RMNI - Earnings call transcript Q2 2021

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Operator

Welcome to Rimini Street Earnings Call. My name is Sylvia and I'll be your operator for today's call. At this time, all participants are in a listen-only. Later, we will conduct a question-and-answer session. [Operator Instructions] I will now turn the call over to Dean Pohl, Vice President, Investor Relations. Mr. begin. may you Pohl

Dean Pohl

I'd XXXX welcome earnings operator. Street's to second quarter conference like you, everyone to Rimini Thank call.

the provided in issued our believe On is from website. the press and statements why financial heading website. other the Today and release Perica, are measures on the our be and XXXX included to non-GAAP financial A Seth today downloaded copy following release. these quarter information been we GAAP CFO. also financial press financial press financial of our supplemental including Ravin, in non-GAAP press our we which measures June certain be Investor to the call they under CEO; in and earnings non-GAAP the with XXth, viewed meaningful table our this An second A section and me metrics. and of release reconciliation is reconciliation the explanation Relations found GAAP can key ended measures the release can about Michael has of of tables

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

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

Seth Ravin

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

$XX.X billion strategic of executed track million, remain end we up on and by the of guidance year-over-year achieved to high and of $X achieve revenue growth our above range. For annual We revenue our XXXX. the XX.X% record second quarter, plan in well

an XX%, gross active grew by XX.X%, with also XX.X%. year-over-year We client of over ended billings that strong margin growth and a the quarter count

of retention we US continued year-over-year Our growth to percent billings billings, and XX%, as a three revenue cross-sales achieved all grew rate regions. to grow in

subsequent second XXX potential XXX those We companies market reduced and From will Fortune also completed X,XXX of net the dilution. further during and capital XX both Fortune more $X of capital add in a quarter in period. To-date, signed materially to Michael the the including XXX have cost our ago clients clients his net XX of prepared than XXXX clients detail to transactions saved the our we more that added inception transactions year company's Global to-date, remarks. quarter have significant and new we clients than a compared in in and billion.

our XX,XXX and service and updates and of out delivery XX During is of X.X X.X legal the an countries achieved global second across team tax more nearly the support XX,XXX delivery quarter, where delivered excellent. client company's than support cases X.X closed average regulatory rating on satisfaction

we rollout, global from far believe of operational, our the of global continued likely June opportunities the risks with we create the over to with COVID spread continue virtual plan will challenges. pandemic the sales the spreading more and at pandemic through the X,XXX, model end world. with Pandemic both and around XX.X%. employee currently of well-to-date as and it XXth was to We marketing, vaccination variant, navigated count COVID impact. is clear XXXX continue and continues XXXX. Despite increase global a Our is variant success infectious Hence to have delta least of the the year-over-year delta

continue Sales extent advantages sheet reliably we through will full needed. evolving our on pandemic predict. XXXX to and in our business as depend that and provide us beyond XXXX to will believe numerous will to cannot flexibility that clients and factors help beyond execution. continue affect in We the balance competitive to which The also the strong prospects

also and professional with quarter, using our support, interoperability, second estimate billion accretive of to services. grow successfully we cross-sell currently we portfolio Cross-sells in exceeds across the deploying as clients pipelines, annual see are continue existing During security, the more continuing client our base and to billings and percent application a opportunities our at growing revenue. management, $X global and monitoring, solution expanded interest, sales

logo a our also advance a one fees model leadership than and achieved believe more execution US than with We of start XXXX. new and We in renewals. theatre more the three contracts year-over-year in marketing to renewal for clients sales many execution And X% globally, implemented year strategy delivering growth is extending as sales North nearly some all place of our structures, with and rate team regions new higher XX% We go-to-market alignment small and in billings client sales compensation retention GM delivering second evolved revenue growth. regional quarter plan discount. now in model in new the second prepay cross-sells, agreeing the revenue for and one at strong strong America GM the success in we of quarter, regional better their and acquisition, US our result a believe year delivering

Street to revenue annual logos growth global team roles the our Rimini focusing operation. new how the on leadership from we the a case believe largest we go-to-market each and quarter. to across needed Rimini the with achieve will in Street studies to our support globally specific industries with highlight industry scale To evolve of industries to of strategy solutions. solution our strategic us and around serves penetrate across allow and industry TAM each like our XXXX, clients second further to many different few global are breadth services To further hires their I'd leveraging and the of portfolio. billion We different continue revenue needs the continue strengthen target share accelerated industries, by achieve to $X goals

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captured rate report In believe May and and its as filing of that provider run Summary. support XXXX. deliver fact, we Rimini by the Gartner notes count in and to and Street are implies executing leading a on since SAP for third-party client that the material our disclosures continued annual and billion on since plan of the developments our operating revenue Street Oracle by with information second in products not XXXX. has XXXX. for XX-Q XX% any published our XX, ongoing believe $X the Rimini last Oracle company on quarterly Oracle Please We global see been revenue date over earnings litigation updated quarter litigation. have Oracle margin there XX% annual has market. call We in the around litigation well achieve second quarter the in and the been do

our disciplined a generation cash successful the plans, our and With conclusion. bringing management in we achieve litigation operational place Oracle foundation financial sales with are on and to focused execution, and to

Now you with over Michael. that, to

Michael Perica

QX XXXX Thank you Seth, everyone. and good afternoon, results.

noncancelable revenue least months vast $XXX million As at up XX Seth a Revenue than majority was service $XX.X increase We the with above of ended range. our rolling cash of generated operating more year-over-year subscription of to recurring and XX% more guidance of million on $XX.X second a XX.X%. year-over-year flow makes quarter, for our with $XXX increase rate basis. revenue which noted the and a XX% revenue grew was of revenue retention quarter in million, XX.X% for for subscriptions, the than Annualized million, cash.

States representing represented second US, clients. the international XX.X% the strong XX%, quarter, rates East results the and revenue we saw regions. good the the year-over-year total X.X% we United revenue are States and within of clients For for other for aggregate United international while clients of growth XX% contributed in the of out seeing In progress region

across and for indicator amount were quarter, clients million, Billings quarter of for upfront and years the second for year-over-year of by a for represent second prepayments Included prior quarter multiyear the quarter. current year Our compared XX.X% international the Gross measured who lengthening multiple quarter service was second in for increase new prior clients client the million to for upfront client broad value. multiyear service current was renewals strength XX.X%. billings and $XXX.X for year, to a of while the and $XX.X of all pay compared for years second increasing regions. support of is pay XX.X% lifetime significant both a prepayments the Typically, spread service year are for invoicing. retention margin positive

S/XHANA and of We our services, delivery continue Salesforce, for capability advanced Oracle global services SAP SAP, security solutions in and to service technical new management services, support application solutions. including and invest the products advanced

needed scale margin in and and we initiatives XX%. as G&A to onetime full year first higher of costs appropriate administrative of of second XX%. and percentage Sales for was to our compared the the XXXX year quarter. of second expenses guiding benefits second XX.X% prior As are efficiencies a the revenue of and the XX% was sales revenue Operating as XX% to range certain expenses excluding for throughout be We expenditures and activities expenses. stated the and support outside expenses be spend XX% quarter. during to XX.X% on markets XX.X% restructuring of full and aggressive to delivery the compared second seeing litigation investments for primarily General to service global growth XXXX to marketing and in half employee we XXXX for focused marketing making related capital previously, for range expect prior in quarter remain expenses. XXXX year to the year due the percentage costs to our have litigation-related a gross of the were expect quarter,

G&A half of full now to litigation quarter XXXX. for to the prior to was the $X.X quarter. we we expect be outside second of second lower XX% XX% see year second year, the the expense in for range $X.X million for compared the during spend year Although, the expenses million Net

litigation is outside based not spend each activities. Our can quarter linear and fluctuate on litigation

million litigation million, year price second XX% cash expire relating year $X.X non-cash of We realized private second $XX.X is the million revenue million to the to the from was Backlog, a expect $XX.X XXXX. second the the approximately June period. revenue ago. was billed revenue million that XX as a to cash at year outside future million to revenue in Operating balance second of Balance $X.X to a flow ended $X.X realize expense when includes quarter quarter to from XXXX, the warrants Therefore, extinguish on loss of profit scenario quarter the statement or non-cash of million quarter a quarter. of which second an deferred we $X.X or quarter We today to second Adjusted of and and the noncancelable the a Warrant to XX, cash warrants gain up $XXX year sheet. quarter. for XX-Q now range the with of million year at the be $X.X for with confirmation. second that the are prior $XXX was the for lead for noncash million. settlement compared provision $XXX stands or this Please expect would our of during million this million there XX% to to of prior $XX second XX% XXXX. for which gain compared same And for We liability. point the full quarter retired, XXXX EBITDA prior million liability, filed for no $XX compared see the exercise million $XX.X of October $XX treatment. sum more

from of completed Subsequent up XX, Capital million value the purchase A A revenue XXXX, preferred $XX liquidation events. A plusX.XX% the of rate April events. Bank approximately reduced make-whole buyback XXXX Accordingly to base Finally, Fifth June $XX markets approximately LIBOR million, a preferred as Series $X.X $X.X go of was of Third the redeeming year dividends fiscal On approximately the and XX% $XX $XXX total funded million, completed preferred buyback $XX.X million. approximately million XX, to the we were July One face prior have thereby, of value On of preferred transaction financing $XXX stock. XX, Series of the of Capital million The payable forward Series stock remaining deferred and retiring XXXX. quarter. year all by value of from at million a stock plus was lenders The costs retired. been compared plus annual second for million $XX A by reducing Series to XXXX, we million X.X%. shares

Additionally, common we calendar during have eliminated conversion by million the to potential dilution XXXX. shares preferred the XX.X of from stock year

focus and free million guidance $XXX we year XXXX take to to revenue in maintaining benefit Moving This Question-and-Answer and range we'll we on will revenue range assessing for Session third of $XX.X million. now improved quarter $XXX continue return $XX.X our XXXX million questions. prepared concludes the possible remarks. of cash shareholders be actions. Guidance, capital in guidance are to flow our full the Operator, of the forward, while profitability currently providing generation methodical increasing

Operator

Thank you.

Company. comes begin question session. Cowen now will Derrick from And question-and-answer Wood with Instructions] We [Operator our and first the

Derrick Wood

looks a a the guess Nice taking And start like for for And take numbers. Thanks I you my strong on all look at questions. quarter. that, Great. I guys.

had strong very You billings growth.

trending generation Your new is nicely. customer

think You had retention revenue XX% XX% And the rate? net growth. a record at year, I sits guidance for to it

holding billings the strength heading is XXXX? back on raising all You numbers, first mean in you half. the What's growth for short-term kind maybe in guidance, just did or XX% in QX what of

Seth Ravin

Derrick. Thank you. Sure

us a take still we when it the are of the the numbers at that look world. And around course, think I all situation. watching COVID impact has of So

of lockdown. in We have lockdown We've and countries Australia got Japan. Taiwan. in that in a big are gone has back Korea We've challenges challenges got it. part into

through in because year. lot a that, us at nicely through the the impacts get So we what executing out We of we've the very Obviously, look the there's plan do only in achieved the restructuring not for will but We the in to wanted done, on we we that us balance conservative, think set side. we're And to be really as the sheet pushing half been of sales COVID of quarter-after-quarter, obviously also our unknown. back believe what strength on but pipelines. none understand to remain I pipeline. do and exactly methodical of sales

hold from I And the point to that it's of if guidance. upside our that view, through. thing to right So flow think allow conservative will remain develops,

Derrick Wood

Okay. growth as mentioned up. follow-up a to starting billings U.S. regions, see And U.S. to and year-over-year nice I and move all growth bottomed you Seth, having guess three in

the On to does strong. the about creating this are these stronger was regions second so and sounds of do -- it the have to East just progress, this growth half? And in feeling of or driving a you to lag? presence, maybe region what's outperform I'm how others each and the vertical in like, because And region,

Seth Ravin

regional think region. I restructuring start redoing planned last in I numbers think GM watching been North to do. to we've calls, as personnel And back the America up, we talked brought the about many teams. those of leadership, have North the on around come we focus quarter We as on exactly Well, across American a had you're new in

even the results. America, North execution had highest and we've globally. it that watching in in rates We're the you're pipelines seeing seeing close show it So we're I think in

XX from seeing good investments return sales last we months. that of over the we're the made So amount

guidance to we the the another the the execution So right closed we're than on and know quarter from salesforce, those to see of continued and them we that good, to the in more deliver all deals feeling deals moving our efficiency structures. America. quality to numbers in existing the see with course baked That's and takes out And into We're as this there deal our very the we a data you expect right it big in in plan get all with quarter-over-quarter is on you that past. larger the But terms them and North for understanding improvements. the execution basis on of the note rebuild several course we're doing put And quarters indicators are point second history. we better more of of transactions at of than had million-dollar a that, the up.

the And same of of structures objectives. so show really plans those integrate to I drive that putting place think the the all compensation factors in we're and the all rework

are to structural those changes of starting payoff. All

Derrick Wood

traction? sounds you that's cloud is cross-sell bigger color. I or -- a That's bit unpack on Can I years Michael that highest five you was think called if was cross-sell. years. helpful like very core, net guys like you It four, in look there offerings one to seen look at ladder, And retention look if gross for at little the in it that And due out to how more? or uptick at more theme new rate, mean, you one maybe four retention? some on the also have much Salesforce, any maybe AMS, that if your you was due

Seth Ravin

the after your question up Michael first question. Derrick, take I'll answers Yeah. cross

Michael Perica

increase selling well seeing deeper those relationships hard Seth with working play in cross-sell we quite to Derrick. you're our it. out, that efforts on the thanks with all indicated, and out will as and performance. confluence pleased duration for and a as rate, And absolutely And it. that for a this got our rate. of it's we the longer it we're comment to key know time those to a strong saw factors of quite some we're you you component that and It's expected But continue have strategy correct, see so pointing retention such retention our been is as positive You

Seth Ravin

to Derrick we for of coming cross-sell, this out XX% set to started for calls. plan as prior goal when the very, invoicing AMS we've the approximately just very numbers. were better our pleased We existing clients, laid Yeah security, And to year it again point on very, been we was very we that. is professional first And as the important in on than selling And much the doing everyone half clients. the interoperability, but double XXXX, wanted services. a of existing from doing with us, selling

significant for We portfolio our portfolio, are truly that that starting And to base. the up-sell into our we customer and would vast solutions knew expanded of the provide potential uplift acceleration to of forward, as revenue been trying the out going you support able always always business. get because logo that, company, if we've we there increase to a are greenfield know acquisition

this integrated those terms significant drive new this number existing we're put working truly as put sales improve, into the and are we watching we And well. of we've a all see clients seen amount. number that of things cross-sell. in was Quarter-over-quarter, in, really to Now changes back roles highest the we plans, as building we a comp combined the in, all infrastructure, the are

prepared have during top of on of As mentioned massive over existing remarks revenue the billion annual the outside existing $X we that's client clients my base. in of opportunity opportunity we the

we're from into the someone of client. because footprints we been a and inside going it know logos, tie in should to make client you and the our to contracts value accounts to revenue account these there's Michael the disengage So only as now there those harder provide grow and back the we're amount the higher because said, a stickier of to drive broader retention, but starting bigger huge sure of us, footprint is of And that solutions. what we we've growing our we are not the are in bigger value the the accounts for that really out the all client long-term the complexity extend combined providing working

Derrick Wood

Sounds taking my questions. for good. Thanks

Seth Ravin

Thanks, Derrick.

Operator

comes Jeff from Van Rhee from question Craig-Hallum. next Our

Jeff Van Rhee

my taking for Thanks guys. Great. question

to lot like a Just here.

quick sales three on everybody A to the up here. two, side, catching congrats sales you're where team. maybe questions and the few headcount on So, to hiring. maybe One, just on --

labor then had down. on you're XXX. there. get to you And goal a of also think I sales tight Obviously, tough people. the lot thinking I'm of you've wondering market, a added perspective, what it's headcount

start how out where that? the think, you quarter last But below does think revenue think off fall staffed to I about to you quarter, rate you headcount again, had side. rate point meaningfully I on this year-over-year. At the really growth do goes XX% up growth that commented nicely, AMS lever? start what you How

Seth Ravin

Jeff. Thanks, Sure.

We've you we're I a very good people end, terms those productive good churn, sales. the a feel more We of on reps up we're low think by target headcount in at that few XXX the we because faster. we annual for year-end, terms get our very, we're in to look We're can being in and of of we're come go terms still about in. feeling the taken at making higher take seeing not the that. about higher-quality think on headcount when it, of XXs reps them watching delivering in cases the out some hiring, new

us good as sales that. talent, top really been good is Again, number. -- in that. So, revenue to And against feel yes, XXXX see so our we've job still model, I you get good in of about XX% a think, about doing I the long-term to bringing we about marketing feel we're a and down

type bring compare of have to growth of to type product out XX% you market. portfolio that in much these of up. -- And I and model being to to would higher where I we a and if sales our sales a heads, marketing are And that attempting support certainly for heads from that's process range you're growth us also suite well full number. to now, that's you companies said the continue as It's have think support company order going transformation that catch why number that think XX% is in adding seeing we're one not solutions is XX% as course, you in of that are of from expense want lot to they costly growth, model. a to sell that we we accelerate mean, more expect know, the tend of broader we as we're I modes, sales from and a numbers. around this be we have higher to and to services, we and

I spend feel feel think we about feel we that about by We getting about XXXX. where So good the good to are. we that XX% and numbers good

Jeff Van Rhee

Two Yes. quick ones. it. other Got

Just know Michael I for Seth. on is this or the if prepaids, you don't

extra Obviously, just some people cash prepaids, step-up just on that? AMS willing wins very flow to helpful. you pipeline? bones from quarter. of be put to the quantify the get you've put a on Just terms And there? would then point can either and quantity some little you and on from the secondly, I new about know it. AMS meat side, finer time-to-time you the that you of multi-year in in can On commits quantify momentum the strong commented Maybe and would cash, is are good see if that

little color a us give there. Just

Seth Ravin

Sure.

indicator value. have in service, think in is of long-term discount years confidence only for that dollars is of of customers So potentially break and put the first think for exchange indicator way advance all, not the I reason get I only service, millions mean, but time of important a interesting simple. their Jeff money but the mean, part that how of length first really it in of upfront of the we in commitment. our don't all, the people up Because I business. not that people additional about many for the for the planning, their prepaid is current paid small is relatively have that out of our the not an a prepaid, for customers year present

us, other lot long-term they're the years a clients our the non-cancelable get on I which a of and But into most think few think longer contracts. commitment of note, nine and years intent And interesting in I actually people to indicators of for don't companies. is staying unusual we've than think in that, nine all their I for signed contracts long-term signed year solutions of terms future. commitment,

one So, second question. sorry. you that's had then point. a certainly I'm And

Jeff Van Rhee

out you if little what’s there. bit just AMS, a of could expectation The give

Seth Ravin

clients support, that AMS and winning lot for are seeing out, that the AMS that the Interestingly, proposals and services solution. a opportunity we example cross-sell that IATA well looking our and our we're lot of AMS always another the great we're give first-time putting call, received during coming being And those The seeing knew I would in a support on see Sure. seeing we're opportunity for more be mentioned a but we that well. as first-time to client in. proposals enough are we're coming better everyone community. the customers us this clients very to We by

good business really I So momentum grow. to feel in continues that the that

AMS wet look to set haven't absolutely products across gotten some the Salesforce sold We more areas as in learning We're getting new comfortable much yet. certain they sell. in still yet or it's are haven't again, where they the -- the world regions of still still Salesforce, their you a feet around

growing big opportunity. a still it's So

to prior losses you on where proposals for in you of very in long the And embarrassing were proposals calls that quality. learners. So we're out. to fast business we're are I'm a proud organization tell how are The can higher. I way is people, I putting rookie some this excellent going of were the rates win compared we today, certainly but just really been the our have out early told sell. that proposals that are the time, in who we learning before the proposing proposals

and learned very have we've quickly. We learned

of professional continue the our our those, So demand for well not to the but and the interoperability, I think we capacity. for security, dollars services of selling again, are bode all AMS, is millions exceeding of just

for things our bundle solutions sell So not pretty bode AMS, for I the all clients, a ability but a to to think whole just really those us. of of exciting change

Jeff Van Rhee

Got nice Great. Real Congrats. it. quarter.

Seth Ravin

Thank you.

Operator

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

Brian Kinstlinger

great much higher customers sales of into questions. of acquiring the items. notwithstanding my rate to so onetime versus growth of first the dig first the the in last given but accelerated substantially costs for to Thanks The see, taking G&A cost I the half want year, half is Great. and and marketing

maybe surge to for or more, in restructuring in maybe you provide – customers, are or some your North spend more and sorry we've can paying revenue America So on G&A what sales SG&A and average marketing? professionals other you sales seen the reasoning recently both needing

Seth Ravin

Well, bunch restructured a G&A of we the said. was a lot really roles. of related to We as

we are markets you costs. not as one-time go additional with the time company. as cheap. you So capital know We've restructuring through of get did we've expenses a other the also lot all it, had – have which By transactions done a again, that public

success of up those So transactions. add performance in bonuses. then a great and those had We obviously lot

a the we've back half And of year, about all talked numbers still the calls lot the of bit. we on went to concerned think that, a there, I we'll bit lower end. why that about, as numbers although expect on little So a G&A higher. said, be be a in up the those Nothing into costs G&A one-time numbers these our we the know we're we've little higher known, little on surged we

Some of it costs. due to litigation the

of the costs. handle Israeli the lot We way military. we down to have security a all people Again,

have operations that to secret of security manage. operations We and confidential cleared we a lot have

have maybe of lot a go So at there's don't things companies that into of level that a costs other security.

So higher you've things type little that that our XX% a gives plan down add is significantly us to profile. into, which those But seen bring G&A XXXX all to number.

I sale those operation, those all for for when marketing think key out products simply salespeople seven cost there. three you multi-product of overall, higher there sales you're company, have seven putting The sale cost because have is you that you if have that to So have you no, a do of a to all have products have seven products.

we you're out long-range not ratable company revenue, bring single the given and trying ratable expect the than reasonable grow we think, also XX% to to a are of thing most But costs putting infrastructure of of is kind by XXXX of the cost let's all where everybody, to by when sales higher again, out, trying XX% $X averages all I a at I our a We XX% that operation forget and you're revenue product. is those point have billion CAGR. marketing, to I margins and were when revenue to XXXX. And drive, down a look of definitely a most accelerate quite being accelerating about that. we're to you're do your the to get growth bit think to know You numbers, kind consulting difficult outside –

on a your ability you're people margin on we end, the growth. at of don't And gross clearly, have look delivery, that, doing back-end you're accelerate but or profitable. being ratable you, So bringing you hundreds of model, when add in your financial will customers to break front new to intend to you model the you go

dance, away, your a it's comes don't in hire over and bit but is revenue we're on Normally, bring because an about situation you any forward, a worry right to side the you customers how ability the people, get to it start moving top-line where focus have in profitability. so we're on of and unusual increasing We're ratable model, planned which revenue in our serving you you we're these And constrained we're growth profitability. in both don't they means all new both and accelerating companies new as time. and see all

So the look I But think constraints. It's interesting within executing model challenges time. from, one at perfect at and over all any at if gone we've there's well to same last those where exactly be come quarters, we're being where well. a – growth a we're to ratable very the we the you dance navigating of profitable that trying not think time accelerating and it I

Brian Kinstlinger

sales items would infrastructure after investment in will to the XX Europe, my last next in performing further the as you opportunity expand if been the be XX fantastically onetime significant you for growth and separately the you in about then But then, the total could quantify a marketing. of foundation G&A months laid Great. question there? as you And that, think part Europe's months step-up most in it have be or and

Seth Ravin

achieved the we the think we think $X felt indicated, changes. some hit of few filling had that majority in infrastructure earnings We're still we've on good number the to Sure, And next model had in last still call the that billion management adding years. as made we're I levels. out core the executive we really our investments. I

like we're we other scale. That's and talent to the the margin products, of we of guidance. those just drive pool But in hit put margin down why feel margin and point had to engineering XX%, about made point up do. terms in gross those those. in that one up is kind -- that to confident the confident we we've the service be feeling that gross investments took the we core of we All the of two make investments that When to part to for numbers we're XX% believe still feeling infrastructure able gross in those would we're

Brian Kinstlinger

And items did the you then could maybe value. have one-time share that you total the us Michael, with

Michael Perica

Sure.

into get rather not specifics. the So

to the However, as XX%. overall for G&A XX models, you now probably updating we the a the have your the XX% basis are raise point in year,

it's do up absolute year. that's the going come basis points of for down. we And that's come for in full half to just see So, there. of behind us, to second the you give going the the basis I'll some XX as an indication the majority this is Nonetheless, year, where from

G&A So, I'd note on on like the side confidence our as in has to, alluded to mainly Seth growth. to the -- elected to our we that also due spend put infrastructure

done quarter, in our of goal this of XXXX. As to we year, the in only well first half billion this path on our we the what for delivered way not $X have to

is indicative we of our lofty where of as objectives. to achieve this our So, ability as today comfort well the are

Brian Kinstlinger

you. Thank Okay.

Seth Ravin

you. Thank

Operator

from comes from question Benchmark. next Our Schappel Mark

Mark Schappel

-- wondering American your a of you're on to revenue still taking year. -- the in question the rebuild, North job stated Hi. growth was nice question sales first for quarter. I the for tracking North earlier reach rate? question follow-up growth double-digits that that if earlier Thank on and end like you I America an you by you to is that believe likely Seth, to you the believe was my

Seth Ravin

thank you. And Yes.

it's get we little I America America I XXXX between It's still rate our growth very very year-over-year know pleased that. that I if the numbers on rate run believe said fact very and that a I I And with is US we're course, plus double-digits. we said that distinctly. American we we Yes, ended the which for that revenue coming North track segment. for But Canada. US side, at would growth. US the actually X% again second remember pleased publish be run North because Of year-over-year the exited were confused North would double-digit on and -- I we the US, be with in near operations, we quarter. XXXX a a

Mark Schappel

a today Okay, than then, great. talk did an just sales And two Maybe question. earlier so rep little sales regarding of the on you're type headcount, about hiring again different ago? or building a you year

Seth Ravin

challenge a company from kind particular multi-product The change the company through learned go model. every portfolio, that reps sales a focused of one you that go I is, to know of different when you part years. And on a lot from a they well very when of to product goes expansion. through being think kind over the product a this you

three manager. services. to have in be company able to portfolio, different interested just does you're that project be to hiring. about salespeople. qualities not is of a story you company tell products If the much of You portfolio who sales in be rep, able to in how with of position pre four to some rep company a change or to of They bring different really the different They has now a a are bigger one challenges positioning your all challenge. another an more entire have solution have their of that sales the help can And

You different departments. often buyers, with juggle have they're different to

more of of more complicated of makes and the manager So, terms the a they the work combination situation all that far sale role. in much play project

the selling product portfolio. that difference I that's think from someone just So, a who's single

well hiring we're of doing those And services. folks really portfolio are larger more that this handling to So profile.

Mark Schappel

you. thank Great,

Seth Ravin

you. Thank

Operator

now the questions back final to for further I Mr. no CEO remarks. turn Seth time. call will this over have Ravin, We at

Seth Ravin

look third quarter hope talking and We stay -- to you look thank again do Well, to later us and Thank Great. you much a we it. join at you yours forward our and having everybody remain for to We for joining very please everyone. appreciate you us. forward you safe, call, day.

Operator

This participating. you, and today's gentlemen. concludes Thank Thank you for conference. ladies

disconnect. now may You

Rimini Street (RMNI) 8 Aug 212021 Q2 Earnings call transcript