RMNI - Earnings call transcript Q3 2018

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Operator

Welcome to Rimini Street’s Third Quarter Fiscal Year 2018 Earnings Conference Call. I will now hand the call over to Dean Pohl, Director of Investor Relations.

Dean Pohl

Thank you, Shannon. I’d like to welcome everyone to Rimini Street’s Third Quarter 2018 Earnings Conference Call.

On the call with me today is Seth Ravin, our CEO; and Tom Sabol, our CFO. third on earnings our our can release, issued found be website. we quarter press XXXX which Today, A reconciliation statements of been release. provided GAAP to non-GAAP the following financial tables the financial in press in this measures has explanation release the press An in Financial under these also heading, measures included of the Measures. Non-GAAP is

encourage made may will the which materially forward-looking statements SEC risks to discussion XX-Q are that reminder, today We you affect cause results our most including differ reflect filings, today. that to actual a statements As recent a include price. current may to review third our our our Form today’s from stock results of subject for and was for risks that discussion statements quarter, or outlook. forward-looking uncertainties fiscal These filed

prepared we’ll Seth. remarks. that, questions, over the I’d turn taking begin like call With to Before to with

Seth Ravin

everyone, and Street’s financial quarter Dean, XXXX thank you, Thank joining you, Rimini review us third to results. for

least million, we Revenue XX% For retention quarter, year-over-year. currently, ended substantially of the subscriptions, revenue mid-market, with active rate XX% with annualized and up for on non-cancelable all broad up of at basis. a year-over-year, for and range other We third sector XX% XX% months industries public revenue XX% which approximately generated geographies, $XXX up remained mix subscription Global our subscription is of of million, of rolling revenue above XXX, $XX.X the revenue a X,XXX with XXX, year-over-year. quarter XX Fortune Fortune clients across

gross X.X satisfaction company’s X X.X XX.X% maintained as the delivery of support During delivered cases more XX than rated of the closed on delivery X,XXX and team a support service client across out rating excellent. where global average our client is countries, an of third quarter, profit

the Service Service our of also Year, XX%. of Year approximately of the Service accepted increase preferred our payoff are quarter’s By the awards growth former in facility increasing Customer global such credit more On X,XXX including stock in Department and convertible the our XXXX. XX marketing operational Initiatives stock quarter discussed sales Company footprint, expanding former to new that were SaaS July credit last employees, the third eliminating software through in of rollout, of product activities the for Customer and invest proudly now a previously financial Year. Leadership offerings earnings as Year, Team service, with ended facility, call, sale termination and limited and We infrastructure, support of the Customer and covenants the client year-over-year We and we able investments. issuance of and common opportunities. our cross-selling and we

sales vision. campaigns increased marketing third the and our and Roadmap year-over-year, approximately sales XX% Business-Driven and strategy. quarter, During Offerings launched launched staff by we new our new marketing

quality higher cost offering, offerings our innovating of years and thousands Business-Driven a total methodologies XX the spend, spent maintenance call support responsive clients Street have meeting We which tools, has since company. our service clients We annual to support IT support clients and Roadmap, own a the strategy their to the allows business offer savings enabled XX% broader this and proprietary up and support We and a control and service. of a more service on IT provide to support Switching of follow cost roadmap. of processes, of model Rimini to in risky needs roadmap are inception lower includes results Business-Driven organizations. Business-Driven order in the achieve they a leveraging their IT able upgrades expensive, set completely to service Roadmap, our their growth path competitive have vendor-driven forced at suite roadmap costs Roadmap since Rimini time-consuming and higher the from the to services. and Rimini advantage ROI, by operating timing much and Rimini vendor-driven with technology is and clients migrations for different Street remain own Street Street’s vendor By a found of leveraging fully value for by to often supported optimize and clients.

In and in value successfully XX Street’s that now increase support by and combination of also growth. cloud, architecture, future-proof replacement enable leader in help with cost, we been design Rimini in secure we optimize forward suite hybrid infrastructure advanced for our for services competitive clients the offer and connect over is modernize software and other the addition with have in Street products collective years, and X,XXX helping the and life efficiencies, software business system assets innovation integrate value of vendor products technology to software investments current and application enhances interoperability, additional leveraging a existing substantially functionality, public services deploy reduce maintenance, compatibility systems Business-Driven the that invest and security strategies, services. and clients Rimini Roadmaps. The to operating of maximize advantage various global

XX% Street from be experience spend their XX% suite Roadmap can IT up for Street’s IT a allowing to services, when Business-Driven Rimini Our savings operating reduce initiatives the that total business client’s Rimini suggests innovation. powered utilizing to of budget freed of by the and

intends which enhance Business-Driven in countries serves time they environment, with savings to education from switched minimum will Positivo IT Suite Roadmap one organization its e-business As Rimini Grupo Positivo maximize maintenance than the X education intelligence new The Positivo XX Grupo More to recognition company than and XXXX technology graduate highlight system by holding powered like investing leverage its a students in the facial switch stable now Positivo, by total reduce a I’d of across Rimini more the can it its systems the additional Street. printing business. are publishing, and undergraduate, lifespan products solutions. an to and million Street to current its an that to for its and includes applications clients, of a Oracle used Oracle educational of years our students for assisted who across technology, alone. Brazilian XX% costs for Brazil The and operates artificial traditional with division. education be example, to programs. its Positivo’s online continuing XX estimates brand able by in education recently

CIO Rimini the and well received and "The Positivo quickly, pleased have we are we the of switch the As support transition so Street we made was planned vendor since partnership and completed with to Grupo support. from noted,

service to better We and Positivo’s IT have The through and knowledge, by education, built partnerships entire consolidate we our goals. technology to a Street enterprises agility world with has us business in achieve empower specialized given excellent needed Rimini Grupo highly environment. the provided and to ability order

their and Both stable software in to of is SAP, migrate are from efforts an current important to licensees massive time leveraging differentiator advances technology engaged to fierce. able with releases now the remains new force upgrade for are still-maturing in as We competitors, software to dedicate the and to technologies software Competition. vendor’s primary Competition competitive us." software. Oracle adoption vendors newest, analyzing our

return and advantage the many As consider vendor are upgrade licensees. significant from a SAP use popular vendors and adoption releases currently XXXX, by to support low a on for releases that rates many growth. competitive poor and investment attempting time or neither tens budget, are involves investments licensees goal drive full that low, in the licensees and by will resources enable Thus, migration mandatory of many of around Oracle value, and software roadmap retiring achieve this thousands

releases their hamper strong no since Street’s challenges resource-intensive that with Licensees may tactics. business roadmap support required of and get innovation X,XXX respect roadmap more a SAP vendor its and apparent of upgrades list the this switch inception sales expensive, environment misleading through forced Street We and risky needs. desperate appears creates guaranteed their that stable signs migrations. off growing and increasingly Street to a its by the stable and of believe and client marketing Rimini popular Oracle, focus provide XX investment with demand Oracle than fear of current campaigns Rimini minimum alternatives opportunity value or projects financial an fueling vendor and even proposition of is any XXXX. on for migration years sales, releases stronger retirement since and Rimini it can Street’s and will avoid Business-Driven upgrades With and additional Roadmap to for Rimini or vendor Following

seeing to been as Oracle be client aggressive against definitely retain Rimini support new more we individual more appears we This that shows believe to revenue. in also It always has seeing also Street. discounting is be is desperate weakness to bids proposition Oracle and SAP, experience has support SAP Rimini something losses appears discounting. clients respect by annual discounting the of competitive more apparent rather Street. now we their fees provided that seeing are of about of Oracle, but its it in compared discounting SAP are our We growing value substantial as and support levels to concern competitive With clients engaging to response from increased are and to what

still vendors, innovation more responsive Rimini While from status Street Rimini SAP’s Rimini would to to fees savings the control at of Oracle support match suite A included accounts business and Rimini invest even only third developments. environment, even successfully savings support revenue Rimini of quarter. services that about new fees, has pricing Rimini litigation agility would licensees and full vendor’s substantial of overall support services. Oracle for their vendors the closed if of considering believe in of could cost caused to that Rimini current the won, broader Street over of model, Street’s aggressive software and when better XXX clients provides Street and support a client’s Street a in a priced the better create more growth. we total deal net Roadmap. breadth support savings products and have competitive Street the services Street’s discounted savings, utilizing and client discounting otherwise XX% the loss switch initiatives losses total annual expected of receive support for vendor’s experience, we Business-Driven annual the less some the standard more the IT deals to the have and X/X which and the lead Therefore, switching with value support not and with advantage

is As Oracle’s that in that Street filed as With discussed in and the in taking filed Rimini Rimini we time in no have processes its Oracle. litigation matters support and court finding only In and know Oracle, previous longer XX claims Oracle finding Rimini our a respect ongoing processes approximately prevailed that litigation not for referred we in that to two against Street calls, in that infringement second stage Rimini to successful appeal, were first as jury with XXXX, to and Rimini litigation different One, use. Rimini know $XXX Rimini related out pretrial stage Rimini in the by paid One, in former a in appeal infringing. full. judgment innocent and had XXXX XXXX into to earning Street’s infringement with of account Oracle alleged against to the referred is means One XX of Street innocent is did of Two. reason no October The million

So million its Rimini from following is additional a March Oracle on Oracle Street still from $XX.X appeal, first of successful $XX.X far, the appeals refund and refund million achieved through process. seeking XXXX, of an XX,

address Appeal on of of identical that that Street’s of Street Street’s longer since issued motion a District and support the Nevada were Appeals adjudicated uses pending the Ninth order purportedly by merits the One XX, X, Court former does XXXX Rimini is intended it focus Rimini used Court Circuit on November In XXXX, Circuit originally as Ninth that and not injunction was The vacated appeal has stay at August to appeal. denied infringing and addition, the The on not Rimini of injunction the practices latest. injunction the Rimini of XXXX. virtually to Court the the July for in

the does sale defines was case the January injunction with service any Court for in injunction not or XXXX, As was rather renewed by services products for or Street product Rimini issued Rimini provide but support that lines. its of the Oracle certain service XXXX which previous any manner limit in to provides the vacated Appeals Street in the Oracle may continue deliverables restrict clients

will the per between million therefore some injunction labor of the $X Rimini for and to costing X% for million with amount complete X% to its of or deliverables compliance required the Street support revenue. company year clients, However, $X increase

phase. base Business-Driven to materially Fact in has compelling fully pretrial the from intends impacted seeking are attorney’s of an continue was We value reason that Oracle suite currently services not expanding Roadmap occur Street or damages leverage offer sales and products we who our of Rimini new of behavior illegal remain fees are the capacity Street Oracle For organization our and Trial expected With is appeal is on others, the marketing Street. and of continuing aware the a can and until in the for seeking client capabilities focused prospect to XXXX currently of causes and support not its a from addition of the case and to other proposition and not with also an later. expanded growing provide aware to Rimini and of discovery services. is is reach we client believe award. respect strategy Rimini pursuing and to Rimini in investment broader action, injunction Summary. since is quarter damages that second concluded, and sales XXXX. Two,

in earnings beyond. call believe lead growth in our calls, noted we Tom over billings across investments to the have the will will now we XXXX and the previous company Sabol, made to As turn being I CFO.

Tom Sabol

Thank Seth. you,

Let a me begin summary of XXXX results. fiscal QX our with

As and of States the increase million, revenue our outside was end of year-over-year. an guidance for subscription XX% revenue a million, high outside growth the continue up which XX.X% growth in revenue for third constituted of third XX.X% third the quarter be result of XX% This area quarter revenue XX% of company. as of expected quarter of revenue Seth strong total Clients States. United was the year-over-year. has and growth $XXX represents was noted, been continued United of the Annualized $XX.X near The of an from investment the Gross of was third will XX% the margin year-over-year. rate a and up XXXX, in the quarter to in XXXX.

of the expected full services with expect along margin XX%, of currently and XX%, typically and gross that of costs XX% we the on-boarding fourth year will occur range we products, of customer gross due to currently with new investment XXXX in margin number new launch quarter taking into Sales the fourth costs be costs, associated While quarter the of a geographic in expect quarter, XX% wins. on revenue increased our expenses expect our from fiscal sales additional higher to to around revenue be account of expansion, of spend percentage XX% marketing of We XX% litigation up which XX% to as XXXX. in to currently revenue all fiscal from and of the and quarter General XXXX, administrative of QX marketing for of expenses, third in down outside XXXX. in in revenue to excludes was XX.X% XXXX. all up

continue Going model. of forward, G&A our we source expect leverage in a to to be

higher fluctuate It was and litigation activities. of quarter can each $X may be the a XXXX. public to of of linear being few litigation in spend accounting as the professional continue should additional infrastructure on However, quarter a service costs as is we expense G&A new the which that near over quarters, company, result term. Litigation a million incur noted our increase will outside third next and not revenue in percentage based

was litigation $X.X primarily last to same compared range facility. of $X.X ago. lower payoff operating to the period. the million XX% XXXX, XXXX. compared costs of quarter of $X the million diluted operating a million $XX.X improvement insurance income all eliminated of the income fourth write-off in expenses $X.X of a the $X and due third per quarter, of was quarter of to interest facility driven $X.X in the loss a the $X While the improved income an previously. to when of compared million loss of to recoveries. was of Non-GAAP million XXXX. operating Deferred increase cost the million for was XXXX deferred between XXXX XXXX to quarter period prior for upon Adjusted primarily the and million non-operating to for third $X quarter XXXX million than that $XXX and embedded in over net due to increase third year increased discount as year the of million million litigation credit will in the same litigation same The the to in million for costs debt of expenses income improved The resulted third Other for year. of compared in period had over third being former XXXX net to revenue the $X.XX a for of quarter range $X.X our XXXX variance resulted for former quarter gain for termination was of debt in were of of of as third in to other and quarter the net million of quarter are quarter and $XX.X We quarter third XXXX expense the net XXXX. net in combined The a in third to by net XXXX. due of a that $XX.X third of $XX.X a higher $X.XX the XXXX gain $X.X share million compared currently net per our third quarter quarter was in is Basic in to for costs million payoff $X.X court expense to in non-GAAP the to the generally due Non-GAAP the of to the we expected million $X million million driven million loss July million our the XXXX XXXX increase be the million, believe The compared in to EBITDA derivatives primarily third income $X third GAAP period quarter quarter. to The $XX.X of of quarter loss due was $XXX.X specific noncash of of activities $X.X XXXX million quarter the for the XXXX. third quarter issuance share $XX.X third to issuance quarter of and write-off our the million was credit expenses of a total financing related of discount compared for costs million in the million and year. net XXXX and mentioned compared $XX.X prior compared loss third of loss of third the XXXX net third quarter in $X.X per of of XXXX. debt

$X outstanding balance announced, of At quarter we ended completed with of million $X.X an from refinancing quarter we the long-term Cash third at common our third quarter third quarter. million flow previously in been of million $X.X the of facility sheet. XXXX, the all in of operations in of former preferred third $XXX outflow XXXX. our the quarter was of credit the $XX.X the had a the XXXX convertible of quarter compared outflow total of approximately end of third cash of We third stock the for note million on debt million of repaid and XXXX. the our As short-term with an stock only to and has end

with to forward go Now respect guidance.

million $XX be fourth to of of the We range quarter the revenue $XX in expect million XXXX. in to

the tightening questions. of is now range the million to XXXX million, end with guidance. company take which be now of that, $XXX revenue year previous to And full is the addition, at $XXX in we’ll high operator, In our guidance

Operator

[Operator from question Derrick Thank with and comes Cowen Wood Company. Our you. Instructions] first

is line Your open.

Derrick Wood

looks to Thanks, we guys. be congratulations, quarter. solid John, a And

Seth Ravin

you. Thank

Derrick Wood

been obviously time how and momentum Maybe Seth, to you capacity, some sales and So QX feeling what continuing working that making tweaks your and some spend work expanding have hard you talking about sales at could structure year. next you about see go-to-market. guys you’re to build into well

Seth Ravin

Sure, Derrick.

are it. company around that sales hiring reps goes there, tech like we not only I think, support but again, out the other every staff

rep. For an example, hire lead-gen reps, inside sales every we for a hire we three and sales person

a group people. there’s multiple of So

building out We staff about reps many We also North more sales sales new not was spent we this of that – GMs time infrastructure. as hired but quarter America.

maturing new added in Europe. We’re presidents. bunch of vice our directors, GM a We for

feels that infrastructure we with company, the lot So hiring of negative to think, in to a like hiring. again, every it finish reps around I good challenging. lot unemployment hiring it technology you’re hired. so a It rest And rep people great could is then sales when think I of comes off sales And more got like talent. that sales the those we of leadership do

higher over saw, sales in marketing you XX% were heads and As we year-over-year.

events getting helping is it find are Roadmaps. change. in certainly what’s And done. in I really people. over in XXX on seat hiring people the it. week, did Business-Driven big, our was year, Street only, room we And what’s just the Roadmaps. really remarks, how Rimini Brazil, is talking us, packed fact max So And I the well have every to people a is in about over with all Rimini focus working XXX prepared business think But in vendor. for the this an did the one Barcelona the at the the the just We We that new XXX And example mentioned crowd compelling. roadmap my those really of working This ever XXX every The did huge alternative out is make was going – And into quo or big in something a have I’ll being make and where can these around doing room, got to went people. years our retirement, they’re an to did do a XXX people. is just sessions they else end. we to room to Gartner to of releases sold for We had in down have really leader Japan, coming else. the down our over investments, we releases the and in do you the and to that had Business-Driven decision Orlando go move to they’re have something presentation a largest whether Gartner is path, longer attendees. the the one products to going Symposium That’s give again, Street to historically. world. of make that going decision people. vendor’s XXX forced They’re of want idea customers I standing an reception And we status

I it’s spot challenge and road number that find for think clear CIOs are we the in help sweet mapping is their right the way. to one them

Derrick Wood

that’s And question. Great. guess good my for next I

Sounds a there’s like lot of interest.

Now that’s in the quarter, you had new landscape. around competitive and a nice customer sequential the uptick generation comments your in despite

clients you can about of much? mix So new on-boarding, versus the mix, talk mix of change or large types you’re mid-market geo the or product

Seth Ravin

you’re think, very seeing do international I Well, well. again,

the smaller America Of on to the from percentage increase coming mature. look so is a little right, tremendous course, is you more international the growth accordingly. at there But North have side. it’s base,

not and everybody everybody but to sales, talk are Street the We the problem, to just wants relatively want in hard with get emails for very are spend about and sell who American a something America And is time like new. just think, engine. overwhelmed focused I North again, I’m me are Rimini And door people. international North brochures engines on for to deleting so to it the The customers calls, day from you get with the attention to you. you’re XX they sure

in we nicely. discussion of roadmap, of bit think the and strategic great perspective. from marketing issue we value. a saturation I where a got It’s talk about get once someone move North But So can we we’ve add a a forward of front in very little we America common

Derrick Wood

offering. so now market? – how hear it’s the And any about know but you’re I feedback that in early, anything didn’t Salesforce far the I on new

Seth Ravin

out to We’ve been program. support Well, hiring we’ve hiring around been that continue I engineers, think we sales, build people.

the not So customers have it’s are way out. SaaS in and the different figure about to to want We us. the about work really it’s than to different curve the a And as continued to still a There’s talk do support, Salesforce world, some hiring it’s been lingo, some that us And walk license. learning world concepts software and being the talk. in you for traditional the slightly able whole in the has quarter. third know,

And learning working Even so Salesforce bit I’m learning an we have there’s up people still. a though company. and the day, we’re of little us with around bringing to to just big every them, education lot of go curve. users we’re curve a a for through still closely

I we wanted to infrastructure to go be internal So a in with to is position in we think exactly where which still are be, the and services continuing XXXX. build GA

Derrick Wood

Okay. One a the are with appeal for what Seth, Tom. I to for and But couple the then steps regards have more you, the next on injunction?

Seth Ravin

heard Well, step the like could and fact of the be date. judges year. for wait information our – are likely But It judges a know the less – again. three And a Circuit of and that for is Ninth front now We curve. from that involved. of will in yet. get certainly, same court like to the we don’t court more what We that learning we hope once gives the judges two looked next before we tell, looks the same within a

Derrick Wood

Within year. a

Okay.

Seth Ravin

these this it’s to process, mean, unfortunate forever. vu. – seem the know that I back. we’re go system is timetables I This on U.S. works. It’s court whole the I deja mean way

do you it again, us to years seems back But go we I get take another of on think and it and will done. back, go to resolution, couple reach You on. could it go but

Derrick Wood

the number gross associated the Does guidance And you with on injunction? then reason was What this Okay. that did margin for the amazing Tom, higher QX. had shrink? you quarter. give costs some an contemplate the

Tom Sabol

a processes, more new the do third things injunction And done QX of was work with we’ve costs guidance the assume quarter does to adding back leveraging manually the the that so labor being because So in additional having place. yes, quarter. and there. with good good Really Derrick, leverage associated the new in tools

Derrick Wood

And of XX% on Okay. sales and marketing, the year. revenue for

I little lower a previous than forecast. think the that’s bit

a to were other were Or So on-boarding expenses little back-end more you able rationalize loaded? there is slower, on?

Tom Sabol

probably XX% the you give to to be quarter, more for and about Yes, Seth color. – we’re still XX% – the year. do can for going we’re going So

a it’s the to individual the – the take we a think indicated, lot We sales and it’s little sales. done think just bit Seth we’ve on difficult I – hire think more little as bit infrastructure work, side it’s as mentioned, going the reps, to a being just longer. of of he

the ratcheting a the really what from main number had down that quarter in little So that’s reason bit last we for call.

Seth Ravin

going to lighter. can’t still February. right? more to expect what be is we’re sales hit to So guess where We My that’s spend of hire, going in it’s target. like the points rep couple we Can’t XX come a

before we be XX earnings give our call, number. at So we next should

probably not by year-end. a that to going make We’re of sellers number

So a of our target. shy we’re of months couple probably

Tom Sabol

Derrick, it’s That’s we to announce in range. range looking the by XX earnings. actually, we’re the XX probably probably at And the time

Derrick Wood

Yes.

Okay.

Lastly, clauses contingent Tom, with that had on contracts any and comment on the any mix revenue? whether discernible deferred of bearing

Tom Sabol

did it quarter, this not. in Actually,

essentially of consistent there were comments last kind in why prepared wasn’t around We’re remarks that. with we any my so where quarter, that’s

impact billings did that have an quarter. on for the the calculated not So

Seth Ravin

of We had good the retailers. contracts, we suite manufacturing. $X And contracts, of our contracts, midsize bankruptcies your a question, million-plus had couple of Derrick, from lot some about of we bigger had

that’s pretty know, a area. you volatile As

size, those are obviously, So good, the I as think mix we’re negative okay, geography, think for the some be I in quality distribution retailers. tumultuous, But But even well. generally, a unfortunately. really to work that us, of the through good broad it’s would having side, on names though for going

good mix pretty for felt we about yes, the the So quarter.

Derrick Wood

well Okay, Thanks. done.

Seth Ravin

Derrick. Thanks,

Operator

next comes Our Instructions] Drew [Operator you. Foster with Citigroup. question from Thank

line Your open. is

Drew Foster

for Thanks taking the guys. Hi, question.

Seth Ravin

Drew. Sure,

Drew Foster

that a high into retention but down Is of revenue projections? you’re comfortable the Just pretty sequentially. sort built range one XXs the or within there quick rate. one low your working still on in was It’s

Seth Ravin

Yes. XX Drew, don’t up XX%. the get think worked look to forward I over X% about we – We X%. or

also business. product, in they We more go, find of nature come our our staff you with a little back and have a than can revenue product. most in retention It’s come another Companies the business. bring they – just and volatility rate leave, subscription us

signs someone where they of with the for in you not you, same someone they software churn standard then years, cadence stay be the probably up have it’s XX you So of kind see may a else. company that

different cycles. in work You

Our products more we feel so And customers has churn above you differently. with. that’s the and check why little out in to have. fine looked But can fairly and be regularly a XX%, than check at

Drew Foster

just Got to with the your line last you’re confidence top interest one, a it. with that in what’s that contributor seeing year? partnership, initial meaningful Salesforce being there, then And sort next of level

Seth Ravin

think about In for given, I of words do of early geographies. as ratio a the think different a being those big next think really customers out too revenue meaningful, the and I when to first year terms across just meaningful. it’s experience again, total for of year, you little material, say us learning

the be we moving. customers we’re jog keep and There’s to can I we to a been, great market, going that challenges with So they’re Do understand the to project But conservative. knowledge. run. before very shortage tell a a as there’s manager you we’ve contractors product, trying walk resources we and Salesforce. for the jog before hiring And staff, we when it’s lot of of but playing understand

building issues we’re in lot ripe very, that their we feel good a And that there’s the very that of managing for of a to trying traditional is post-production be then lot that in engine various a really to systems. of live disruptive SI really a implementations inefficiencies, billing program and And the changes disruption. paradigm that a there’s hour So and world. by will do

we’re So definitely areas, there that. are seeing and

The those to now lot real work we getting service we’re offer all the those year. our that remodel a And make doing model we’re sure model fine-tunings of in Do have does disrupt with to is that we how killer needs? next question satisfy are the building? areas. within We’re a client those Does that? interest

Drew Foster

it. Got then maybe And one. just one last

are curious wanting You unlock narrative other being more focus some to areas. more have of their this I’m those hearing spend ERP of as customers so most reducing in – their they on. areas can some other to you’re those resources customers what that resources invest that maintenance just often of

Seth Ravin

that I say, for – your manufacturers, that. think in learning, lot are machine of all out you’ve there I’d you’ve I got got buzzwords mean, IoT a AI. the

them I doing all I from with I’m those upgrades advantage order competitive to there upgrades just competitive people of won’t globally. in advantage think is the that generally events, supported a again keep that the of do on to have by really you’re seeing, taking all. focusing of are – provide what the just things mapping really to and mean, excited to create follow-up spending we’re lot vendor instead years complex going which are away I attendants road issue most being the

being do by you’re You’re when week. up are vendors to they go themselves asked as making three five-year an it to a the the leader, IT software strategy along

to you’re in to to technology have you is where be, So predict to the three years. going to where five do impossible going invest

in technology know it’s As lifetime. like we all a business, the

for very, company huge. And situation that of XXXX. going terms CIOs And and a I upgrades for catalyst upside so updates, leadership idea think have tough in budget this sidestep these And potential the this who you’re can responsibilities. is through be all a it required they it’s and to very the significant watch of for

Drew Foster

it That’s for Great. me. Thanks.

Seth Ravin

you. Thank

Operator

And you. time. showing to turn at to call remarks. Thank the currently further over Ravin for this back questions like I’d I’m Seth no closing

Seth Ravin

other year. reconvening year season, Thank see you have us joining third everybody, look Thank holiday again, with And and results. We very quarter. for we will quarter you you the for again, forward the the on call of very fourth a everybody in XXXX thank And you full side much. to much. great for our the and

Operator

for day. Ladies today’s this wonderful conference. and Thank you a concludes and your participation, gentlemen, have

Rimini Street (RMNI) 12 Nov 182018 Q3 Earnings call transcript