Rimini Street Announces Preliminary Fourth Quarter and Full Year 2014 Financial Results

Full Year Net Revenues of $86.7  Million, Up 42% Year Over Year
Full Year Annualized Subscription Revenues of $107.1 Million, Up 43% Year Over Year
Deferred Revenue of $82.8  Million, Up 41% Year Over Year
Full Year Revenue Retention Rate of 95%

LAS VEGAS, January 29, 2015Rimini Street, Inc., the leading global independent provider of enterprise software support services for SAP SE’s (NYSE:SAP) Business Suite and BusinessObjects software and Oracle Corporation’s (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion and Oracle Retail, today announced preliminary financial results for the fourth quarter and full year ended December 31, 2014.

Rimini Street’s fourth quarter and full fiscal year 2014 results included record highs in net revenues, annualized subscription revenues, deferred revenues, active clients and number of customers electing multi-year, non-cancelable service periods.

  • Net revenues for the fourth quarter 2014 were $25.4 million, an increase of 47% from the same quarter in 2013.
  • Net revenues for the full fiscal year 2014 were $86.7 million, an increase of 42% from fiscal year 2013.
  • Annualized subscription revenue as of December 31, 2014, was $107.1 million, an increase of 43% from December 31, 2013 and the first time annualized subscription revenue has surpassed $100 million.
  • Deferred revenue as of December 31, 2014, was $82.8 million, an increase of 41% from December 31, 2013.
  • Billings for the full fiscal year 2014 were $110.7 million, an increase of 39% from fiscal year 2013.

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

“The strong demand worldwide for Rimini Street independent maintenance and support is reflected in our fiscal fourth quarter and full-year 2014 numbers and growth,” said Seth Ravin, CEO, Rimini Street. “As we celebrate our 10-year anniversary in 2015 with nearly one thousand clients, including more than 100 of the Fortune 500 and Fortune Global 100 organizations, we remain laser-focused on helping clients achieve maximum value from their IT investments, while executing against our global business plan for growth and profitability.”

Fiscal 2014 and Recent Highlights:

  • Expanded footprint in EMEA and APAC regions, including a new Regional Headquarters facility in the UK and expanded service delivery capabilities in EMEA, the launch of local operations and expanded software support capabilities in Japan, and a new facility opening in Bengaluru and expanded facility in Hyderabad for Rimini Street Labs Operation
  • Expanded EMEA and APAC coverage with first signed clients in Finland and the Philippines
  • Launched support for several new products, including Oracle E-Business Suite Payroll support for the U.S. and UK, stand-alone support for Oracle Database and Middleware products, and Rimini Street Cloud Services with initial offerings of Cloud Support Packages for Salesforce.com and Workday products
  • Launched and expanded Rimini Street Technology Support Services and delivered its first set of products, including the Rimini Street COBOL Compiler® for PeopleSoft products and Rimini Street Smart Proxy Server® for browser compatibility
  • Extended guaranteed support availability for all software releases in use by clients to 15 years after contracting with Rimini Street for Oracle and SAP support
  • Awarded a place on the UK government’s Enterprise Application Support Services agreement (EASS) for the public sector
  • Achieved new milestone with more than 85,000 global tax, legal and regulatory updates delivered across more than 70 countries
  • Won Gold and Bronze Stevie® Awards in the 2014 International Business Awards for third consecutive year for outstanding customer service department, customer service team of the year and best website
  • Named by Inc. magazine for fourth consecutive year as one of the fastest-growing private companies in the U.S. with three-year revenue growth of 141 percent
  • Recognized once again by employees with a prestigious Bay Area “Top Workplace” award

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