Thank you, Peter.
quarter that a currency of the result COVID-XX the point, high revenue XXXX for fourth and and QX the I'm of slowdown. both both resulting then despite the significant for headwinds quarter. dive to will fiscal crisis during see, we EBITDA. will I pleased our foreign to guidance likely made and report This that adjusted the end as the of review experienced results impact exceeded continue the and was To we seeing and achievement crisis economic are into of COVID-XX impact our
revenue quarter of constant fluctuations benefited Note, year In fourth amortization. $X.X negatively $XXX,XXX the the additional since last faced, for has currency by over by currency generated foreign to the for we $X.X of our approximately absolute million dollar rate leap represents year of results XX.X% $XXX.X million. year, a quarter. at fourth stood QX growth providing that impacted the prior the This due growth of our guidance we been day quarter million, prior terms. XX.X% which Adjusting in over headwind currency quarter, the
offering year, DMARC, together any the we Zone For QX Segasec, of the full a which of contributed quarter. we revenue in minimal. $XXX,XXX in complete QX in approximately X is acquired and which acquired impact course, acquired and
million. all currency, to in For terms of grew revenue fiscal of XX.X% headwind XXXX, in a of $XXX net million and absolute total FX dollar of constant XX.X% $XX the
cancellation in to $XX.X $X Adjusted quarter incidental totaled number fourth EBITDA I of of expenditures. that or adjusted XX.X% in-person a XX%, million margin benefited the the prior would representing the million year. for travel, from same of other compared million, and savings related marketing quarter of one-time EBITDA QX $XX an events, note the to approximately
our adjusted was margin year. over XX.X%, XXX points the prior For the year, basis up full EBITDA
of prior On year. added X,XXX quarter, to customers exciting we to XXX in of by the X,XXX the customers a joined these basis, is net new Mimecast that approximately in customer Protect, compared which Brand purchasing routes. It note strategy DMARC our or Exploit are customer one These products onboarding on standalone Web, Awareness of Training, our a part basis. emerging additional to emerging products, include create
XX,XXX customers serves worldwide. now Mimecast
all improvement order over order currency at in average value year values average approximately year. $XX,XXX, terms. the Currently, XX% the constant stands show to up prior for the prior over continue Our customers
our Average per from services services rose per this time. customer customer in the to customer quarter, X.X services at across X.X last up base year
the of well who our end using Mimecast in this Microsoft above as the customers joined of XX% Mimecast as the year, XXX of As new those quarter. proportion conjunction remains base, entire customer among across with customers
churn and in sell a basis quarter services at us retention Down a at the came measured four-quarter upsell and XXX%. giving of steady XX% in rate trailing X%, revenue held on of seat additional expansion
in of vast Day, of initial now discussed our that our our our customers their solution customers buy that in majority TTP TTP the As numbers XX% recently Analyst use we fact upsell the new order. reflect and
emerging Over Solution base, potential X have that meaningful time, our in upsell as our a X, and of our anticipate to Web level the significant proportion Zone customers' opportunity. introducing Zone well a products we of reach as
Turning infrastructure. quarter, to prior for by fourth grid gross year, in basis we of gross recognized margin, XXX up XX.X% driven non-GAAP points margin the QX from a efficiencies the
XXX that quarter non-GAAP year, improved $XX an we prior continues throughout revenue, Our margin or of seen of million of trend the the have XX% was the for points profit the fourth which from year. improvement operating basis
fully quarter million per profit outstanding. In XX.X was shares bottom-line a terms, or diluted GAAP $X.XX share weighted income fourth based our on average net million diluted of $X.X
quarter or $X.XX million million on was XX.X diluted outstanding. diluted shares the Our average $X.X per weighted income based for net share non-GAAP fully
million Turning to Free operating cash the revenue. our totaled for flows cash quarter flows, million $XX.X quarter. XX.X% flow or fourth of $XX totaled cash
free in came year, at in cash the For prior line $XX.X million guidance. our flow with
the sheet. to balance Turning
acquisition on Segasec $XX a the in paying Mimecast early million had of quarter. sheet after of March the million cash the XX, As $XXX balance for
$XX We have million. continue credit an to undrawn of facility approximately
seeing me let impact COVID-XX the crisis. are discuss the we Now related to
we and on think industries, current of base. geographies. Mimecast our in adversely segments, of diversified has crisis about our begin that Perhaps our customers the most like total diverse by business industries the importantly, to As a the you impacted impact economic customer across portion operations directly forward, going reminding highly I'd comprised and only portion business customer by
in transportation, oil the have sectors. retail, our reoccurring XX% of gas we revenue At present, base or hospitality, and
business clear sector, behavior how have We an so it will crisis their current in medical additional less our X.X% the over the impact is of buying time.
with XX% From a to customer than segment perspective, our risen enterprise business has X,XXX revenue. reflecting more of customers seats
smaller Our XX% recurring mid-market customers reflecting of stands revenue. at seats with constitutes X% XXX business and customers fewer than
respect shift half work-from-home COVID-XX QX significant of major occurred to across to With of March impact shift significantly impact back not basis This primary the markets. the and in did the our QX, revenue. our
are $X our of would have March, as of our directly of busiest which bookings the activity calculated Unfortunately, outlook, year to when terms FY'XX approximately of the In last terms booking revenue. million. weeks expect quarter two in will we challenges fiscal of bookings, recognize however, impact an revenue the these we otherwise experienced to in the weeks impact two
should were midst that many crisis. to cases, the they team's stated the One IT the on in deferring Security resources note the strains providers of time customers simply in and due Email the to change
be will providers. able quickly remains customers the to to seen initiative these it change be Email to Security to how However, return
model areas our it focus. important we are four As there business to distinct which is on forward, going
and we customers; and me time, new how third, second, are challenges. and First, at ability you our share modeling what geographic-specific fourth, one customer business we these retention upsell our year. downside are existing seeing impact; with let the a to Taking rates; customer
new business a Throughout of perspective, shifted slowed build pipeline May, environment. the week weeks in to two first rapidly March of customers from potential new business last to recover. customer First, the begun generation and pipeline the April as work-at-home of has course a
performance two begins assuming then improve below and bookings year. from are September of first rate we half approximately through us remains gradually our takes customers, purposes, quarters, run to constitutes which business through our of fiscal the targeted second total XXth over which our modeling For that half new our
a again Second, QX and we business build. from an pipeline upsell perspective saw both from perspective, push in impact in deal an
in overall seen have engagement products, projects. activities as we upsell customers challenges facing emerging our positive face and our tighter While delays significant our similar budgets
As we have upsell discussed upsell split have expansion. and between in numbers the past, seat traditionally our been product
entire we are if be be months, below year, expectations, the it original economy, new for the muted expansion bookings, upsell Given business relates the could as quarters. often few not to our Similar modeling particularly adding coming slowing over to seat employees. product businesses next to the
upsell broader Our to likely economy begins driven the is until remain recover. seat challenged to
and down-sell churn. Third,
we ordinarily have the a of to As made investment we churn from we efforts, approximately rates believe discussed, would norm customer X% success down-sell which and improve our significant in historic current X%. our
the will 'XX. reflected the However, broader and the of be of most majority in down-sell through churn impact fiscal certainly recession
may seen. We broader we expect improvements the challenges offset economic have the would otherwise
working closely been through go There are of for requests as payment terms customers We number have this they with crisis. or shorter extended a terms. billing our
flow. XXX% of not rate, temporary relief 'XX. case-by-case one-year. on to Overall, given the to between related are to have These on evaluated would changes macroeconomic I typically requests churn and down-sell, which cash durations, when which modeling for we but changes is our of of that are duration are the fiscal billings uncertainty, the note net overall revenue upsell, retention XXX a to short-term a basis, the relate granted impact contract
have foreign on last and crisis since Fourth far the strengthening U.S. dollar to of has difficult we of the obvious geographic a significant been exchange beyond the our rates, thus call. impact impact seen earnings the finally, where dramatic differentiate
the recovery the and for that differ timeframe important the economic likely remember significantly of across that which same revenues, will crisis details the recession to of time XX% from It continue geographies. to It U.K., is comprises at will be as the our major will of recovering depth the to quite Brexit, produce economic our Corona-induced negotiates its headwinds. own the is which be it likely
from rates of against weakened this which the appears value in revenues, the rand crisis to economy, that In has fact these impacting accounts model, larger South South of over by will the retention clearest currently the impacted our we be challenges the past going In and already in XX% small is Africa, bookings have which XX% that measure and economic dollar we number a through be we our year. anticipate Africa challenges. note derive devalued the severe significantly current economic
Let me now guidance 'XX. for fiscal turn to
expected growth the are first currency $XXX.X in XX% revenues be or For terms. $XXX.X in of XX% quarter of the million to range to to XXXX, million constant
the is guidance U.S. April dollar resulting impact the strengthening on exchange as $X.X XXXX, to year. prior Our the and based of estimated includes compared XX, in an rates million negative of from
million mid-point EBITDA QX up expected EBITDA of be margin an million, first from last the of adjusted reflects basis is quarter year. XXX which $XX.X Adjusted range the is to in XX.X%, points for to the of $XX.X
in are crisis, certainty. early results the is with we stages full-year to that Given obviously of forecast difficult the COVID it
a approach can stream recurring the which we our However, gives management us our nature and to baseline of expense business. our model revenue on disciplined
million bookings changes environment. high the FY'XX completed our the likelihood updating our impacted and broader such, the adversely dramatic in performance QX selling provided guidance guide we specific by current foreign in have to our exchange on initial the movement February, rates, that the reflect economy our are our recently crisis since and will $XX impacted which in of our As by significant guidance the be impact
to of XXXX is in million currency in to $XXX million constant or range terms. growth year full said, XX% XX% be expected to $XXX This revenue the
this by in months Foreign a effect negatively million reconcile an discussed year. that recap. let compared exchange the rate impacting to fluctuations prior with back, guidance the are few Knowing be estimated $XX.X me figures trying to guidance this we in rates you'll
the $XXX a guidance headwind purely compared the stands QX reflects Our to million, call. in February. change and million $XXX in basis, currently million On change that constant the challenges this revenue COVID-XX of slowdown, above this million the million discussed approximately currency million related. the relative impact $XX at $X discussed a currency at booking earlier approximately of economic $XX of change remaining midpoint, ongoing is $X to
From our margins. a maintaining adjusted we are bottom-line estimated perspective, EBITDA
EBITDA million XX.X%, $XX $XX is points would which expected the at As EBITDA full range million, are approximately $XX Free margin of such, to prior full basis year flow reflect guidance of year. year. $XX midpoint, fiscal range in million an of of midpoint be the XXXX of to at the to adjusted be XXX from the for cash our XX% adjusted million the expected XX ' to margins for the year up
slightly to year. to CapEx Capital be revenue. ensure for skewed the of due X% $XX.X to million throughout estimated year is orders will approximately expected equipment front-loading to be to the the capacity QX of expenditures be
As QX expect million. $X result, free be we approximately a cash flow to
Our for expected million. approximately to be is fiscal GAAP tax $X expense 'XX
Our expected non-GAAP XX%. tax be rate is approximately to
revenue Finally, for approximately XX.X% of to stock-based be compensation 'XX. projected fiscal is
flexible While underscore focusing are by and our are confident through will than single-tenant, from challenges and we the delivers times, we customers our organization that product our emerge a build unprecedented that offerings. customers cloud-based value The stronger them resiliency facing these ever. Mimecast offerings team, on are
long-term recurring as despite organization challenges. our and even in visibility allow the approximately XX% goals these times. likewise, strength that remain near-term revenue, with we model will the These business Our to achieve gives ability to our us uncertain us factors confident an maintain
With open to that, questions. the please let operator, us line
