Rimini Street Announces Preliminary Fiscal 2017 Q1 Financial Results

Revenue of $49 million, up 42% year over year
Deferred revenue of $165 million, up 44% year over year
Total invoicing of $50 million, up 34% year over year
Nearly 1,900 total signed clients to date, up 40% year over year

LAS VEGAS, April 19, 2017 – Rimini 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, Oracle Agile PLM and Oracle ATG Web Commerce software, today announced preliminary financial results for its fiscal 2017 Q1 ending March 31, 2017.

Record Revenue and Strong Momentum

The Company’s 2017 Q1 marked its 45th consecutive quarter of sequential revenue growth, with record revenue of $49 million, an increase of 42% year over year, and annual run-rate revenue exceeding $196 million. The Company also achieved Q1 total invoicing of $50 million, an increase of 34% year over year.

Rimini Street signed 109 new client transactions in the quarter, representing a 47% increase year over year, and increased its total signed clients to date to 1,875, a 40% increase year over year.

Additional fiscal 2017 Q1 results:

  • Deferred revenue increased 44% year over year to $165 million.
  • Billings increased 16% year over year to $50 million.
  • Worldwide active employee count increased 25% year over year to 866 professionals as of March 31, 2017.

The above information is preliminary and subject to the completion of the Company’s fiscal quarter-end financial review.

2017 Q1 Notable Achievements and Highlights

  • Announced the appointment of a new CFO, Thomas Sabol, to assume responsibility for all financial aspects of the Company. Sabol brings to this role extensive public company, financial and operational leadership experience at high-tech organizations.
  • Doubled the number of Oracle and SAP clients signed in Israel and Eastern Europe, and announced continued strong growth and investment in this dynamic region.
  • Closed a record number of support cases in one quarter – nearly 7,000 cases across 44 countries – and again achieved an average client satisfaction score of 4.8 out of 5.0 (5.0 being “excellent”) for support provision. The Company also averaged less than a five minute response time for all Priority 1 cases.
  • Honored with five awards for delivering excellence in customer service including Company of the Year, Most Customer-Friendly Company and Most Innovative Service, as well as two Stevie awards for Customer Service Leader of the Year, and Customer Service Department of the Year.
  • Delivered more than 130,000 tax, legal and regulatory updates to date worldwide.
  • Presented at 16 CIO and procurement leader events worldwide, including conferences in Sydney, Australia and São Paulo, Brazil, and Gartner’s Enterprise Architect Summit in Tokyo, Japan.
  • Contributed numerous volunteer hours and made financial contributions to charities around the world through the Rimini Street Foundation.

“Rimini Street’s 2017 Q1 results and 45 consecutive quarters of growth reflect both the strong global demand for our premium-level, award-winning support and a focused execution against our business plan,” said Seth Ravin, Rimini Street CEO. “Rimini Street continues to lead the enterprise software support market with the most innovative, value-driven and feature-rich support offerings available today.”

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