RMNI - Earnings call transcript Q4 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Rimini Street’s Fourth Quarter and Fiscal 2019 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Dean Pohl, VP of Investor Relations. sir. ahead, go Please

Dean Pohl

I quarter to earnings and operator. Rimini conference everyone Street’s fourth fiscal would you, welcome like to call. Thank year XXXX

our our call and the with today Seth On me Stanley Accounting Chief Ravin, Mbugua, Officer. is CEO

in meaningful provided the Investor Measures and the GAAP Today year press release XX, measures measures the and press to our to this other and which be GAAP is and information non-GAAP ended of release, financial website. our been under Financial Metrics. fiscal of found we financial website press fourth Key believe About on explanation under earnings in release A A non-GAAP An copy December be from following of reconciliation Non-GAAP in our downloaded also why financial can viewed issued and Certain statements the and included they supplemental Investor quarter the tables including XXXX the reconciliation can section are release. tables, the has Relations of Events. press heading these financial we

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

prepared we questions, with taking Before begin remarks. will

turn to like the call would Seth. I over that, to With

Seth Ravin

joining and Dean you, everyone for today. thank Thank us you

reduced increased and and achieved management debt record and revenue gross cash. with our fourth continued margins XXXX, our year balance exceeded fiscal sheet improve we increased For quarter that to guidance,

experienced launch geographic expanded new performance and operations. investments the in sales, of we global services Additionally, from improved products and

revenue fourth XX.X% our up with above the million. for of for year we remained revenue $XX.X ended $XXX of of more and XX% rate up of XX.X% was XX.X% million, subscription rolling XXXX, the XXXX. year-over-year makes most increases least year December and subscriptions million a fiscal XX.X% for quarter XX% XX, $XXX.X full with year full margin fourth and We annualized generated for subscription quarter revenue basis. the which XXXX, from For Gross Revenue non-cancelable months of XX exited the revenue at on retention than respectively.

tax, For company excellent. support out on more customer X service X.X support considered for our delivered over year other the and countries. countries regulatory satisfaction the client for the awards XX updates We for delivery, we closed to in clients team outstanding service and awards, than global XXXX, where legal, delivery of is In XX,XXX XXXX, X.X awards of award full service XX including an with across rating and XX honored XX,XXX company’s cases excellence. X.X of X average year, performance achieved were rating of XX year customer the

Street and a totaled Inc. to Rimini its active world of a which clients, with those year-over-year the and XX%. XXXX, employee representing the XXX charities Street XX and companies, year-over-year active Global contributions, employee year hundreds increase around The donations hours includes net XX.X%. of end count X,XXX, Fortune year financial ended X,XXX by in client approximately XXX with increase We Foundation provide XXX funded proudly in of Fortune Rimini need. subsidiaries, Also in-kind exclusively volunteer the partnered to

and switched Oracle of Seoul maintenance billion who product in to lines Safeway included application to Salesforce. support systems. in Hyundai-Kia Oracle suite for clients support e-business to Co., and Motors, SAP support Wins software; XXXX, and Oracle, database switched $X Wins to existing Street its its each XXXX. and inception Rimini Chemical support Rimini whom services maintenance their client for brand announced Street Salesforce global wins, Notable Semiconductor Fang cross-sells of wins since during ECC included switched saved Street database Street nearly for portfolio; our some EBSCO clients and Rimini of also expanded management notable San of include SAP costs and total for and who Industries, to iMarketKorea, Rimini global contracts our their who we application sales across Rimini have Street supported

day-to-day support where initiatives to Street’s their internal needs opportunity. of support Services systems and Services as XXXX system integrate XXXX allows the Oracle. our Application provide Management runs for team We or where the in Rimini with with for for clients’ Management we Management an us run required client launch and AMS for system. Application an service run SAP our and known market is and is support launch followed traditional of client. Application the technical expansion the ultra-responsive services AMS Investments, Services AMS to to we up who Salesforce the updates into our the commonly

grow integrated spend. offering our wallet integrated The in additional and is secure unique We for a support client’s long-term market. and increase and of service creates offering the us AMS the to believe IT offering subscription share service our a significant revenues services valuable competitive contracts, opportunity

better integrated of support offerings Already, than satisfaction resources service have client our better new software wins $XX vendor higher we sales geographies. with model, the clients savings services support outcomes our just achieved significant we service target application and and labor today, application integrated services doubles Street and with products clients of services and are better support industries successfully AMS SAP Rimini services offering management When Our and money. delivering and variety for a services. launch considering our Oracle market management billion across more application our management for and a billion just $XX.X and to to of can essentially provide from time, addressable

and approximately continuing of their licensees major migrate products. competitors, planning expenses support product vendor’s not believe SAP tremendous and SAP software are upgrade service they Street, primary Oracle our results more to their Rimini robust to efforts support financial clients with are on engaged do Both in can to have shared strategic that projects opportunity that respondents contribute or are disruptions the growth. force Oracale advantage XXXX are savings fierce. and from for past and releases responsive not current Survey remains labor Competition licensees innovation the offering to least their unnecessary to and to the full current the newest creates provide to and until and stable for end XX% that believe savings, into software Competition. service in immature by XXXX. at value their significant unsure of Rimini competitive not a what invest SAP’s allow on found remaining Street migrating or this and We see or CIO and to or planning because beyond. we releases many and plan systems their support growth. spending software do improve you Oracle new move with vendors about

inquiries Gartner billion grow X Gartner. during industry the XXX% market XXXX the noted noted XX% of including compared from report seen XXXX to by growing leading analysts, also have XXXX. million $X.XX support XXXX, for in believe third-party of the increase. third-party XXXX a related by in Predicts research client recent software they increase And months opportunity $XXX The support the first third-party to to months a X will first support We

interoperability support risk.” an for In addition, include substantially. acceptable Gartner Services such additional regulatory and as is providers, ordinary” sales that support the do and states not no more significantly value-added clients. is than code Rimini third-party services. revenue global as that Gartner “carrying support independent The custom support seen opportunity uptake aware of Application longer tax, the third-party to are expected support, many, More or third-party of of can figures increase security with from as “out increase Street’s offerings buyers These of Management

believe long-term continue majority IT IT to longer or cloud will licensees, a existing that for be the we simply deployments expected continuing use. lifted cloud on-premise integrate the reality SaaS and and Additionally, shifted for of the and ERP hybrid be than environment into much workloads will licenses new will

in Street of a second XXXX filed to to Court affirmed, injunction. respect we the appeal on Oracle to versus decision XXXX, Recent went filed permanent litigation trial November review was Ninth Oracle Supreme in U.S. Rimini developments. that court to the With scope and XXXX the the X, that Circuit narrowed the asking XXXX but existing

court rulings awaiting January is unanimous our Supreme our prevailed Rimini the Although the on expected XX, Court filed are competes on ruled Previously, U.S with motions. Appeals until Oracle, later. judgment in appeal Oracle Ninth to hear Circuit XXXX, Court summary incur Rimini Supreme Court decision Street with the U.S. U.S versus not the of Oracle. to however, second XXXX against and we first appeal. declined still that we accepted lawfully respect submitted or currently to Street Trial With XXXX,

Coronavirus, resilience in provide uninterrupted of even virus working due thousands during that offline Rimini redundancy a to is to hundreds were service to plan. global under current clients its engineers if of mission-critical period to of its XX/X/XXX to counties, XX extensive some be global delivering emergency outbreak. has Rimini plan COVID-XX continue operating prepared support operating XX/X/XXX Street services the COVID-XX uninterrupted, Street illness. enable workforce China, global for our workforce none and in

the or uninterrupted contractual our with provide model secured if and in connectivity agreements. connectivity securely infrastructure internet any that from have level location their enables workforce giving facilities we client thousands one support our global work data a addition, close global all perform continuing to under of of place Street In necessary, of and our center innovative to entire while service remote mission-critical professionals flexibility to Rimini unique, us

global taking participation the acute sales, emergency These in are exposure traveling respect Disease Controls our back under to plan Rimini and some when marketing feel spread U.S prudent. our to actions mitigate guidance to respiratory Street we we Center event employee With travel, measures facilities and is viruses. global scaling risks and aligned where for reduce to the be globally. designed already operating employee of

for are digital and and We also activities. sales remote our mix adjusting processes more marketing even

XXXX, $XX the XXXX we stock capital we we increase activities million a stock XXXX, the the convertible sheet The balance security. that XXXX a summary $XX balance Financially, cash. between repay due credit capital invest credit the complete preferred facility To and XXXX by In deferred Operationally, end completed in for In expensive preferred revenue to allowing in improvements $XX exception we objectives. debt full XXXX. recap issuance with in position in to XXXX, an facility. of sheet million compared cash This common our we a XXXX, made debt. the part end convertible cost including with our upsized million progress $XXX reduce business, In most the our stock improved increase lower of us leases merger and us IPO. million, million market ’XX. year approximately allowed million of a planned increase were we by XXXX, the raised to XXXX financing to In year in and in year. capital to at and $XXX pleased completed by XXXX full. payoff full $XX in from of

our As to prior and executing we enter made XXXX, in investments on we capitalizing periods. the are on focused plan

service global We needs. meet offer the innovative financial to place strategic operational their in a premium of assets that new wider service clients and range client have existing base growing our and and global solutions

Stanley. over to you, Now

Stanley Mbugua

Thank you, Seth.

XXXX these included is and is XXXX. guidance accounting ASC release The that summary new accounting adoption Form revenue basis the ASC adjustments in revenue to quarter earnings the with begin customers. on in details X, prior standards. in ASC effective year full reconciliation of of A follows XXXX to me reported from accounting We provided on full impact the Let our were press this September standard our of in new fourth each the contracted also adopted XXX a starting January of applying XXXX XX-K. new including year and XXX. with additional period under reported based XXX fourth the summary quarter full SEC XXXX XX, from standard be will analysis XXX retrospective the known The

service $XXX,XXX an increase speaking, XX, the into million. X non-cancelable was entire for adjustment which period each Generally year ASC taking reported revenue fourth separately. revenues for the to XXXX economics recognized account the quarter $XXX,XXX, revenue an The as for months XXX now opposed revenue for XXX contract XXXX. previously to over recognition September $X.X period revenue includes increase was of of an increase the of ended XXXX Full of adjustment

is recognized XXX, and expensed now to years, commissions incurred. In sales addition, the to over cost largely ASC which a X capitalized estimated customer obtain into commission Prior when were contract expense are life.

recorded XXXX beyond. in XX expense deferred As had we fiscal to be million $XX in as contract costs of XXXX, December and

discuss million, and the and let’s for million, of revenue up respectively. million the year Revenue year-over-year year-over-year. $XXX $XX.X guidance. Now, full XX.X% revenue increases XX.X% subscription quarter QX results annualized fourth and was XX.X% was was $XXX.X approximately

margin For total States of the XX% the United U.S. revenue and for the comprised full of year-over-year XX% year fourth XXXX. to XXXX, was were for while clients for international total for full within revenue, aggregate year XX%, rates XX.X% XX.X% year quarter clients. international representing compared and clients growth the XX% to for for full Gross XX.X% XXXX and the fourth quarter XX.X%

During from XXXX, we benefited operational efficiencies.

with for associated new and margin the as rollout gross and we in the services fourth for of to including capacity application expand our cost global services, realized increasingly we However, cost service management products SAP Oracle. quarter, pressure the experienced

We that and continue XXXX. have will service around from our products and continue to gross gross for cost. margins to our XX% new full AMS year to offset ramp-up we margin the will be expect believe overall services XX% established and expand other to partially Therefore,

XX.X% as expenses, year a for XX.X% and XX.X% was from and revenue, the XX% for for quarter marketing and full for XXXX, an full the of quarter fourth fourth year the Sales XXXX. percentage increase

all of of XXXX. capacity the build We such product XX% and and our expenses continue for of sales expect revenue to sales increase XX% in We reps during as be out sales by the to marketing in currently XXXX. range to XX% offering

XX.X% administrative year as XXXX. the the for for a from outside year and percentage for was and of which revenue, XX.X% fourth full up quarter litigation excludes and for General expenses, XX.X% costs, XXXX, fourth full XX% quarter

accrued During settlements due previously reduced states. with sales certain XXXX, taxes to were negotiated tax

of sales tax XXXX. revenue G&A the been accrual full reversal, have XX.X% the year Excluding for would

standard. to a of XXXX these range part In as adoption year obtain standards G&A We new are XX% addition, we to of expenses the percentage accounting updated related to currently guidance ASC the for XXXX XXXX. of the XX% expenses. costs Costs XXX implementation full during the the the standard leasing the experienced revenue in increased revenue for of expect G&A be of and to

XXXX return ordered from post-judgment in that Litigation expense plus the fourth offset and full for U.S. $XX.X XXXX. were by was million March was decision X, Oracle year to $X.X in quarter the expense $XXX,XXX on credit of net the for its a million paid litigation of Court for as XXXX by $XXX,XXX The related to Supreme XXXX. expenses interest non-taxable

to not outside Our expense spend currently million We full litigation $XX expect can and the million XXXX. be based range litigation fluctuate year in the each quarter activities. is to $XX for of litigation linear on

net XXXX. fourth compared of for payoff full results Net the were Non-GAAP for The for $XX.X to and income million materially loss the million prior and our quarter full credit fourth and compared was former a impacted non-GAAP of was year full million income to of $X.X net year of of the for $XX the net net prior XXXX. quarter quarter year expenses non-cash $XX the million $XXX,XXX XXXX loss full million million related XXXX a and quarter $XX.X net a was net for non-GAAP $X.X fourth for full income to XXXX facility. income fourth by for million year loss for $X.X year

$X.XX and in XXXX on EBITDA fourth for $XX full EBITDA Series A $XX.X Adjusted $X.X fourth year dividends fourth million year to prior XXXX, for year quarter quarter Accretion was XXXX. for the while the for million full $X.X the for full Dividends in-kind full and the for $XX the quarter preferred shares was stock for for of settled and fourth preferred million million million $X.X million compared payment adjusted the year million million $X.X of and preferred full diluted dividend into $XX.X XXXX. full attributable the fourth quarter net $X.X was quarter full of Series the cash XXXX. the and fourth This for was $X.XX Basic the a our for share $X.XX preferred compared for A stock. XXXX. year fourth year share net the for to quarter a loss account prior takes XXXX and $X.XX quarter common non-cash per and to was for discount million net year and for $X.X of million shareholders of loss per share loss for and

as $XX.X the XX.X% of XX, revenue cash XXXX. year of approximately sheet. Deferred $XXX.X our XX, on was December December ended up XXXX million as total with $XXX.X million of million, We balance from

full includes the XX, of billed XXXX. as flows $XXX the million as For million million December which revenue $XX.X December revenue year future XX% ended cash was $XX.X XXXX, deferred up sum $XXX compared XXXX. from for year to was XXXX, from of non-cancelable operations, and million XX, full of December the XX, approximately Backlog

Now, expect to to to be $XX the million $XX million million in range revenue XXXX XXXX range full revenue and with to $XXX respect first be of to we year we in revenue guidance, expect of the quarter of million. $XXX

And with that, will now we take operator, questions.

Operator

first of with from Instructions] Derrick Wood & the Company. comes Our line question [Operator Cowen

Your line is now open.

Derrick Wood

looks if quarter your how just versus felt the are deferred Good apples the Thanks. customer some understand nice you of bit you ended the the Seth, a short-term about number? you I some revenue, look down new impact how a for was number and growth to on could on expectations I on apples, XXX but quite upside quite well the deferred that think ASC at side, unpack net touch year, revenue better, maybe net deferred bookings guys overall was new Great. what on for but but has afternoon. I customers bit revenue looking meaningful and year below we delivered

Seth Ravin

Thanks. Derrick. Yes,

which force sales to into out to we the expanded there people getting messages, up is did the went new to out with out out I new ramping think build in up, capacity we what markets. we went again XXXX, start do we trained wanted marketing market global

what of by it to for we date, think in as year a I renewal. wanted always to we a few whenever over next close flips did wanted So past to an is we date. to opportunity deals be bring know fourth the our don’t side, we next get that the up There time or in we the the you in it then renewal maintenance the world And quarter. for if it’s done that get slip

probably done more would felt we to we few deals were there like a potential. have So were have gotten that

were little other they it. So we think that got where we bit the than side. But on stretch wanted the I quarter

Derrick Wood

on guys? And touch I on mean you of under Okay. Stanley, a why just XXX such you there for big is write-down kind can deferred

Stanley Mbugua

therefore be least impact. contracts for thanks we revenue and Brian, hasn’t XXX has the a The term of big key point, At a and is that our wasn’t years us. XXX will revenue been don’t big significant deferred your recognize a impact. on previous generally impact to the this how revenue grown the expect over side change Overall, from questions. we non-cancelable at

cost side, being are commissions years. On the over capitalized and recognized X

Seth Ravin

Right.

As have change we Derrick, you we those the expensed so off right. know, commission always

Derrick Wood

Yes, yes.

of it the respect kind guess is that the revenue impact So that of degree mean thinking for of staying to the versus XXXX. looks XXX we on for XXX $X to was XXXX, I would million have looking guidance, that assumed impact I $X like at XXX so line with

Seth Ravin

time range just be above recognition will longer XXXX our was that actually X revenue as just opposed is X% of year. period the $X.X that we to lot change impact. of X% to A of how million about Usually

Derrick Wood

can cost know for commission of And it deferred you to was structure, don’t that? go much benefit you quantify side, to if I on the how a the

Seth Ravin

the [indiscernible] the got end of million year. We at

X We will out over take it years.

to going year. about the million be it’s for So $X

Derrick Wood

for Okay. disruptions. for are how And calling drill macro nice acceleration, to so just guys potential thinking then to the wanted you Seth, but growth guidance see potential about I on

guess locally, travel you much how to the could versus may deals in deals phone how travel environment about require it So do doesn’t and I need of requires is you over to terms you just much could go-to-market talk or address new high-touch – the and your change first, to right done signing business now?

Seth Ravin

mean, story right, by day. I evolving the else is a like that’s this everybody Well,

we and based are guidance So different is all a few things. on – our

of plus that fact to size revenue the of or committed at revenue, more. and the our close look for XX% are you XX here First, million $XXX recurring recurring stream is months you getting

revenue are we really to XX%. So, you retention starting the good base in, the built in then see that add rate in

those business that in nice we add you just any So saw push to environment of political, point these together, the way you the a bring uncertainty downturn the whether macro we it’s changes when things Street about flourished but big and course times people XXXX ‘XX serious a benefits when I not dismiss into uncertainty everything from of uncertainty in think happens Rimini how create that’s financial, floor. think this are whether you investments And and those all all extensively. picture, view is, from off with when we in that economic to what the during

to we do the business good. do don’t do are are bad not when are do a in that well in well like uncertain. say, when We when things things good. we well sense are as we when contrary things We and really things well As are we

when biggest And up this and what’s economic people like we climate and their so because this they people leave are all do on In an say as market. project the macro are of environment I in looking Street, some beaten Rimini days at being doing leave, why they we watching change. risk wounds think look the the big are from other and

in this dollars to of that are their going is type road, delayed. to projects money have there period of trying business urgent You got we have And passed a projects, run of period, think hopefully going spending of where get probably my differently. everybody people once in to to probably are of going down. very out could I kicked probably get because to this confidence that the to into are They get sell of figure get I imagine lot cost I they are down need at, a They lost hundreds keep big climate. market of steady. looking – stay folks kind got millions we that hey, a how is in where it,

both bodes upside to new potential that revenue think in I keeping creates for our retention, I it’s place contracts well opportunities. and those think

we to X other in sales everyone should the we no we as the are though knows how that corner. a reflected reasons potential the moving Can out I in growth, And is talked to provide happen, environment And a growth, XX there coming on it XXs macro looking will We know. would even upside out, guidance, the start they and a this then moving other impact can for to And side a believe here. to think figure return continual for even course trying that’s past every U. because think market, which would is focus calls, really side? believe XXXX to get company you week, us. of just Nobody turning long one caveat environments. past disruptive on every trough Can to the weeks all our start we would billings those So up. is are or buy? at our we people structure year-over-year I people the the we to something We that what dips that prior crisis XX% happened see revenue we of of the what’s from get that’s in one crisis up in starting up. seeing high in The understands everybody because we And will would present got we not, annual the buy in in the is enough trough the of us, there. the get start

We our are the end getting near of quarter.

this back end QX end And loaded. right we will period. at see the think the come really which results, it You into of know we are will I very

Derrick Wood

with I color. good about guess how That’s hiring me one are for you where Great. build respect last you just plans? sales is are to and capacity feeling

Seth Ravin

around side still We from our enablement we tail Well, got we saw and the big really to hold that end sales pretty on prior number in-while XX conferences hires held right much We of to now sales focus calls. switched before global going sales the were are our effectiveness. you happening canceling in think for XX, on per conference. on I moving theirs. Luckily, going that with each have, sale on was new is rep. the to force out think you that else And up-sell. I field in the us further breadth about sales more very see everybody effective are us, of And our the in focus wider products we dealing down of this really getting bodies

our in sales some because plans comp bigger bigger are sales into We holding which new rep $X.X are still structure, is $X a positions We the mix. getting average we have some million quotas, to for around quotas sales year. super-sellers did create new who the million, level higher

So, of we sophisticated sales. next level more think I that have moved a do to

deployed more have We people globally.

over are sales we the reap we in investments last months the capabilities. XX made well So yes, I to think rewords have that of XX, the positioned again

Derrick Wood

the Okay, good Thanks for job. color. Thanks.

Seth Ravin

Derrick. Thanks,

Operator

comes Our Global with next Alliance question from Brian Partners. Kinstlinger

open. now is line Your

Brian Kinstlinger

to prospective you Thank I am curious instead very get customers much. as videoconferencing Great. customers reaction is longer so prospective just touching bit are it a I it I curious now? is you am are right to of or early, much to touch already front of customers in taking in face how the with face dealing get know but

Seth Ravin

so Yes XXX% first are the and since the in we fact remote to beginning activities on selling in a so all has challenging transition with probably we doing we overall for Street have I about risk think person question or really do have you remote probably products selling same of phone think remote that I years XX% change are in we XX process bigger Webex in lets we tended business view a smaller change selling in unusual to than so phone body remote cannot might remotely all we be arise get easier that I been than do got managed might that have certainly selling companies a campuses deals this the built every that few sales selling by on the in us is is other we but we the my that bit difference it have were phone XXX% of part is for used you front the of any right is a using a everybody that little a to of guesstimate to in haven’t certainly strong now and been cycles so introduce closed the sales from feel we stakeholders somebody’s this now it person it everyone are more other who them is is remote new a going were Brian right remote we of lot lot sales I in by does person saying an our sales so activities total is shorter we team crisis think in Rimini web cycle in where experience everything we space larger a XX history from given infrastructure rep people have have based nearly is get no is of lot site they alignment XX% just of that that to taking the where of companies do and you of bigger you if in selling meeting and XX% a do XX% risk say to point want but on coming it of and it so now what’s would risk because is so the a much all to the that transactions think risk that’s of yes doing be don’t

Brian Kinstlinger

recent a a customers becomes so be to get many is delayed issues And weeks are I discussions sense their Great. much that corona provider executives take in related issue? wonder past with something a is their it of high so decision list? costs business going on how the then to is of business to I that third-party low-cost with you a prospective in switching mean that an it I few focused priority maintenance

Seth Ravin

crisis macroeconomic more activity related see this it a we've local current already even were level crisis. we Well, back into you that a the see middle weeks back clients economy really the in we of we the before of few step ago teetering Derrick whether on definitely the I them expecting to on have But you second couple a global saying things I is have or this alternatives crisis these recession. got already clearly remember points and which current seen have you. a I call need had just with auto have to had looking saw several sales right we slowing agree or of I with is of seen sales in the there was mean a terms in us down of mean already with Germany so like cycles news a number what at is huge we you

is and we cycle. may not can economic just just but too many I enters and pointed company it cannot saw but savings So again face on that cost to own think distractions other again slowing need many and that a already so it this everyone other uncertainty they now think driving it the and and may was any focused accelerates negative they fire get too moving increased out huge fund real will a believing we more how that think company to accelerated I the I need their into it be offices creates they risk their side be what crises situation employees so the sales they of own because is opportunities by and is it out just forward figure us on getting I running get closing all a distracted it and way sick distraction as the their was so market am risk seeing that to increase think but they some be right we've already you fall could items by be running to yet keeping sales that yes keeping I

Brian Kinstlinger

then? which around how recession use in obviously, is in cutting received recessions you help don’t has generally small money ‘XX/XX, about how talk is business cost Which talk leads back and their your I me business, other question, know things about to companies next can my the how performed well to and you investing your may be performed it were in

Seth Ravin

if only I not those – I don’t were periods. – we I know not thing audited am guess, the

we and need more because X was years back. public than say I So weren’t to that it

we are of did that well. when to there in did when and in air because they I they the the I is good grow in do business, said, Just in issues, well can I are invest up is why because like a we of be would careful marketplace have growth, thousand I because about always are in lot That’s things only hear but you in saying people There can portion a things contrary doubt anecdotally and them. we to think say, times, limited IT. other budgets and want well a invest in we

so of we lot more they a fund that help need. And they can sure make what

for savings a I take But move the want you downtimes innovation may the good in do. may quickly doesn’t switch and very business the right, outflow competitive reduce create I that it and create simply risk can cost need invested to and of when have people there. money they need opportunities growth, new are I in always do things course top and list. need role I So the savings I do it mean, to in new way played and this are level, and to very, crisis a to which in advantage a of to at from, it we to need

just fronts. innovate to and else, right we it’s on for whether somewhere a companies So are lot invest or cost both answer savings of savings

Brian Kinstlinger

Great. revenue year. in recurring million hear have annual am didn’t with $XXX hearing Last into got you the up, heading XX% million $XXX about is correctly, held have I got question I I and I the assume

trying First, bookings to I this as So, am well early to that? added what closer went going? we of December then where what I hearing And year everything bottom you sure commitment and am added, as meaningful to want you already just are to the has that’s make late you how just understand at Have correctly? have visibility? if XXX standpoint from are wrong, a I at in

Seth Ravin

think we for I the right numbers. to QX refer guidance QX again just

still was we the in as crisis December, end a – primarily company what lot For customers in the back a We there. in We saw don’t of China, service was disrupted were global of on China. in ground the a not being operations operations of have in lot we China. so

in the have move servicing Japan, still operations as our are see did to Tokyo, did year. without disruption. in issues that we our Korea numbers people good clients sized and start virus saw We Seoul out which end some offices towards do and We We of rising did of uninterrupted. the we and of Osaka

in We selling. continued have Japan. We business in good very Korea, close did

in disrupt those it areas. see plan our business didn’t we So

Brian Kinstlinger

Great. Thanks so much.

Seth Ravin

Sure. Thank you.

Operator

or showing Ravin any like turn closing further the remarks. Instructions] questions time. Mr. I would [Operator not I at call this back to to am

Seth Ravin

you very, listen, look talking forward XXXX all very been have very much. you QX health us call. and as obviously, we to forward you this all hopefully everybody. through And challenge good Thank everybody we you difficult and all wishing for complex look and never and to well navigate behind Thank our something on everybody, to moving

Operator

concludes you gentlemen, and participating. Thank this call. today’s fro conference Ladies

may You disconnect. now

Rimini Street (RMNI) 13 Mar 202019 Q4 Earnings call transcript