Rimini Street Announces Preliminary Fiscal 2016 Q1 Financial Results

Revenue of $35.4 million, up 37% year over year
Deferred revenue of $111.2 million, up 28% year over year
Billings of $41.6 million, up 39% year over year
1,344 signed clients to date, up 31% year over year

LAS VEGAS, April 19, 2016Rimini Street, Inc., the leading global independent provider of enterprise software support services for SAP SE’s (NYSE:SAP) Business Suite, BusinessObjects and HANA Database software and Oracle Corporation’s (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail and Oracle Agile PLM, today announced preliminary financial results for its fiscal 2016 Q1 ending March 31, 2016.

Strong Momentum in Both Oracle and SAP Support
Rimini Street’s strong and steady growth in the first fiscal quarter of 2016 includes 74 new client transactions worldwide and top line growth across its major Oracle and SAP support product lines. Fiscal 2016 Q1 marks the Company’s 41st consecutive growth quarter since its inception in 2005.

  • Revenue for 2016 Q1 increased 37% year over year to $35.4 million.
  • Deferred revenue as of March 31, 2016 increased 28% year over year to $111.2 million.
  • Billings for 2016 Q1 increased 39% year over year, to $41.6 million.
  • Total signed clients to date as of March 31, 2016 increased 31% year over year to 1,344.
  • Employee count as of March 31, 2016 increased 36% year over year to 696.

The above information is preliminary and subject to the completion of quarter-end financial processes and review.

Rimini Street 2016 Q1 Highlights:

  • Announced strong momentum and expansion of operations in Japan to support the fast-growing client base and opened a second office located in Osaka to meet the rising demand for Rimini Street Oracle and SAP support in Western Japan.
  • Announced strong momentum and expansion in Israel and Eastern Europe, including support for more than 55 clients across the region, as well as five of the 10 largest Israeli companies, and increased investment in local staff, support capabilities, and operations in the region.
  • Closed nearly 4,500 support cases across 30 countries, and achieved a client satisfaction score of over 4.8 out of 5.0 for service delivery and resolution.
  • Delivered more than 110,000 tax, legal and regulatory updates to date to clients worldwide through Rimini Street’s patent-pending research technology, methodology and ISO-certified development process.
  • Completed its third annual ISO 27001:2013 certification audit process for its Information Security Management System, achieving a result of “zero non-conformities” for the third consecutive year. ISO 27001:2013 is the most rigorous and recognized international standard for implementing and managing security controls that protect information assets, and Rimini Street remains the first and only ISO 27001:2013-certified provider of independent enterprise software support services.
  • Honored with a prestigious Stevie Award for Customer Service Department of the Year, marking the fifth consecutive year the Company has received this sought-after award for delivering excellence in customer service and support.
  • Presented at five banking and investment conferences and events for Roth Capital Partners, Needham & Company, Barclay’s Capital, JMP Securities and Piper Jaffrey & Co.
  • Presented at five CIO conferences across the globe, including Gartner’s Enterprise Application & Architecture Summit in Japan.

“Our strong fiscal 2016 Q1 results reflect continued fast-growing global demand for Rimini Street’s support services and the continued successful execution of our global operations and expansion plan,” said Seth Ravin, Rimini Street CEO. “Oracle and SAP licensees continue making the switch to our support services at a record pace, enjoying premium, ultra-responsive services, and using the significant savings to fund new investments in innovation that drive growth and competitiveness for their organizations.”

To learn more, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,500 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit https://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

Forward-Looking Statements

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 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, the duration of and economic, operational and financial impacts on Rimini Street’s business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt Rimini Street’s business or that of its current and prospective clients, 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 developments in pending litigation or in the government inquiry or any new litigation; Rimini Street’s need and ability to raise additional equity or debt financing on favorable terms and Rimini Street’s ability to generate cash flows from operations to help fund increased investment in Rimini Street’s growth initiatives; the sufficiency of Rimini Street’s cash and cash equivalents to meet its liquidity requirements; the terms and impact of Rimini Street’s outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of Rimini Street’s recently introduced products and services, including its Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services Rimini Street expects to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those risks discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 5, 2020 and as updated from time to time by other filings by Rimini Street with the Securities and Exchange Commission. 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, except as required by law. 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.

© 2020 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.

Investor relations contact:

Dean Pohl

Rimini Street, Inc.

+1 925-523-7636 dpohl@riministreet.com
Media relations contact:

Janet Ravin

Rimini Street, Inc.

+1 702-285-3532 pr@riministreet.com