Good afternoon, and welcome to the Digital Turbine fiscal fourth quarter and fiscal year 2018 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Brian Bartholomew, Senior Vice President of Capital Markets and Strategy. Please go ahead.
Thank you. Good afternoon, and welcome to the Digital Turbine fourth quarter and fiscal 2018 earnings conference call. Joining me on the call today to discuss our results are Bill Stone, CEO, and Barrett Garrison, our CFO. Before we get started, I'd 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. 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. Before I turn the call over to Bill, I want to quickly remind everyone that we will be hosting an Analyst Day next Thursday, June 21st, at the Four Seasons in Midtown, New York.
Many of you have already registered for the event, and I would encourage others that have an interest in attending to reach out to me directly at my email address provided in today's earnings release. I think it will prove to be a highly insightful event where investors will have the chance to hear real-world testimonials directly from our partners and customers and get to see a series of new product demonstrations as part of the day's presentations. I hope to see a lot of you there. Without further ado, it is my pleasure to turn the call over to Mr. Bill Stone.
Thanks, Brian. Thanks to all for joining us today. I want to start my remarks with our progress against our stated goal. Our goal has been to build a sustainable and profitable business while demonstrating solid execution against our strategy. I'm pleased to report that we continued our momentum in the March quarter as we delivered $5 million of free cash flow and $2.6 million of adjusted EBITDA for the full fiscal year. This compares to a negative free cash flow of $13 million and an adjusted EBITDA loss of nearly $9 million for the prior fiscal year. I'll break out my remarks into four areas. First are some comments about our divestitures. Second will be closing out the March quarter. Thirdly will be some strategic comments about our three growth levers of devices, new products, and media.
Then we'll close out with some current quarter operational updates against those growth levers. First, on the divestitures. We announced last month the sale of our advertiser and publisher business and our content and pay business in two separate transactions. These transactions were done for two primary purposes. First, and most importantly, we did these transactions for strategic focus. We are now 100% focused on one business, not three, and our business has strong top-line growth, better margins, better operating leverage, and fits perfectly with our strategic vision. Second was capital allocation. Specifically, our ability to leverage the proceeds we receive on future gross profits from those transactions will be invested back into our mobile delivery platform business. Barrett will take you through the numbers in his remarks to ensure there's no confusion on how we report, account, and communicate the discontinued operations from our continued operations.
What I'm excited about is that we're already seeing benefits in our focus, as many in our team that were sharing time managing multiple projects and activities across multiple businesses are now laser-focused on our mobile delivery platform business that generates faster growth, better margins, and greater operating leverage. To close out March on the operational performance. Please note all of my comments will be on our continuing operations, not including any results from our discontinued operations. Our overall revenues were $21 million for the quarter, which compares to $11.6 million in the March quarter a year ago or 81% annualized growth. This growth occurred despite disappointing initial sales of a flagship device here in North America against expectations. The growth was driven by improvements in our revenue per device, or RPD, across our base as we've added additional advertisers and slots to devices.
In particular, we increased our revenue with our largest carrier partner by 64% year-over-year in the March quarter on a modest 10% year-over-year growth in devices. In doing so, our quarterly revenue per device with this particular carrier reached an all-time high in the quarter. I believe this speaks strongly to the demand from advertisers and the emergence of contribution from other added platform products that I'll discuss later in my remarks. I was also pleased to finish the quarter with $12.7 million of cash on the balance sheet, which compares to $6.9 million in the December quarter, while simultaneously reducing our debt. We always know there's fluctuations in working capital, but I'm pleased to see our ability to continue to strengthen the balance sheet.
I know many want to focus on quarter-to-quarter results. If we pull the lens back and compare our balance sheet today to our balance sheet both a year ago and even two years ago, it is materially improved. I want to give a shout-out not just to the full team, but also Barrett and the finance team for doing a great job. Next, let me shift to our growth in the future. The key to exponential growth in any business is the ability to create network effects from a platform. We see this with companies such as Apple, Google, Facebook, Amazon, and others, that are able to harness end-user growth combined with multiple product and revenue streams once users are engaged with their platform.
For us, we see the ability to add end users via more devices, more products, and additional advertiser demand as our three growth levers that will have the ability to create network effects once the software is installed on the device. I'll spend more detailed time on these levers at our Analyst Day next week. Did want to share some operational updates against our progress we're seeing in the current June quarter. First, on devices. At the end of March, we had 155 million devices with Ignite on them. This is an important metric to help demonstrate scale and network effects from our platform. We continue to add more devices with our existing partners and have signed numerous additional deals in Asia Pacific with new OEM partners that we anticipate will add many millions of incremental devices over this upcoming year.
Our pipeline is very robust as we continue to place a major focus into Asia, where OEMs distribute their devices directly versus through operators like here in the U.S. I would encourage investors to pay close attention to our progress against this goal. Secondly is on products. Our strategic focus is growing our primary Dynamic Install product, also diversifying with others. Two years ago, we saw our Dynamic Install product generating 98% of our O&O revenues. Last year, it was 93%. Today, it is less than 90%. In other words, while the Dynamic Install revenues continue to show strong growth, additional products are beginning to contribute additional revenues. To date, in 2018, we've added three new products that are now contributing revenue.
What I'm really excited about is that all three of these products are recurring revenue streams for the company versus only able to monetize upon activation of the device. Our first new product launch has been SingleTap. This has been launched in two ways. First, we have launched our SingleTap installer directly with a large social media platform and integrated it with a large North American operator. It's now being deployed across all of their new Android devices. We've also expanded SingleTap with many other media partners, including an additional social media platform. The overall SingleTap opportunity is one I continue to be excited about as a potential game changer, also one I would encourage patience from investors as we work through a variety of last-mile operational issues.
I'd also like to call out our Smart Folders and Post-Install action products, as they also represent a tremendous opportunity, but most likely are not getting as much attention and focus from analysts and investors. Both of these are live across multiple operators here in North America, and the early results are encouraging. Our Smart Folders product organizes applications into a folder on the device and then allows us to make app recommendations to end users based upon what they are showing interest in. Our Post-Install product allows customers to increase their engagement in applications they've already downloaded. The early returns are also encouraging with this, and we are now in the process of scaling it. We'll provide more details on early results, demonstrations, and additional color on all of these new products at our Analyst Day next week. Finally, our third growth lever is our media business.
We measure our success on this growth via revenue per device. Revenue per device continues to improve as a result of our advertising and media relationships. An encouraging trend is that our year-over-year revenue per device increased 27% here in North America. We are starting to see advertisers such as Yelp, AccuWeather, and eBay as specific examples, beginning to share their spend and increase it on platforms like ours, versus continuing to expand their spend on platforms like Facebook and Google. These types of macro trends are beginning to see turn up in macro results as Facebook and Google actually saw their share of digital advertising decline in the first quarter of 2018 for the first time. This is another thing we will provide additional color at our Analyst Day next week. I want to conclude my remarks in fiscal 2018.
It was a year where our business turned a corner with improvements on focus, profitability, and growth. Now in fiscal 2019, our business is positioned nicely for the future, and my excitement and optimism about where it is continues to hit 52-week highs. With that, I'll turn it over to Barrett to take you through the numbers.
Good afternoon, everyone. As Bill mentioned, we're very pleased with the way fiscal 2018 came together. In the year, we achieved several milestones against our stated objectives. First, the company delivered profitability of $2.6 million in adjusted EBITDA, as compared to a loss of $8.9 million in the prior year, and delivered $5 million in free cash flow. Secondly, we strengthened the financial position of our balance sheet, exiting the year with $12.7 million in cash while de-leveraging our gross debt position to $7.4 million this year, down from $16 million at the end of fiscal 2017. We also divested of our AMP and Pay businesses, enabling greater focus on our O&O growth engine. Finally, we made important improvements in our controls environment. I'm proud to report the company is now fully Sarbanes-Oxley compliant.
Before we go into more detailed overview of the numbers, we recently announced the divestiture of our advertising and publisher business and our content pay business that are expected to close later this month. These non-core divestitures are expected to drive greater focus on our higher margin, higher growth O&O business. The results of these divested businesses are treated as discontinued operations for all periods presented in our financials, and as a result, all shared and corporate costs are allocated to continuing operations. My comments today will refer to results on continuing operations unless otherwise noted. Let me turn to the specific financial performance in the quarter. All of our comparisons are on a year-on-year basis, unless otherwise noted. Revenue of $21 million in the quarter was up 81%.
Growth across devices on the platform and meaningful improvements in revenue contribution per device that Bill outlined were primarily driven from our North American operators, drove the results in the quarter. Turning to margins, reporting our business on a continuing ops basis highlights the higher margin profile of our O&O business, where our non-GAAP margin was 36% for both Q4 and the fiscal year 2018. This compares to 38% gross margins for the same quarter in the prior year and 34% for fiscal 2017. While we're excited by the improvement margin expansion in the year, margins in the quarter were negatively impacted by a lower mix of high-margin licensing revenue, which represented less than 2% of revenue mix in this quarter as compared to over 6% in the same quarter last year.
Accelerating revenue growth enabled non-GAAP gross profit dollars to increase by over $3.1 million year-on-year to $7.5 million in the quarter. Let me leave the discussion on margins by noting that while we are pleased with the continued improvement in this area and encouraged about our opportunity to expand margins overall, our gross margin rates can be sensitive to changes in partner mix and revenue types, and these fluctuations may vary from quarter to quarter. Turning to expenses. As I noted earlier, since we are now reporting our divested business under discontinued operations, all of our shared and corporate expenses are being allocated to continuing operations. Total operating expenses for continuing operations for the fourth quarter were $8.2 million, compared to $6 million in the prior year quarter.
Cash expenses in the quarter were approximately $7.6 million, which were down slightly on a sequential basis and inclusive of investments in our internal controls, growth in personnel resources focused primarily in our sales force as we've continued to reallocate and invest resources towards our O&O business, and lastly, increases in sales and marketing spend in our annual Mobile World Congress event held in February. Also, as a reminder, we typically incur higher accounting and internal controls expenses in the June quarter. For the fiscal year, expenses were $30.9 million, up only 9% over prior year. During the same time, our revenue growth was 81%, demonstrating the inherent operating leverage in our business. In the quarter, our total adjusted EBITDA, inclusive of discontinued operations, was a positive $700,000, up from a loss of $700,000 in the fourth quarter of 2017.
Adjusted EBITDA for continuing operations was breakeven in the quarter as compared to an $800,000 loss in the prior year. For the total fiscal year 2018, we delivered $2.6 million in adjusted EBITDA, including discontinued operations, as compared to a loss of $8.9 million in the prior year. Non-GAAP adjusted net loss in the quarter was $600,000 from continuing operations or a $0.01 per share loss, as compared to a net loss of $1.5 million or a $0.02 per share loss in the fourth quarter of 2017. Our GAAP net loss from continuing operations for the fourth quarter was $4.2 million or a $0.06 loss per share based on 75.2 million weighted shares outstanding compared to a net loss of $5.8 million or a $0.09 loss per share for the fiscal fourth quarter of 2017.
Included in our GAAP net loss for the quarter is a recorded loss of $1.9 million from the impact of a change in fair value of derivative liabilities resulting from our convertible note, which is highly sensitive to the company's stock price. As a reminder, the derivative liabilities on our balance sheet will fluctuate as our stock price moves and may have a material impact on our reported GAAP financials. Our GAAP net loss, including discontinued ops, was $38.4 million, or a $0.51 per share loss. These results include a $34 million impairment on goodwill related to the divested business lines I mentioned earlier.
Moving to the balance sheet, we finished the quarter with $12.7 million in cash and generated $6.9 million in positive free cash flow from continuing operations in the quarter, and $5.3 million for the fiscal year as compared to a $13 million negative cash flow in the prior fiscal year. As I mentioned at the beginning of my comments, this is a very important milestone for the company against our stated objectives. During the quarter, we benefited from favorable working capital from collections from our seasonally strong December revenue quarter. While these working capital fluctuations can wash over the full year, it is important to point out that seasonality may drive quarterly working capital fluctuations. The leverage on the balance sheet was further reduced in the quarter.
In addition to reducing the revolving credit by a quarter of a million, $2.9 million of the convertible notes were converted by note holders in Q4. The gross principal amount of our original $16 million notes currently stands at $5.7 million at the end of the quarter. As Bill noted, the momentum leading into the new year has positioned us for a strong fiscal 2019. In that context, we currently expect Q1 revenue of approximately $23 million, representing a projected year-on-year growth greater than 50%, and expect positive adjusted EBITDA in the quarter. With that, let me hand it back to the operator to open the call for questions. Operator?
We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Mike Malouf with Craig-Hallum Capital Group. Please go ahead.
Great. Thanks a lot for taking my questions, guys.
Thanks, Mike.
One of the things that I get asked a lot is about the Verizon contract that you guys are, I think, at the later stages of getting signed. With, I think, over 50% of your business with Verizon, a lot of eyes on that. Can you give us a sense of how that's going and how should we think about that as we look out into fiscal 2019?
Sure, Mike. I don't have anything to report today on that, and obviously we're not gonna comment on any one specific contract until we have something to announce. What I will say though is that, we're pleased to have Roy Chestnutt, who just recently joined our board, as the former Chief Strategy Officer and Head of M&A at Verizon. He's been a great addition to our board. We've got some great relationships there and continues. You had heard some of my remarks about some of the impressive performances put up. We feel good about them. They're a great partner of ours and stay tuned for future announcements regarding them.
Okay, great. Was there any SingleTap business? It didn't sound like it because it was really small on the licensing side, was there any SingleTap business in the March quarter?
There was a very little bit as it associated with the large social media company and the large North American operator, I would call that de minimis as it relates to the March quarter.
Okay. When you take a look at expanding beyond the first carrier, have you gotten any visibility with regards to expanding SingleTap into other carriers?
We're actually live with SingleTap across multiple carriers today. We're in the process, as Roy said about some of those last-mile issues, is that we have to go carrier by carrier and OEM by OEM. Each one has a little bit different nuance and characteristics in terms of getting it integrated into their environment. We're working through those right now. We're already live today with multiple.
Okay, great. Just a last question. I don't want to steal a lot of thunder from your Analyst Day coming up, could you give us just a little bit more color on the Asia opportunity and how you see that playing out in 2019?
One of the things I think that's important for investors to note is that how people buy devices here in the U.S. is different than how they buy them in the rest of the world. We view those devices where people just go into their carrier store and pick up SIM cards, we call that open market. The vast majority of the devices, let's call it $800 million, are sold in that way outside the U.S. It's a material number. Our ability to go do direct deals with those OEMs, whether they're in Korea or China or India or even some other places, is really key to expanding that $155 million device number that we quoted in our remarks in our press release.
A major focus area on that, obviously you can multiply those devices times some revenue per device assumption, those incremental devices would obviously generate incremental revenue for the company. That's a major focus area for us.
Okay, great. That's helpful. That's all for me, and I'll see you next week.
Great. Thanks, Mike.
The next question comes from Darren Aftahi with Roth Capital Partners. Please go ahead.
Hi, guys. Thanks for taking my questions. Congrats on the quarter and nice cash flow. Nice to see that. I just want to start, Bill, to your comments about Asia. Are there any limitations with your software platform to potentially work with somebody like a Tencent, where it's not an app per se, but it's a mini program? I've got a couple follows.
We actually have a deal with Tencent today where we actually distribute some Tencent applications outside of China. They're actually a customer of ours, and as they're looking to expand and scale outside of China, I think they see our platform as a potential catalyst for growth for them. That's a tremendous opportunity. We're not embedding our Ignite on their platform, but rather they're embedding their software into ours. It's the other way around.
Got it. Understood. That's helpful. I think last quarter you mentioned a couple of stats, and I wanted to follow up on those. Could you talk about the % of addressable devices that are now enabled with SingleTap?
We'll give a lot more color on this one for next week. Right now, we view the addressable market for SingleTap would be a subset of the 155 million devices that we've already got live today. As I mentioned, we kind of have to go operator by operator to get those implemented and deployed. We're now in the low eight figures of devices that have SingleTap already turned on and live today, and that's getting bigger and bigger each day. I would say that we're doing it at scale, but we're nowhere near the scale that we anticipate being over the upcoming quarters.
Great. On the mix of constituents that are actually using SingleTap among publishers, operators, OEMs, et cetera, can you give any sense for if there's a skew or if one of those verticals is kind of over-indexing versus the other? My last two questions are, one, with the divestitures, are there any kind of legacy cost drags on the business? The second social media platform that you said is using SingleTap today, is that a North American base or outside of North America? Thank you.
Sure. I'll take the SingleTap questions, and I'll turn it over to Barrett for your questions on the costs on the divestitures. As it relates to SingleTap right now, we're live with, it's another North American company. It's not outside North America. As far as results, we'll get into a lot more color next week at Analyst Day, because one of the things that we have to keep in mind is that we'll see variances in performance, not just based upon type of device or geography, meaning India versus here in the U.S., for example. We'll also see variance in performance depending upon what type of ad unit it is. Whether it's a video or interstitial or banner or what have you, we're seeing differences in performance and conversion rates on those things.
We'll talk about, again, some numbers next week on that. Really, this is kind of the place in the evolution of how we fine-tune the model, and it reminds me a lot of when we started the Dynamic Install business with Verizon many years ago, and we learned that gaming apps on certain phones perform this way, but travel apps perform this way and so on and so forth. We've gotten a lot smarter on that over time, and we're in that same learning curve and process right now with SingleTap.
Darren, to your question around cost drags, once we close on the transactions, there will be some wind-down activities. I think about those as in a period of months as we costs, for example, largely G&A office wind down and some hosting costs that will be winding down over a period of a few months.
Got it. Thank you.
Yep.
The next question comes from Sameet Sinha with B. Riley FBR. Please go ahead.
Yes, thank you very much. A couple of questions here. If I look at 25 million devices added during the quarter, your revenue per device went down. I can understand you're coming off a seasonally, a very strong quarter, what I wanted to kind of get an impression was, as you look on your current contracts, and you look out the rest of the year, is that 20 million-plus sort of additions every quarter kind of the standard, and that's how we should be modeling it and obviously making assumptions around RPD. A second question I have is, you highlighted Smart Folders around the product as kind of the new products that are gaining as a % of your overall revenue.
Can you tell us, maybe spend a minute, talk about those new products, what the functionality is over there and how it's been marketed and what's the value proposition? Thank you.
Yeah. Sure. Let me take the second part of that question, Sameet, and I'll turn it over to Barrett to talk about how to think about modeling the device forecast going forward. As it relates to the new product, we're live with our Smart Folders product against multiple carriers. I'll talk about AT&T as a specific example. When you get your phone from AT&T out of the box, rather than scrolling through screen after screen of apps that many of us have on our Smart Folders, we can organize those apps into different categories. AT&T chose to put games in one of those categories.
We'll organize all the games into one folder that would be on your home screen of your phone. Within that folder, we can create different recommendations for additional games or future games that would be tied to the types that you would already have on your device. It's just SingleTap to download those to your device, so you don't need to go to the Google Play Store. No friction for the end consumer. Those gaming companies will pay us, whether that's paid on a CPI basis or we can cut it into a CPP basis. Either way, we'll work those with the gaming providers and then share the revenue back with AT&T. The exciting thing about that is that it's ongoing for the life of the device.
If you download a game in month one, month six, month 12, that would be three separate revenue events for us. We've seen early results have been encouraging on that, and we're fine-tuning the product, the platform, and so on. We're live with multiple operators across that. Our other one was Post-Install actions, where just creating additional engagement from customers. We all have apps on our phones, and we've downloaded, and sometimes we don't engage with all of them on a daily basis and forget they're there, but they can add value. If there's some event or whether it's where you are or what time of year it is or what have you.
Our notifications platform creates a nice lift in engagement for the end user, providing them value, and we're able to generate revenue from that increased engagement from the advertiser and share it back with the operator. The early returns on that have been something we're quite excited about, and now we're just working through scaling issues. As far as devices, though, I'll turn it over to Barrett.
Yeah. Sameet, just to be clear and make sure we understand. As far as device growth, what we're seeing is in the mid 20s to low 20s, millions of new devices coming onto the platform. What drives that growth beyond where we are today, or what can impact that growth is obviously new launches of new flagship devices as well as new partners coming onto the platform and their timing in which they launch devices. We expect that number to continue to grow, and it has grown over time. Just to make sure we're clear, we're in the low to mid 20 million devices onto the platform each quarter.
Fair enough. Thank you very much.
The next question comes from Jon Hickman with Ladenburg Thalmann. Please go ahead.
Hello. Thanks for taking my question. Barrett, could you tell us what the fully diluted share count would be if all your notes got converted?
I can. We exited close to 76 million at the end of the quarter.
Yeah.
There is about a little over $5 million notes outstanding. Those would convert at a $1.36, which is a convert price, we're in the $4 million range from the incremental there. Plus, we have about $4 million in warrants that could be exercised. In addition to the $9 million related to the notes, plus the $76 we have outstanding, that would bring it to the total inclusive of the convertible notes.
Are the warrants also at $1.36 or a range around there?
Yeah, that's correct. They have the same effective price as the notes themselves.
Those would bring in $1.36 each if they got exercised.
That's right. They would bring in inflow of cash.
I'd like to go back to the question about costs. As you finish the transition here on these discontinued operations, can we expect some more dollars to come out of your operating expenses?
You will see a reduction in the company's total overall expenses. Obviously, as we wind down these two businesses and those transition to new owners, we won't maintain those costs. Those will be reported in discontinued ops. You will begin to see that net of the gross profit sharing that is part of the agreements, which will be inflows to the company, which will flow into discontinued ops.
Can you put a dollar amount on that, like over the course of the year?
Yeah. I think, we're not giving guidance on the contribution from those.
Oh.
What I can say is that, they're both three-year contracts and they're not insignificant amounts of dollars. They're intended to replace the amount of contribution the businesses were generating when we own the assets. We like to think and expect that it'll be a positive free cash flow.
No. I'll run.
Over the course of the agreement.
I'm sorry, I'm not so concerned about the contribution. I'm concerned about the reduction in costs that go along with that.
The reduction in cost related to-
In operating costs, yeah.
Yeah. You would-
Over the course of the year, are you gonna save another $1 million, or can you put any parameters around that?
Yeah. You would've seen, once you have a chance to dig into the K, you'll see that the costs related to these businesses are in the range of $1 million to $1.5 million a quarter. There will be a little bit of cost drag, eventually, those costs will come out of the business completely.
Okay. Thank you. That's it for me.
Okay.
Thanks, Jon.
Thanks, Jon.
Once again, if you have a question, please press star then one. The next question comes from Ilya Grozovsky with National Securities. Please go ahead.
Thanks. I think you had said it, but just I didn't catch it. The % of revenues from the three new products, did you give out a number?
Yeah. That's actually for the three new products plus some other ones like our Wizard product that we have with AT&T and Motorola, our licensing product that we have with some operators outside the U.S. Ilya, the point was, is a couple of years ago, we were at 98% of our revenue was dynamic, and then it's gone to 93%, and now it's in the 80s. We've seen, even though the overall revenue's gone up, so we're seeing those other products starting to contribute more to the bottom line.
Okay, great. Given the divestitures, what's the headcount look like now?
Reported in the K, I believe we're close to 150. There'll be further transitions as the two agreements and transactions close.
Okay, great. Finally, you guys obviously gave guidance for Q1 for the June quarter, which ends in roughly two weeks. What are your thoughts on the fiscal 2019 number? You guys used to give out an annual number, I believe, at the end of the previous year. What are your initial thoughts?
We have only guided to the quarter. There's a lot of activity with the divestitures and those activities. We like the growth outlook that we have, and we think that we've got a good bead on the June quarter. We'll continue to evaluate our position on giving annual guidance over the next few quarters.
Okay, thanks.
This concludes our question-and-answer session. I would like to turn the conference back over to Bill Stone for any closing remarks.
Great. Thank you, everyone, for joining the call today. We look forward to reporting on our progress against all the points made on today's call, and hopefully, we'll see many of you next week at our Analyst Day in New York, and we'll talk again on our next earnings call for our first quarter results for fiscal 2019. Thanks, and have a great night.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.