Q4 2020 Digital Turbine Inc Earnings Call
Results Conference call all participants will be in listen only mode should you need assistance. Please signal conference specialist by pressing the star key followed by zero. After todays presentation, there will be an opportunity to ask questions to ask a question. You May Press Star then one on your telephone keypad to withdraw your question. Please press Star then too. Please note that this event is being re.
Recorded I would now like to turn the conference over to Brian Bartholomew. Please go ahead Sir.
Thank you Jeff Good afternoon, welcome to the digital turbine fourth quarter and fiscal full year 2020 earnings conference call.
Joining me on the call today to discuss our results our CEO Bill Stone and CFO Barrett garrison.
Before we get started I would like to take this opportunity to remind you that our remarks. Today will include forward looking statements. These forward looking statements are based on our current assumptions expectations and beliefs, including projected operating metrics future products and services anticipated market demand and other forward looking topics.
Although we believe that our assumptions are reasonable they are not guarantees of future performance and some will inevitably proved to be incorrect.
Except as required by law, we undertake no obligation to update any forward looking statements.
For discussion of the risk factors that could cause our actual results could differ materially from those contemplated by our forward looking statements. Please refer to the documents we filed with the Securities Exchange Commission.
Also during this call will discuss certain non-GAAP measures of our performance non-GAAP measures are not substitute for GAAP measures. Please refer to today's press release for important information about the limitations of using non-GAAP measures as well as reconciliations of these non-GAAP financial results to the most comparable GAAP measures.
Now I'll turn the call over to our Chief Executive Officer, Mr. Bill Stone.
Great. Thanks, Brian and thank you all for joining our call Tonight.
I'm going to break my prepared remarks into four areas.
First I want to talk about the elephant in the room. There is top of mind for most investors and that's the real time impact of Cobot 19 on our business.
I will then briefly close out our fiscal year.
Spend a few moments on the closing of our mobile posse acquisition, how we're going to talk about them up with policy results against the broader business and finally provide some real time operational details on our progress against our broader long term diversification strategies.
Regarding our current performance and the covert 19 environment. Many investors may have speculated our performance will suffer as a result of disappointing demand from advertisers and disappointing supply of devices from their local closed carrier stores.
The reality is our performance has never been stronger as a result of a winning strategy great attention to detail and execution and amazing team here at the team.
And both there and I will provide more color on these dynamics later in our remarks.
But when we compare the financial results from our two businesses on a combined basis for April and May 2019 results to April in May of 2020 results. We are seeing double digit topline revenue growth with expanding profitability and margins.
In other words, well, neither we nor anyone out there can predict with certainty of what the macro future holds and a covert 19 environment and the president digital turbine is setting all time monthly performance records and its results and is highly strange macro environment.
Again, we'll provide more details later in our remarks, but I want to make sure. We don't Barry the lead message, we want investors to take away from today's call and that message is our business has never been healthier or stronger than it is right now.
Closing out our fiscal year, we finished with a $138.7 million in revenue and $19.6 million, an EBITDA, which included one month of mobile posse results.
Both financial metrics exceeded our expectations, which comprises over 30% annual topline growth.
And over 100% annual growth in EBITDA.
We also finished the year with our ignite software installed on over 400 million devices globally.
Including growth of 150 million devices in the fiscal year, which compared to just over 100 million devices added in the prior fiscal year.
I would also pleased with our progress on revenue per device or RPD, which is a key health metric of our business.
Our PD continues to improve both internationally and here in the U.S. with us our PD growth of 32% in the fiscal year.
We spent march focused on integrating our mobile posse business and we continue to be pleased with the acquisition as our strategic and financial rationales for this transaction are all intact.
We've integrated our management teams, our back office activities and our business development efforts.
To further facilitate that integration as one company versus two companies. We've also renamed our business units.
Going forward, you will not hear us spend much time, referring to mobile posse, rather you will hear us refer to three lines of businesses in our remarks.
First we have an application media business that is focused on delivering applications to devices.
This is largely our core digital turbine business that investors new pre acquisition.
We also have a content media business, which is focused on delivering content, such as news, whether sports and entertainment to devices and monetize through programmatic advertising.
This includes all the legacy mobile posse revenues plus our media hub revenues that have been transitioned to be managed by the former mobile posse team.
And finally, we have other miscellaneous revenues that are comprised of license fees from operators professional services and the like.
This third category is not material today, and that's we're not going to spend a great deal of time on it but want to make sure investors understand the distinction that this third business unit is focused on us getting paid from the carrier or the OEM versus getting paid from the media partner.
Now turning to our results across these business segments. The strong results are the director resolve our strategy of diversification, we embarked on years ago.
Diversification of business partners products business models geographies so on.
We are no longer reliant upon any single variable in our business to define our success.
In terms of partner diversification.
Our total revenue with our initial US partners of Verizon 18, T cricket and us cellular increased year over year. Despite a decline in the total combined devices sold.
Today. These four partners represent less than 50% of our total revenues. This compares to over 70% for the fiscal year 20, and nearly 90% for fiscal 19.
Helping us to diversify partners are now having T mobile being a large content business partner plus our rollouts with newer us based partners such as Tracfone and international partners, such as Samsung and American will feel.
Our application business revenue from International partners has increased 80% year over year, driven by Samsung American will feel and others and this has taken our international partner revenues contributing now approximately 20% of our application media revenues and this compares to 9% of revenues a year ago.
Yes.
And with our Samsung momentum combined with the launches of Xiaomi in India and Telefonica in Latin America.
In Europe happening later this quarter, we expect these numbers to continue to grow.
Product diversification is another primary growth driver for the business.
In terms of product diversification dynamic installs comprise approximately 60% of our revenues today.
This compares to almost 80% for the fiscal year 20, and over 85% two years ago.
Our content products are now approximately 25% of revenues.
Our other application products, such as single tap folders notification and Wizard are approximately 15% of revenues.
And we're continuing to innovate with new products content television and home screen experiences that will further to five diversify these numbers.
As we are seeing strong demand.
For more offerings with our existing operator, and OEM partners above and beyond those that we have today.
And finally, our business models of diversified.
Driven primarily by our content business more than 30% of our revenues are now recurring revenue streams that are insulated from new device sales.
This compares to less than 5% of revenues being recurring a year ago.
And regarding some of the details were seen in the current pandemic I would characterize our business as extremely resilient due to strong demand from advertisers and global device supply continuing to be robust.
Demand is exceeding our expectations for a few reasons.
First is that our platform provides complete view through to end user engagement and spend often application.
So for example, if a customer engages with an application such as Pandora or tick tock both of those companies can track exactly how much benefit they received from using our platform.
This helps them drive additional spend on a platform due to the strong ROI they see from their new customers.
And in a world, where marketing dollars need to show clear and measurable return on investment our platform provides exactly that.
And secondly, we know that media dollars follow where eyeballs are and those eyeballs are in applications, whether that is in social media streaming audio streaming video or gaming and all of these categories are spending more dollars with us today compared to prior periods.
And unlike most other media businesses, we have limited exposure to categories like restaurants, small business travel automobiles and other hard hit sectors of the pandemic.
The other dynamic is supply.
Smartphone is one of the things that none of us can live without in today's world.
In hearing us while some local shops may be closed we've seen a migration to online shopping smartphones.
Our carrier and OEM partners have estimated that anywhere from 60% to 60% to 70% of device sales are now being purchased online, which compares to 10% to 15% pre crisis.
And we'll some U.S. operators, maybe reporting slower upgrade cycles. It's also important to note that our software is installed on approximately 60% of the Android devices here in United States and 15% globally.
Thus, even if overall device growth were to slow we have a long way to go before our overall device growth slows.
And we expect to materially improve our device volumes. Despite this pandemic given this penetration dynamic.
And this topline growth margin expansion operating leverage free cash flow and strengthening balance sheet.
Our not the results of any financial engineering, there the results of a simply focusing on the fundamentals are strong operating performance is being driven by these diversification metrics and the strategy. We embarked on in a few years ago is now bearing real fruit and these difficult macroeconomic times.
And before I turn it over to bear I want to give a shout out to our entire team that has now official includes the mobile posse team.
Being able to accomplish these results in a difficult remote work setting is truly amazing.
Or can be harder when you can interact face to face with your customers you partners and your colleagues.
And our history and culture of being a more global and distributed workforce than most other companies that operate out of a traditional headquarter office setting provides us a unique advantage in this new normal world and combined with the team's focus hustle accountability and coming in just great command over the key business drivers, it's which generating strong.
Results and with that I'll turn it over to bear it to take you through the numbers.
Thanks, Bill and good afternoon, everyone before I cover our financial results I wanted to comment on the successful acquisition integration of mobile Fasi, which closed at the end of February and the partial period contributions of this business are included in our Q4 results I'd like to welcome our new team members for mobile policy and thank all of our duty team involved in.
The integration.
To date, we are tracking nicely owner integration to mobile policies operations and its Q4 performance was consistent with our expectations as Bill mentioned beginning next quarter, we will communicate results from mobile policy within our content business.
Now turning to our results were pleased with our strong fourth quarter performance, which exceeded our outlook and capped off another great year.
My comments today, we'll refer to a comparison on year over year basis, unless otherwise noted for the fiscal year 2020, we reported a 138.7 million in revenue growing 34% generated 19.6 million, an adjusted EBITDA, an increase of 120% over prior year.
And delivered 17.5 million, an adjusted net income or 20 cents per share as compared to eight cents per share in the prior year.
Now, let me turn to the specific performance in the quarter revenue of $39.4 million in the quarter was up 45% with our apps business growing 27, 27%, excluding the contributions from mobile posse.
Adjusted EBITDA of $5.3 million was up 59% over prior year represented a margin of 13% up from 12% in the prior year.
Revenue growth in our apps business continues to be driven by strong demand on the platform as RPD with our four largest tenured US based partners is approaching $3.20, an increase of 35% year over year and revenues on our international business grew more than 85% in the quarter I've also been.
I'm pleased and impressed by the resilience of our AD demand on the platform in the last couple of months during this strain macro environment.
Gross profit of key performance measures metric for us grew 39% to $15.8 million in the quarter and gross margin on the platform was 40% in Q4.
While gross margin rates can fluctuate from quarter to quarter. We anticipate further margin expansion as we continue to execute on our product and partner diversification strategy, including integrating the high margin content business as part of the mobile policy acquisition.
We experienced continued impressive expense skill in the platform as cash expenses, excluding onetime transaction costs were 10.5 million in Q4 or 27% of revenue down from 30% of revenues in the prior year.
Total operating expenses were 12.4 million, which include onetime transaction costs of point 7 million.
Compared to total operating expenses of 9 million in the prior year.
On an annual basis I will note that our operating leverage is being achieved even as we make a number of focused investments primarily with our salesforce and technology teams to support new partners and products to drive future incremental revenues on the platform.
I'd also highlight we're tracking to anticipate further cost synergies to be realized from the mobile policy acquisition as the operations are further integrated.
Non-GAAP adjusted net income in the quarter was 4.2 million.
Or five cents per shares compared to 2.4 million or three cents per share in the fourth quarter of 2019.
Our GAAP net income.
For Q4 was 14 million or 15 cents per share based on 91.9 million diluted shares outstanding compared to a fourth quarter of 2019 net loss of $6.8 million or.
Nine cents per share.
I will note within our GAAP net income for the quarter is is a recorded gain of 1 million from the impact of the change in the fair value of derivative liabilities, resulting from the warrants from our prior convertible note.
Which were fully exercise in the quarter and the company exited the quarter with no remaining obligation on the convertible note or the connected warrants.
We also recorded a 10.6 million dollar noncash gain as a tax adjustment related to the acquisition of mobile policy.
Moving to the balance sheet Im very pleased with the continued progress in the quarter and throughout the fiscal fiscal year to further bolstered the strength of our balance sheet.
Partner pain.
Payments and would expect this to adjust to normalize levels in the June quarter.
As part of the close mobile policy transaction, we paid 41.5 million in cash at closing.
Funded with 20 million of new term loan financing and the balance funded from existing cash balances at close the remainder of the purchase consideration will be paid through at 12 month earn out based on gross profits delivered on the mobile Pos who business.
And is expected to be funded by the profitable operations of the combined businesses.
As part of the new credit facility. In addition to the term loan. The company also has a $5 million revolving line of credit available, which currently has no outstanding balance.
With a healthy balance sheet strong cash position and ample access to liquidity, we've exited fiscal 2020 poised to execute on our growth plans for fiscal 2021 and beyond.
Now, let me turn to our outlook.
The momentum leading into the new year and progress underway in the quarter has positioned us for a strong fiscal 2021.
In that context, we currently expect revenue for Q1 to grow to between 47 million and 50 million and expect adjusted EBITDA to grow to between 8 million and 10 million.
With that let me hand, it back to the operator to open the call for questions operator.
Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone, if you're using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then to at this time, we'll pause momentarily to assemble our roster.
And our first question will come from Mike Malouf with Craig Hallum. Please go ahead Sir.
Great. Thanks, guys for taking my questions, then just fabless and see how you guys are handling this.
Tricky and situation that we're in now so well done.
My questions.
With that with Samsung Im wondering if you can give us an update where we are with that rollout.
How you see that played out over the next 12 months.
It sounds like you know, we got to quite a bit of momentum.
It started late last calendar year I'm wondering if the pandemic environment has slowed that at all and if not how far penetrated we could get as we look out in the 12 months and then I have one follow up.
Yes sure Thanks, Mike.
Yes regarding Samsung we continue to be really pleased with the progress that we're making and I think you. Some investors are heard me say before if you look at time zero when we launch a new partner with Verizon or 18 tier Cricketer Tracfone and our Samsung and you kind of plot out each quarter you just see nice momentum a nice continued growth and Samsung is no exception to that.
Following a similar trend them, we've been really pleased in the.
In the current quarter and in the quarter before we just continue see more and more devices being on the platform right. Now, we're we're well north of 10 million devices on Samsung and ramping right. Now. So we're pleased with that we've got a lot opportunity before.
We hit our head on the ceiling given they move more than 200 million devices globally. So even if their growth British slowdown a little bit we're still in pretty good place right now I'd give a specific shout out to our progress in Brazil in Latin America, We continue to show some real nice progress in that market, which is strategic for them. So they have been.
Great partner ramp and really nice and couldn't be more placed.
Okay, great. Thanks, and then as we look at the real upside as I see it anyway with the mobile pod policy acquisition.
Being in cross selling I'm wondering if you could update us a little bit on on how.
That process is going both.
With your ability to sell bold posses I guess gives hub into your.
Existing clients, particularly in the bakery U.S. clients.
And then of course trying to get your your App install a products into the mobile Pos the large large client.
Yes, so continue to be really excited about that now that was a major strategic rationale for the transaction.
Think everything that we're thinking that we could do in terms of our products onto their distribution and their products on our distribution is intact and I'd say stay tuned for kind of further updates.
On that but we continue to be pretty optimistic in bullish that that strategic rationale is holding true as we're now couple of months and.
Okay, great. Thanks, Thanks for taking my questions.
Our next question will come from Darren Aftahi with Roth Capital Partners. Please go ahead.
Hey, guys. Thanks, taking my questions, if you're well nice nice quarter.
First bill could you kind of indulges. So theres, obviously, a lot of moving parts of the economy. If you go back to sort of March and then look at the cadence to April and then now with May close I know you over index.
Two sectors of economy that are kind of strong could you maybe just talk about the cadence of your core.
Apps business or what it used to be versus.
Little policies content business and I'm, just kind of curious about the strength in verticals in your core business versus maybe some that are weaker and how does it kind of change of it as Scott three month period, and then with engagement on the news site with mobile policy, how has kind of engagement sort of add been load and then.
Kind of programmatic how's that apted slowed in kind of where do we stand right now thanks.
Yes, Thanks, Gary.
If I was going to say one word to that would characterize our cadence it would be accelerating.
Were continuing to see nice progress right now across all aspects of the business.
Im kind of break down some of the details.
I'd say is that we saw.
The main has been better than April April was better than it was better than March and we see that spenders that have been spending on the platform events continue want to spend more and spend more at higher at higher rates because of the ROI that they're seeing and that's the categories I referenced in my remarks, you know those those are streaming audio stream.
Video.
Gaming social media and the like.
On the.
Content business side, I would say I've been pleased with the results accelerating there as well.
And there the content business has a less exposure than perhaps other AD tech companies to some of the damaged categories macro categories, you know the automobiles and travel and cruise ships and all those kinds of things.
They don't have the same level of exposure that others, others do so therefore their business is not is impacted as much but given that theres recurring revenues and they're somewhat insulated from device on new device sales.
See necessarily the the impact I think others would have so we've been very pleased with the results and we think there's a lot of juice left in the squeeze in terms of just.
Performance in the things, we can control with new platforms that are being put in place and the business new advertising relationships are being put in place and alike. So.
We're pretty optimistic.
About the future for that business.
Great and then just one more for me.
The single tap side I know you struck those partnerships with apps Flyer branch in the like.
Maybe a couple of quarters now and I'm just curious if we can take the Paul So one of those relationships, Dan if they're actually baring any material through at this point.
Yes so.
I'm pleased to report that single tap is been something we've been really excited about for a long time and the you can isn't as long as that conversion rates and it was a better end user experience. It was better for the advertisers that are for the operator OEM partner, we're going to stick with it and as your as you're well aware, we had a number of last mile issues with single tap that we could.
Didn't get the conversion rates, we saw to scale and we're now to place we're starting to see some some really nice progress and we're seeing it through some of the things that you just mentioned as well as other relationships that we have right now and we've made some material progress on some of these last mile operational issues and I want to give a shout out to the team that's just really stuck with it and just grow.
Around through some things that are now starting to generate some more positive results.
Our singled that business. So we'll talk more about yes, some of the specifics when we get on it on our next earnings call, but I'll, just suffice to say I'm much more pleased and optimistic with where radnet business and we were historically.
Great. Thanks, guys.
Our next question will come from Austin Modelo with Canaccord. Please go ahead.
Hi, Thanks for taking my questions.
You mentioned seeing attractive conversion rates in your press release.
I'm wondering can you define what exactly that conversion of measuring and.
What level.
It is currently at and maybe how that compares to has done historically.
Yes, sure Austin, So we're talking about conversion rates, we talk about the percentage of customers that are opening engaging with applications and the conversion rates can really very all over the mapped opinion of what kind of application. It is so specific game versus.
So she'll mediasite location versus goober versus whatever.
Going to have different conversion rates and and rather kind of break down each individual vertical here on this call. What I would say is is it on an aggregate level, we're seeing improved conversion rates and it makes sense right is that you'll hear we are a pandemic people are on their phones more.
There are they're wanting to discover and explore new content, we have that it's relevant and tailored for them and so therefore, they're going to experiment with other other types of content that may be a relevant for them. So.
As a result of that if we're getting paid for example.
Arbitrarily a dollar cost per install which means that we get paid in say 30 cents, if 30% of people open it well now 50% of people opening we get paid 50 cents and so thats.
That's obviously material improvement in the in the result, so we're starting to see those kinds of dynamics at play right now.
Which gives us a lot of encouragement excitement because for the advertiser, it's all that ROI and haven't visibility to that spend they want to know how much bill stone or Austin or Barrett is consuming to that content and with our platform. They can do exactly that unlike other platforms, where it may be a little bit more difficult to track that ROI or another kind of offline media.
Things like outdoor television and the like so we really gives us an advantage in terms of the media dollars you're out there to compete for.
In My example, does that mean yours.
You get paid on a performance basis.
Just sort of talked about implied price.
Yes, no I think there's there's we always get paid out performance because of that view through whether we back that performance metric out to an upfront fee for every app are we back that performance out to an open app are we back that performance out to revenue sharing on the App, we get paid on performance, there's a lot of different ways to cut slice and dice it but the bottom line is as you're getting paid on how much.
ROI, you're generating for your media partner and we can do it in multiple ways and the message here on today's call is we're seeing increases on that across the board.
Got it and lastly.
Can you talk about some of the underlying metrics that inform your guidance, particularly curious about what kind of you asked device trends, you're seeing maybe comparing what your partners has been sounds recording.
Yeah, well a couple of things you I would point out and bills prepared remarks, you talked about a double digit growth I'm kind of for the two months, we're seeing in the current quarter.
So we have to.
We have visibility to two months in the quarter those are going well, we've seen a devices recover device volumes recover and by region. There happened in a different pace, but as you heard bill talk about earlier kind of the trends. We're seeing is you know March.
Kind of low point with respect to device volumes.
Primarily in the U.S. and then a rebounding in a step up.
April and May but those are those combined with the demand we're seeing on the platform.
Showing showing through in the RPD metric, our what has informed our guidance for June quarter.
Great appreciate taking my questions.
Thanks Nelson.
Our next question will come from Lee crowded with B. Riley FBR. Please go ahead.
Great. Thanks for taking my questions and Echo the congrats on a solid execution and outlook just given fairly tough backdrop.
First question just wanted to kind of dies in on the advertiser demand front, just kind of curious if you could bifurcate advertiser demand between kind of new customers or new advertisers at it versus increase spend from existing customers.
Yes, I'd say, it's a it's a mix of both especially in our international business, we're seeing a lot of new advertisers on spending spending more and then our existing business.
Characterize it as we're seeing our existing advertisers are idiots, our U.S. business within our existing advertisers.
There are spending more so it's a it's a balance it's a balance at both ends where those things were successfully get success in momentum and so we're pretty excited about what we're seeing there both in terms of net new advertisers as well as I, you know our existing ones wanting to spend more.
Got it and then just on the margin front.
You know fully appreciating that mobile policy has positive margin contribution.
But are there any other levers to gross margin improvements and then you did call out a increased synergies I believe the prior target was about a million bucks.
Maybe just kind of quantify the incremental synergies you guys expect for mobile coffee.
Yes so.
To start with the synergies I'll reiterate that you know this strategic value here with the mobile cost acquisition and the content business was with revenue synergies in the value that brought but there are some some corporate overlap and cost synergies.
You know in kind of a million ish range.
Those are as I mentioned are tracking nicely and we'd expect we'd expect that to help expand our EBITDA margins.
Got it and then just last question for me.
I think you called out a telephonic going telefonica going live in both Europe and.
Latin America in the current quarter.
Maybe just kind of speak to the trajectory or the pace at which you expect that business to turn on whether it's a slow in trial save for a couple of quarters. There is that can turn on fairly quickly just given the magnitude in the size of the user base that exists that that telefonica.
Yeah, So I guess I'd characterize it would most likely follow what we've seen with other partners and so as you mentioned in her learned mikes question, we see brides and 18 T. cricket Samsung launch. It you see a nice kind of steady and slow build quarter over quarter from time zero to quarter, one quarter to quarter three and so on.
And I would envision telefonica follow a similar trajectory is our their partners huh.
Got it. Thank you for taking my questions guys. Thanks, Mike.
Our next question will come from Jon Hickman with Ladenburg Thalmann. Please go ahead.
I guess, it's a question for bill.
Could you talk.
Can you.
Clarify little bit tax.
You got this quarter.
Where that came from.
Yes, so I'll take that one John the yes, we recorded a gain it's a it's.
It's a tax benefit related to the acquisition and tied to the purchase accounting, which was it's a noncash adjustment that we made as closely as part of closing the mobile mobile policy acquisition well okay.
Okay purely noncash okay.
Correct.
Okay, and then I was wondering if I think back when you.
Back when you were telling us about the initial purchase of mobile policy.
I think we've indicated that.
The gross margins on the mobile coffee business were higher than the current.
For the.
Historical gross margins for.
The ignite business.
Could you.
If we were modeling this out could you give us a little are we expecting a couple hundred basis points improvement or more than that.
Yes, so when you John would you when you have a chance to see the K. you will see we've included a pro forma the margins are close to 50% for that business. So you know that's that's disclosed so we'll see we'll see you know call. It two to three points of margin expansion just by adding.
That business too okay.
And then it will be the pace at which I'm you know those two businesses grow that will drive the drive the mix over time.
Sure. Okay. Thank you and congratulations really nice quarter appreciate it.
Thank you Joe.
Our next question will come from Allen Klee with National Securities Corp. Please go ahead.
Yes, hi, or something that stood out to me was the strength in your new devices that especially with what some of the larger telephone companies in the U.S. talking about 30% decline soon on new ads.
So I was trying to understand a little maybe how that breaks out between the U.S. market.
Potential declines versus.
Growth internationally.
Yes, sure. So is it the I use I mentioned earlier in my remarks, it's yeah, there's still a penetration story that's out there I'm. So given the fact that we're only on 60% Android phones here in the U.S. and intend to teen.
Ish percent in the in the global market, even if devices slow down we're going to see growth and so clearly we saw a lot of growth internationally, but even here in the U.S. I think the growth is is somewhat slowed and we expect in the back end of this year for something like a pick up as result of Fiveg deployments. So you know stores opening up and though and the like.
As we as we as we get into the future quarters, but even in the current environment. Yeah. The fact that we added 150 million devices for the fiscal year and that compares with 100 million in the prior fiscal year, that's pretty good growth in a market where the macro situation is showing swine. So yeah. We expect to continue to show net new device ramps as a result.
Of all of our new partners.
And even potentially some growth here in the U.S. as well.
Thank you and my other question was I don't and I know no. Maybe you said this but how much did mobile posse contribute during the quarter for the one month.
Yes, they were just under 5 million.
In revenue.
Great. Thank you so much.
This concludes our question and answer session I would like to turn the conference back over to Bill Stone for any closing remarks. Please go ahead.
Yeah, Thanks, everyone and thanks for joining the call today, we look forward to reporting on our progress against all the points that we made on the call and we'll talk to you again on our fiscal 2021 first quarter call in a few months, thanks and have a great night.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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