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Business Wire India

• Quarterly revenue of $78.0 million, up 18.5% year over year
• Quarterly gross margin of 61.3%, down from 63.8% year over year
• 2,077 active clients at March 31, 2020, up 12.1% year over year

Rimini Street, Inc. (Nasdaq: RMNI), 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, today announced results for the first quarter ended March 31, 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200507005325/en/

“For the first quarter, we achieved record quarterly revenue, matching the high-end of management guidance, generated $26.3 million of operating cash flow, produced another quarter of net income, strengthened the balance sheet with total cash of $58.0 million at quarter end and expanded sales capabilities. Operationally, in response to the pandemic, we leveraged our secure, remote-connectivity infrastructure to seamlessly and smoothly transition our office-based employees worldwide to a work-at-home model with no material impact to our client service delivery or sales execution,” stated Seth A. Ravin, Rimini Street co-founder, CEO and chairman of the board. “Having already saved our clients nearly $5 billion to date, we are the right company, at the right time, with proven solutions that are helping organizations immediately slash IT operating costs, save jobs, stabilize operations and focus their more limited resources on strategic initiatives. Prior to the pandemic, we were making investments to meet increasing global demand for our expanded product and service portfolio. This increased demand was reflected in our previously issued - and today re-affirmed - 2020 guidance for accelerated year-over-year revenue growth. We are now accelerating those investments to service additional opportunities resulting from the global economic slowdown. We remain committed to the long-term goals of improving free cash flow and growing GAAP profitability.”

First Quarter 2020 Financial Highlights

• Revenue was $78.0 million for the 2020 first quarter, an increase of 18.5% compared to $65.9 million for the 2019 first quarter.
• Annualized Subscription Revenue was $310 million for the 2020 first quarter, an increase of 17.7% compared to $263 million for the 2019 first quarter.
• Active Clients as of March 31, 2020 were 2,077, an increase of 12.1% compared to 1,852 Active Clients as of March 31, 2019.
• Revenue Retention Rate was 92% for the trailing 12 months ended March 31, 2020 compared to 92% for the comparable period ended March 31, 2019.
• Gross margin was 61.3% for the 2020 first quarter compared to 63.8% for the same period last year.
• Operating income was $3.7 million for the 2020 first quarter compared to $11.2 million for the same period last year.
• Non-GAAP Operating Income was $8.9 million for the 2020 first quarter compared to $6.2 million for the same period last year.
• Net income was $2.5 million for the 2020 first quarter compared to $10.3 million for the same period last year.
• Non-GAAP Net Income was $7.7 million for the 2020 first quarter compared to $5.1 million for the same period last year.
• Adjusted EBITDA for the 2020 first quarter was $9.2 million compared to $6.6 million for the same period last year.
• Basic and diluted net income (loss) per share attributable to common stockholders was a net loss per share of $0.06 for the 2020 first quarter compared to a net income per share of $0.05 for the same period last year.
• Employee count as of March 31, 2020 was 1,302, a year-over-year increase of 17%.
   

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, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”

First Quarter 2020 Company Highlights

• Announced significant international client news, including;
  • Two client CFO’s from Brazil industrial manufacturers Metalurgica Fallgatter and Continental Parafusos, spearheaded the move to Rimini Street Support to save costs and improve productivity and business operations
  • Hearing Australia, Australia’s largest provider of government-funded services, switched to Rimini Street Support and was able to free up internal resources to undertake digital transformation initiatives
• Announced that Rimini Street established a whole-of-government volume sourcing agreementwith the Australian Government, an initiative which is part of the government’s agenda to transform ICT procurement to make it simpler, clearer and faster for agencies and industry to transact services.
• Announced the release of a research note from analyst firm Gartner, predicting that the third-party enterprise software support market is expected to grow by 200% from $351 million in 2019 to $1.05 billion by 2023.
• Closed over 8,400 support cases across 42 countries, and delivered more than 28,000 tax, legal and regulatory updates to clients in 33 countries, while achieving an average client satisfaction rating on the Company’s support delivery of 4.8 out of 5.0 (where 5.0 is rated excellent).
• Presented at nine CIO and IT and procurement leader events worldwide, including NRF Retail’s Big Show in New York, the Software Asset Management Conference in Berlin, Germany, and the TechTalk Summit in Miami, Florida.
• Partnered with seven global charities through the Rimini Street Foundation and donated more than 300 volunteer hours.
   

2020 Revenue Guidance

The Company is currently providing second quarter 2020 revenue guidance to be in the range of $77 million to $80 million, and maintaining full year 2020 revenue guidance in the range of $310 million to $320 million.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the first quarter 2020 results and select second quarter 2020 performance to-date commentary at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on May 7, 2020. A live webcast of the event will be available on Rimini Street’s Investor Relations site at https://investors.riministreet.com. Dial-in participants can access the conference call by dialing (855) 213-3942 in the U.S. and Canada and enter the code 2672493. A replay of the webcast will be available for at least 90 days following the event.

Company’s Use of Non-GAAP Financial Measures

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 U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and 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.

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. (IR-RMNI)

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, the duration of and economic, operational and financial impacts on our 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 our business or that of our 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; 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 May 7, 2020, 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.