guidance, are there any assumptions built in, in terms of the growth rate for one off drivers like the Facebook boycott, the iOS transition or perhaps the early stages of the upgrade of the 5 gs cycle?
Yes. Hey, Lee. No, I mean a broader comment on that would be, we look at what we can control and what we have visibility to and we don't have any broader assumptions around changing and some of those factors, nor do we have an assumption around pent up demand driving increased devices from 5 gs or other catalysts. We've typically looked at what are the trends we've seen seasonally, what are the trends we're experiencing currently and roll those into how we've derived our guidance.
Got it. And then my second question is around gross margin. It seems like 43% is where kind of a normalized target is when you exclude the one time dynamics of Q1. Is that the right way to think about gross margin going forward? Or are there any inputs that could perhaps drive it higher as we go into the second half of the calendar year?
Yes, I think that's in the right range, Lee. I think low 40s as we talked before and as I've tried to emphasize those can move up and down depending on different product growth and different partner expansion. But that's the right range. The inputs are how quickly do products like the trajectory we're seeing in Single Tap and other products that may have an accretive margin profile. But as we think about over the course of the year, that low 40s is probably the right target.
The other driver is the rebound and continued growth in our content space, which we've been energized by their recent performance.
Great. Thanks for taking my questions, guys.
The next question comes from John Hickman with Ladenburg.
Can you guys hear me?
Yes, John, we can hear you.
Okay. Hey, Mike, congratulations on the quarter. I was wondering, you said something, Bill, in your prepared remarks that I didn't catch clearly. You were just before you started talking about Single Tap, you mentioned the I think it's an acronym, DAOs. You're talking about your content.
What is the DAO?
Yes. So a DAO is a daily active user. So when we think about our contact
Okay. Okay. Thank you. Appreciate that.
So could
you maybe elaborate a little bit on how the TV product might work? So AT and T decides to stream television content over the top and they go to some Samsung TV and Samsung has the Ignite software on the TV. Is that how that works?
Yes. I think what you see without talking any details about any of our operator launches, I'm sure they don't want me commenting on exactly what they're going to do. But in kind of concept for everybody is that you basically have a stick or a box that kind of plugs in HDMI into your television set. That box or stick would have our software running on it. And then basically what it would do would be manage all the applications behind scene, the delivery, the notifications, ultimately support advertising on the television, ultimately be able to support cross device integration.
So in other words, my Netflix that's on my phone or content that may be on my phone that we deliver and how do I get that seamlessly integrated with what's going on in my living room. Those kinds of things is really how we envision the offering and the operators will decide which features and functionality they want to take advantage of.
Okay. So you don't envision the software on the television itself from whatever we mean it's that kind
of Yes. Well, there yes, definitely as we want to look at, if you think about our business in the early days on mobile phones, we started with operators, we started with Verizon, we started with AT and T and then as we went forward in time, you saw us expand to OEMs like Samsung, like LG, like Motorola and so on. So, very much so we could look to expand this to televisions themselves without it being a stick or an HDMI cord in. So it can go either way. There's nothing magical about that.
Some of those television manufacturers use different and more proprietary operating systems. So there's a little bit of a nuance there. But anyway, with all that being said is going directly on a television is something we absolutely could pursue.
Okay. And Bill, just one question for you. It looks like when or it sounded like when you were giving the pro form a numbers in your prepared remarks that the pro form a like ex without mobile POSSE was in the kind of mid-twenty percent range. Is that a fair assumption?
Yes, let me clarify those points I was making. The application business without the Mobile Posse acquisition grew about 45% top line year on year, it's apples to apples. And then we shared as if we owned Mobile Posse this time last year on a comparison basis, the revenue for the combined entities grew 28% year on year.
This concludes our question and answer session. I would like to turn the conference back over to Bill Stone for any closing remarks.
Great. Thanks everyone for joining the call today. We look forward to reporting on our progress against all the points we made on today's call and we'll talk to you again on our fiscal 20 2Q2 call in a few months. Thanks and have a great night.