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Rimini Street Announces Record Preliminary Fourth Quarter and Full Year 2015 Financial Results

Full year revenue of $118 million, up 37% year over year
Full year annualized subscription revenue of $141 million, up 32% year over year
Deferred revenue of $105 million, up 27% year over year
1,270 total signed clients to date, up 32% year over year

LAS VEGAS, January 21, 2016Rimini 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, Oracle Retail and Oracle Agile PLM, today announced its preliminary financial results for the fourth quarter and full year ending December 31, 2015.

Record Revenue and 40 Consecutive Quarters of Growth

Rimini Street’s fourth quarter and full fiscal year 2015 results continued its uptrend in record revenue, annualized subscription revenue, deferred revenue, and number of clients electing multi-year, non-cancelable service periods. Revenue retention rates were consistent with prior quarters.

The fourth quarter of 2015 marked 40 consecutive quarters of growth. For the full fiscal year 2015, the Company completed 310 new client transactions worldwide, a 42% increase year over year, and increased total signed clients by 32% year over year to 1,270. The Company also completed 106 new client transactions in the fourth quarter, setting a new quarter record and surpassing the 100 new clients signed in a quarter milestone for the first time.

  • Revenue for the fourth quarter of 2015 increased 33% year over year to $34 million.
  • Full year revenue for fiscal year 2015 increased 37% year over year to $118 million.
  • Annualized subscription revenue as of December 31, 2015 increased 32% year over year to $141 million.
  • Deferred revenue for full fiscal year 2015 increased 27% year over year to $105 million.
  • Unbilled deferred revenue for full fiscal year 2015 increased 37% year over year to $96 million.
  • Billings for the full fiscal year 2015 increased 27% year over year to $141 million.
  • Hired 253 new employees worldwide in fiscal year 2015, expanding the global workforce 41% year over year to nearly 660 professionals.

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

Fiscal 2015 Achievements and Recent Highlights:

  • Invested in growth and expansion worldwide, including:
  • Launched support for an additional product line, Oracle Agile PLM software, the ninth Oracle product and the 11th product supported overall by the Company.
  • Launched new product innovations with Rimini Street’s next-generation suite of enterprise software support including Security Support Services, Risk Avoidance Services and Innovation & Roadmap Services.
  • Delivered more than 105,000 tax, legal, and regulatory updates to date to clients worldwide through Rimini Street’s patent-pending research technology, methodology and ISO-certified development process.
  • Successfully closed more than 13,000 support cases across 34 countries, and averaged less than five minutes’ response time for high priority cases.
  • Saved Oracle and SAP clients who have adopted Rimini Street support over the last decade an estimated $1 billion in total maintenance costs.[1]
  • Achieved a successful outcome in the Oracle vs. Rimini Street trial, including Oracle’s admission that third-party support is lawful, the jury finding “innocent” copyright infringement and the jury rejecting Oracle’s claims of “willful” copyright infringement, tortious conduct, lost profits, and punitive damages.
  • Commemorated its 10 year anniversary of redefining the independent enterprise software support industry.
  • Named to the JMP Securities “Hot 100” list of The Best Privately Held Software Companies for the fourth consecutive year.
  • Named to Inc. magazine’s 2015 Inc. 5000 list of the fastest-growing companies in America for the fifth consecutive year.
  • Launched the Rimini Street Foundation to invest back into communities around the world with in-kind donations, employee time and financial donations – wherever Rimini Street has operations and employees.

“Rimini Street executed well against its global business plan for the fourth quarter and full fiscal year 2015,” said Seth Ravin, Rimini Street CEO. “We continue to see strong, growing global demand for Rimini Street’s support services and solutions that can save clients up to 90 percent in operating costs over a decade. In 2016, Rimini Street plans to continue its aggressive investment in new markets, new services and expanded global sales and service capabilities, with a relentless, continued focus and commitment to deliver the best support value and service available in the marketplace. Rimini Street clients, which include more than 125 Fortune 500 and Fortune Global 100 companies, are continuing to drive innovation and business growth with the savings from their switch to Rimini Street support.”

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. Over 2,000 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com/, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

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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 forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. 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 developments in pending litigation (including our pending appeal of the permanent injunction) or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our 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 our recently introduced products and services, including our 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 we expect 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 discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 7, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.

+1 203 347-4446 dpohl@riministreet.com
Media Relations Contact
Michelle McGlocklin

Rimini Street, Inc.

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