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Mimecast Limited (MIME) Q4 2019 Earnings Call Transcript

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Mimecast Limited (NASDAQ: MIME)
Q4 2019 Earnings Call
May. 13, 2019, 4:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and thank you for your patience. You've joined Mimecast Fourth Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. (Operator Instructions) As a reminder, this conference may be recorded.

I would now like to turn the call over to your host, Director of Investor Relations, Robert Sanders. Sir, you may begin.

Robert Sanders -- Director, Investor Relations

Welcome to Mimecast earnings call for the fiscal fourth quarter 2019 ended March 31, 2019.

I'm Robert Sanders, Director of Investor Relations. With me on the call tonight are, Peter Bauer, our Co-Founder, Chairman and CEO; and Rafe Brown, our CFO. Tonight's conference call is being broadcast live via webcast. A replay of this call will be available two hours after the live call has ended.

On this call, we will make forward-looking statements regarding future events and the future financial performance of the company. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important risk factors that could cause actual results to differ from those in the forward-looking statements contained in today's press release and on this conference call. These risk factors are further defined in Mimecast's most recent Form 10-Q filed with the Securities and Exchange Commission.

During this call, we will present both GAAP and non-GAAP financial measures. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results, and we encourage you to consider all measures when analyzing Mimecast's performance. A reconciliation of certain GAAP to non-GAAP measures, and the reasons for our representation of the non-GAAP information is included in today's press release, which can be found in the investor relations section of our website.

The date of this call is May 13, 2019. Any forward-looking statements we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. We are reporting fourth quarter and full year 2019 results in accordance with ASC 606. The company adopted ASC 606 on a modified retrospective basis on April 1, 2018, the start of our 2019 fiscal year.

Now, I would like to turn the call over to Peter Bauer. Peter?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Good evening, and thank you all for joining our fourth quarter 2019 earnings call.

I'll start tonight by highlighting some of the accomplishments that we've achieved in 2019, and next I'll review our results for the fourth quarter. Then I'll review the success we're having broadening our offering as we introduced and customers adopt new services on the Mimecast platform. Next, I'll discuss key innovations and product enhancements, including the Mimecast's threat research center, our web gateway and our enhanced archiving services. And as I've done on past calls, I'll share some examples of the types of problems that we help customers address and some of the reasons they choose Mimecast. I'll conclude with thoughts on the year ahead of us and some of the goals that we look to accomplish.

So fiscal 2019 has been a great year of progress across our business. We've grown our team, launched into an important new market in Central Europe, and we've delivered meaningful innovations that have helped our customers to protect themselves.

In my executive team, we brought in experienced executives with global experience at scale. Christina Van Houten joined to lead strategy, which includes Product Management and Corporate Development; Karen Anderson joined to lead Human Resources; and Rafe Brown joined as our new CFO. And we also welcomed Robert Schechter to our Board of Directors.

We successfully acquired three businesses, building on our ability to help customers and advanced cyber security, archiving and security awareness training. And organically, we launched new services into the market too. Expanding our capabilities and satisfying additional customer needs, we announced web security to help customers protect themselves from web-based threats in a simple and more cloud-friendly way. And we launched the Mimecast Threat Center to help organizations better understand the risks and threats they face.

We upgraded our archiving offerings to include more functionality for e-discovery as well as support for regulated industries like financial services. We introduced our data recovery offering for Microsoft Exchange and Office 364. Now, we continue to be recognized by industry experts like Radicati and Forrester, and we were named a leader in the Gartner Magic Quadrant for Enterprise Information Archiving now for the fourth year in a row.

But perhaps most important key, we kept our customers safe, while we welcomed 4,000 new organizations to the Mimecast services in fiscal '19. And we've been able to do this profitably and at scale with very broad use case coverage and high customer satisfaction and loyalty across multiple geographies, industries and sizes of organizations, and this has been possible due to our cloud-native multi-tenant architecture that delivers all of our offerings as part of a contiguous suite on a common underlying code base. And it's this unique architecture, combined with our strong teams of customer-facing professionals, both inside Mimecast and in partnership with our channel, that's been pivotal to our ongoing progress.

And these accomplishments combined to result in a 32% constant currency revenue growth rate over our prior year results, and a continuation of our very strong dollar retention rates.

In our fourth quarter, our results exceeded our expectations for both revenue and profitability. Revenue of US$92.2 million grew at 26% year-over-year as reported and 32% in constant currency. We signed over 36-figure deals, a new high aided by the continued adoption of our multi-product bundles and traction with larger accounts.

The Mimecast platform operates on a global scale through a network of 12 data centers, safely delivering over 500 million emails per day as we provide mission critical services for 34,400 organizations.

Now in the coming 12 months, we are continuing to build out our solutions with the goal of helping more and more organizations at best avoid and at worst withstand and impactful cyber incident. We focused on helping our customers achieve greatest cyber resilience with less cost and complexity. We consider malicious action, technology failure and human error as the three primary risks to be dealt with.

Now, we start with email, as the number one attack vector, the most mission critical communication system, and the most important treasure trove of corporate information. It's a unique important and unique risky part of the IT estate, and we believe that cyber resilience starts with a robust email security and resilience strategy and builds up from there.

As organizations have become increasingly dependent on software and connected systems, and increasingly using the same large scale SaaS providers, the inherent cyber risks across industries and geographies are becoming extremely concentrated. And as a result, customers are exposed to security-minded cultures, large homogeneous attack surfaces that are very compelling to an ever-growing community of adversaries and industrywide single points of failure, combined with reduced ability to manage and control their responses to an incident. It's an almost intractable problem that successful large scale SaaS companies and their customers have to contend with.

And this has been an unprecedented shift in the past few years, and almost by stealth, it has tilted the risk landscape in a new direction, a direction where both faith and hope are sometimes over relied on as the strategy. Faith with your application provider has exceptional security and resilience, and that will always work; and hope, with no malicious action, human error or technology failure will never come between your needs and their service.

Now while these risks are often weighed against the tremendous business benefits of large-scale SaaS and cloud computing, organizations need help in implementing a robust and pragmatic cyber resilience strategy, especially organizations challenged by budget, skills and time constraints. It's these organizations that we think of as lean IT and security organizations. These are the organizations that Mimecast is so passionate about helping and innovating for, and making all of this much easier and more affordable. It's important work and we're doing it at a time when our digital ecosystem is becoming so critical to the functioning of everything we do in life.

Let me talk through a handful of our wins during the last quarter to give you a sense of the types of customers who are leveraging our platform and the problems that they are solving they are solving. Firstly, a global mining company headquartered out of the UK, acquired one of our customers, and the combined organization included over 13,000 employees. The acquirer evaluated our email security solution alongside their incumbent security platforms, and found ours to be superior, migrating all 13,000 users over to Mimecast, but they also chose to buy archiving and email continuity from us as part of their deployment.

Then, an African financial services firm with over 3,000 employees was struggling with an expensive archiving solution, and selected Mimecast as a better long-term venue for their data. They evaluated our suite and they saw an opportunity to upgrade the email security as part of the same project. As a result, this customer consolidated products from three different vendors onto one Mimecast-powered suite at lower cost and was considerably less complexity.

Then a U.S. healthcare firm with 20,000 employees implemented Mimecast to meaningfully simplify and upgrade their overall email security architecture. They were able to consolidate services for email encryption, hygiene, advanced threat protection, and data leak prevention into one suite. And using our API integrations, they were also able to integrate their Mimecast tenant with their SIM system to provide greater overall visibility for their team.

Then a global retailer with 13,000 employees across 20 countries using multiple Office 365 tenants was faced with various regulatory compliance challenges, including a need to enforce policy to comply with GDPR. To meet their needs, they chose our suite, including advanced email security as well as archiving.

A U.S. professional sports league with 8,000 employees needed a service that could consistently apply email security across multiple franchises, while still allowing each operation to control elements of their own unique administration. Our suite with our advanced account administration module help them achieve this and simplify their environment, while strengthening security.

Then a global marketing organization with 20,000 seats, look to consolidate their brands behind a new top-level domain. This customer was challenged by complex routine requirements associated with their desire to unify these multiple email domains and a pure cloud solution was a requirement. We displaced a leading competitor in this account, and Mimecast was selected due to our ability to rapidly achieve these goals, while delivering the highest level of security for their employees.

Then a US-based software company with 7,000 employees was challenged by a tax on the legacy security appliance and looked for a solution designed to adapt with the threat landscape. After running our email security risk assessor alongside another leading vendor, Mimecast was selected for our ability to better protect this customer's users. The customer selected our aim M2 bundle, which includes advanced security and uptime assurance or email continuity.

And other factors considered included our API library enabling integration of our threat intelligence with this SIM environment. Additionally, granular controls over routing functionality and an integrated single administrative console helped us to win this engagement.

So in summary, we finished 2019 strong with fourth quarter results that exceeded our expectations for both revenue and profitability. Revenue of $340.4 million grew 30% year-over-year as reported, and 32% in constant currency. 4,000 new customers, coupled with industry-leading retention rates and sales of additional services to our customer base contributed to these strong results.

With this context, we expect an extremely busy FY '20 with good growth opportunities, tons of innovation, exciting partnerships, investments in our people and community, and a relentless focus on customer success. And on that note, I want to thank our staff and partners for their commitment to helping us achieve our mission this year. We could not possibly have experienced the growth that we have and delivered for our customers without their dedication, passion, and expertise. Thank you for everything that you're putting into your work together at Mimecast.

And with that, I'd like to turn the call over to Rafe Brown, our CFO, to discuss our results in more detail and guide you on our outlook for the first quarter and fiscal 2020. Rafe?

Rafe Brown -- Chief Financial Officer

Thank you, Peter, and good evening everyone. I'm delighted to be joining you tonight on my first Mimecast earnings call since joining the company as Chief Financial Officer.

Before I begin, I want to take a moment to thank my predecessor Peter Campbell, who not only built a great team here at Mimecast, but he's been very helpful with my transition into the role. I would also like to acknowledge the great effort of the Mimecast finance team who have done a fantastic job closing the quarter and working closely with me to prepare for this afternoon's call. I'm particularly pleased to share results for the fourth quarter that exceeded the high end of our guided revenue range and delivered strong performance on both in operating cash flow and adjusted EBITDA basis.

Fourth quarter revenue came in at $92.2 million. This represents growth of 26% as reported and up 32% on a constant currency basis over the fourth quarter of 2018. Revenue for the year was $340.4 million, an increase of 30%. Net of FX headwinds of $5.1 million that was a 32% increase on a constant currency basis. This is very much an organic growth story, as during the whole of FY '19 revenue growth coming from our acquisitions totaled less than $1 million of revenue for the year.

Our revenue growth in the quarter was largely driven by three factors. Our net revenue retention rate remained strong at 111% as existing customers continue to renew their subscriptions and purchase additional services. The breadth of our platform and the adoption of multi-service bundles is reflected in the following statistics. On average, our customers now purchase 3.1 of our solutions each compared to 2.9 solution in the fourth quarter of last year and the portion of customers adopting four or more services has risen to 38% versus 33% in the fourth quarter of the prior year.

Second, we continued to experience robust growth in our customer base. During the quarter, we added over 1,100 customers. That makes 4,000 net new customers added to our platform in 2019, for a total of 34,400 customers globally, who make their emails safer for business with Mimecast. And the third factor driving our revenue growth is our continued progress selling to larger accounts. Our success here combined with our existing customers purchasing additional services is reflected in our improved average order value metric.

For the fourth quarter, total AOV increased 15% and stood at over $11,200 for the year compared to the $9,700 AOV we saw in the same period last year. Broadly speaking, demand for advanced security capabilities continues to increase as workloads migrate to the cloud and cyber resilience strategies are developed. In fact, 43% of our customers are now using Mimecast in conjunction with Office 365, up from 31% in the fourth quarter of last year. And not only does migration to Office 365 create a selling opportunity for Mimecast. On average, Office 365 customers buy a higher number of Mimecast services per customer, 3.4 services per customer compared to 2.9 services for customers not on Office 365.

Taking a quick look at our product traction in the quarter, our Targeted Threat Protection solution showed strong momentum for the quarter and the year with archiving and internal email protection continuing to drive expanded sales to both new and existing customers. Our emerging products continued to show encouraging early traction. Awareness training showed nice progress in the fourth quarter and we also saw further sales of our web security solution that we launched just last quarter. But I do note, it remains early days for this product.

Returning to the income statement, in the fourth quarter, we had a 73.2% gross margin compared to 72.5% in the prior year. On a full year FY '19 basis, our gross margin was 73.3% compared to 73.4% in the prior year. Total fourth quarter GAAP operating expenses were $67.3 million or 73% of revenue.

Taking a closer look at the components of operating expense on a GAAP basis, R&D investment totaled $16 million in the quarter versus $12.2 million in the prior year. As a percentage of revenue, this is an uptick of approximately 70 basis points to 17.3% of revenue. This continued investment reflects our belief that market demand is increasing for Mimecast unique cyber resiliency solutions, and we plan to continue investing in innovation to meet that demand.

Sales and marketing expense totaled $35.8 million for the quarter. The adoption of ASC 606 benefited this number by $4.9 million. This is comparable to sales and marketing expense of $32.3 million in the prior year. On a full year basis, sales and marketing expenses totaled $139.2 million where the ASC benefit was $13.8 million.

We should also note that we have made a concerted effort to ramp our sales staff in the fourth quarter. As of year-end, total sales and marketing headcount was up 25%.

For the quarter, G&A expenses were $15.5 million or 16.8% of revenue compared to 14.1% in the prior year. This increase is primarily attributable to two discrete items. Stock-based compensation expense within G&A was $1.2 million higher than typical due to a stock grant modification, and the company accrued a liability in the amount of $1 million related to its intellectual property infringement claim made by non-practicing entity. In the absence of these charges, G&A expenses would have been 14.4% in the current quarter compared to 14.1% of revenue in the prior year.

Our fourth quarter GAAP operating profit was $200,000 with ASC 606 benefiting our results by $5.1 million for the quarter. Along the year, we had a $1.2 million operating loss, with a full year ASC 606 benefit of $15.4 million. On an adjusted EBITDA basis, we earned $15.8 million in the quarter. For clarity sake, I would like to point out that our adjusted EBITDA calculation reduces EBITDA for rent paid in the period related to locations, which are accounted for as build-to-suit facilities and excludes the litigation-related reserve mentioned above.

For comparability purposes, our adjusted EBITDA margin would have been 11.6% having excluded the benefit of ASC 606 versus 9.8% in the prior year. On a full year basis, without ASC 606, our adjusted EBITDA would have been 11.4% of revenue versus 9.8% in the prior year.

Fourth quarter GAAP net loss was $1.9 million or $0.03 a basic and diluted share based on 60.7 million weighted average shares outstanding compared to an $0.11 loss per share in the fourth quarter of the prior year. Full year 2019 GAAP net loss was $7 million or $0.12 per basic and diluted share based on 60 million weighted average shares outstanding compared to a $0.22 loss per share for the prior year.

Fourth quarter non-GAAP earnings were $4.6 million or $0.07 per diluted share based on 63.3 million weighted average shares outstanding compared to a $0.05 loss per share in Q4 of the prior year. Full year 2019 non-GAAP earnings were $16.4 million or $0.26 per diluted share based on 62.8 million weighted average shares outstanding compared to a $0.01 loss per share for the prior year.

From a cash perspective, we generated operating cash of $18.3 million or 19.9% of revenue during the fourth quarter compared to a $14.8 million amount for the fourth quarter of the prior year. On a full year basis, operating cash flow totaled $66.2 million or 19.5% of revenue compared to $46.4 million in the prior year or 17.7%.

Our operating cash flow margin improvement illustrates the leverage we are building in the business. From a free cash flow perspective, we generated $13.4 million in the fourth quarter and $37.4 million for the fiscal year, giving us a free cash flow margin of 11% of revenue for the full year FY '19 compared to 4.5% in the prior year. We finished the year with $174 million in cash and marketable securities.

Before turning to guidance, I want to call out a few specific assumptions that will be helpful in updating FY '20 models. We are projecting a GAAP tax expense of approximately $3 million for FY '20 any non-GAAP tax rate of approximately 31%. Given the grant price applied to our recent stock grants, stock-based compensation expense will be higher in FY '20. This is a difficult expense number to project, given its dependence on the specific stock price of future grants. But we are modeling an expense of approximately 10% of revenue for FY '20.

From a cash flow perspective, we would have modeled our run rate CapEx at approximately 7.5% of revenue for fiscal '20. However, CapEx will be higher in the coming year by approximately $23 million as we incur one-time cost to build out and expense facilities in the UK and other locations where we have appreciably grown our teams. It should be noted here though that there is a tenant allowance receivable accrued that we expect from the landlord that will offset approximately $7 million of these costs. But that offset will run through operating cash flows as opposed to allowing us to net it against CapEx.

We also expect to incur approximately $5 million for a discrete expansion of the grid in the back half of the year, to accommodate our continued growth in North America and open a new market opportunity. Thus, in total, we are anticipating FY '20 capital expenditures of approximately $60 million. With this in mind, in absolute dollar terms, even while including these one-time items, we expect that free cash flow will be in line with our FY '19 performance.

Looking ahead, I would now like to share with you our guidance for the first quarter and update our outlook for the full-year 2020. As we start the new fiscal year, Mimecast remains well positioned for success with a loyal customer base, a broadening product line and a favorable competitive environment.

For the first quarter of 2020, our constant currency revenue growth rate is expected to be in the range of 28% to 29%, and revenue is expected to be in the range of $96.7 million to $97.7 million. Our guidance is based on exchange rates as of April 30, 2019 and includes an estimated negative impact of $3.6 million resulting from the strengthening of the U.S. dollar compared to the prior year.

For the full-year 2020, revenue is expected to be in the range of $413.3 million to $427.3 million or 23% to 27% growth in constant currency terms. Foreign exchange rate fluctuations are negatively impacting this guidance by an estimated $5.2 million compared to the rates in effect in the prior year. The guidance for fiscal '20 provided in February was $420.3 million at the midpoint. Since then, foreign exchange has negatively impacted this guidance by an estimated $6.6 million. Despite the significant FX headwind, the strength we have seen in our business is leading us to hold the midpoint of our full year guidance on a dollar basis and effectively raise the midpoint on a constant currency basis from 23% to 25%.

Adjusted EBITDA for the quarter is expected to be in the range of $12.1 million to $13.1 million, and adjusted EBITDA is expected to be in the range of $70.7 million to $72.7 million for the full fiscal year 2020. Mimecast has a history of delivering top line growth while making the prudent investments that enable that growth. Given the strength we're seeing in the market, FY '20 will see us investing in both innovation and our go-to-market capabilities. Nonetheless, we remain committed to achieving our long-term adjusted EBITDA margin target of 20% to 22%.

With that, I would like to thank you for your time, and open the line to your questions. Operator, can you please poll for our first question?

Questions and Answers:

Operator

Yes, sir. (Operator Instructions) Our first question comes from the line of Sterling Auty of JP Morgan. Your line is open.

Sterling Auty -- JP Morgan -- Analyst

Yes, thanks. Hi, guys. Wanted to kick off with all the FX talk about FX in the quarter, can you remind us what was the FX impact you expected in the quarter, so we can kind of adjust and really look at the actual results there?

Rafe Brown -- Chief Financial Officer

Thank you for the question. This is Rafe. When we give guidance, we actually don't forecast the FX at all. All we do is give our guidance based on FX at a particular day, which we locked in, so everybody can do the math out of it. It's well too difficult to try and forecast that (inaudible) with any emphasis (ph). So the date (inaudible) the last guidance you receive that Peter -- that was on January 31st FX rate.

Sterling Auty -- JP Morgan -- Analyst

Okay. So it we use that, so in other words, how much should we kind of add to the revenue result for the FX impact on the top line because this looks like one of the smallest top line beats that you've had since you've been public, but we know that you had a pretty heavy FX impact. So we just wanted to normalize for that.

And maybe as you're doing that calculation, maybe one for Peter. Just generally if we look at results across cyber security this quarter, maybe not as robust as we've seen over the last several quarters. Is there anything just happening in terms of the demand environment out there?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes, certainly (inaudible) for the others in the Office Space, but we've seen a very consistent demand environment. I think email is one of those sort of perennial things that customers are having to deal with, make sure that they've got their best defenses in place. I think also that the general move to the cloud, the Office 365 migration gives us a pretty strong consistent driver of demand. So we may not be as exposed to any other general security fluctuations that some of the other categories might be experiencing it.

Sterling Auty -- JP Morgan -- Analyst

Got it. And in terms of the (inaudible) we were able to come up with the FX impact?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Well, we have -- so going back to the original guide, it was $4.5 million impact. Obviously, for the year we just -- when Peter Campbell gave first full-year guidance for FY '20 was $6.6 million on the $420.3 million, so we were able to maintain the midpoint of our guided range despite that strong FX headwind. Does that answer your question?

Sterling Auty -- JP Morgan -- Analyst

I was looking more specifically to the fourth quarter, because I didn't quite catch that as you went through the remarks. So relative to the guide that was given for the -- coming into the fourth quarter here in FY '19 what that impact was?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes. So on a year-over-year basis, it was $4.5 million. I have to go back and look at the exact -- the date for when guidance came out in Q3 about Q4, So, I'd have to give a little bit more (inaudible) to get that one right. But year-on-year, it's $4.5 million amount.

Sterling Auty -- JP Morgan -- Analyst

Right. Thank you.

Operator

Thank you. Our next question comes from the line of Keith Bachman of Bank of Montreal. Your question, please.

Keith Bachman -- Bank of Montreal -- Analyst

Yes. Thank you. I'd like to ask a question and just clarify what Sterling was just asking about. But on my broader question for Peter, how do you see the menu changing over the next couple of years of available solutions? In other words, you have a number of available solutions, your customers are currently using on average 3.1. But does the available solutions over the next year or two, I mean, could that be 10 or north in terms of potential opportunities? And how does that play into you think the competitive landscape? What do you think is different today and how might that relate to you guys growing your available solutions? And I'd like to come back again after that to just clarify on Sterling's question please?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Sure. So Keith, yes, it terms of our product portfolio today, we have obviously the core products around email. And in fact, if you add all of our products up together, today we have -- we can count about 10 products, in fact from security, continuity, archiving, the archive add-ons, large file sending, targeted threat protection, secure messaging, internal email protect, awareness training and where that would give you a total of 10. And that give us a fully loaded user opportunity on an (inaudible) basis of about $100 to $120. So, we feel really good about the scope and the breadth of the solutions that we can offer to customers today. And because everything is built on an integrated platform that gives us a lot of flexibility from a pricing, packaging point of view, some -- people in the market talk about bundles, we think about those as being sort of additions or combinations of capability that we can (inaudible) customers tenants.

The growth that we've seen in that portfolio has been pretty steady over the past couple of years. In the last calendar year, we introduced two new billable modules, both the web security and the awareness training module. And in the prior year, we had the Sync & Recover, which is our data recovery solution plus internal email protect. So we've had a pretty steady cadence of introducing new additional modules. And now that you suggest, when you bring out new capabilities like this, it does expose us to different competitive situations. But we feel very confident that these are areas that our customers want us to solve problems for them and deliver that within their Mimecast tenant to give them better value for money and a simplified experience of solving those problems.

Keith Bachman -- Bank of Montreal -- Analyst

And so if I just -- I don't want to put words in your mouth, but can we think about a continuing growth in the average services per user, even for the next couple years?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Absolutely, and we continue to drive cross-sell and up-sell, and you're seeing that in our gross revenue retention numbers as customers are adopting more of our products. Naturally, our growth in terms of new customers -- new customer additions, often new customers will join perhaps with one or two products and that make them inspired to keep the average number down depending on the number of new customers coming onboard at any point in time. But we will continue to expand our portfolio and continue to drive greater adoption of our solution set. And as Rafe mentioned is his prepared remarks, we have a healthy percentage of affordable products on the portfolio.

Keith Bachman -- Bank of Montreal -- Analyst

Okay. Fair enough. Rafe, I just wanted to ask -- clarify, you mentioned $4.5 million FX rate in the quarter, and I wasn't sure if that -- if the question was, what was the incremental impact of FX during the course of the quarter, is the answer for $4.5 million?

Rafe Brown -- Chief Financial Officer

So the year-over-year amount was $4.5 million of headwind, and that's where you get that from a natural growth rate of 26% jumping up to 32%. So that number is $4.5 million. While Peter was speaking, I did -- dig up the answer to Sterling's question. Since, Q4 guidance was given, at the end of Q4, it was $600,000 in that just three months or so.

Keith Bachman -- Bank of Montreal -- Analyst

Okay. Yes, that's the number, I think, we were looking for the $600,000. Okay, thanks very much. I will cede the floor.

Operator

Thank you. Our next question comes from Daniel Bartus of Bank of America Merrill Lynch. Your question, please.

Daniel Bartus -- Bank of America Merrill Lynch -- Analyst

Great. Hey, guys. Thanks for taking the questions. Maybe I'll give you breaks on the FX and focus on your efforts in Europe, and how that's going. I know you've had a long history of success in certain regions there, but some renewed efforts and expansion in certain areas too. So I guess, first, could you just walk through what you're seeing in terms of traction and sales and productivity and maybe which regions could surprise to the upside this year?

Rafe Brown -- Chief Financial Officer

Great. Yes, thanks. And so, as you know we implemented our Central European grid, which is based in Germany, went live in the summer last year. And we've been building out our team in that region ready to serve principally focused on Germany, but there is a broader opportunity in Central Europe where we sell into the Nordics, and we have focused on the Netherlands as well. It's a very important market for us. We see a very large opportunity there. Obviously that complements our UK business, which is very strong and where the Company is stronger. So we have strong European roots in the organization.

Our growth over the past couple of quarters and the results that we've achieved in German market (inaudible) we've also enabled our team with time some good logos generated some good revenue in the base. But on a relative scale because the other positive business have been largely established for quite a period of time. It will take a fair amount of time for the results in our Central European business to really show through on the pie chart on our regional revenue breakdown.

Daniel Bartus -- Bank of America Merrill Lynch -- Analyst

Great, it's great color. Thank you for that. And related to it GDPR, I'm just kind of curious at a high level. How much do you think it was of a tailwind in fiscal '19 and does that tailwind continue into fiscal '20 or does it kind of taper off and become somewhat of a growth headwind at some point you think?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes. So the way we thought about GDPR is I think it's something that's just created a little bit of a climate for demand in security and compliance products, as opposed to being an explicit driver of demand. Drivers of demand, (inaudible) things like the migration to Office 365, the evolving threat landscape, the sheer importance of email and the attack is arsenal and the customers' need to have good security in that area.

GDPR is part of the landscape. We have used it to generate leads and conversations with prospects. We have had a handful of deals that have been GDPR influenced, but we wouldn't say that is having a disproportional impact on the margin that may turn to a negative at any point.

Daniel Bartus -- Bank of America Merrill Lynch -- Analyst

Got it. Thanks Peter.

Operator

Thank you. Our next question comes from the line of John DiFucci of Jefferies. Your line is open.

John DiFucci -- Jefferies -- Analyst

Thank you. My question -- I have a question for Peter. And I guess a follow-up for Rafe. Peter, I guess with your co-founder Neil Murray leaving at the beginning of April. Can you talk a little bit more about your product leadership, including Christina but even beyond that. And maybe give us follow up the key question, maybe a little more of a peak into your product roadmap. I realize you can't go into too much detail there to competitive issues, but I know you've done a good job around email technologies, but I've always thought that it seems to me anyway that your technology could be expanded to other forms of Corporate Communication or even beyond that, I mean like and I'm thinking like things like corporate chat, archiving beyond email. Again, I'm not sure I how much you can talk about it, but at least hit on the personnel, because your co-founder Neil leaving, I mean that's kind of a big deal. I know it's announced at the beginning of April. Thanks.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yeah, thanks, John. So obviously Neil was on founding the company with me back in 2003. And as for a significant part of our history led engineering and product management, starting soon after our IPO, we started to bring in product management leadership and additional engineering leadership less about creating a succession plan for Neil but more about just enabling the organization to scale and to train up and enable next level of use within the organization.

And then specifically during last year, Neil already started to relinquish a fair amount of control, the product and engineering leadership team with Christina running Product Management and John Walsh running Engineering of course moved into the exact team, Christy was hired directly on to the executive team. So that's -- we didn't have sort of typical CTO function running those or the previous CTO much running those functions. We had those two new executives coming in and running that aspects of the business.

Neil became more of an architect, more of an advisor to -- not today, he remains on the Board of the company, remains a very significant shareholder, very interested in the success of the business. I think we very successfully transitioned to a place where we have made very capable technologists and visionary, several of which Neil has mentored (inaudible). We are well entrenched in the philosophy of the religion on our design ideology behind MIME OS where we build solutions. So I think we are in very good shape and I think there is a strong team of people that are contributing to vision and obviously as you know, John, it's something I'm very passionate about as well in terms of technology and solutions and what they can do for customers in the market in general.

You're absolutely right, that what we built was initially a very email-centric platform. But what we've done over time is really started to identify and explore how those micro services and how those sort of underlying pieces of technology can be used to solve a broader set of problems. So we thought about that as our kind of our email plus phase of developments, and we have really been quite successful in expanding out some of the additional technologies in that area. Some of those have been capitalized through some M&A bringing in new technology skills as well as componentry. So you've seen us bring out our web-security solution, our user awareness training solution, we're making advances in areas like threat intelligence, advanced cyber security with some of the capability that we got through, we sold that acquisition. So we're continuing to build that out.

I think it goes without saying that is a pretty long list of needs and requirements that customers have that today they still have to shop for a very clumpsy list of point solutions to solve, and I really are looking for vendors like us that can lay a consolidation volume. I don't mean the consolidation role in terms of you don't buy everything and sell it back to us in a box that's got your logo on it, but I really mean is, can you give us a simplified integrated suite that out of the box does what it needs to do for us and it's very easy to manage with the small often overstretched team with limited budget. So that's what we're really committed to doing. We'll continue to think of additional use cases and pull out a platform to help customers be more successful.

John DiFucci -- Jefferies -- Analyst

Okay. Great, Peter. Thank you. That's all helpful. That's what I was hoping, you're going to say. I guess, Rafe, just a quick one. You mentioned something about cash flow and being in line with last year's performance. But when I look at at least next quarter. I saw this past quarter cash flow grew nicely, but it was actually hindered by a bigger jump in accounts receivables than we expected anyway. I guess was there anything in the quarter that we should be aware of there, whether there was some large deals or large billings close at the end of the quarter. I mean it wasn't, it takes a tremendous big jump. But it was something more than we expected, and I don't know should we expect those receivables to benefit, cash flow at least in the first quarter?

Rafe Brown -- Chief Financial Officer

Yes, no, there was nothing in particular that jumps out for the quarter. it is really just the timing of the Q4 been a big quarter, there's always a number of renewals that happened in the period and that \AR will come in, in Q1, So I don't think there's anything really to call out other than just ordinary course of business. And then the natural kind of compounding that happens up that happens of 1Q as the renewal of the prior year on year and today that causes the numbers to stickup on the AR side.

John DiFucci -- Jefferies -- Analyst

Got it. Okay, thanks a lot guys.

Operator

Thank you. Our next question comes from Alex Henderson of Needham. Your line is open.

Alex Henderson -- Needham -- Analyst

Thanks. I was pretty good puzzled over the content around the up sell and the deal size number and the -- as well as around the 6% ROE churn number. So when you talk about 15% in upsides -- 15% upsides in deal sizes, I assume those were mostly new customer deals? Is that the right way to think about it. I would assume upsell doesn't move that number generally?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes. Thank you. So you're speaking to the average order value figures which did jump up nicely during the period, That is actually for Boulder our base as well as new customers and what's really driving it for the base customers is just our ability to go out and offer them expansions of their footprint. Whether it's, they have more seats or we are giving them more products. Certainly for new customers, that's also helping its driven by obviously just the fact that we can bundle a number of products together, get them started with this complete suite that is helping to drive AOB.

Alex Henderson -- Needham -- Analyst

How much of the increase in deal size is a function of you guys moving up market versus the up-sell exercise associated with more bundles of product to existing customers or new customers?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yeah. I've said in fact, it's mostly we have broken off the distinction between the two.

Alex Henderson -- Needham -- Analyst

And the 6% churn rate number is that consistent with the recent quarters. Can you just unpack that number a little bit?

Rafe Brown -- Chief Financial Officer

it's consistent with recent quarters. It's probably consistent with the recent decade.

Alex Henderson -- Needham -- Analyst

Okay Perfect. And then one more question if I could, around the Office 365 attach rates, obviously nice driver of your business to the extent that it implies more bundles per customer. Are you seeing any leveling of that trajectory? How should we think about that in terms of the next couple of quarters, is it going to start to flatten out or is it continuing at a steady pace? Any color on that?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes. I think the -- yes, thank you. I think Office 365 is an ongoing trend for at least the next several quarters, and not the next several years, in terms of continuing on that migration. So we are seeing customers within our base as well as within our prospects finding that migration. So we think that that steady uptick in terms of the sales of our customers using Office 365 is going to continue for a while.

Alex Henderson -- Needham -- Analyst

Are those customers coming on after or before they have taken the Office 365 package generally?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

It's really both. So sometimes they will come to us ahead of a migration because they want to be in confident good shape with the routing, with the security, with the uptime assurance with us, sometimes they'll move to Office 365 and then look to add more services around it to make it more successful. So really is a combination.

Alex Henderson -- Needham -- Analyst

Great. Thank you very much.

Operator

Thank you. Our next question comes from the line of Saket Kalia of Barclays Capital. Your line is open.

Saket Kalia -- Barclays Capital -- Analyst

Hey, guys, thanks for fitting me in here. Maybe first for you Peter Bauer. A lot of focus on that roughly 3.1 sort of average products per customer, I think we can all take a guess for what the most common three are, but I'd love to hear what those three are from you across the base, right, and this is across the entire base. And then probably just as importantly, what product do you think is most likely to become number four overtime?

Rafe Brown -- Chief Financial Officer

Great questions, Saket. So the top three products by penetration, we don't really break it up by revenue right now. But by penetration, obviously email hygienic as a base that email hygiene is one of the products that we've been selling for the longest time, and is the most important base product that is the highest penetration, attaching directly to that is targeted threat protection. So that's an add-on product there, that's good for second highest penetration. Third is continuity, from a customer logo perspective, and then archiving is actually fourth today. (inaudible) accounted by revenue, because the ARPUs on archiving higher you would see archiving getting in at number two or number three position in reality.

So which products do we think have the most promise to be big revenue generator, is sort of a number four or number five. We have several products that our lower ARPU like large file sending and secure messaging, I don't think those are going to be the home run long growth products, but they certainly are good cumulative generators of revenue that provide us with differentiators in sales situations, and that certainly give us a level of stickiness as those use cases become entrenched. But I would say that awareness training and web security are the two products that had tremendous potential in terms of addressable market. And as we mature and invest in those two additional products, we think we can make some nice gains with those, both in our customer base and with new customers over time.

Saket Kalia -- Barclays Capital -- Analyst

Got it. That's super helpful. Rafe, maybe for you, you called out in your prepared remarks sort of the top three kind of long-term drivers of growth, and you talked about sort of moving up market and working with larger customers as one of them. And obviously in a SaaS model, large deals, I think from a revenue perspective, probably don't have that much impact I guess depending on when they're signed. But I guess the question is, especially since this is your first call, how do you typically forecast for these types of large deals going forward? And what do you sort of think about in terms of pipeline coverage ratios when you are forecasting those types of deals? Does that make sense? That question makes sense?

Rafe Brown -- Chief Financial Officer

Yes. No, it certainly does. Well, I think one of the great strengths of the company is that it fell to a great diversity in terms of size of the customers, and we are by no means overly concentrated in one part of the universe of companies the other. You're spot on. As you start to go up market, those deals are, on the one hand, bigger and nicer, but they tend to be more lumpy because they stand out for it. So really one of the things that I think that is taking place in the company, that's greater to see.

Anytime you started to draw closer to the quarter, the team is targeting specific details talking about them really working as doing and it quickly moves out of a pipeline metric to specific close plan great execution. And I think that's kind of a cornerstone of large enterprises. But again, I would say, just as a reminder, the company covers the full spectrum and even what we would consider as fairly large companies are not huge enterprises. We are executing by delivering great service to a lot of companies out there that aren't necessarily the big alliances of the world.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

If I can add to that, we did enjoy, I think again a record number of six-figure deals this last quarter under our 30 year plan. And it's important to realize that while some of those maybe with pretty large organizations, we don't need to be salient to you particularly large organization's generators expecting a deal on that. So that's thanks to the breadth of the portfolio, we are able to offer. So a few thousand seats we can put those together.

Saket Kalia -- Barclays Capital -- Analyst

That's great. Thanks for the color, guys.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Thanks, Saket.

Operator

Thank you. Our next question comes from the line of Matt Hedberg of RBC Capital Markets. Your line is open.

Matt Hedberg -- RBC Capital Markets -- Analyst

Hey guys, thanks for taking my question. I wanted to follow up on those large deals, the 30 six-figure deals. I guess first question was there any seven-figure deals this quarter? And second, entering this new year, when you think about building out sales capacity for the year, given the success you're having on market, does it change how you think about investing in sales to target these larger deals relative to some of the smaller sort of run rate deals?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Matt, so great. Okay. So let me start with that. So, if they had been a seven-figure deal, we would have certainly have taken the opportunity to mention it. So as we did in the prior quarter, there wasn't -- I would also add that is more than 30 six-figure deals that we did. So we were sort of relaxed.

In terms of go-to-market execution and how do we think about -- how do we think about that, I guess, if you take the breakdown, we now have 17% of our revenue done about 5,000 seat organization, about 73 I think it is in middle, and then the balance done (inaudible). So if you look at that ratio by year respect, as we're growing as an organization, just to hold that ratio steady would have required an increase in absolute dollar terms and our ability to performance the two business with each of those types of customers.

And what we find is, that as we acquire the two resourcing and getting better at each of those segment areas, and that slightly keep focusing on the very low end of the market, the sort of sub-20 or sub-50 key space. We've seen the market are already available to us in that 5,000-seat space to accommodate a little bit more growth, I'm just holding that percentage. And so what we would consider quite normal investments in dealing with larger customers both in terms of the sales motion and (inaudible) and some of the product capabilities and features to sustain growth. We're seeing that's just a slightly better return than we might have expected through some of our efforts in those areas, and that's really happening in all of the geographies that we working in.

Matt Hedberg -- RBC Capital Markets -- Analyst

Great. Thanks a lot guys.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Thanks, Matt.

Operator

Thank you. Our next question comes from Eric Lemus of SunTrust Robinson. Your line is open.

Eric Lemus -- SunTrust Robinson -- Analyst

Hey, guys. Thanks for taking the question and squeezing me in here. I just wanted to focus on threat intelligence in the Threat Center. Can you talk about how this is being received by customers and by prospects? And secondly, how important is a threat intelligence improving yourselves in a bigger mid-market and enterprise type bake-off deals?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes, it's a great question. So for a lot of organizations that we deal with, the primary interest is in receiving a clean stream of email, making sure that that stuff doesn't come near them, and frankly, they're not that interested in what the bad stuff was to begin with, they just wanted an assurance that it is not selling up probably end users. And some basic reporting about what's there is, is of interest but not the main part of the story.

But we have seen the time as we begin with larger organizations and as the sophistication of our own platform is growing. Some of the work through acquisitions that we've done like (inaudible) and solebit is we really started to show customers more insight and more value in terms of the things that we're blocking, and giving them a sense of whether the kinds of things that are being blocked in the tenants are unique to them, or unique to the industries or unique to the geographies or unique even to particular job functions in slide of the company that maybe targeted.

So I started to collect that data, report that off, and do that not only through Mimecast interfaces dashboards and reports that they can roll out, but also starting to provide some of that trade information through APIs and through log data that they can consumed either inside of the security systems or log management systems or some environments as I can consume that data. So there is an increased appetite for that that is emerging, it is a more of an upmarket phenomenon. It's really useful for us to have more of that data, because it really does help us demonstrate the efficacy of our platform, as well as some of the sophistication of the underlying engines, detection technologies that we've got in place. So it's an important piece of our strategy going forward.

Eric Lemus -- SunTrust Robinson -- Analyst

That's helpful. Thank you.

Operator

Thank you. Our next question comes from Gray Powell of Deutsche Bank. Your line is open.

Gray Powell -- Deutsche Bank -- Analyst

Great. Thanks for taking the questions. Just a couple if I may? Can you talked about linearity in Q4? And just how did the March quarter compared to the prior few quarters?

Rafe Brown -- Chief Financial Officer

Thank you. This is Rafe. Well, it's not having agreed into Q4 is under my belt. I think the kind of stand out for us is things were fairly back-end loaded for us this quarter. So it really -- I started March 18, and I will say two very exciting week, and there was a ton of energy and a great deal of progress for the company. But things were a bit back-end loaded this Q4 as it compares to the historic data we have.

Gray Powell -- Deutsche Bank -- Analyst

Got it. Okay. And then maybe just a higher level question. I mean this is like the first earnings. So your numbers were good, but there was -- this is the first earnings season where we've seen a decent amount of volatility in the security space, so I'll just be curious like how do you feel about the pace of demand and fiscal '20 versus '19 just same better or worse. ?

Rafe Brown -- Chief Financial Officer

Yes. Well, I think the clearest indication of our thoughts on the -- and our confidence on it is just really around the full-year guidance, which I gave, which again just at the midpoint, you still see constant currency coming at 23% to 25% growth. So that's been, I think, a very confident guide, you are a strong guide for us rather, and speaks to kind of our outlook based on all the fact that we have before us.

Gray Powell -- Deutsche Bank -- Analyst

Got it. Okay. Thank you very much. Thanks, Rafe.

Operator

Thank you. Our next question comes from the line of Tim Klasell of Northland Securities. Your question, please.

Tim Klasell -- Northland Securities -- Analyst

Yes. Hey, good evening, everybody. A question around Office 365. You obviously have got all the early adopters, and you're getting closer to the halfway point. What could be different with the customers who are maybe later adopters of Office 365 versus the early adopters, maybe as far as option take rates or maybe the size of deals, maybe you can help us out there as you get into the second half?

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Yes, that's a interesting question. I think it's fair to say that, we're getting customers that are both long, so if you look at our new business, Office or what's driving that increase in Office 365 adoption. It's completely a combination of customers that have been on Office 365 as for a while, and are now choosing to add Mimecast to their Office 365 solutions as well as customers that -- organizations that have been on premise and are now moving to Office 365.

So I don't think we would characterize our bases being sort of Office 365 early adopters and now we're getting the laggards. I think we get a complete mix of companies that may have been on Office 365 for one, two, three years, and now adding us or maybe even replacing a competitive offering that they were using on Office 365, and now they're switching that up to have Mimecast at Office 365.

Tim Klasell -- Northland Securities -- Analyst

Okay, great. The next question is on the FX on the guidance. But in terms of top line maybe on adjusted EBITDA, maybe you can sort of remind us of how FX has impacted that, and maybe how maybe that affects your guidance for this year, maybe versus what it would have been if currency maybe hadn't taken the big turn this quarter? Thanks.

Rafe Brown -- Chief Financial Officer

Yes. Thank you. So, as you call out, the last three months you see quite a bit of currency volatility. And as you know, it's not any one currency, it's frankly the U.S. dollar strengthened against all of our major currencies there, whether it's pound or rand or even aussie dollar and euro. So just across the board of U.S., U.S. dollar showed pretty significant uptick there or strengthening and then obviously has the impact that you are call it out and placed on the EBITDA.

As we sit here and think about it, you know we are looking forward to this next year, making sure we're driving margin improvements, making sure we're executing across the board. But overall, I think, probably the best way to think about it is just we will continue to measure things on a constant currency basis. You can have a clear view of how we're executing, and that really was kind of boiled altogether to come into our guidance range or EBITDA guidance rates that we gave.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

I think something I'll just add to that. The way that we have some natural hedges in the model because we have costs in country or certain fundamental revenue is generated tech support, cross-sell and cross sell at. Also worth noting we do a considerable amount of R&D out in the UK. So that's denominated in pound sterling. So there are some natural hedges in place, but that give us a little bit of color on the bottom line and start to move.

Tim Klasell -- Northland Securities -- Analyst

Great. Thank you very much.

Operator

Thank you. Your next question comes from Catharine Trebnick of Dougherty . Your line is open.

Catharine Trebnick -- Dougherty & Company -- Analyst

Thanks for taking my question. Could you -- one housekeeping, did you give us a percent of customers with TTP this quarter?

Rafe Brown -- Chief Financial Officer

Catharine, so we went up 1,800 customers on TTP. So we're now sitting at 23,200 customers on TTP. What is that as a percentage of overall customers, 68% of non using TTP.

Catharine Trebnick -- Dougherty & Company -- Analyst

Nice jump there. All right. Just a quick question on the competitive environment. It looks like you had a significant jump from a year ago quarter now with the attach rate, but the's the same time when you speak to Microsoft and the LAR channel and et cetera, you're finding that Microsoft seems to be getting a little bit more sophisticated. And their security and adding security on, and I just wonder, if you could talk in general to the competitive landscape, there is another company out there, that's really pushing hard, selling with like Cisco at this time in the mid-market would be a gory, so you can just address the competitive landscape at this time. Thanks.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

So, we see a very consistent, competitive landscape over the past few quarters. I think that plays out in our numbers, and plays out in our adoption of TTP solution. Microsoft must continue to improve what they do, in security, relative to where they've been in security. So on a relative basis looking in (inaudible) they do make improvements and improve the sophistication.

I think the important thing is that from an external perspective, the adversaries and these cyber threats and attacks are becoming more sophisticated, and probably doing so at an accelerated rate. So, on a relative basis, it's very hard to tell exactly what does the progress look like, but needless to say, it's very important that customers bring both best practice from a security standpoint. They leverage as much as they can on Microsoft stack. But they add to that high quality offerings, from external players and independent security office, like Mimecast. And certainly that approach that we take to market. We see as they well adopted and very successful in protecting customers from these threats.

Catharine Trebnick -- Dougherty & Company -- Analyst

All right. Thank you.

Rafe Brown -- Chief Financial Officer

Thanks, Catharine.

Operator

Thank you. At this time, I would like to turn the call over to Peter Bauer for any closing remarks.

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Well, thanks, everybody, for joining us for this earnings call. (inaudible) on his first earnings call with us. So, thank you for your questions that you provided to both me and (inaudible). We look forward to giving you our results again for the quarter that we're currently executing in, in a couple of months time.

Operator

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.

Duration: 73 minutes

Call participants:

Robert Sanders -- Director, Investor Relations

Peter Bauer -- Co-Founder, Chairman & Chief Executive Officer

Rafe Brown -- Chief Financial Officer

Sterling Auty -- JP Morgan -- Analyst

Keith Bachman -- Bank of Montreal -- Analyst

Daniel Bartus -- Bank of America Merrill Lynch -- Analyst

John DiFucci -- Jefferies -- Analyst

Alex Henderson -- Needham -- Analyst

Saket Kalia -- Barclays Capital -- Analyst

Matt Hedberg -- RBC Capital Markets -- Analyst

Eric Lemus -- SunTrust Robinson -- Analyst

Gray Powell -- Deutsche Bank -- Analyst

Tim Klasell -- Northland Securities -- Analyst

Catharine Trebnick -- Dougherty & Company -- Analyst

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