Dropbox is set to release its first earnings report as a public company, for the first quarter of 2018, after the bell on Thursday. The cloud software company will discuss the results with analysts on a conference call at 5 p.m. Eastern time.

Here’s what to expect:

• Earnings: 5 cents per share as expected by analysts, according to Thomson Reuters, excluding certain items.
• Revenue: $309.2 million as expected by analysts, according to Thomson Reuters.

With respect to guidance, analysts are looking for Dropbox to forecast 4 cents per share, excluding certain items, on $324.9 million in revenue for the second quarter, and 22 cents per share on $1.33 billion in revenue for the full year, according to Thomson Reuters.

Heading into earnings, RBC Capital Markets analysts led by Mark Mahaney sounded optimistic about Dropbox in a May 4 note. “Our due diligence checks highlight very high customer satisfaction based on DBX’s intuitive interface, ease of use and simplicity,” they wrote.

In the first quarter Dropbox announced partnerships with Google and Salesforce. Partnerships like those “could serve as revenue tailwinds in the near and long,” Mahaney’s team wrote. At the same time, they acknowledged that the market where Dropbox does business is “highly competitive,” with the likes of Microsoft, Box and Atlassian in addition to Google.

The RBC analysts thought Dropbox would say it added 140,000 paying users in the quarter, for a total of 11.12 million, which would represent 23 percent growth from a year ago. Analyst Rishi Jaluria at ‎D.A. Davidson put his paid user growth estimate at 22 percent in a May 8 note.

Jaluria predicted Dropbox would report $109.99 in average revenue per user for the first quarter, while the RBC analysts’ estimate was $113.2 million. For the entirety of 2017, that figure was $111.91.

Dropbox stock started trading on the Nasdaq on March 23. The stock is currently about 1 percent above the debut price of $29 per share. In the same period, competitor Box‘s stock is up about 24 percent.

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