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LAS VEGAS, March 15, 2018 - Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced results for its fourth quarter and full year ended December 31, 2017.
"The fourth quarter was another record quarter for revenue and the 48th consecutive quarter of revenue growth for Rimini Street," stated Seth A. Ravin, Rimini Street co-founder and CEO.
"We continue to see a growing global demand for our enterprise software support products and services, and our current offerings cover an addressable market of more than $30 billion in annual IT services spend. With total annual global market spend on software and maintenance services exceeding $160 billion, and considering additional spend on IT services adjacencies, Rimini Street sees a substantial opportunity for continued growth in the years ahead. As the global leader for independent support and maintenance, we are well-positioned to continue growth through additional sales and marketing investments, as well as expansion into new countries, products and services."
"Revenue in the fourth quarter and full fiscal year 2017 exceeded the high end of our guidance range, driven by continued growing global demand for our products and services and operational execution in sales and service delivery," stated Tom Sabol, Rimini Street CFO. "In addition to our focus on revenue growth and gross profit expansion, we are also focused on the goals of reducing total debt, reducing our cost of capital and improving free cash flows in a way that will allow us to invest more in growth and eventually achieve GAAP profitability."
On January 8, 2018, the U.S. Appeals Court ruled favorably for Rimini Street. The Court of Appeals reversed certain awards made in Oracle's favor during and after the Oracle v. Rimini Street trial in 2015, and vacated others, including all claims and judgments against Mr. Ravin and an injunction that had already been stayed by the appellate court. Rimini Street will seek reimbursement for up to $50.3 million of the judgment previously paid to Oracle. Rimini Street currently believes Oracle may refund approximately $21.0 million in the second quarter of 2018, and the Company currently expects the resolution of the remaining amount sometime in 2018. Amounts refunded back to Rimini Street from Oracle will be used to pay down outstanding debt under its credit facility. After all appeals have been exhausted and after netting out all remand and appeal costs, a portion of the proceeds received will need to be refunded to the insurance company that paid a portion of the litigation costs.
With respect to the litigation Rimini Street has filed against Oracle (Rimini Street v. Oracle), the Court has allowed us to proceed with our amended complaint against Oracle asking for declaratory judgment of non-infringement of copyright and to proceed with our claims against Oracle of intentional interference with contractual relationships and violation of California and Nevada unfair business practices statutes. The case is not currently expected to go to trial until at least 2020.
Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”
The Company is currently providing first quarter 2018 revenue guidance to be in the range of approximately $59.0 million to $60.0 million.
The Company is currently providing full year 2018 revenue guidance to be in the range of approximately $250 million to $270 million.
Rimini Street will host a conference call and webcast to discuss the fourth quarter and full year 2017 results at 5:00 p.m. Eastern / 2:00 p.m. Pacific time on March 15, 2018. A live webcast of the event will be available on Rimini Street's Investor Relations site at https://investors.riministreet.com/events-and-presentations/upcoming-and-past-events. Dial in participants can access the conference call by dialing (855) 213-3942 in the U.S. and Canada and enter the code 4385768. A replay of the webcast will be available for at least 90 days following the event.
This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release. Presented under the heading “About Non-GAAP Financial Measures and Certain Key Metrics” is a description and explanation of our non-GAAP financial measures.
Rimini Street is a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, based on both the number of active clients supported and recognition by industry analyst firms. The Company has redefined enterprise software support services since 2005 with an innovative, award-winning program that enables licensees of IBM, Microsoft, Oracle, SAP and other enterprise software vendors to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for a minimum of 15 years. Over 1,560 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries currently rely on Rimini Street as their trusted, third-party support provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may," "should," "would," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "seem," "seek," "continue," "future," "will," "expect," "outlook" or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our first quarter and annual 2018 revenue guidance, industry, future events, future opportunities and growth initiatives, estimates of Rimini Street's total addressable market, and projections of customer savings. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street's business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse litigation developments or government inquiry; the final amount and timing of any refunds from Oracle related to our litigation; our ability to refinance existing debt on favorable terms; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the loss of one or more members of Rimini Street's management team; uncertainty as to the long-term value of RMNI common stock; and those discussed in Rimini Street's Annual Report on Form 10-K filed on March 15, 2018 under the heading "Risk Factors," as updated from time to time by Rimini Street's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. There may be additional risks that Rimini Street presently knows or that Rimini Street currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Rimini Street's expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street's assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Rimini Street's assessments as of any date subsequent to the date of this communication.
© 2018 Rimini Street, Inc. All rights reserved. "Rimini Street" is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.