Rimini Street(RMNI)

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Rimini Street(RMNI) - 2023 Q4 - Annual Results
2024-02-28 12:02
Exhibit 99.1 FOR IMMEDIATE RELEASE Rimini Street Announces Fiscal Fourth Quarter and Annual 2023 Financial and Operating Results LAS VEGAS, February 28, 2024 – Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced results for the 2023 fourth quarter and fiscal year ended December 31, 2023. Rimini Street Announces Fiscal Four ...
Rimini Street(RMNI) - 2023 Q4 - Annual Report
2024-02-28 12:00
Financial Performance - Rimini Street generated revenue of $431.5 million for the year ended December 31, 2023, representing a year-over-year increase of 5%[35]. - The company recorded net income of $26.1 million for the year ended December 31, 2023, compared to a net loss of $2.5 million in 2022[35]. - Revenue increased from $409.7 million for the year ended December 31, 2022, to $431.5 million for the year ended December 31, 2023, representing a 5% year-over-year growth[181]. - International revenue increased from $194.3 million in 2022 to $211.5 million in 2023, representing a 9% growth[195]. - The company recorded a net income of $26.1 million for the year ended December 31, 2023, with an accumulated deficit of $202.2 million[171]. Client Base and Market Presence - As of December 31, 2023, Rimini Street supported over 3,030 active clients globally, including 73 Fortune 500 companies[34]. - Approximately 51% of Rimini Street's revenue in 2023 was generated in the United States, while 49% came from international business[35]. - Approximately 49% of the company's revenue for the year ended December 31, 2023, was generated outside of the United States, with Japan representing 10% of total revenue[86]. - As of December 31, 2023, the company supported over 3,030 active clients globally, including 73 Fortune 500 companies and 20 Fortune Global 100 companies[81]. - The company has developed a comprehensive portfolio of over 20 solutions across six product suites, covering more than 40,000 SKUs from major vendors including Oracle, SAP, Salesforce, Microsoft, and IBM[87]. Service Offerings and Innovations - Rimini Street's Solutions Portfolio includes managed services for Oracle, SAP, IBM, Salesforce, and open-source database software[24]. - The company offers Rimini ONE™, a comprehensive outsourcing solution designed to extend the operating lifespan of clients' existing technologies by a minimum of 15 years[24]. - Rimini Support™ provides 24x7x365 mission-critical support with a guaranteed 10-minute response time for service requests[27]. - The company offers its Rimini Support solutions at approximately 50% of the annual fees charged by software vendors for base support, providing substantial cost savings for clients[56]. - AI applications developed by the company have accelerated case resolution times by an average of 23% and reduced urgent cases by approximately 29%[63]. Operational Capabilities - The company employs over 2,120 professionals across various global locations, enhancing its service delivery capabilities[34]. - The company employs over 1,280 support engineers with an average of over 20 years of industry experience, providing 24/7 support across more than 130 countries[77]. - The company has a rigorous software development lifecycle compliant with ISO 9001:2015 standards, ensuring timely and accurate delivery of updates[66]. - The company has achieved ISO 9001 and ISO 27001 certifications, ensuring high-quality service and information security management[101][103]. Strategic Goals and Market Positioning - The company aims to address the complexity of hybrid IT environments by consolidating services and support with a limited number of service providers[39]. - The company plans to expand its support services to additional software vendors and products to address the growing needs of its clients[55]. - The company intends to launch new enterprise software support solutions to address various business needs, enhancing its service offerings[91]. - The company plans to expand its global business by increasing its direct sales force and utilizing strategic marketing partnerships[86]. - The company’s marketing programs target senior executives, emphasizing the unique benefits of its offerings and positioning it as a thought leader in the enterprise application support market[74]. Competition and Market Challenges - The company faces strong competition from major players such as Accenture, IBM, and Oracle in its Rimini Manage, Rimini Protect, and Rimini Connect solutions[106][107]. - The company faces significant competition from enterprise software vendors like Oracle and SAP, which may have more resources and broader customer relationships[169]. - The company has faced ongoing litigation with Oracle since 2010, resulting in a total judgment paid to Oracle of approximately $89.9 million after appeals[128]. - The ongoing litigation with Oracle poses a risk to the company's revenue, as Oracle products are a significant portion of its income[123]. - The ongoing litigation with Oracle has resulted in challenges in acquiring new clients and renewing existing contracts, potentially impacting future revenue growth[159]. Risks and Legal Issues - The company’s financial health and operational results are subject to various risks, including ongoing litigation and market competition, which could adversely affect its performance[120][123]. - The company is self-insured for costs related to current or future intellectual property litigation, which may affect financial stability[161]. - The company continues to face risks of additional litigation from Oracle, which could distract management and reduce client interest[164]. - The outcome of ongoing litigation may affect the company's stock price and ability to raise additional financing[160]. - The company has been subject to a permanent injunction since November 2018, which restricts certain support processes found to infringe Oracle copyrights[129]. Cybersecurity and Compliance - Cybersecurity threats are increasing, and any compromise of data security measures could lead to client dissatisfaction and reputational harm[1]. - The company employs various measures to mitigate cybersecurity risks, but remains vulnerable to advanced persistent threats that could materially affect business operations[205]. - Compliance with privacy and security laws, such as the General Data Protection Regulation, could result in fines of up to 4% of global annual revenue or €20 million for serious infringements[208]. - A successful phishing incident in 2021 resulted in unauthorized sharing of client addresses and billing data, although it did not significantly impact business relationships[204]. Human Resources and Management - The senior management team has over 150 years of combined experience in the enterprise software and services industry, enhancing the company's market leadership[83]. - The company has experienced challenges in attracting and retaining qualified personnel, particularly in competitive markets like the San Francisco Bay Area[179]. - The company’s client success managers play a crucial role in client retention and satisfaction, overseeing onboarding and account management processes[68]. - The company has received multiple employee satisfaction awards, including the "2023 Top Workplaces USA" award, reflecting its strong client-centric culture[98]. Future Outlook and Growth Strategy - The company intends to continue investing significantly in expanding sales and marketing operations, enhancing service offerings, and entering new markets[172]. - The company must effectively price its products and services to attract new clients while retaining existing ones without compromising profitability[181]. - The company’s growth strategy includes expanding sales to clients outside the United States, exposing it to global operational risks[1]. - The company may need to incur additional debt or raise capital if operating cash flows are insufficient to fund growth[183]. - The company recognizes revenue from subscriptions over the contract term, which may not immediately reflect sales fluctuations in financial results[1].
Rimini Street(RMNI) - 2023 Q3 - Earnings Call Transcript
2023-11-02 00:47
Rimini Street, Inc. (NASDAQ:RMNI) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Dean Pohl - Vice President, Investor Relations Seth Ravin - CEO and President Michael Perica - EVP & Chief Financial Officer Conference Call Participants Derrick Wood - Cowen Jeff Van Rhee - Craig-Hallum Brian Kinstlinger - Alliance AGP Operator Good day and thank you for standing by and welcome to the Rimini Street Third Quarter 2023 Earnings Call. At this time, all participants are in a list ...
Rimini Street(RMNI) - 2023 Q3 - Quarterly Report
2023-11-01 11:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-37397 Rimini Street, Inc. (Exact name of registrant as specified in its charter) Delaware 36-4880301 (State or other jurisdict ...
Rimini Street(RMNI) - 2023 Q2 - Earnings Call Transcript
2023-08-03 02:22
Rimini Street, Inc. (NASDAQ:RMNI) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Dean Pohl - Vice President of Investor Relations Seth Ravin - President and Chief Executive Officer Michael Perica - Chief Financial Officer Conference Call Participants Jeffrey Van Rhee - Craig-Hallum Capital Group Derrick Wood - TD Cowen Operator Good afternoon, and thank you for standing by. Welcome to the Rimini Street Second Quarter 2023 Earnings Call. [Operator Instructions] Please be adv ...
Rimini Street(RMNI) - 2023 Q2 - Quarterly Report
2023-08-02 10:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 Not Applicable ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-37397 Rimini Street, Inc. (Exact name of registrant as specified in its charter) Delaware 36-4880301 (State or other ...
Rimini Street(RMNI) - 2023 Q1 - Earnings Call Transcript
2023-05-04 02:37
Rimini Street, Inc. (NASDAQ:RMNI) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Dean Pohl - Vice President of Investor Relations Seth Ravin - Chief Executive Officer Michael Perica - Chief Financial Officer Conference Call Participants Brian Kinstlinger - Alliance Global Partners Derrick Wood - Cowen Jeff Van Rhee - Craig-Hallum Operator Good day, and welcome to the Rimini Street Q1, 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After ...
Rimini Street(RMNI) - 2023 Q1 - Quarterly Report
2023-05-03 20:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-37397 Rimini Street, Inc. (Exact name of registrant as specified in its charter) Delaware 36-4880301 (State or other jurisdiction ...
Rimini Street(RMNI) - 2022 Q4 - Earnings Call Transcript
2023-03-02 03:15
Rimini Street, Inc. (NASDAQ:RMNI) Q4 2022 Earnings Conference Call March 1, 2023 5:00 PM ET Company Participants Dean Pohl - Vice President of Investor Relations Seth Ravin - Chief Executive Officer Michael Perica - Chief Financial Officer Conference Call Participants Jeffrey Van Rhee - Craig-Hallum Brian Kinstlinger - Alliance Global Partners Andrew Sherman - Cowen and Company Operator Good afternoon ladies and gentlemen, and welcome to the Rimini Street Earnings Conference Call. At this time, all particip ...
Rimini Street(RMNI) - 2022 Q4 - Annual Report
2023-03-01 21:11
☑ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commission File Number 001-37397 Rimini Street, Inc. (Exact name of registrant as specified in its charter) Delaware 36-4880301 (State or other jurisdiction of inc ...