Reports Q4 revenue $325.4M, consensus $355.9M. "Strong growth in adjusted gross billings and an industry-leading gross margin of 25% were the highlights of this year's fourth quarter. While product mix was not optimal and impacted gross profit in the fourth quarter, we closed the fiscal year well positioned for future growth in our key solution areas of cloud, security, and digital infrastructure. We also continue to build an annuity-quality revenue base to support consistent revenue growth," said Mark Marron, President and Chief Executive Officer. "For fiscal 2019, consolidated gross margin increased 130-basis points to 24.1%, primarily reflecting a 15.4% increase in higher-margin services revenues, which accounted for 10.9% of total annual revenue. Services have increased at a CAGR of 24% over the last three years, reflecting the success of our strategy to provide innovative IT solutions to middle market and enterprise customers. "To support customer demand for our solutions, we continue to make focused investments on consultative, technical and client facing resources, as well as through strategic acquisitions," noted Mr. Marron.
